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David Broneer, the head of the Retirement Systems of Alabama, has a few predictions that we need to pay attention to. First he outlines his belief that California is just the first state to collapse financially and that every other state will follow, with Alabama at the tail end sometime in late 2011. He also states that without the stimulus states would already be in crisis and that California was just the one state that even the stimulus couldn’t save.
And I LOVE this section of the notes…
4) The US economy (according to Bronner) is today like a patient in the emergency room in the process of having a heart attack. He said people tend to think of it as being in the hospital for cancer or chronic disease. Without the huge Bush stimulus, and then the huge Obama stimulus, the economy would have already flat lined…(i.e. we’d be experiencing a Great Depression style economic collapse heading toward 25% unemployment or so as the tumble would have continued and intensified at an increasing rate, with the stock market hitting around 2,000) Bronner said the depth of the crisis was greater than ANYONE realized and agrees today, after learning the extent of the crisis, that the federal government simply had to start “shoveling” money at it to prevent a true and complete collapse of our economy. He said he, at first, was mad at this shoveling of money until he learned the truth about the amount of money necessary to prevent a total collapse which he believes would have happened.
This is a man who believed the stimulus was the wrong move at the time, and who now believes that not only was it the right move, but that more is going to be needed to keep the economy from collapsing. There are so many that just don’t understand how bad a shape we are really in AND that it would have been WORSE without the actions that government has taken.
7 Scary Predictions by David Bronner – The Motley Fool
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New blog entry: David Bronner Now Says Stimulus was the Right Move and that More Will be Needed http://www.theworldaroundyou.com/?p=4332 …GD Star Rating
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The World Around You: David Bronner Now Says Stimulus was the Right Move and that More Will be Needed: David Bro.. http://tinyurl.com/kkreloGD Star Rating
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Might want to recall that Segall tried to make hay with his opposition to the Bush bailouts/TARP.
Also, look over Bronner’s interview at the Tuscaloosa News which differs in some ways from the speech. Note the foreign events as being beyond control, the glimmers of pony amongst the other.
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bailing out state govs. with stimulus money isn’t stimulating the economy.
double digit unemployment.
biden admits it. ( WASHINGTON — Vice President Joe Biden said the Obama administration “misread how bad the economy was”) they fucked this up.
we’re bailing out wall street, auto unions, corrupt state governments, meanwhile, main street crumbles.
obama apes bushmonkey…..again.
one post turtle begats another.
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They did not f*&^ this up, they couldn’t see the future…as Bronner said, it was worse than anyone thought. It wasn’t a bailout for the states, it was a lifeboat, hoping to keep them afloat until the economy improves.
So, your position is ALL state governments are corrupt? Or just California’s? I’m confused…
The conclusion that Bronner draws is that even though he didn’t think it was right at the time, he now believes the stimulus may not have been large enough (which some economists were saying when it was enacted).
The reality is that if they hadn’t acted, things would be much, much worse right now.
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In response to your last line, the thought of realtors, mortgage bankers, Detroit execs, union leaders and wall street types all scrambling for the last edible insurance clerk is somehow pleasing.
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I can understand that Walt…but as we watch the new GM emerge from bankruptcy today, well ahead of schedule, I think the intelligence of what has been done will be seen in time.
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shovel ready projects. where’s the shovel ready projects, kriss???
“It wasn’t a bailout for the states, it was a lifeboat, hoping to keep them afloat until the economy improves.”
the only thing being shoveled here is shit. if stimulus one is going so swimmingly kriss, why, pray tell, are they already talking about stimulus two???
800 billion dollars. where’s waldo???
soylent green is people!!!!
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“they couldn’t see the future…”
isn’t that why they had to have the tax cheat geithner, kriss???
we had to overlook and forgive his tax cheating because he was soooooooo vital to the “recovery”.
such a smart man.
kriss, here’s a tip for you, tell your boy to get his eyes off the underage brazilian ass and focus on the recession he caused.
time flies like an arrow……..
fruit flies like a banana.
groucho marx.
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Wow…finebammer…please keep commenting, because you’re just showing your own ignorance.
Your responses are not based in reality, you’re just ranting and raving…it’s fine to be upset, but it’s not constructive to getting us out of this global financial crisis that was not created by one man and started well before this president was elected, much less took office.
What you fail to recognize is that we would be in the equivalent of the Great Depression by now if the Bush administration hadn’t taken action and even people like Bronner who didn’t believe it at the time believe it now.
