Biden: ‘We misread how bad the economy was’
Published: July 5, 2009
Updated 4 months ago
The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate in June.
ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong.
“The truth is, we and everyone else misread the economy,” confessed Biden.
“There was a misreading of just how bad an economy we inherited,” Biden said on ABC’s This Week. “Did the economic package we put in place, including the recovery act, is it the right package, given the circumstances we’re in? We believe it is the right package, given the circumstances we’re in.”
This video is from ABC’s This Week, broadcast July 5, 2009.
Download video via RawReplay.com
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World to Joe: No shit.
Ditto “no shit Joe”. How can you play stupid with the resources at hand? If those resorces are bought and paid for by the same criminals that are stealing the nation blind, it makes perfect sense. This is not an accident. You have help plunder the country…by design. Until the Federal Reserve Act is repealed, we don’t have a chance.
This lying sack of shit assumes that everybody’s as dumb as he is. No-one I know misread the economy.
“No-one I know misread the economy”
No kidding.. Everyone knew this was coming. They pre-emptively rewrote the bankruptcy laws in preparation.
Housing prices were outstripping wages for the surrounding area. 50 year mortgages were the result. CDS totaled more money than existed on the planet!
But NO! No one knew a fucking thing was wrong!
Bloggers, drop outs and day laborers saw it coming. (Nothing against bloggers, drop outs or day laborers mind you.) but the elite.. The geniuses, who are trained for this had no fucking idea!
“Gosh, golly.. Who’d have thunk it? We ALL misread that there economy!”
That’s so fucking absurd it’s insulting to the intelligence of the listener.
Yeah Joe, listen to the Corporate massahs.
WTF did Krugman say? you dummies
What did Paul Craig Roberts or Peter Schiff say…Joe
No one misread how bad the economy. He just isn’t that smart. Obama is primarily a psychologist who knows what the people want to hear, and that is what he tells them. Most of the economists I was listening to were unafraid and telling the truth. Obama is supposed to be smart but is not as smart as he thinks he is. He has all the advisors in the world and listens to those that caused the problem, Summers and Geithner, The truth is not that difficult to dig up. I think he has to start training Misha and Sasha to go to Afghanistan and fight the good war, by sending them to a military school. Or is it only a good war if the poor lose their lives there?
I’m glad you don’t put savior Obama up on this damn pedestal the way some Obamabots/Dem kool-aid drinkers do. I’ve heard the suckers say such drivel as, “Obama knows more than we do. He’s smarter than we are.” Only a sucker with low self esteem would say such shit.
These War Criminals of the Obushma regime did not “misread” anything. The reality is that they live in their own little cushy wealthy world/bubble far removed from the reality of the average person. They are millionaires and don’t give a fuk about any of us. They just pretend to and the pathetic Dem kool-aid drinkers fall for it every time. The suckers. These millionaires who charade as politicians repeatedly lie to us and say shit like “we misread the economy.” The scum.
Um, he IS a lot smarter than a lot of the population.. and he DOES know more than most of the population.
Only a fool would question those truths.. and only an idiot would think he’s smarter or knows more than Obama if they aren’t well educated and spend a lot of time discussing and pondering the issues. And that [failing] covers most Americans.
That said, Obama isn’t as smart as some, nor is he spending his time looking for information, he (like all officials) depends on those [typically idiots] around him to give him the scoop. It’s THOSE idiots (and the ones gaming the system) that “got it wrong”, because they watch Fox Noise for their “information”.
As noted above, what did a brilliant economist say? Krugman had it right, as did a lot of us “thinkers” who use fact to frame our reality.
In fact, the real indicator of if someone is rational or not is if they are religious. You can’t believe in an invisible sky fairy AND be rooted in reality..
It took the ultra rich and their lackeys the republican party over a quarter century to do this much damage. Why anyone would think that they left anything unlooted is beyond me. I knew this was coming as soon as Reagan instituted his Alzheimer’s economics plan. Anyone with an extremely rudimentary understanding of economics and a bit of history knowledge did. But we were laughed at, called idiots, and weren’t listened to at all.
This whole thing was class warfare, and one side of the war never realized until just recently that it was even IN a war. We had better declare war right back, and take NO prisoners. To hell with the Paris Hiltons of the country. Tax her inheritance at a 99% rate, and be done with it. To hell with worrying about whether Bernie Madoff’s wife can survive on 2.6 Million dollars. I say she should be working at Wendy’s. Revoke not only the Bush tax cuts, but the Reagan tax cuts as well. Put them back at a 72% tax rate. If they bitch too much, then take the REST of it and let them leave the coutnry with nothing. I have NO sympathy for those who have destroyed everything this country built up in the previous 50 years.
