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Obama’s Stimulus Not Enough to Avert Biggest GDP Drop Since 1946
- Text size
Timothy R. Homan and Alex Tanzi
Bloomberg
February 12, 2009
President Barack Obama’s stimulus plan will be insufficient to avert the biggest U.S. economic decline since 1946 as consumer spending posts its longest slide on record, according to a monthly Bloomberg News survey.
- A d v e r t i s e m e n t
The world’s largest economy will contract 2 percent this year, half a percentage point more than last month’s forecast, according to the median of 50 projections in the survey taken Feb. 2 to Feb. 10. Even as Obama aims to create 3.5 million jobs with a stimulus plan, economists foresee an unemployment rate exceeding 8 percent through next year.
The forecasts underscore the urgency of a financial rescue that unthaws credit markets to spur business and consumer spending, analysts said. A prolonged economic slump means the Federal Reserve will keep its main interest rate below 1 percent for the next two years, the survey indicated.
“Without the stimulus, I think we would be negative for all four quarters of 2009,” causing an even worse decline, said Nigel Gault, chief U.S. economist at IHS Global Insight Inc. in Lexington, Massachusetts. Even with Obama’s plan, consumer spending and the labor market are “spiraling down together,” he said.
Economists said they took into account a stimulus of about $800 billion as they assembled their forecasts. The estimates were submitted before House and Senate lawmakers yesterday reached agreement on a $789 billion bill that includes a mix of tax cuts and government spending. Final passage by both bodies is still needed before Obama can sign it.
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February 12th, 2009 at 2:02 pm
if course it’s not because it was implemented by design to bring this country and its people to their knees
February 12th, 2009 at 2:06 pm
Man for two trillion dollars we could’ve built a shipyard on the moon ,recovered the titanium, aluminium and HE3,built 10 supermega transport ships, gone to Mars built a city or ten underground and still have change.Not to mention something real that will last a thousand years.What are these bankers producing? I can’t help thinking that we’re sacrificing our futures for people who should be history!
Apostle Reply:
February 12th, 2009 at 5:34 pm
What are these bankers producing???
A new world order where the few own everything through political corruption, financial extortion, military might or the threat of a very aggresive law enforcement community who have no compution about beating you, shocking you, shooting you while your restrained or torturing you prior to your execution right down to the level of small town USA.
I think they’re also producing euginics and population control which will switch into high gear soon through starvation, unrest and perhaps large scale detentions/executions or civil war. No one can appreciate how hard a banker must work to exterminate 80% of the population.
Of course it would be a shame and waste not to utilize to their fullest potential those shiny new “internment camps” that the bankers produced that are already bought and paid for by our wonderfully corrupt government with our tax dollars. Every county in all the states will get to try out all of that new paramilitary gear and new jobs will be created in the newly merged Civilian/Military Homeland Security Enforcement Corps. Everyone who matters will be working and living well on the state dole. Everyone else is chattel. Someone has to pay for all the things bankers produce.
I guess you and I are it.
Apostle Reply:
February 12th, 2009 at 5:47 pm
Oh! and I almost forgot. They’re producing the finest braindead, zombie mind slaves that money can buy. All of the aggression has been bred out of them with absolutely no chance of ever turning on it’s owner (no matter how much they are abuse).
It took many generations but traits such and submission and compliance have been successfully enhanced and the slaves have reached almost perfection in regards to obedience. They eagerly await the orders of the bankers and their money that produced them.
msmadame Reply:
February 12th, 2009 at 10:32 pm
Agreed!
February 12th, 2009 at 2:06 pm
Jordan Shipley plays for the Texas Longhorns and so does Luc Longley
nwo is taking the stage through the stage play of 911 and the economy scare tactics, they get sutler and sutler, i cant imagine what they use next, but they do make it so obvious
February 12th, 2009 at 2:16 pm
*** Glenn Beck is awake-to and talking about ALL of this, he is the ONLY one who has a pair! me@foxnews.com
February 12th, 2009 at 2:25 pm
****Its plain and simple they are fearful scared ‘little boys’ who dont realize that he who is in them is greater than he who is in the world PERIOD. elrushbo@eib.net (Rush Limbaugh)
ProudPrimate Reply:
February 12th, 2009 at 9:15 pm
are you saying Rush has the Holy Ghost?
