Author Topic: Obama Predicts 10% Unemployment!  (Read 4085 times)

GigantorX

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Obama Predicts 10% Unemployment!
« on: June 16, 2009, 07:59:33 PM »
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOdmmSL.Tu1M

Obama Vows Wall Street Risk Regulation, Sees 10% Unemployment
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By Rich Miller and Julianna Goldman

June 16 (Bloomberg) -- President Barack Obama chided Wall Street financiers for forgetting how close the U.S. economy came to collapsing and predicted that the nation’s unemployment rate would rise to 10 percent by the end of the year.

“Wall Street seems to maybe have a shorter memory about how close we were to the abyss than I would have expected,” Obama said, referring to criticism of the government’s growing role in the economy and markets. “All we’re doing is cleaning up after the mess that was made.”

In an interview with Bloomberg News on the eve of the release of his plans to revamp regulation of financial markets, Obama voiced confidence the economy would recover soon while warning that robust growth was needed if the U.S. is to rein in its budget deficit without raising taxes on most Americans.

“You’re starting to see the engines of the economy turn,” Obama said. Still, he said, “It’s going to take a long time” for a full-fledged recovery as households work off the debt accumulated during the real estate boom.

The jobless rate will continue to climb from its current 25-year high of 9.4 percent as employers are slow to take on new workers, the president said. “Jobs are a lagging indicator,” he said, while acknowledging he didn’t have “a crystal ball” to predict when the unemployment rate will start to decline.

Praise for Bernanke

Obama, 47, gave high marks to Federal Reserve Chairman Ben S. Bernanke for his role in fighting the financial crisis. Bernanke “has done an extraordinary job under extraordinary circumstances,” the president said during the interview in the East Room of the White House. He declined to say whether he would nominate Bernanke for another four-year term when his tenure runs out in January.

While expressing confidence in the long-term prospects for the economy, the president stressed the necessity of making tough reforms, including overhauling the health-care system, to generate the strong growth needed to reduce the budget deficit.

He left open the possibility he would have to raise taxes on most Americans to decrease the deficit if growth were weak. He also indicated he might tax the most-expensive employer- provided benefits to help pay for his health-care overhaul. Both would reverse pledges he made during the campaign.

“If we are growing at a robust rate, then we can pay for the government that we need without having to raise taxes,” Obama said. “If we’ve got anemic growth, if we don’t have a strategy for recovery without bubbles, which is essentially what we’ve had over the last couple of recovery cycles, then we’re going to continue to have problems.”

Campaign Pledge

The president has repeatedly said he would keep his campaign pledge to cut taxes for 95 percent of working Americans while rolling back tax breaks for households making more than $250,000 a year.

Obama also stood firmly during his campaign against taxing employer-provided health-care benefits, a proposal gaining traction among Senate Democrats to pay for a $1 trillion health-care overhaul.

He said he preferred other means of funding the legislation, including reducing itemized deductions for the wealthiest Americans and focusing on cutting health-care costs.

Still, he said, “Congress is having a vigorous debate on the Hill, and I don’t want to predetermine the best way to do this.”

Waiting on Congress

“I’ve already put forward what I think is the best way, but let me see what comes out of the Hill, and we’ll have that debate then,” Obama said.

The president tomorrow will unveil his proposal for revamping financial regulation, an effort likely to result in the most sweeping overhaul since the 1930s. Many of the changes must be approved by Congress, where jurisdictional and ideological clashes may alter the shape of final legislation. Obama wants to sign the law by year-end.

Crafted by Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers, Obama’s plan would put the Federal Reserve in charge of regulating companies whose collapse could damage the entire financial system. It would also create a new agency for overseeing consumer financial products, such as mortgages and credit cards.

“We now need some sensible rules of the road so that people aren’t taking exorbitant risks,” Obama said.

Relying on Market

The president also said he’d like the government, which lent billions of dollars to shore up banks, insurers and companies, to get out of the economy when it can.

“As soon as this economy has stabilized, we want the market to do what it does best, and that is produce jobs, invest,” he said.

