Obama team promotes massive economic recovery plan

2008-11-24 00:14:57

#1

Catbox: forgiveness; +505|7020

He is hitting the ground running which is cool... will people who supported him be upset if he changes his pledge to get rid of the bush tax cuts... and allow them to run until 2011 to help the economy?

http://news.yahoo.com/s/ap/20081124/ap_ … ma_economy

WASHINGTON – President-elect Barack Obama signaled Sunday he will move urgently and aggressively to rescue the plunging economy, demanding swift passage by Congress of a massive two-year spending and tax-cutting recovery program. "We're out with the dithering, we're in with a bang," a top Obama aide said.

Obama's plans, outlined by his transition team on television talk shows, could put aside his campaign pledge to repeal a Bush tax cut for the wealthy. With the downturn in the economy, those tax cuts may remain in place until they are scheduled to die in 2011, said William M. Daley, an economic adviser. "That looks more likely than not," he said.

Love is the answer

2008-11-24 01:46:25

#2

LividBovine: The Year of the Cow!; +175|6684|MN

But, but, but...I thought that was bad for the economy? Give the money to the poor to stimulate the economy, not the rich. Ahhh, I am so confused.

"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)

2008-11-24 02:01:35

#3

CameronPoe: Member; +2,925|6859

What happened to the communism? Haven't you guys realised yet that politicians make pledges that only pertain to when they're running and reality sometimes dictates otherwise once they approach office? The main thing is that he's not a Republican.

2008-11-24 03:02:51

#4

Spark: liquid fluoride thorium reactor; +874|6979|Canberra, AUS

I know to the economically literate this will sound completely stupid, but:

IF the government keeps on nationalising bad debt (which is what I think a lot of what they are doing), don't they run the risk of falling into the hole the companies they're bailing out fell into?

The paradox is only a conflict between reality and your feeling what reality ought to be.
^{~ Richard Feynman}

2008-11-24 18:50:01

#5

Harmor: Error_Name_Not_Found; +605|6853|San Diego, CA, USA

With all the positive press he'll get I hope he succeeds...and this comes from a Conservative that voted for McCain.

2008-11-24 18:51:45

#6

ATG: Banned; +5,233|6833|Global Command

Spark wrote:
I know to the economically literate this will sound completely stupid, but:

IF the government keeps on nationalising bad debt (which is what I think a lot of what they are doing), don't they run the risk of falling into the hole the companies they're bailing out fell into?

Yes.

2008-11-24 18:56:24

#7

FEOS: Bellicose Yankee Air Pirate; +1,182|6715|'Murka

Spark wrote:
I know to the economically literate this will sound completely stupid, but:

IF the government keeps on nationalising bad debt (which is what I think a lot of what they are doing), don't they run the risk of falling into the hole the companies they're bailing out fell into?

The theory is that the government can afford to hold the bad debt (primarily mortgages) until housing values go up/the market improves. Probably due to the fact that the government isn't a for-profit business...so the ROI timelines can be much, much longer.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2008-11-24 19:08:24

#8

Harmor: Error_Name_Not_Found; +605|6853|San Diego, CA, USA

Or Negative...remember these mortgages are to people who would not be able to quality for a loan today. And with the number of job losses we're going to be seeing here the number of Foreclosures will be pretty high for the next few months.

What's encourgaging is that the price of homes are coming down so far that people who have money on the sideline are putting it into real-estate betting that their ROI on a property is better than something like the Stock Market (60% off its highs) or commodities (oil and gold).

2008-11-24 19:19:59

#9

LividBovine: The Year of the Cow!; +175|6684|MN

CameronPoe wrote:
What happened to the communism? Haven't you guys realised yet that politicians make pledges that only pertain to when they're running and reality sometimes dictates otherwise once they approach office? The main thing is that he's not a Republican.

No, the main thing is he is still very liberal, but has realized that he may have to wait to implement his more socialist leaning policies.

"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)

2008-11-24 19:28:30

#10

Catbox: forgiveness; +505|7020

Harmor wrote:
Or Negative...remember these mortgages are to people who would not be able to quality for a loan today. And with the number of job losses we're going to be seeing here the number of Foreclosures will be pretty high for the next few months.

What's encourgaging is that the price of homes are coming down so far that people who have money on the sideline are putting it into real-estate betting that their ROI on a property is better than something like the Stock Market (60% off its highs) or commodities (oil and gold).

