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OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "

 
Anonymous Coward
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10/28/2010 02:53 PM
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OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
[link to www.nakedcapitalism.com]



Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis

I’m so offended by the latest Obama canard, that the financial crisis of 2007-2008 cost less than 1% of GDP, that I barely know where to begin. Not only does this Administration lie on a routine basis, it doesn’t even bother to tell credible lies. .And this one came directly from the top, not via minions. It’s not that this misrepresentation is earth-shaking, but that it epitomizes why the Obama Administration is well on its way to being an abject failure.

On the Jon Stewart Show (starting roughly at the 1:10 mark on this segment) Obama claims the cost of this crisis will be less than 1% of GDP, versus 2.5% for the savings and loan crisis (hat tip George Washington, sorry, no embed code, you need to go here):



The reason Obama makes such baldfacedly phony statements is twofold: first, his pattern of seeing PR as the preferred solution to all problems, and second, his resulting slavish devotion to smoke and mirrors over sound policy.

The savings & loan crisis led to FDIC takeovers of dud banks and the creation of a resolution authority to dispose of bad assets. That produced costs which were largely funded by the Federal government. I’ve heard economists repeatedly peg the costs at $110 to $120 billion; Wikipedia puts it at about $150 billion. This approach, of cleaning up and resolving banks, has been found repeatedly to be the fastest and least costly way to contend with a financial crisis.

The reason Obama can claim such phony figures is that many of the costs of saving the financial system are hidden, the biggest being the ongoing transfer from savers to banks of negative real interest rates, which is a covert way to rebuild bank equity.
bed
Netizen Ribbonmind

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10/28/2010 02:54 PM

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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
new roots
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Anonymous Coward
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10/28/2010 03:01 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
:Legdoom:
Anonymous Coward
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10/28/2010 03:06 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
then why didn't anything work???? and wheres the fuckin money??????
Anonymous Coward (OP)
User ID: 862427
Mexico
10/28/2010 03:08 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
then why didn't anything work???? and wheres the fuckin money??????
 Quoting: Anonymous Coward 1143806



DON'T ASK DON'T TELL : OFFICIAL POLICY !!

$1.3 TRILLION DEFICIT ?? ...WELL, CHINA PAY FOR IT ...OR SO !!


hiding
Anonymous Coward
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10/28/2010 03:09 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
then why didn't anything work???? and wheres the fuckin money??????
 Quoting: Anonymous Coward 1143806



It worked.

Banks and bankers.
MirelurkMeat

User ID: 1081041
United States
10/28/2010 03:11 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
[link to www.nakedcapitalism.com]



Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis

I’m so offended by the latest Obama canard, that the financial crisis of 2007-2008 cost less than 1% of GDP, that I barely know where to begin. Not only does this Administration lie on a routine basis, it doesn’t even bother to tell credible lies. .And this one came directly from the top, not via minions. It’s not that this misrepresentation is earth-shaking, but that it epitomizes why the Obama Administration is well on its way to being an abject failure.

On the Jon Stewart Show (starting roughly at the 1:10 mark on this segment) Obama claims the cost of this crisis will be less than 1% of GDP, versus 2.5% for the savings and loan crisis (hat tip George Washington, sorry, no embed code, you need to go here):



The reason Obama makes such baldfacedly phony statements is twofold: first, his pattern of seeing PR as the preferred solution to all problems, and second, his resulting slavish devotion to smoke and mirrors over sound policy.

The savings & loan crisis led to FDIC takeovers of dud banks and the creation of a resolution authority to dispose of bad assets. That produced costs which were largely funded by the Federal government. I’ve heard economists repeatedly peg the costs at $110 to $120 billion; Wikipedia puts it at about $150 billion. This approach, of cleaning up and resolving banks, has been found repeatedly to be the fastest and least costly way to contend with a financial crisis.

The reason Obama can claim such phony figures is that many of the costs of saving the financial system are hidden, the biggest being the ongoing transfer from savers to banks of negative real interest rates, which is a covert way to rebuild bank equity.
 Quoting: Anonymous Coward 862427


yeah i watched it pretty high last night

he said that unemployment was at 9% when its really at 17%

LAWLZ
WELCOME TO AMERICA SIMPLE-MAN! THANK-YOU COME AGAIN!
Anonymous Coward
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10/28/2010 03:13 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
apparently he doesnt count the cost of life, just money...
Anonymous Coward
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Norway
10/28/2010 03:15 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
obama is changing usa for the good, you can't live like past forever. you're biggest media outlet hires companies to make shit up so you vote the otherwise back in...can't you see the pattern Americans?
Anonymous Coward
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10/28/2010 03:21 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
Jeez if it wasn't such a bid deal why not let the banks eat it and get the economy rolling again.
easymind

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Netherlands
10/28/2010 03:23 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
ooooooow, OP, if you really look at politics you would not focus so much on Obama.... he is just one out of many....it will not change by just voting him away....
Time is a great teacher, unfortunately it kills all its pupils.
Anonymous Coward
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10/28/2010 03:23 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
then why didn't anything work???? and wheres the fuckin money??????



It worked.

Banks and bankers.
 Quoting: Anonymous Coward 1044765

The best way to rob a bank is to own one.
Anonymous Coward
User ID: 1145004
United States
10/28/2010 03:27 PM
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Re: OBAMA TO JON STEWART : "CRISIS COST LESS THAN 1% OF GDP , ALMOST NOTHING !! "
I'm not sure Obama, Barry, Steve or whatever he calls himself knows what GDP means.

I think he thinks it means Great Digs for President complete with kobe beef.

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