February 12th, 2009 at 3:17 pm
http://news.yahoo.com/s/ap/200....._wildfires
Australia’s FEMA camps being slowly brought into public psyche
February 12th, 2009 at 3:21 pm
Glen Beck & Rush Limbaugh are nothing but hateful disinformation agents and patsies for their corporate masters. Their goal just like Keith Olbermann’s is to divide us. Wake up! This is what the puppet masters want. Anything these people say can be refuted it just depends how deeply brainwashed and programed you already are. Now they may bring up some logical points but do not, I repeat do not believe in all that they say as they are just tools for those who contol our government!
February 12th, 2009 at 4:11 pm
The banksters are collecting their loans now. The Church always said we shouldn’t do business with the Jews, and our Founders said we should free ourselves from the internation corporations and bankers. But, no, we didn’t listen. Now look what’s happening.
February 12th, 2009 at 4:27 pm
Once again the site nazi’s here have deleted my comment. WTF Alex? Do you fear the real truth from being exposed? You phucking dick! What, my information is going to be used in one of your upcoming DVD’s or just might contradict your DVD’s. Alex Jones is a gutless, pompous asses blow hard and an agent for the NWO. Anyone who actually thinks any different doesn’t have much intelligence. Phuck off and die Alex, right along with your NWO masters who pay you to mislead, sensationalize and distract the people who come hear from the real truth.
February 12th, 2009 at 4:28 pm
Taken out
JFK
Assassinate
Oswald
Guinea Pig
Code words that alert the site Nazi’s??????
February 12th, 2009 at 4:40 pm
The 2009 GRASSROOTS Infowars Money Bomb is LIVE!! Feb 12-22. GOAL: A small $5 donation from ALL 2 million plus listeners and supporters of the Infowar will inject $10 million to the cause for TRUTH, FREEDOM, JUSTICE and LIBERTY! The enemy has BILLIONS at their disposal so we need to push back en masse!! Please check out this video and Liberate Your Lincolns Today! Spread the WORD!
http://www.youtube.com/watch?v=Uns4n_Rd1do
February 12th, 2009 at 5:04 pm
NO MORE CONSTITUION NO MORE CONSTITUION! NEO MARX IS THE WAY TO GO! NEO MARX IS THE WAY TO GO! BWAHAHAHAHAHAHAHAHAH!!!!
I
WANT
MEIN
CAKE
NOW
!
February 12th, 2009 at 5:34 pm
Alex Jones knows that Obama is just an unknowing guinea pig to the puppet masters. He was allowed to win the presidential election because Americans from all ages and races support him. Alex Jones knows that the puppet masters will dispose of Obama just like they did to John Kennedy. They will use a patsy just like Oswald. The country will become chaos, race wars break out like never before, cities set a flame. Government calls for martial law. Gane, set and match for the puppet masters and the NWO, the masters of Alex Jones. Wake up people, Jones is know patriot, and far from being a hero, you are all being lead a stray, as Jones dangles carrots in front of you like you are all mules.
February 12th, 2009 at 5:42 pm
ALEX JONES IS A TOOL FOR THE NWO. HE KNOWS WHAT IS GOING TO HAPPEN TO OBAMA IN THE FUTURE BUT HE DOESN’T WANT THE REAL TRUTH EXPOSED. WHY IS THAT ALEX?
COME ON ALEX, EXPLAIN TO ME WHY YOU DELETE MY COMMENTS? ARE YOUR NWO HANDLERS MAKING YOU DO THIS? AREN’T YOU A DEFENDER OF FREE SPEECH ALEX?
ALEX IF YOU OR YOUR PEOPLE AT INFOWARS AREN’T DELETING THESE COMMENTS THEN WHO IS?
IF THE GOVERNMENT IS DO YOU NOT OWE IT TO THE READERS HERE TO LET US KNOW?
WHY WOULD ALEX JONES NOT TELL HIS READERS THAT THE GOVERNMENT IS COLLECTING DATA FROM HIS SITE? UNLESS OF COURSE ALEX JONES IS PART OF THE MACHINE HE RANTS AND RAVES ABOUT WHILE HE MAKES A NICE COMFORTABLE LIVING PEDDLING FEAR.
