More dishonesty? Or just ignorant?

[Pastor Larry]

President Obama says this is the worst economy since the great depression.

Obviously this serves the purposes of talking down the economy and prolonging the problem.

But is it even accurate? Bradley Schiller in the WSJ actually looks at the numbers, comparing the Great Depression, the early 80s, and the current situation. He conclusively shows that Obama is wrong.

As he [OBAMA] tells it, today's economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover. This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate.

The question is this: Is this an example of more dishonesty from Obama? Or does he simply not know the facts?

 

[KenH]

The banking system was not on the verge of collapse during the recession in the early 1980s as it is now. The banking system was on the verge of collapse during the Great Depression.

 

[OldRegular]

President Obama says this is the worst economy since the great depression.

Obviously this serves the purposes of talking down the economy and prolonging the problem.

But is it even accurate? Bradley Schiller in the WSJ actually looks at the numbers, comparing the Great Depression, the early 80s, and the current situation. He conclusively shows that Obama is wrong.


The question is this: Is this an example of more dishonesty from Obama? Or does he simply not know the facts?

I believe it is O'bama's intent to worsen the economy. His motive is known only by him and God.

 

[targus]

The banking system was not on the verge of collapse during the recession in the early 1980s as it is now. The banking system was on the verge of collapse during the Great Depression.

Really, I seem to recall something about a "run on the bank" occuring at the time of the actual depression.

Have we been having a lot of that lately?

 

[OldRegular]

Really, I seem to recall something about a "run on the bank" occuring at the time of the actual depression.

Have we been having a lot of that lately?

Liberals/democrats/leftists have selective memory.

 

[Steven2006]

Really, I seem to recall something about a "run on the bank" occuring at the time of the actual depression.

Have we been having a lot of that lately?

Isn't that what Ken said?

 

[Steven2006]

Even though some of the numbers are not as bad as some past recessions, I would agree that the state of our economy is in more danger of collapse then in those times. So I think you could make an argument for it being in the most danger since the depression.

 

[ray Marshall]

President Obama says this is the worst economy since the great depression.

Obviously this serves the purposes of talking down the economy and prolonging the problem.

But is it even accurate? Bradley Schiller in the WSJ actually looks at the numbers, comparing the Great Depression, the early 80s, and the current situation. He conclusively shows that Obama is wrong.


The question is this: Is this an example of more dishonesty from Obama? Or does he simply not know the facts?

I think he was voted into office by whom??? If he doesn't play into the grand design, they will find someone that will. He may be listed in both ignorant and intentionally, but I believe he isn't a blind horse in this whole thing.
It could be that after all this is put in motion, they may not have any more use for him.

 

[matt wade]

He says it is the worst economic cristis since the Great Depression. That's not hard to understand. My first grader can understand that it means that the Great Depression was worse than this, but that since then we haven't seen as rough of a time.

 

[Pastor Larry]

He says it is the worst economic cristis since the Great Depression. That's not hard to understand. My first grader can understand that it means that the Great Depression was worse than this, but that since then we haven't seen as rough of a time.

But this isn't true. The article shows that the early 80s were worse than today is. Perhaps your first grader will take time to read the article.

 

[THEOLDMAN]

I believe it is O'bama's intent to worsen the economy. His motive is known only by him and God.

GIVE ME A BREAK !!! That comment was............ well I can't think of anything NICE to say, so I better shut up !

 

[TomVols]

I don't think the banking system is on the verge of a collapse. You have some banks, financial entities, and other cos that are in trouble due to "tainted" assets in their mortgages and mortgage-backed securities due to sorry fiscal policies. It's somewhat analagous to what happened in the 80s with the S&Ls, but not entirely. A handful of banks have failed recently. almost four thousand more have not.

The "worst since great depression" line polls well, thus it's used. Bushama will use it as long as it gets mileage

 

[TomVols]

I reject the premise that bushObama wants to worsen the economy. It's just that, like his predecessor, he has an inept team and a worse economic background, so the money is not on him coming up with a solution (if you'll pardon the pun)

 

[KenH]

Really, I seem to recall something about a "run on the bank" occuring at the time of the actual depression.

IndyMac Faces Bank "Run" - www.mortgagenewsdaily.com/792008_IndyMac_Bank_Run.asp

"But a new financial architecture emerged in the last decade — one that relied more on securities and less on banks as intermediaries. With the worth of those securities now being questioned — and no equivalent of deposit insurance — some who financed the securities want their money out, a fact that has created the 21st-century equivalent of a run on a bank." - www.nytimes.com/2007/08/10/business/10liquidity.html

 

[matt wade]

But this isn't true. The article shows that the early 80s were worse than today is. Perhaps your first grader will take time to read the article.

No, the article does not say that the early 80's were worse than today. Please show me where it says that? The conclusion of the article is that today is not worse than the great depression.

Anyway, that is beside the point. The reason I made my statement is that people here are commenting inferring that Obama said that today's crisis is worse than the Great Depression. That simply isn't what he said.

 

[TomVols]

IndyMac's "run" was relatively little, comparatively speaking, and precipitated by Schumer and some other public comments about its failed mortgage operation, despite some shred of truth to them. It's NAV/NIV construction perm product was the poster child of what's been wrong with the mortgage industry. Still, banks have two sides of the coin, and there was nothing to indicate that IndyMac deposits were in jeopardy.

Some of the same voices that precipitated the crisis at IndyMac and hastened its demise predicted the demise of BoA, Citi, Wachovia, and a couple of Super Regionals by Labor Day....of last year.

And a run on a small bank in CA is a far cry from the Depression era run on banks in general. No one is rushing into the local branch to grab their money. In fact, some banks are posting profits and deposit growth (some, significant growth). The good banks are attracting $ with great MMkt and CD rates.

 

[targus]

IndyMac Faces Bank "Run" - www.mortgagenewsdaily.com/792008_IndyMac_Bank_Run.asp

"But a new financial architecture emerged in the last decade — one that relied more on securities and less on banks as intermediaries. With the worth of those securities now being questioned — and no equivalent of deposit insurance — some who financed the securities want their money out, a fact that has created the 21st-century equivalent of a run on a bank." - www.nytimes.com/2007/08/10/business/10liquidity.html

I notice that you had to go to July 2008 and August 2007 to come up with your examples.

This is February 2009.

Got anything more current?

 

[KenH]

If the government and the Federal Reserve hadn't stepped in last year, Tom, I wonder what would have happened.

 

[KenH]

Got anything more current?

Nope. The government and the Federal Reserve acted to stabliize the situation for the time being.

 

[Enoch]

Obama is a con and has been from day one. His leadership skills have been put to the fire and he gets a BIG FAT F!