More dishonesty? Or just ignorant?

[Pastor Larry]

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.

No, get your first grader to read it to you. The conclusion of the article is that today is not the the worst economic times since the great depression. The early 80s were actually as bad, if not worse.

Obama is saying that this is the worst economic crisis since the great depression. The article shows that that isn't true. This may be as bad as the early 80s, but it isn't worse than the early 80s.

(I say it twice, hoping you might catch 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.

I haven't seen anyone say that. Who do you have in mind?

 

[Pastor Larry]

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

Probably nothing much different. The ship rights itself.

That's why the current economic bailout is not necessary. It will probably prolong the current problems, plus it will have drastic long term effects.

 

[matt wade]

I haven't seen anyone say that. Who do you have in mind?

I must have had my mind on this same debate from another time. My apologies, no one on this thread said that.

 

[KenH]

Probably nothing much different.

You really believe that? I don't. I think the whole banking system would have gone belly up.

 

[targus]

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

If the bank situation has been stabilized, on what basis is the economy currently worse than the Great Depression?

 

[Pastor Larry]

You really believe that?

I tend to believe that though (unlike some) I admit I don't know everything.

I think the whole banking system would have gone belly up.

You also thought that Ron Paul was a good candidate, and then thought that Barack Obama was a good candidate. You thought it was good to be on the gold standard back in the day. Today you don't. I could go on and on, but suffice it to say that you have thought so many things it is hard to place in confidence in what you think now.

 

[chuck2336]

I think that the dipsticks in DC are playing up the fears of those who put them in office. Is the economy bad, sure. Is it worse than the depression, not from what I have read.

(Not old enough to know first hand!:laugh: )

 

[TomVols]

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

The whole banking system? Again, we're talking about a dozen banks or so MAX. Out of almost four thousand. Granted, that's about 9 more than what happens in a given year, but still, to say that our entire banking system is almost dead ignores reality.

What saved IndyMac was not Bushama's 1st attempt at TARP (they were long gone). The FDIC did what they were supposed to do. What is a better example of what could be done is what has happened in GA where a SuperRegional has absorbed two different failing bank systems on two different, seperate occasions. That's a more market-based solution, even if it was a shotgun marriage arranged by the Fed/FDIC. I think that would've happened more, and that's what might have caused the reaction. Would you want three or four SuperRegionals, max, in this country? Would you want one or two large insurers, max? Problem is, the former may be coming anyway, thanks to Bushama's two TARP programs. Wells bought Wachovia with the capital infusion (they can deny it all they want, but industry types know better). Other better capitalized banks who had to take the TARP 1 money upped deposit rates and lured untold millions from smaller banks/credit unions now on the precipice.

You may be right in general. If a bank of any size or any footprint had gotten into serious trouble, or if some of the coal mine canaries hadn't gotten the clue, maybe we'd be worse off today. However, we caught a break as to timing. The plunge of oil markets, the holiday season, a changing perception because the attention of a nation was focused on a presidential race of historic proportions, all gave people something to think about other than Wall Street.

And I have gamed out a time or two what would have happened, given what we know now, if TARP 1 hadn't happened. I know one thing: just this last week, an announcement came down that a federal lending arm will be loosening some lending guidelines back to the mess that started this mess. We're back to the notion that "Come one, come all' to get a house, down payment or no, closing costs in had or no, at least in one lobe of Big Brother's mind. We have not learned. Let's hope the market has.

 

[KenH]

You thought it was good to be on the gold standard back in the day.

I still do.

 

[KenH]

If the bank situation has been stabilized, on what basis is the economy currently worse than the Great Depression?

It isn't, and I hope it comes nowhere near such a condition.

 

[KenH]

Hey, Tom, do you think there may need to be a size limit as to how large these financial institutions can be? Maybe we need to get out of the "too big to allow to fail" mode.

 

[Pastor Larry]

I still do.

So why are you so much in favor of a plan that just prints money?

 

[KenH]

We don't have a gold standard, PL. And I doubt we'll ever go back to one. We gotta play the hand we have been dealt. A whole lot of things would be different in this country if I could have my wish list put into practice. The same with everyone else who posts on this board I would imagine.

 

[targus]

It isn't, and I hope it comes nowhere near such a condition.

So you admit that the current economy is "nowhere near such a condition" as the Great Depression.

So when Obama says this is the worst economy since the great depression...

Is he dishonest or ignorant?

 

[JustChristian]

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?

Yes, there have been runs on banks. They would have been a lot worse if banks like Wachovia, Citi Bank and National City Bank had been allowed to go under. I have to admit that that was due to the efforts of the Bush administration which passed a bailout package about the same size as Obama's but without the necessary controls.

 

[OldRegular]

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!

I would say 0, that is ZERO!

 

[Aaron]

Dishonesty? Ignorance? More like diabolism!

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

I believe his agenda is to create the illusion of a crisis so he can exploit it to enact his radical socialist agenda. He certainly wants us to think that it's as bad as the Great Depression.

 

[OldRegular]

I believe his agenda is to create the illusion of a crisis so he can exploit it to enact his radical socialist agenda. He certainly wants us to think that it's as bad as the Great Depression.

I am afraid the illusion may become reality. O"bama with his god complex may try to do what Hitler did in wake of the Great Depression in Germany. The question is how much support would he get from those who have an epiphany of some sort each time he appears.

 

[ray Marshall]

I believe his agenda is to create the illusion of a crisis so he can exploit it to enact his radical socialist agenda. He certainly wants us to think that it's as bad as the Great Depression.

As Baron Rothschild quoted
"GIVE ME THE CONTROL OVER A NATION'S currency and I care not who makes it'LAW."
and President James Garfield quoted. " WHOEVER CONTROLS THE VOLUME OF MONEY IN ANY COUNTRY IS MASTER OF AL IT'S LEGISLATION AND COMMERCE."

wHEN gOVERNMENT STEPS IN TO HELP YOU, THEY REALLY MAKE THINGS WORSE.

 

[targus]

So you admit that the current economy is "nowhere near such a condition" as the Great Depression.

So when Obama says this is the worst economy since the great depression...

Is he dishonest or ignorant?

Bumped because I thnk that it might be nice for KenH to answer the question directly.

Not holding my breath though.