The Irony is that the people who bought houses that couldn't afford them have now lost them...with little or no chance of ever buying a house again... and now that the prices have fallen rather dramatically... Wealthy people will buy the foreclosed houses and make money over the course of time when home prices increase... it was an experiment... to try and give everyone a chance to own a home even if you only make 20-30k a year... it didn't work... My friend bought a 300k condo with his income verified at 23k a year... luckily he refinanced and is renting it out now...
but he is the exception... hopefully we can all come back to accountabilty and living within our means... I am optimistic...

Love is the answer

2008-11-24 20:38:42

#11

The#1Spot: Member; +105|6844|byah

Hmm no Seal xo or lowing rant yet.

2008-11-24 21:17:27

#12

Spark: liquid fluoride thorium reactor; +874|6979|Canberra, AUS

FEOS wrote:
Spark wrote:
I know to the economically literate this will sound completely stupid, but:

IF the government keeps on nationalising bad debt (which is what I think a lot of what they are doing), don't they run the risk of falling into the hole the companies they're bailing out fell into?
The theory is that the government can afford to hold the bad debt (primarily mortgages) until housing values go up/the market improves. Probably due to the fact that the government isn't a for-profit business...so the ROI timelines can be much, much longer.

I notice you say 'the theory'... you have your skepticism, too, then?

Last edited by Spark (2008-11-24 21:18:44)

The paradox is only a conflict between reality and your feeling what reality ought to be.
^{~ Richard Feynman}

2008-11-24 22:06:53

#13

lowing: Banned; +1,662|6955|USA

The#1Spot wrote:
Hmm no Seal xo or lowing rant yet.

What kinda rant were you looking for? He is a liberal, he will want to be re-elected again by the same dumbfuck, mindless, save me Obama I can not make it on my own, sheep. So he will have to push to appease them. No need for ranting until he gets into office and starts his Robin Hood routine.

2008-11-25 04:04:09

#14

FEOS: Bellicose Yankee Air Pirate; +1,182|6715|'Murka

Spark wrote:
FEOS wrote:
Spark wrote:
I know to the economically literate this will sound completely stupid, but:

IF the government keeps on nationalising bad debt (which is what I think a lot of what they are doing), don't they run the risk of falling into the hole the companies they're bailing out fell into?
The theory is that the government can afford to hold the bad debt (primarily mortgages) until housing values go up/the market improves. Probably due to the fact that the government isn't a for-profit business...so the ROI timelines can be much, much longer.
I notice you say 'the theory'... you have your skepticism, too, then?

Of course. This IS the government we're talking about.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2008-11-25 04:10:40

#15

deeznutz1245: Connecticut: our chimps are stealin yo' faces.; +483|6797|Connecticut

lowing wrote:
No need for ranting until he gets into office and starts his Robin Hood routine.

Are we talking a Robin Hood who wears tights, or perhaps a more cool Kevin Costner Robin Hood?

Wait. nvrmind. Both are gay.

Malloy must go

2008-11-25 06:13:34

#16

lowing: Banned; +1,662|6955|USA

deeznutz1245 wrote:
lowing wrote:
No need for ranting until he gets into office and starts his Robin Hood routine.
Are we talking a Robin Hood who wears tights, or perhaps a more cool Kevin Costner Robin Hood?

Wait. nvrmind. Both are gay.

Maybe it is Robin Hoodlum

Oh shit was that racist?

2008-11-25 06:25:05

#17

Braddock: Agitator; +916|6594|Éire

lowing wrote:
deeznutz1245 wrote:
lowing wrote:
No need for ranting until he gets into office and starts his Robin Hood routine.
Are we talking a Robin Hood who wears tights, or perhaps a more cool Kevin Costner Robin Hood?

Wait. nvrmind. Both are gay.
Maybe it is Robin Hoodlum

Oh shit was that racist?

Surprise, surprise, yet again... it is lowing who brings up race!

You always call yourself racist and then claim the racist card has been played against you. Dude, let it go.

2008-11-25 06:43:28

#18

PureFodder: Member; +225|6589

FEOS wrote:
Spark wrote:
FEOS wrote:
The theory is that the government can afford to hold the bad debt (primarily mortgages) until housing values go up/the market improves. Probably due to the fact that the government isn't a for-profit business...so the ROI timelines can be much, much longer.
I notice you say 'the theory'... you have your skepticism, too, then?
Of course. This IS the government we're talking about.