COME ON ALEX, YOU ARE A TOUGH GUY. CONFRONT ME? GIVE ME A REASON WHY YOU WON’T ALLOW ME TO EXPOSE THE TRUTH HERE AT INFOWARS TO WARN EVERYBODY ABOUT WHAT IS REALLY GOING TO GO DOWN? ARE YOU SCARED ALEX OR ARE YOU GOING TO STEAL MY MATERIAL AND ADD IT TO YOUR NEXT DVD? HUH ALEX? YOU TRAITOR!
mule following alex Reply:
February 12th, 2009 at 7:34 pm
Insidious prophet: where is your website – informing me of all the truths you know that, alex is keeping from us. This site is where i can get a different perspective from most other media, if this site and alex have an alterior motive its not working. at least i get the info and can decide what to do with it.
You are a dick. Don’t bother with countless blogs about how you’ve been wronged.
ProudPrimate Reply:
February 12th, 2009 at 9:22 pm
I was just wondering the same thing. I moused over his handle — no website. Seems kind of incognito, eh?
“The wicked flee when no man pursueth: but the righteous are bold as a lion.” [Prov. 28:1]
Morpheus Reply:
February 12th, 2009 at 11:46 pm
So you call someone a dick for asking legitimate questions of your hero? Maybe Alex should explain why he deletes comments….you dick!
February 12th, 2009 at 6:15 pm
http://www.youtube.com/watch?v=a1gE8h7z-sI
Sons of Liberty a message to the new world order:
YOUR FUCKED
February 12th, 2009 at 6:18 pm
To “for rusty below”, paranoid schizophrenia can be very debilitating. I feel for you.
ProudPrimate Reply:
February 12th, 2009 at 9:23 pm
there’s always stelazine . . .
February 12th, 2009 at 6:36 pm
Here’s an idea. Why don’t we get out of the Middle East, tap the midwest for the vast amounts of oil in the ground, bring back manufacturing jobs to the US (give the businesses incentives to return), and stop devaluing the currency by printing out obscene amounts.
Oh, that’s right. Can’t do that. Gotta let Big Tranny Nanny (Big Brother and Nanny State) take us down to the eight leve of Hell. Silly me. Forgot about that.
February 12th, 2009 at 8:01 pm
I will gladly face off against Mr. Obama, Mr. Blair or anyone else . The world needs a real leader,not another phony politician full of campaign rhetoric and teleprompters full of lies.
February 12th, 2009 at 8:05 pm
But hey that’s cool. I now know what Alex Jones is all about and will not waste my time reading his sensationalized, National Enquirer like blog with all of the misleading headlines and photos. Fact is the dude doesn’t believe in free speech and is a hypocrite.
February 12th, 2009 at 8:30 pm
I propose a ” Drink and Think ” day. Everyone should sit down and drink a glass of water and think. Thank the good Mother Earth for her life blood.
February 12th, 2009 at 8:33 pm
Whose fault is that?
Next we’ll be hearing that the New Deal failed to get us out of the Great Depression — “only WWII saved us”.
But a look at the GDP from 1920 to 1940 tells a different story:
These figures represent billions of constant 1999 dollars, figured at the start of each year.
The peak in 1929 before the crash was about $820B. (source: U.S. GDP 1920-1940 )
1921 570
1922 580
1923 640
1924 685
1925 700
1926 735
1927 760
1928 770
1929 800
1930 785
1931 730
1932 660
1933 610
1934 635
1935 700
1936 775
1937 845 a slight letup in growth here as FDR was reducing the deficit
1938 850
1939 870
1940 940
1940+ 980 (midyear)
msmadame Reply:
February 12th, 2009 at 10:36 pm
Oh, my! Sigh!
ProudPrimate Reply:
February 12th, 2009 at 11:51 pm
Oh, your what?
Morpheus Reply:
February 12th, 2009 at 11:57 pm
Whose fault is that? The R-E-P-U-B-L-I-C-A-N-S!
The republicans didn’t seem to mind when their fearless leader jorge boosh was spending billions of dollars a week on an unnecessary war. Even Ron Paul blames them for the mess we are in. Finally one republican who actually holds his party of spend and borrowers.
ProudPrimate Reply:
February 13th, 2009 at 10:51 pm
[I thought I posted this yesterday, but even the copy I saved of the thread doesn't have it.]
I called both of my Maine senators (senatrices?) to thank them for getting us over the hump on the stimulus. As Mitch McConnell says, “I think it is safe to say that Republicans in the Northeast are not exactly the same as Republicans in the Deep South”.
