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bobbyw24
10-31-2009, 10:58 AM
Obama takes credit for economic turnaround
By Mike Soraghan - 10/31/09 06:00 AM ET

President Barack Obama is taking credit for the glimmers of good news showing up in economic reports, while stressing that the downturn began under his predecessor.

"We can see clearly now that the steps my administration is taking are making a difference," Obama said Saturday in his weekly address, "blunting the worst of this recession and helping to bring about its conclusion."

He noted that gross domestic product grew at an annual rate of 3.5 percent in the third quarter after four successive quarterly drops. And he said lending to small business has increased 73 percent. The figures, he said, were not cause for celebration, but a signal that the economy is headed in the right direction.

It was pointed in the wrong direction, he noted in a not-so-subtle swipe, when he took over from former President George W. Bush.

"As I’ve said many times, it took years to dig our way into the crisis we’ve

http://thehill.com/homenews/administration/65699-obama-takes-credit-for-economic-turnaround

awake
10-31-2009, 11:00 AM
Wonder if he will be so eager to take credit for the coming collapse?

LibertyEagle
10-31-2009, 11:39 AM
Yeah, "it was pointed in the wrong direction" alright. So, what did he do, TRIPLE DOWN on the dumbass moves that Bush was making, that got us into this mess. Yeah, that'll fix it, Obama. :rolleyes:

sofia
10-31-2009, 11:43 AM
Wonder if he will be so eager to take credit for the coming collapse?

the coming collapse will be bad, but it won't be as bad as it could have been because of Obama's pro-active policy's. :rolleyes:

tremendoustie
10-31-2009, 11:45 AM
Uh ... what turnaround?

ShowMeLiberty
10-31-2009, 11:47 AM
Uh ... what turnaround?

You know... the complete 360. :p

MelissaWV
10-31-2009, 11:51 AM
Uh ... what turnaround?

Obama IS responsible for the "turnaround". Numbers are creeping up. For instance, the auto industry is seeing great numbers because of "Cash for Clunkers". The housing industry is seeing a boost since "first time homebuyer credits" hit the market.

The problem is these aren't real turnaround numbers. They almost guarantee a downturn, because people who might have bought a car in 2010 may have rushed to do so in 2009 to get "their money". What's worse, some people won't be able to afford the payments on their new house or car, so we might see a spike in defaults/repossessions associated with that whole mess.

Of course, all this stimulating comes with a bill, too. That part doesn't seem to bug him, either.

krazy kaju
10-31-2009, 11:55 AM
"Obama is taking credit for numbers on paper while people in the real world continue to suffer." I don't know about you guys, but I haven't seen any improvements in living standards in my area. More and more people are getting laid off and it's getting harder and harder to get a job.

sofia
10-31-2009, 12:15 PM
Obama IS responsible for the "turnaround". Numbers are creeping up. For instance, the auto industry is seeing great numbers because of "Cash for Clunkers". The housing industry is seeing a boost since "first time homebuyer credits" hit the market.

The problem is these aren't real turnaround numbers. They almost guarantee a downturn, because people who might have bought a car in 2010 may have rushed to do so in 2009 to get "their money". What's worse, some people won't be able to afford the payments on their new house or car, so we might see a spike in defaults/repossessions associated with that whole mess.

Of course, all this stimulating comes with a bill, too. That part doesn't seem to bug him, either.

Gerald Celente refers to this as :the bailout bubble" and says it will be the worst bubble pop of all when it finally pops

BlackTerrel
10-31-2009, 01:32 PM
Small economic turnaround but it will get much worse very soon - unfortunately. Who will take credit for that?

cheapseats
11-01-2009, 09:26 AM
Small economic turnaround but it will get much worse very soon - unfortunately. Who will take credit for that?


The buck now stops at Obama. Period.

cheapseats
11-01-2009, 09:27 AM
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MindOfMo
3.5% unsustainable growth predicated on Monopoly Money does NOT imply Recovery. NOR DOES IT ACCOUNT FOR WHERE ALL THOSE TARP BILLIONS WENT.
about 15 hours ago from web
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