The president brushed aside concerns that the recent rise in Treasury bond yields would stifle a budding economic recovery by pushing up borrowing costs for homebuyers. The 10- year Treasury note yield has increased 0.57 percentage point since May 14.

Obama said Treasury yields are rising because investors have grown “more confident that we may have avoided the very worst scenarios” for the economy and financial markets and are putting their money into investments with higher returns.

The Standard & Poor’s 500 Index has gained 15 percent since Obama’s Jan. 20 inauguration, compared with a decline of 9.6 percent in the first five months of George W. Bush’s administration and an increase of 3 percent under Bill Clinton. Corporate bonds have returned 11.5 percent, according to Merrill Lynch & Co. index data, and companies have sold about $680 billion of debt, a record pace, Bloomberg data show.

The president said his plan to re-regulate the financial system would include a “systemic regulator” to oversee the “entire financial system” and catch risky activity “before the crisis occurs.”

“Right now, you’ve got an entire shadow system of enormous risk,” Obama said.

To contact the reporters on this story: Rich Miller in Washington at rmiller28@bloomberg.net; Julianna Goldman in Washington at jgoldman6@bloomberg.net

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Some real good stuff in there. Read it all and take it all in, gentlemen. Lots of reversals and hanging on to campaign pledges long broken. It's almost funny when you read his bullshit and compare it to what he has been saying.

U.E. will go up to 10%....
He doesn't have a "crystal ball" to predict when unemployment will begin to fall. This is funny because he had a crystal ball when he had to sell us the Porkulus Bill......

Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #1 on: June 16, 2009, 08:23:42 PM »
Big deal. We were predicting 10% unemployment back in January. Obama is just giving you the economic reality that is the fallout of the financial crisis.
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GigantorX

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Re: Obama Predicts 10% Unemployment!
« Reply #2 on: June 16, 2009, 08:27:19 PM »
Big deal. We were predicting 10% unemployment back in January. Obama is just giving you the economic reality that is the fallout of the financial crisis.

But what about the Stimulus Bill? Wasn't that supposed to solve all of our problems?

240 is Back

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Re: Obama Predicts 10% Unemployment!
« Reply #3 on: June 16, 2009, 08:29:41 PM »
But what about the Stimulus Bill? Wasn't that supposed to solve all of our problems?

where did obama say it would be solved in 4 months?

Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #4 on: June 16, 2009, 08:41:47 PM »
But what about the Stimulus Bill? Wasn't that supposed to solve all of our problems?
Where is that quote from? I must have missed it.

where did obama say it would be solved in 4 months?
;)
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SAMSON123

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Re: Obama Predicts 10% Unemployment!
« Reply #5 on: June 16, 2009, 08:44:37 PM »
LATE AGAIN OBAMA...Late again...THe numbers already surpass 10 percent...


C

Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #6 on: June 16, 2009, 08:48:13 PM »
LATE AGAIN OBAMA...Late again...THe numbers already surpass 10 percent...



The rate was 9.4% in May.
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Hereford

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Re: Obama Predicts 10% Unemployment!
« Reply #7 on: June 16, 2009, 09:21:52 PM »
The rate was 9.4% in May.

Too bad this is June.

Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #8 on: June 16, 2009, 09:25:33 PM »
Too bad this is June.
Right, and on June 17th we don't have the unemployment numbers for the month dummy.
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SAMSON123

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Re: Obama Predicts 10% Unemployment!
« Reply #9 on: June 16, 2009, 09:46:29 PM »
The rate was 9.4% in May.

9.4% is what the government will tell you...I should not have to repeat this but it is necessary, this is the same government that kept telling the american people that they were not in a recession even though they had already been in one for TWO YEARS!!!. Do you think they will tell you the real unemployment numbers, which easily have surpassed ten percent and I would say hover around 20 or so percent....if not more.
C

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Re: Obama Predicts 10% Unemployment!
« Reply #10 on: June 16, 2009, 10:06:26 PM »
9.4% is what the government will tell you...I should not have to repeat this but it is necessary, this is the same government that kept telling the american people that they were not in a recession even though they had already been in one for TWO YEARS!!!. Do you think they will tell you the real unemployment numbers, which easily have surpassed ten percent and I would say hover around 20 or so percent....if not more.