Still, I had to ask them both (by the proxy of their receptionists) if they had had cause to reconsider their votes of May 7th, 1999, in favor of the Gramm-Leach-Bliley “Financial Services Modernization Act” that essentially took the parking brake off the economy and let it roll into the lake, counting on gravity to act responsibly regarding the vehicle on that slippery slope, where they parked it in good faith.
That modest restraint they removed was the 1933 Glass-Steagall Act, cast in the furnace of the former Depression, sadder but wiser, a wisdom they eventually forgot.
Every Republican but two voted for Gramm-Leach-Bliley, save Peter Fitzgerald of IL who abstained and Don Nichols of OK who was absent. Every Democrat voted against it but one, Earnest Hollings of SC.
Phil Gramm had this to say at the time: that the Shelby-Daschle provision would “politicize monetary policy”.
“The Shelby-Daschle amendment, which mirrored a provision in legislation that was passed by the House banking committee, would have permitted the new conglomerates created by the legislation to operate securities underwriting and merchant banking units as subsidiaries within the banks rather than as separate institutions under the umbrella of a bank holding company. As such, it would have given a greater regulatory role to the Treasury, which now regulates banks with national charters, and would ultimately diminish the authority of the Federal Reserve, which has lobbied fiercely against the provision”, said the New York Times.
”Do we really want a President to have the ability to use banking policy as a political tool?” Mr. Gramm asked rhetorically. Transferring such authority to the Administration, he asserted, ”would be a disaster for America.”
But, as it happens, the disaster came not from TRUSTING THE GOVERNMENT, but rather from TRUSTING THE BANKERS. My, my! What a surprise!
February 12th, 2009 at 8:55 pm
When some ppl ask about ‘ long term’ competitive advantage of nation………at this time.. i would think he/she is a stupid. While other doctors are trying every ways to cure this patient who can just move his arms/legs a little and cannot walk yet.. then some doctors ask ‘ if we cure you today, how can we know that you will be competitive in long run ?’… it’s not the RIGHT TIME to ask that question but to cure the patient first.. then talk about competitive nation or whatever when that patient can walk ! I aint buy that when those ppl try to show that ‘ I know what long term competitive advantage of nation means’ but they show it at the WRONG TIME.
February 12th, 2009 at 9:01 pm
THE QUESTION IS:
Who is wiping whom off the map?
THE MAPS TELL THE TRUE STORY
ProudPrimate Reply:
February 12th, 2009 at 9:03 pm
By the way, that link is to the website of Truth-Loving (not self-hating) Jew, Michael Rivero.
February 12th, 2009 at 11:02 pm
IMPORTANT !!
You must see this video!!!
Bush makes a satanic ritual!! (this is not a joke) !!
http://911truth-sherbrooke.org.....ot-a-joke/
Morpheus Reply:
February 12th, 2009 at 11:43 pm
Bah ha ha ha! Do you smoke crack? I hate bush as much as any good American but how does one ‘make’ a satanic ritual? Do you bake it in an oven? Bah ha ha ha!
He is just sitting there in the dunce chair hopped up on some prescription drugs. The children aren’t bowing you moron! They are bending over to pick up books or dropping the yellow paper.
As for the footage I cannot tell one way or the other if this is in fact the true audio. The teachers mouth isn’t in sync with the audio, so her mouth keeps moving when the audio stops. Can’t really tell what words the children are actually saying in the video because the quality is horseshit.
Any one can dub in audio of camera’s flashing and a teacher and children going over a spelling lesson. We cannot even see the words on the board or paper the teacher points to.
Damn are you stupid enough to fall for anything you find on you tube? This is almost as funny as the paranoid people who think these all powerful NWO guys flash the devil sign for everyone to see. Boy it’s no wonder we are all going to become slaves. We live in the land of stupid. Thanks for the laugh thou!
February 12th, 2009 at 11:26 pm
So the hero of the people, the downtrodden, the champion of free speech, Alex Jones is deleting some peoples comments. Ha, ha, ha, ha. Hey Alex what’s up with that?
IP at 5:42 pm brings up some very good points Alex:
1-Why are you censuring your blog Alex?
2-Are you against free speech?
3-Are you the one deleting comments?
4-If not who is?
5-Is the government monitoring this site?
6-Are they deleting some of the comments here?
7-If so shouldn’t you warn people who come here?
8-Why don’t you respond to those who have questions about their comments being deleted?
Now I have some questions for our hero Alex Jones:
1-Don’t you read the comments at your own blog?