They declared war on US, I say we take it to their front doors. No sympathy.
“To hell with the Paris Hiltons of the country. Tax her inheritance at a 99% rate, and be done with it. To hell with worrying about whether Bernie Madoff’s wife can survive on 2.6 Million dollars. I say she should be working at Wendy’s. Revoke not only the Bush tax cuts, but the Reagan tax cuts as well. Put them back at a 72% tax rate.”
Frankly, I don’t think that will help.. These people provide much of the tax revenue as it is. Arguably, too much. Killing the golden goose isn’t in anyone’s interest.
Further, Bush’s tax cuts weren’t tax cuts AT ALL. He never “cut” anything because you can’t effectively “cut” taxes in a deficit situation.. All you’re doing if you try is borrowing from future generations and distributing their money (At interest) to the current generation.
Income taxes should be progressive, of course, but never punitive.
Income taxes are taxes on those making their way up the ladder.. How about making those who HAVE ARRIVED pay their fair share for once by taxing wealth and a progressive means for taxing capital gains? Which is what the truly wealthy live on anyway and pay a megar percentage of tax one.. Their capital gains.
?
PS: More on the Bush “tax cuts”
The Republicans NEVER REALLY LEARNED what a “tax cut” is. If you “cut” taxes while running a deficit, the money you give to people is written in red ink. It is debt you are distributing to them, a debt future generations will have to repay.
Effectively, and for every intent and purpose, the Bush “tax cuts” were actually new “fetus taxes” The fetuses get the bill, while the current generation gets the money and the benefit.
It’s just robbery by another name.
Which is why so many conservatives are against a woman’s right to choose. Abortion means fewer fetuses to pay down the debt and function as future “ATM machines” for the next time the Repugs need Wall Street bailed out. Besides, who’s going to sweep their floors, wipe their asses and work in their Wal-Marts?
LOL! I used to joke about that very thing..
“I’m pro-life because I don’t want to kill kids. Ya’ll bastards just need someone to pay for Dubya’s tax cuts!”
They go nuts.. It’s GREAT!
“Frankly, I don’t think that will help.. These people provide much of the tax revenue as it is. Arguably, too much. Killing the golden goose isn’t in anyone’s interest.”
Uh, no… they aren’t. They (the top 1%) bring in over 80% of the wealth, and they do nothing substantial for it. The system is broken, and “taxing the hell out of the rich” is the mechanism used to fix the inherently broken system.
Parents providing for their children is great, giving them billions of dollars hurts millions of people over the long run; and no one human is worth billions of dollars while hundreds of millions go hungry.
“Income taxes should be progressive, of course, but never punitive. ”
Only in a system where one actually makes money from the work they do.. but in a system where you can make fortunes by doing nothing, there needs to be a way to move that wealth back into circulation. The right-wing has always said “trickle down.. let the rich by huge yachts, that puts people to work”.. but it doesn’t do it in any significant numbers.. however, 200 million people buying TVs and stereos, THAT puts significant numbers of people to work.
“How about making those who HAVE ARRIVED pay their fair share for once by taxing wealth and a progressive means for taxing capital gains? Which is what the truly wealthy live on anyway and pay a megar percentage of tax one.. Their capital gains.”
exactly correct; but we’re talking “taxes in general”.. to try and make distinctions is to fall into the trap of “look over here!!” to get the subject derailed.
Inheritance taxes (on estates over a few million dollars) and taxes on MONEY GAINED (from income or investments) needs to be fixed.. but it’s the one thing always ignored in the long run.
Great post wjm50! I concur.
There will be no recovery until we can manufacture products within the United States again. The concept of a service economy is a foolish smokescreen.
For the average American, you had better learn to do as many things as you can for yourself. Whatever you have now, you had better take good care of it. It’s not likely you’ll be making too many major or discretionary purchases anytime soon.
In other words: “Our corporate handlers weren’t completely upfront with us about how badly they were REALLY screwing our citizens.”
“The truth is, we and everyone else misread the economy,” confessed Biden.
Except maybe Ron Paul??? Who has been warning us for years about this very disaster which has struck this country?
Of course when he (Biden) said ” ‘We misread how bad the economy was’
I was actually shocked. Shocked because I did not realize the moron could Actually read.