Didn't the administration say that the unemployment rate wouldn't go above 9?  Wasn't that what the stimulus was supposed to do?  How can people be cool with obama saying its going to go to ten, when he told us it wouldn't go above 9?

Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #11 on: June 17, 2009, 04:42:26 AM »
Big deal. We were predicting 10% unemployment back in January. Obama is just giving you the economic reality that is the fallout of the financial crisis.

Bullshit - Obama predicted that without the stimulus bill the max it would reach would be 8.8%.  Do you want the graph???

Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #12 on: June 17, 2009, 07:08:36 AM »
Bullshit - Obama predicted that without the stimulus bill the max it would reach would be 8.8%.  Do you want the graph???
Where did I say Obama predicted 10% inflation, FAT MAN? Read my quote again...s-l-o-w-l-y.
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Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #13 on: June 17, 2009, 07:15:17 AM »
Where did I say Obama predicted 10% inflation, FAT MAN? Read my quote again...s-l-o-w-l-y.

We are talking UE you hack.

Obama was dead wrong on this and even Biden admitted it.   

Bindare_Dundat

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Re: Obama Predicts 10% Unemployment!
« Reply #14 on: June 17, 2009, 07:35:03 AM »
where did obama say it would be solved in 4 months?

Dow is well above 8500.

Bindare_Dundat

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Re: Obama Predicts 10% Unemployment!
« Reply #15 on: June 17, 2009, 07:36:19 AM »
Where did I say Obama predicted 10% inflation, FAT MAN? Read my quote again...s-l-o-w-l-y.

FLAIL and FAIL.

BM OUT

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Re: Obama Predicts 10% Unemployment!
« Reply #16 on: June 17, 2009, 07:37:53 AM »
where did obama say it would be solved in 4 months?

Obama promised that if his plan was passed unemployment would not go over 8%.HE HAS FAILED!!!!The plan has failed!!!!!

Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #17 on: June 17, 2009, 07:48:19 AM »
Obama promised that if his plan was passed unemployment would not go over 8%.HE HAS FAILED!!!!The plan has failed!!!!!

Billy:

Check this out.  These are the actual results vs. the predictions. 

http://politicalmath.wordpress.com/2009/06/07/the-obama-stimulus-predictions-vs-reality/



Bindare_Dundat

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Re: Obama Predicts 10% Unemployment!
« Reply #18 on: June 17, 2009, 08:26:26 AM »
Anyone that believes anything coming from this admin has to be  retarded at this point. The part about praising Bernenke was really cute too.  ::)

Kazan

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Re: Obama Predicts 10% Unemployment!
« Reply #19 on: June 17, 2009, 08:44:32 AM »
It's the same crap Obama has done from day one. Set the stage for the crisis, and then push some bullshit through to get what he wants. Then once he gets what he wants, he back tracks with the we did everything we could but we are still fucked.
ΜΟΛΩΝ ΛΑΒΕ

Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #20 on: June 17, 2009, 08:47:19 AM »
It's the same crap Obama has done from day one. Set the stage for the crisis, and then push some bullshit through to get what he wants. Then once he gets what he wants, he back tracks with the we did everything we could but we are still fucked.




Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #21 on: June 17, 2009, 08:52:12 AM »
Where did I say Obama predicted 10% inflation, FAT MAN? Read my quote again...s-l-o-w-l-y.

Please prove me wrong on this. 


Soul Crusher

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Re: Obama Predicts 10% Unemployment!
« Reply #22 on: June 17, 2009, 09:02:42 AM »
It's the same crap Obama has done from day one. Set the stage for the crisis, and then push some bullshit through to get what he wants. Then once he gets what he wants, he back tracks with the we did everything we could but we are still fucked.



Benny B

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Re: Obama Predicts 10% Unemployment!
« Reply #23 on: June 17, 2009, 12:24:39 PM »
Dow is well above 8500.
What's that have to do with this thread?
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Bindare_Dundat

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Re: Obama Predicts 10% Unemployment!
« Reply #24 on: June 17, 2009, 12:31:14 PM »
What's that have to do with this thread?


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