Saturday, April 11, 2009

Obama Sees Signs of Economic Progress

President Barack Obama said on Friday the recession-hit U.S. economy was showing "glimmers of hope" despite remaining under strain and promised further steps in coming weeks to tackle the financial crisis.

"We've still got a lot of work to do," Obama told reporters after a meeting with economic and regulatory teams plus Federal Reserve Board Chairman Ben Bernanke. But he added, "We're starting to see progress."

Obama spoke a day after encouraging trade and jobless figures pushed stocks higher, and White House economic adviser Lawrence Summers predicted the economy would emerge from a sense of "freefall" by the middle of the year.

Less than three months into his presidency, Obama stopped short of declaring that the recession he inherited from predecessor George W. Bush was bottoming out.

But he offered a somewhat more upbeat tone than he has recently on the state of the economy, which is locked in its worst crisis in decades. "What we're starting to see is glimmers of hope across the economy," he said.

"Over the next several weeks, you'll be seeing additional actions by the administration," he added but gave no details.

I sure hope he is right and that these are signs of the economy beginning to recover from the Bush recession/depression.


G said...

How long do you plan to hang onto that "Bush recession" meme?

I'm not going to defend the Bush administration's fiscal policies. But the president can only sign bills that are sent to him. Wouldn't it be more accurate to call it something like "the Bush/Pelosi/Reid recession"? Or maybe the "Frank/Dodd-sparked recession"?

Ceroill said...

Then I guess we should also let go of the term 'Reaganomics' and the idea that Reagan was behind the fiscal policies of his time in office? I'm cool with that.

G said...

That's fine with me. They weren't Reagan's theories anyway. I've always just called it "supply side economics".

Of course, I doubt you'll get many Democrats that want to be associated with it. Right now they're kind of demonizing the whole concept. And they continue to call it "trickle down" to make it sound unappealing.


Since most of the stimulus money hasn't even reached the intended targets yet, how much of these green sprouts of recovery are directly the result of Obama's(and Bush's)recovery plan? I'm thinking, not much. And if I am right, wouldn't it be logical to assume the economy would have recovered even without the stimulus?

All these Chicken Littles and their mantra("this is the worst economic CRISIS(That word again)since the Great Depression")aren't even correct. We haven't reached the depths of the last real big recession(1982) in all measures, let alone the Great Depression. This seems to me to be the same fear-mongering Bush used his whole administration about everything. The worst thing about all of this is the credit the current regime will take for solving this "crisis" when it would have solved itself; the markets are self correcting don'tcha know.

I do give credit when it is due. Obama has it right in his dealings with Turkey. It was obvious Europe wasn't going to help us with our agenda after all the summits last week, so Obama has buddied up to Turkey. Excellent decision. First off they are smack in the middle of our problem area(Iraq, Iran, Afghanistan and Russia), they want to become a regional power(and what better way than to help facilitate agreements),they are an Islamic friend exactly when and where we need one, they have the trust of our Arab allies(as opposed to Iran), they are now distrustful of the Europeans, as France and Germany keep them from joining the EU and they are a long time NATO ally. So kudos to you, President Obama.


Does anyone else here get a little uneasy when we call major bureaucrats czars? We have had drug czar for decades. We now have a car czar. And now we are getting a border czar. I dunno, I don't I like the sounds of this.

G said...

Absolutely. No matter what the actual position entails, it is beyond me why we would want to use the Russian word for "king" to describe it.

But be careful what you say. DHS is probably now monitoring this blog because of the "right wing extremists" like you and me who support states' rights.

csm said...

I agree on the whole "czar" concept. Really stupid.

But Bawdy a "right wing extremist"??? Whatsamatter there G, lonely?

Lou said...

Don't forgot those whacked out veterans! What a bunch of jar heads is DC. We are not at war with terrorism, Barrack is at war with Americans who disagree with his positions. He is taking that Messiah title from Louis a little to seriously.

Anonymous said...

Not lonely. That's according to the Department of Homeland Security's briefing. Apparently, those who strongly support states' rights (among others) are considered "right wing extremists" and a potential threat to the security of the nation.

Ceroill said...

Even after 8 years I still have to think a bit whenever I see DHS. Hereabouts it used to mean Department of Home Services, you know the gummint folks who come and take your kids away if you're bad parents.

G said...

Sorry again. That comment was me, in case you all couldn't figure it out.

More amazing news on the "change" front. The EPA has now declared that carbon dioxide is a harmful pollutant. So I guess it's only a matter of time before we are taxed (under cap & trade) for exhaling =)


Yeah, that department(DHS)has an interest beyond the norm for me too. Ol' Janet "Leave the Dems Back Home in the Lurch" Napolitano is the archetypal politician(Yes, I do get a kick out of the anger the Democrats have unleashed towards her here). I realized that when I took a listen to her first inauguration for governor.

She used to be on the radio locally once a month and took calls, which I applaud her for, but she never really answered any questions which didn't come from her own constituency.