Obama and the economy: When was he telling truth?

Stimulus, yes; Bank Bailout II, no

Huffington Post
by Robert Kuttner


Here’s the problem with this whole approach. The government has not been shy about telling banks what to do, but has done so in an ad hoc manner, without adequate information, without a strategic plan, and without the authority that goes with ownership. The Wall Street Journal recently published a devastating investigative account of how the Treasury Department ordered Bank of America to acquire Merrill Lynch, a deal that turned out to be a disaster for the acquiring bank. Executives were warned that if they did not go alone with the plan, the Journal reported, there would be hell to pay. Basically, the government has been acting as if it owned the banks, but in a half-backed, scattershot manner. It would be far better to nationalize the large banks outright, sort out their balance sheets, and then decide what level of financial relief is required to get the banks functioning...


Obama and the economy: When was he telling truth?

Fox News Forum
by John R. Lott, Jr.


As the final push for the 778 page, $827 billion stimulus package faces votes today and tomorrow in the Senate, President Obama is hammering his opponents and pushing hard for the bill. On Friday, Obama pointedly reminded Republicans that he won the November election and had the right to get his policies enacted. But the stimulus bill bears little resemblance to his campaign promises. It bears little resemblance his many promises he made just a month ago. If Obama claims a mandate, shouldn’t it be related to what he campaigned on?


A yes and a no

Tibor's Space
by Tibor R. Machan


President Obama made two important points during his Monday evening news conference, the first of his presidency. One was when he observed that old habits are very hard to shed. How true that is and how his own policies vis-a-vis the economic calamity demonstrates it. After all, one of the oldest and worst habits human beings find nearly impossible to be rid of is the governmental habit, that of turning to government as if it could perform miracles, superhuman deeds. This idolatry about government and its officials as a terrible habit and needs to be tossed ASAP. The other important point, which was, however, completely wrong, is that the policy of stimulating the American economy by means of enormous spending programs is not opposed by economists around the country. This is false and it is difficult to imagine that President Obama doesn’t know it to be false. And if he does, then we have here the same old, same old Washington practice of lying to the American people...


Informant: Thomas L. Knapp



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