2-Are you too busy inhaling cheese burgers and bon-bon’s?
3-As you wash them down with a bottle of Dom Perignon?
4-Do you know how retarded you sound on your radio show?
5-Do you ever worry about stroking out when you go ape shit crazy?
6-Do you go ape shit crazy so that your idiotic supporters think you are so passionate?
7-Do you ever apologize when you are wrong? (W2K, Various terrorist attacks, Martial Law)
8-Are you a paid shill for some government agency?
9-Are your two hired house maids hot?
10-Do you confess that you really are one of the elitists you claim you detest?
12-Why do you post a ‘Contact Us’ at your sites when you never take the time to respond?
13-Do you believe in God?
14-Do you hate the Jews?
15-Do you secretly admire Adolf Hitler?
16-Are you still close with the Bush family?
17-Are your house maids legal immigrants?
18-If your new predictions fail will you crawl away in embarrassment?
19-Have you ever considered becoming a weatherman? They are wrong 85% of the time too!
20-Do you laugh at the idiots here who call you their hero, savior or patriot?
21-Are you an active member in any hate groups? (KKK, American Nazi Party, Aryan Brotherhood)
ProudPrimate Reply:
February 14th, 2009 at 9:17 am
Some of us lose comments occasionally and wonder what’s up. Some of us disagree with a part of what Alex believes, doubt some of what he predicts, AND STILL know his work well enough to remember that he has been a cornerstone of the massive new-found access we as Americans and world citizens have to a body of fact which has been denied to us for generations, truth about the secret misdoings of governments and corporations and banking establishments and elite families.
This body of knowledge is so vast and so shocking that, like a piece of hand-made furniture, a scratch here, a dent there, even a screw loose somewhere is easily tolerated, because of the high value of the piece as a whole. A skilled and seasoned appraiser has to take those things into account.
February 13th, 2009 at 7:59 am
A few bent judges disregarded the vote and gave the White House to a poor-little-drunken-rich-boy called George W. Bush. One of his NWO cronies, Texas Senator Phil Gramm, wasted no time adding the Commodity Futures Modernization Act (CFMA) to Bush’s first budget bill.
The CFMA enabled money-grubbing hedge funds and investment banks to go to market with multi-billion “Credit Swaps” unchecked by any and all government regulations. So called “Credit Swaps” turned out to be bad debts fraudulently sold as securities. Senator Gramm’s CFMA was sticking two fingers up at honest market traders yet Congress did nothing to stop the insane growth in these phony bit of paper.
Practically worthless “Credit Swaps” with a face value of some $54 TRILLION are NOW lying in the vaults – of criminal-hand-wringing bankers who received tens of billions in bonus’s for dealing in this obscene trade. To cover up their crime the same bankers then demanded that YOU the taxpayer bought the worthless “Credit Swaps!”
The illegal $700 Billion Tax Dollar hand-out to these crooks was merely a Band-Aid. The bankers new messenger boy, Mr Obama, will shortly take another $Trillion from the taxpayers. That will be the first of many. The Rothschild’s 9/11 was designed to sap the life out of America. Only an infant could think 9/11 was NOT an inside job.
Ps The CFMA effectively deregulated the energy trading market which enabled the $800 billion electricity price hike that nobody was ever charged with; because the records of that particular swindle were conveniently housed in WTC Building No 7 and burnt to cinders on 9/11/2001.
ProudPrimate Reply:
February 14th, 2009 at 9:21 am
This is a comment knowledgeable to the point of being highly informative.
Everybody should read it three or four times
ProudPrimate Reply:
February 14th, 2009 at 9:27 am
Here is what Wikipedia says about it, for what that’s worth:
February 13th, 2009 at 8:05 am
BTW. Alex isn’t censoring these spendthrift pages. He hasn’t got the time to read this fucking waffle.
Including mine. The culprit is a search progarm that knocks back repeats.
Answer = Try later with a differant form of words.
February 13th, 2009 at 11:31 am
If it wasn’t for Alex Jones, I’d still be believing in the current system of government and the media. There have been articles on this website 2 years ago that predicted this economic collapse. So that speaks for itself.
February 13th, 2009 at 11:38 am
Check out the great PDF document I just found!!
The top 13 illuminati bloodlines by Fritz Springmeier, the whole thing!!
The top 13 illuminati bloodlines.pdf
+ WE CAN SAVE IT !!
http://911truth-sherbrooke.org.....ringmeier/