Every time I hear him talk about the economy, I cringe because he has no idea what he's talking about. Obama had the audacity to compare the stock market decline, which is wiping people's assets, to gyrations in political polls. But more substantively, the man doesn't understand basic economics or finance. He doesn't realize that raising taxes on income and capital during a recession is a recipe... [more]
Every time I hear him talk about the economy, I cringe because he has no idea what he's talking about. Obama had the audacity to compare the stock market decline, which is wiping people's assets, to gyrations in political polls.
But more substantively, the man doesn't understand basic economics or finance. He doesn't realize that raising taxes on income and capital during a recession is a recipe for disaster. He thinks more government handouts and punishing the "rich" will somehow alleviate this economic crisis. He said during the campaign that he's going to be fiscally responsible, and yet his programs will lead to a massive increase in our deficit. Moreover, these numbers are predicated upon an extremely optimistic outlook on our economic growth over the next two years, which almost no economist actually thinks will happen.
Although he still has high personal approval ratings, more and more Americans are beginning to oppose his budget. Democratic senators such as Bayh, Conrad, Ben Nelson, and Landrieu, are saying they're going to vote against it.
For the sake of our country, President Obama needs to wake up and get his head out of his ass.
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Response by Special_K
almost 17 years ago
Posts: 638
Member since: Aug 2008
oh boy, here we go again. shouldn't this be reserved for some political board on cnn.com or something? Anyways, as it pertains to nyc real estate, his (and paterson/bloomberg's) proposals seem like they will by and large be negative. bloomberg is raising property tax and will continue to do so, while cutting services. the governor has been largely balanced but there are democratic rumblings about increasing state income tax, though paterson to his credit has said that is an option of last resort (but aren't we getting close to last resort?). then of course obama wants to reduce tax deductibility of mortgage interest to 28% for over $200k individual/$250 family while increasing the tax rate from 35% to 39.6%. this may be ok for the whole country or not, but they are definitely all negative to manhattan real estate.
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Response by LookingAround
almost 17 years ago
Posts: 73
Member since: Dec 2008
Not sure why your title is so incendiary.
I don't follow Cramer, but he did write a good response to the Obama Administration here:
Yes, my title is incendiary, but it expresses how I feel about Obama. My worst fears about him are coming to fruition. He doesn't understand the economy, and his policies are going to make things a lot worse. It's anti-growth, anti-wealth, and fundamentally anti-capitalist.
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Response by ekartash
almost 17 years ago
Posts: 364
Member since: Jun 2007
Did Bush understand the economy? what if being pro growth, pro wealth and fundamentally for-capitalist is not sustainable? arent we seeing this now?
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Response by iceman1996
almost 17 years ago
Posts: 24
Member since: Feb 2009
I have a new term for someone who can't handle money... Obama Rich
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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007
He was handled a big, steamin' pile, and he can just try to make it less malodorous as it unwinds. There is NO MAGIC wand. Nada.
From one of Obama's economic advisors, and I'm fairly certain he gets it:
Nobody has any clue what is going on or how to solve it. They should all just STFU already. EVERY talking head has done something to make the credibility plunge worse than GE, GM, C, MER, etc. without taking any actual action to help.
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Response by akallabeth
almost 17 years ago
Posts: 47
Member since: Mar 2009
"Every time I hear him talk about the economy, I cringe because he has no idea what he's talking about."
Yes, and you are so qualified to make that judgment. No one who has been part of this insane bubble can speak credibly either, which rules out just about everyone in TV or print business news. If you think the month and a half (less) that Obama has had to shape policy is the problem now, you are clueless. This is an avalanche that was built over a decade, and is now coming down on us, and will do so over the next 2-5 years no matter what ANYONE does.
But find your scapegoat. People cling to them like teddy bears.
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Response by OTNYC
almost 17 years ago
Posts: 547
Member since: Feb 2009
Incredible - the man inherited one of the worst economies ever from W "Hoover" Bush, and in 2 months he was supposed to make it all better? I am speechless. Democrats suffered 8 years of complete incompetence with a President who took more vacation time than a college professor, and yet the common refrain was "Give his policies a chance to work, it will take time". Well, we saw where that got us. If there was an easy answer to fixing today's mess, there wouldn't be any debate over what to do. You may not agree with the policies of the Democrats, and frankly some of it sickens me as well, but I assure you that the alternative has no more of a guarantee of success.
The fact is that people below the top 5% of earners basically saw stagnant wages during 2 decades of extremely rapid economic growth. This is not good for the long-term stability of a nation. A healthy middle class is what separates functioning capitalist economies from dysfunctional ones.
Plus, taxes will not go up this year, and minimally next year. Most economists agree that we should be back to growth by late 2010. Plus, hedge fund managers being taxed at 15% for earnings while I am taxed over 30% on mine simply doesn't make sense. Again, I don't agree with everything he is doing, but overall am satisfied.
perhaps metalhead is really rob halford and he is taking out his anger about Prop 8 on Obama?????
