| VP Biden: “We misread the economy” and other lies | | Print | |
| Written by Thomas R. Eddlem | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tuesday, 07 July 2009 00:00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stephanopoulos: While we've been here, some pretty grim job numbers back at home — 9.5 percent unemployment in June, the worst numbers in 26 years. How do you explain that? Because when the president and you all were selling the stimulus package, you predicted at the beginning that, to get this package in place, unemployment will peak at about 8 percent. So, either you misread the economy, or the stimulus package is too slow and too small. Biden: The truth is, we and everyone else misread the economy. Of course, if you eliminate the “and everyone else” from that sentence, he’s simply stating the painfully obvious. The only appropriate response to such a sentence is a sarcastic: DUHH!!! The “and everyone else” part is the big, well-rehearsed lie. There were plenty of people who predicted a severe recession well in advance of Obama’s bad predictions. Representative Ron Paul predicted the housing bubble would result in a crash, writing in 2002 that “like all artificially-created bubbles, the boom in housing prices cannot last forever.… Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary but painful market corrections will only deepen the inevitable fall. The more people invested in the market, the greater the effects across the economy when the bubble bursts.” Peter Schiff, the economic adviser for Rep. Paul’s presidential campaign, predicted the crash and the severity of the crash years in advance in a series of television interviews that today are compiled into a series of “Peter Schiff was right” videos on YouTube that have garnered millions of views. (Perhaps Biden is unfamiliar with YouTube?) Legendary investor Jim Rogers predicted in January 2008: “We are probably going to have one of the worst recessions we've had since the Second World War. It's not a good scene.” The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there.… And so the truth is, there was a misreading of just how bad an economy we inherited. But the Obama-Biden ticket is still following the prescription filled out by the economic witch-doctors who didn’t know what they were talking about five months ago, and they’re still ignoring the free-market economists who were right all along: Biden: “So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in? And we believe it is the right package given the circumstances we're in. We misread how bad the economy was, but we are now only about 120 days into the recovery package. The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money.” Stephanopoulos: “No, but a lot of people were saying that you needed to do something bigger and bolder then, including the economist Paul Krugman. He's saying — right now he's saying the same thing again — don't wait. You need a second stimulus, you need it now.” Biden: “Look, what we have to do now is we have to properly, adequately, transparently and effectively spend out the $787 billion. “ Biden also added in another falsehood in the July 5 interview on ABC-TV’s This Week, stressing that “We've given a tax cut to 95 percent of the people who get a pay stub. They have somewhere — $60 bucks a month out there that's going into the economy.” That’s only true if the “people” are non-smokers. Smokers have seen a huge tax increase. Moreover, the Obama administration has heavily pushed a huge $840 billion tax increase bill under the “cap-and-trade” legislation that is before the U.S. Senate right now. Additionally, the Obama administration is said to be considering proposals for a tax increase to pay for its healthcare program. Barack Obama promised no new taxes on 95 percent of Americans when he was campaigning for office last year, and within a month of attaining office delivered a tax increase on many Americans. So perhaps it is not surprising to see Vice President Biden tell George Stephanopoulos that “we and everyone else misread the economy.” When truth doesn’t matter on one issue, why should it matter on others?
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Frank
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Asked by This Week’s George Stephanopoulos about the Obama Administration’s terrible economic prognostications in advance of passage of the $787 billion “stimulus” spending bill back in February, Vice President Joe Biden regurgitated a familiar talking point:
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... Peter Schiff was right, Krugman and Biden are idiots. What's left to say? Oh, except more stimulus will only make things worse. I often wonder if someday people will use the mysterious phrase, "Oh well. Who is Peter Schiff?" |
Billy Akerman
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Obama/Biden ticket was a BIG mistake Of course the two of them along with their advisers misread the economy. They have idea what they are doing. There's a reason why Biden never made it that far before on the campaign trail and as for Obama, he's nothing but a community organizer. How can you save the economy when you spend twice as much as the country owes already. It will be a sad day when the Obama supporters realize what they've done. |
bg
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RE: Paul Krugman It would not be wise to listen to what Mr. Krugman suggests doing...he is a member of the CFR and in collusion with the globalist agenda. |
RC
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... Obama and Biden know exactly what they are doing. They're not stupid. The measures they have taken are diametrically opposite the steps needed to stimulate the economy. They know this, but their real job is not to stimulate the economy or any of the other nonsense they pay lip service to on a daily basis. Their job is to serve the US up to the New World Order on a platter, and they're going according to plan. |
Cade Foster
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Wake-up call ! I, like others, had been taught by parents for many years that it's a good idea to save for a "rainy" day. For my parents, a "rainy" day was the poverty of {WWII, post-WWII} Europe. Well people, the "storm" has come and the government wants us to spend more money. Just think about it ... Is there something wrong with this picture ? The era of funny (i.e. fiat) money has to stop ! The "jig" is up. Floating exchanges are a fallacy and money should be standardized in that it should be backed by something tangible. We could even have a basket of competing currencies all being backed by something physical, be it gold, silver, platinum, ... or even diamond-laced sea-shells (if they existed). For too many decades politicians have had it too easy while playing with fiat money that have allowed them to be fiscally irresponsible (e.g. lower priority in attempting to balance a budget, massive amounts of money printing from thin air, too much deficit spending, etc.). Manipulation of the money supply has to be reigned in. Global economics and politics can be complex because politicians make it complex. |
