Obama Stimulus Made Economic Crisis Worse

Discussion in 'Politics' started by bugscoe, Sep 25, 2010.

  1. Obama Stimulus Made Economic Crisis Worse, `Black Swan' Author Taleb Says
    By Frederic Tomesco - Sep 25, 2010 9:36 AM CT

    U.S. President Barack Obama and his administration weakened the country’s economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of “The Black Swan.”

    “Obama did exactly the opposite of what should have been done,” Taleb said yesterday in Montreal in a speech as part of Canada’s Salon Speakers series. “He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.”

    Today, Taleb said, “total debt is higher than it was in 2008 and unemployment is worse.”

    Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure enacted last year. The U.S. government’s total outstanding debt is about $13.5 trillion, according to Treasury figures.

    Obama, 49, inherited what the National Bureau of Economic Research said this week was the deepest U.S. recession since the Great Depression. Even after the stimulus measure and other government actions, the U.S. unemployment rate is 9.6 percent.

    Governments globally need to cut debt and avoid bailing out struggling companies because that’s the only way they can shield their economies from the negative consequences of erroneous budget forecasts, Taleb said...

  2. 377OHMS


    QED. Mr. Obama has failed. He can dump Rahm, Axelrod and the entire cabinet and not be able to change that fact.

    Good grief I even heard Arianna Huffington say it on Left, Right and Center yesterday (on NPR, the government subsized left-wing media outlet). She hammered Larry Summers as well.

    What next, Bill Ayers speaking out against the Obama regime?
  3. Right, Huffington supports Republicans now similar to how RedState turned liberal when they criticized GOP's pledge recently. :p
  4. 377OHMS


    Yes its right, every fucking word. You should try it.