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“he now believes the stimulus may not have been large enough (which some economists were saying when it was enacted).”
you know. this is really too damn easy.
kriss, i can rebut by stating that some economists said it would do exactly what it’s doing NOW.
some economists say it’s going to make things worse…….much worse.
see how easy that was, kriss???
and just as credible as your economists.
(and if that doesn’t fry your bacon, try this: what are they “overlooking” in the cap-and-tax debate???
or the government takeover of the american healthcare system???)
saul alinsky’s mother wore led zepplin flip-flops.
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ooooh no, kriss.
i’m not upset. i loving this. during the last eight years democrats have told every lie, repeated every enemy mantra, pulled out every stop to regain power in washington. now you’ve got it.
and i’m handing it to you. your party is passing legislation that not only hasn’t been read by those rubberstamping it through, some of it hasn’t even been written at the time of the vote.
and this during the reign of an administration who promised the american people a new era of “transparency”.
remember the legislation website, kriss??? your boy was going to post all legislation on a website so all americans could read it.
bullshit! liar!
even you own left wing white house press brigade is crying foul! (helen thomas)
http://www.thebostonchannel.com/helenthomas/20003187/detail.html
“I think of former Defense Secretary Donald Rumsfeld’s attempt to set up a “disinformation” office at the Pentagon. When it was quickly exposed and dismantled, Rumsfeld indicated he would spread out the bogus news operations to other agencies of the military.
It’s a shame that the Obama administration has discarded his high-sounding rhetoric about transparency and openness. So far, it looks like change we can’t believe in.”
emphasis on the word BOGUS, kriss.
your people, kriss. your guys. just words.
meet the new boss, same as the old boss……
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Yeah, you’re not upset…right…okay…
If you know anything about me you know I don’t like labels and “us versus them” rhetoric. I’m very disappointed in this administration for not following through on some of its promises on transparency, and I will continue to say so.
There are plenty of lies to go around on both sides of the aisle. But what good does it do to bitch about the lying all day long? Where is that going to get us?
You still haven’t refuted the basic premise of the original post…things would ALREADY be MUCH WORSE WITHOUT the ACTION that was taken. The economists who were saying things were going to be much worse if we DID ACT were WRONG! Period…we took the right actions to keep the global crisis from being the world into a great depression. The question now isn’t did we do the right thing, it’s what the right next step is.
Catch up with the real argument.
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gotta love liberals. THEY love to dictate what the argument is.
prove what you’re saying, kriss.
“things would ALREADY be MUCH WORSE WITHOUT the ACTION”
prove it.
link(s)???
otherwise, it’s just spin from the author of the other lies listed.
a child of five would understand this. send someone to fetch a child of five.
groucho marx
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http://bizblogger.blogspot.com/2009/07/market-analysis-bush-vs-obama-stimulus.html
“Bush’s plan passed in April 2003 while Obama’s passed in February 2009. I chose the S&P 500 Index starting point one month prior to passage because the market typically discounts the information beforehand as the bills work their way through Congress. I chose 6 months-post passage as the ending point because that’s all the data we have for Obama’s plan so far.
Bush: From March 2003 to October 2003, the S&P 500 went from 835 to 1034 or +23.8%.
Obama: From January 2009 through July 2009, the S&P went from 932 to 879 or -5.2%.”
“The S&P 500 return under Bush 1-year prior was -26.2%, hurt by the internet bubble collapse, 9/11 and corporate scandals. Trillions of dollars in lost wealth.
The S&P 500 return under Obama 1-year prior was -35.9%, hurt by the housing bubble collapse. Also trillions of dollars in lost wealth.”
(wealth lost due to the poisoning of our markets by fannie mae and freddie mac. the #1 benefactor of fannie/freddie campaign cash??? christopher dodd. #2?? ole king hussein himself)
and we’re just supposed to forget all that and “move forward” and hand control of our healthcare (gov. run healthcare) and lives (climate crapola) to these idiots.
sorry, kriss. no deal.
and by the way, when we gonna quit killing innocent women and children in that quagmire of pakistan???