RC
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... Yeah, Reddenbacher, we're the funny lunatic fringe. This complex balancing act can only be managed by really smart guys like community activist Obama and professional plagiarist Biden or the supremely articulate Bush before them. Marginal textbooks, huh? Economic laws are equally as immutable as the laws of physics. Making government bigger with more regulatory and taxation power will stimulate the economy just like driving north on I-95 from New York will get you to Florida. It ain't gonna happen and it doesn't take a genius (or even a member of the lunatic fringe) to see it. |
RC
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... Amusing how the average guy in the street knew, before the fact, that Obama's proposed solutions (and, to give equal time, Bush's before him) to the banking and economic crisis wouldn't work, but all the egghead government economists and advisors did not. Or maybe they did know (because they're not that stupid) and the real agenda is something else altogether. |
uncollected69
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Politicans are pro at lying You can't expect anything different from most politicians. |
KJ
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S.O.P. "Folks, we are being lied to on a regular basis. America is insolvent and all our elected officials are doing is rearranging the deck chairs on the Titanic." http://www.newswithviews.com/Betty/Freauf98.htm |
Josh
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It will all come crashing down. I don’t see why people don’t see the common thread history teaches. Printing money and debasing the currency IS FRAUD and we are being robbed. The money gets printed and who gets to spend it first? Government protected industries worldwide! Who ever has control of the government machinery gets the benefit of the goose that lays the debased fiat paper eggs painted gold. I am so sick and tired of these statist @ holes it makes me sick. |
Josh
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It will all come crashing down. The whole country IS going to fall apart soon when the unemployment rate and inflation start really hitting the sky. And all we are going to hear in the media is how capitalism failed which we all no is garbage because we have never had a free market without government interventionism and protectionism. THIS IS FASCISM! NATIONAL SOCIALISM! Remember Weimar Germany? It fails every time in history and the culprits get to lock themselves in hardened bunkers while the rest of the world starves and goes to hell with no win wars. Property rights and the rule of law (The Constitution & Bill of Rights) must be upheld. States rights, tax revolt, and secession need to come to the fore front of people minds, and people need to understand what freedom really means again. Ron Paul, Peter Schiff, Tom Woods, Lew Rockwell, Gerald Celente, Jim Rogers, any Austrian economist and I could go on and on, saw this coming a mile away but oh no, no one would listen because the MSM are owned. But the internet is going to undo the media and people are going to see these frauds for what they are. People need to get their heads out of their @$$ and start paying attention! Gold is the answer and it is the only way not to get robbed of your savings over time. I don’t think I have ever heard so many commercials in my life the last couple of years trying to entice people to sell their gold. Are people really this stupid? Donate to Campaign for Liberty, visit Mises.org and get your news at Lewrockwell.com. Educate friends and get in peoples faces who spread disinformation, but do it in an inteligent informed manner. Peace. |
Jimmy
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OBAMA WILL BRING CHANGE...BUT NOT A QUICK FIX. Stop attacking Obama because there is a global depression and that is not his fault. So the administration predicted the economy wrong? Big Deal. No-one could have predicted how bad the economic climate would have been at this time...perhaps the australians did but that was most likely a happy coincidence on their part. Give Obama a chance! He has only had 6 months tops. |
Jimmy
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CORRECTION "perhaps the australians did but that was most likely a happy coincidence on their part"...I meant the Austrian School Economists...who supposedly predicted the right situation that the economy would be in at this time. Even so, no-one would have (or did) believe them because no-one wanted to believe that things really would be as bad as they predicted...which is fair enough. |
Ernest
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Re: OBAMA WILL BRING . . . by Jimmy While there are many things that Obamessiah's defenders can be counted upon to utter in His defense, the "I didn't start the fire" excuse will continue to be uttered even when he is unceremoniously voted out after a failed 1st-term. To this I respond: "I know you didn't start the fire, so would you please PUT DOWN THAT GASOLINE CAN!" |
Jimmy
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THINK ABOUT IT Ernest, How can you be suggesting that Obama caused a GLOBAL depression. Unemployment figures are up WORLDWIDE. Everyone is suffering. In England there is a credit crunch. There are bad economic times ahead for THE WHOLE WORLD...Obama is just unfortunate enough to be the one who is in office at this time. |
Jimmy
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FURTHERMORE Obama has been in office for 5+ months. He is trying to undo 8 years of damage and doing it while Boener and his crew of obstructionists stand in the way of every attempt at bi-partisnship. |
Ernest
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I AGREE I agree: Obama did not create the economic maelstrom causing the current mayhem in the GLOBAL / WORLDWIDE financial markets. That said, his ascent to the emperorship was less misfortune than opportunism. This happens when the electorate is bedazzled by specious arguments over style rather than substance between two corrupt political parties. Should you care to look at this administration’s actions (I mean really look without those ridiculous red-state/blue-state 3D glasses) you will notice that he has continued the Bush Legacy in its commitment to bailout/stimulus programs to enrich his Wall Street buddies who helped get him into office at the expense of honest hard-working folks who are losing their jobs and become more and more dependent on government by the passing moment. The gas-can that NerO(-bama) has in his hands contains the continued STIMULUS spending (i.e. bankster-friends’ extortion payments), Health Care Nationalization, Cap-and-Tax Enviro-legislation, etc. All of this furious, economy-impacting activity within the five-plus months in power is not the act of an ill-informed bureaucrat, but the mad flailing of the Puppet-in-Chief doing His masters’ bidding to usurp more power for the oligarchic elite. |