As it was the result of a massive bubble, the house prices are not expected to go back up to anywhere near the levels of the last few years.

If anything, the bubble hasn't fully deflated yet and house prices should continue to drop in the short term and not recover.

2008-11-25 06:49:17

#19

lowing: Banned; +1,662|6955|USA

Braddock wrote:
lowing wrote:
deeznutz1245 wrote:

Are we talking a Robin Hood who wears tights, or perhaps a more cool Kevin Costner Robin Hood?

Wait. nvrmind. Both are gay.
Maybe it is Robin Hoodlum

Oh shit was that racist?
Surprise, surprise, yet again... it is lowing who brings up race!

You always call yourself racist and then claim the racist card has been played against you. Dude, let it go.

actually I said that to get a rise out of at least one person, I am glad it didn't go to waste.

2008-11-25 07:13:16

#20

Mekstizzle: WALKER; +3,611|6925|London, England

http://news.bbc.co.uk/1/hi/business/7748362.stm

The Federal Reserve is to pump $800bn (£526.8bn) into the markets in another bid to deal with the financial crisis.

Under this new rescue plan - which is in addition to the already-announced $700bn bank bail-out - the Fed is to buy up to $100bn in debt from the troubled mortgage giants Fannie Mae and Freddie Mac.

Wow, that shit is crazy. Where the fridge is all the money even coming from?

2008-11-25 09:35:14

#21

lowing: Banned; +1,662|6955|USA

Mekstizzle wrote:
http://news.bbc.co.uk/1/hi/business/7748362.stm

The Federal Reserve is to pump $800bn (£526.8bn) into the markets in another bid to deal with the financial crisis.
Under this new rescue plan - which is in addition to the already-announced $700bn bank bail-out - the Fed is to buy up to $100bn in debt from the troubled mortgage giants Fannie Mae and Freddie Mac.
Wow, that shit is crazy. Where the fridge is all the money even coming from?

How many guesses are ya gunna need?

2008-11-25 10:35:30

#22

Agent_Dung_Bomb: Member; +302|7040|Salt Lake City

Mekstizzle wrote:
http://news.bbc.co.uk/1/hi/business/7748362.stm

The Federal Reserve is to pump $800bn (£526.8bn) into the markets in another bid to deal with the financial crisis.
Under this new rescue plan - which is in addition to the already-announced $700bn bank bail-out - the Fed is to buy up to $100bn in debt from the troubled mortgage giants Fannie Mae and Freddie Mac.
Wow, that shit is crazy. Where the fridge is all the money even coming from?

The printing presses are running non-stop.

2008-11-25 14:57:44

#23

Turquoise: O Canada; +1,596|6709|North Carolina

Aw shit... first bailouts... now this. What the fuck...

Maybe I should've voted for Bob Barr...

2008-11-26 21:21:26

#24

Spark: liquid fluoride thorium reactor; +874|6979|Canberra, AUS

If inflation goes through the roof then you/we are in serious, serious, serious trouble.

The paradox is only a conflict between reality and your feeling what reality ought to be.
^{~ Richard Feynman}

2008-11-26 21:36:36

#25

Kmar: Truth is my Bitch; +5,695|6905|132 and Bush

CameronPoe wrote:
Haven't you guys realised yet that politicians make pledges that only pertain to when they're running and reality sometimes dictates otherwise once they approach office?

Great! Noooooow you tell us. In time Obama is going to piss off more Democrats than Republicans. I'm going to enjoy every minute of it.

Xbone Stormsurgezz

BF2S Forums Obama team promotes massive economic recovery plan

Spark wrote:

Spark wrote:

CameronPoe wrote:

Harmor wrote:

FEOS wrote:

Spark wrote:

The#1Spot wrote:

Spark wrote:

FEOS wrote:

Spark wrote:

lowing wrote:

deeznutz1245 wrote:

lowing wrote:

lowing wrote:

deeznutz1245 wrote:

lowing wrote:

FEOS wrote:

Spark wrote:

FEOS wrote:

Braddock wrote:

lowing wrote:

deeznutz1245 wrote:

Mekstizzle wrote:

Mekstizzle wrote:

CameronPoe wrote:

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