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Response by alanhart
almost 17 years ago
Posts: 12397
Member since: Feb 2007
metalhead's threads are so annoying not even rufus will reply to them.
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Response by sniper
almost 17 years ago
Posts: 1069
Member since: Dec 2008
wait a minute...has anyone ever seen metalhead and rufus in the same place at the same time?!!!!!
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Response by gcondo
almost 17 years ago
Posts: 1111
Member since: Feb 2009
If you make money, you are the enemy and a fruit to be squeezed... It's that simple. That is the point of view of this administration, and local governments are following that lead. Oh well, time to stop working.
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oh boy, here we go again. shouldn't this be reserved for some political board on cnn.com or something? Anyways, as it pertains to nyc real estate, his (and paterson/bloomberg's) proposals seem like they will by and large be negative. bloomberg is raising property tax and will continue to do so, while cutting services. the governor has been largely balanced but there are democratic rumblings about increasing state income tax, though paterson to his credit has said that is an option of last resort (but aren't we getting close to last resort?). then of course obama wants to reduce tax deductibility of mortgage interest to 28% for over $200k individual/$250 family while increasing the tax rate from 35% to 39.6%. this may be ok for the whole country or not, but they are definitely all negative to manhattan real estate.
Not sure why your title is so incendiary.
I don't follow Cramer, but he did write a good response to the Obama Administration here:
http://www.mainstreet.com/article/moneyinvesting/news/cramer-my-response-white-house?page=1
We have lots to worry about:
http://www.telegraph.co.uk/finance/financetopics/recession/4941304/Bank-of-England-poised-to-cut-interest-rates-close-to-zero-and-print-money.html
Yes, my title is incendiary, but it expresses how I feel about Obama. My worst fears about him are coming to fruition. He doesn't understand the economy, and his policies are going to make things a lot worse. It's anti-growth, anti-wealth, and fundamentally anti-capitalist.
Did Bush understand the economy? what if being pro growth, pro wealth and fundamentally for-capitalist is not sustainable? arent we seeing this now?
I have a new term for someone who can't handle money... Obama Rich
He was handled a big, steamin' pile, and he can just try to make it less malodorous as it unwinds. There is NO MAGIC wand. Nada.
From one of Obama's economic advisors, and I'm fairly certain he gets it:
http://paul.kedrosky.com/archives/2009/03/martin_feldstei_1.html.
Quite a slog, but worth it.
"I don't follow Cramer, but he did write a good response to the Obama Administration here:"
Don't worry that you don't follow Cramer - someone else did all the work for you!
http://www.thedailyshow.com/video/index.jhtml?videoId=220252&title=cnbc-gives-financial-advice
Nobody has any clue what is going on or how to solve it. They should all just STFU already. EVERY talking head has done something to make the credibility plunge worse than GE, GM, C, MER, etc. without taking any actual action to help.
"Every time I hear him talk about the economy, I cringe because he has no idea what he's talking about."
Yes, and you are so qualified to make that judgment. No one who has been part of this insane bubble can speak credibly either, which rules out just about everyone in TV or print business news. If you think the month and a half (less) that Obama has had to shape policy is the problem now, you are clueless. This is an avalanche that was built over a decade, and is now coming down on us, and will do so over the next 2-5 years no matter what ANYONE does.
But find your scapegoat. People cling to them like teddy bears.
Incredible - the man inherited one of the worst economies ever from W "Hoover" Bush, and in 2 months he was supposed to make it all better? I am speechless. Democrats suffered 8 years of complete incompetence with a President who took more vacation time than a college professor, and yet the common refrain was "Give his policies a chance to work, it will take time". Well, we saw where that got us. If there was an easy answer to fixing today's mess, there wouldn't be any debate over what to do. You may not agree with the policies of the Democrats, and frankly some of it sickens me as well, but I assure you that the alternative has no more of a guarantee of success.
The fact is that people below the top 5% of earners basically saw stagnant wages during 2 decades of extremely rapid economic growth. This is not good for the long-term stability of a nation. A healthy middle class is what separates functioning capitalist economies from dysfunctional ones.
Plus, taxes will not go up this year, and minimally next year. Most economists agree that we should be back to growth by late 2010. Plus, hedge fund managers being taxed at 15% for earnings while I am taxed over 30% on mine simply doesn't make sense. Again, I don't agree with everything he is doing, but overall am satisfied.
Metalhead's favorite economist is Dio.
funny.
http://www.youtube.com/watch?v=oLOzKtSuPBE
perhaps metalhead is really rob halford and he is taking out his anger about Prop 8 on Obama?????
metalhead's threads are so annoying not even rufus will reply to them.
wait a minute...has anyone ever seen metalhead and rufus in the same place at the same time?!!!!!
If you make money, you are the enemy and a fruit to be squeezed... It's that simple. That is the point of view of this administration, and local governments are following that lead. Oh well, time to stop working.