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“This is a time for reflection, not retribution. I respect the strong views and emotions that these issues evoke. We have been through a dark and painful chapter in our history. But at a time of great challenges and disturbing disunity, nothing will be gained by spending our time and energy laying blame for the past. Our national greatness is embedded in America’s ability to right its course in concert with our core values, and to move forward with confidence.”
king hussein a couple of months ago speaking to prosecuting americans trying to defend the country for torture.
liar.(or worse)
now that we’re getting a little pressure on the failure of the stimulus package it’s time to change the debate, eh kriss??
http://www.newsweek.com/id/206300
(you’ll notice kriss i linked a sappy newsweek column where your boys do triple gainers to distance the messiah from the decision to prosecute these great americans. really newsweek, do you really believe anyone, outside of a michael jackson vigil, is stupid enough to believe eric holder is doing anything other than what rahm emanuel is telling him to do??)
what kind of individual promises not to prosecute americans trying to defend a nation then when he starts feeling a little heat puts the fate of those people on the chopping block just to divert attention???
stimulus indeed.
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“In other words, Roubini [aka Dr. Doom] believes an outright depression was avoided only because policymakers adopted many of the policies he was advocating, including massive government spending, dramatic Fed easing and major backstops for the financial system.
So with disaster having been averted, what does Roubini see next for the economy?
It might surprise some of you to learn the economist isn’t forecasting economic Armageddon anymore. But it probably won’t surprise you that’s he’s more downbeat than most of his peers.”
Yahoo Finance – Dr. Doom Still Sees Grim Economic Outlook
“To sum up: A few months ago the U.S. economy was in danger of falling into depression. Aggressive monetary policy and deficit spending have, for the time being, averted that danger. And suddenly critics are demanding that we call the whole thing off, and revert to business as usual.
Those demands should be ignored. It’s much too soon to give up on policies that have, at most, pulled us a few inches back from the edge of the abyss.”
http://www.nytimes.com/2009/06/15/opinion/15krugman.html?_r=1
And I could go on…the point is, even those who thought it was the wrong move at the time now know, we were at the edge of a depression and were only saved by the actions the government took. The fact that you don’t want to hear it or believe it is not MY problem, and I have not “changed the argument”.
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And a side-by-side comparison between the economy in 2003 and 2009 is ridiculously useless. The economy may have needed a “jump-start” in 2003, but it was in a VERY different position then the economy was in late 2008 (under Bush).
Obama’s campaign was built on three pillars, energy, healthcare and education. The economy was an issue that was thrust upon him and he tackled that as well. The American Clean Energy and Security Act, nor the healthcare reform bill are a surprise. Guess what? I can predict the future…after this…EDUCATION!
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“The economy may have needed a “jump-start” in 2003, but it was in a VERY different position then the economy was in late 2008 (under Bush).”
yeah, and that VERY different position was created by democrats in concert with fannie mae and freddie mac pushing poison debt into the world market..
from wiki:
nouriel roubini.
“During President Bill Clinton’s administration he was a senior economist for the Council of Economic Advisers later moving to the United States Treasury Department as a senior adviser to Timothy Geithner who is now Treasury Secretary.”
yeah. and i’m supposed to believe this individual (whom the new york times labeled “dr. doom”, wow that makes him more credible!) is an objective voice.
maybe that’s why he didn’t have any numbers, kriss.
how many jobs have been created?
how many “saved”, kriss??
how many of those “shovel ready” projects have been staffed by minorities, kriss??? (you know, those jobs your boy’s trying to keep “white, male construction workers” from getting)
here’s a u tube video for you, kriss. i want you to try and listen past the blatant racism being spouted and hear the emphasis your guys are putting on getting the money on the street as quickly as possible so to hasten the “help” the government claims to be providing to we the peons with another “great depression” looming.
http://www.youtube.com/watch?v=opxuUj6vFa4
they’re talking about CREATING JOBS, kriss. just as the administration was when they were selling this boondoggle.
hey, maybe they figured they couldn’t do it without some “white, male construction workers” getting their sneaky hands in the pie.
so if they can’t, nobody can.
and kriss, i’m over the age micheal jackson would be interested in dating. please don’t throw up paul krugman as some kind of objective source on anything but handing our enemies around the world our secrets.
i’m smarter than that.
“Obama’s campaign was built on three pillars, energy, healthcare and education.”
really, kriss. again, do you think you can just blow any pile of crap by me???
john mccain led in the polls until the bottom fell out of the economy. it’s a fact.
the collapsed economy won the election for obama. (that and the fact that john mccain’s an old, tired copy of obama)
not global warming. not government-run freebie healthcare. not education.
it’s the economy, stupid.
(i just love doing that. you know, throwing your guy’s words back at you)
just words.
(god that’s fun!!!)
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