First of all, I have a difficult time now defending Obama and his Administration – or the Democratic Party for that matter – for anything. However, David Edwards seems to be writing for the National Review as per his framing. I mean, it is bad enough that George Step-in-crap-anus is drilling Biden on not having forcast a future unemployment rate successfully. It is worse yet, for David Edwards to chime in with George’s framing that somehow Biden and Obama are to blame. Please Mr. Edwards, there are many news organizations that you can work for, where corporate neocon framing of issues is welcome.
Misread= Ignored
Oh and,
“Change”
Oh and,
“Yes we can”
asshole
Wasn’t that Bush’s excuse about Katrina.
Great comments as know one said a word when Bush was spending and brought the National Debt to 11 Trillion dollars. Bush gave Iraq 1 trillion dollars and told the World at the United Nations that Iraq didn’t have to pay the US back. I noticed not one American had a problem with that. As a Military Mom I watched the US charge our soldiers for food, cleaning clothes and other expenses yet billing the US taxpayers for the same thing. Contractors who were friends of the GOP were given billions with a bid and did nothing for the money. Now I guess bloggers feed McCain/Palin would have done better even knowing McCain knew nothing about Economy and Sarah didn’t even know what the duties of the Vice President were. It’s so easy for the GOP to get over on the public by using race and idiot comments because Americans will believe what ever their told with question. I do feel bad for President Obama as he has to educated not only the Press reporters but the American people on how the US Government works. Cheney was smart to keep the US citizens uneducated so they wouldn’t know what the truth was. It’s strange how immigrantes becoming US citizens know more about the United States and the Branches of Government then natural born citizens. No wonder the Middle East got over and make billions and are still laughing at how easy it was. But with Barack Obama they have to now change their plans as he is one smart educated President. But the US citizens would rather have a dumb, alcoholic druggie like Bush running the country. Americans made excuses for Bush’s stupidity and the World saw just how low the US had gone.
@ Airjackie
Thanks for your tirade…but…MOST OF US spoke out against Bush the whole 8 miserable years. We remember very fucking perfectly what that admin did to this country.
Bush is not the President anymore. We have a new douchebag in power.
Take your pick ….Coke or Pepsi.
You’re sitting here babbling about how Pepsi has a slightly better taste with your blindfold on. Nobody cares about (d) vs. (R) anymore.
Well, nobody logical that is….
I think people like yourself see blame as totally retroactive. Kinda like when the Bush lovers kept talking about Clinton’s PENIS for the first 4 years of Bush’s reign. Yes, we know, Bush fucked everything up, I agree.
But check this new boss out. He sucks up to Wall Street Elites, makes [hony promises about “green jobs’ , bows to Saudi Kings (which was forbidden in constitutional mandate BTW), lies about healthcare options, lies about Paulson and Bernanke, lies about the Fed, oh and is now making a charrrrrrrrrrrrrge ………in Afghanistan….like Bushie, sending drones into Pakistan killing civilians, won’t mention anything about Cynthia McKinney being jailed, says nothing about Bush’s illegal wars….and seems to be continuing them…lied about Iran’s “nukes”, lied about Russia vs. Ossetia….it’s like Bush all over.
I mean seriously, do you REEEAAAALLLY think any of them give two shits about you? LMAO It’s comical.
WAKE……..UP ……PLEASE….PLEASE FOR F*CKS SAKE…….WAKE UP.
I’m at the point where I am BEGGING for you to please wake up and come out of the trance that the Democrats and Republicans have put us under.
I think they took the advice of a wide range of economists. What they didn’t get was how fast employers would lay off employees and how slow bankers would loan money and how the world apparently changed.
It’s always hard to plan for a world that is different than you thought.
The free market people always say gov’t should JUST get out of the way and let the economy work. Well, now they’re slamming Obama for it. Hypocrites.
Now the gov’t has to do more (to push the economy, to rev it up) and it’s a stretch because gov’t isn’t really designed to be this intrusive and hyperactive. Of course, the hypocrites will scream when he does more because they’ll scream at him regardless of what he does. They don’t really want America to get out of the hole because they don’t care about America, only regaining power, so they can rape us again.
Obama needs to kick some bankers and make the SBA loan more and work like heck to fix California before it drags us all down.
Never had a presient say he was a dem. and kicks liberals to the curb in favor of republicans and republican moles..Wont even listen to the people..They take our jobs ,give 1.8 trilllion tax cuts to themselves and rich friends at our expense..What did they think would happen..
Joe gum flapper talking for four minutes:
“The truth is…” (X3)
Baseball analogy… (X2)
The fact is, I don’t have a job right now Joe, and baseball is the last thing I’m thinking about.
Thanks for the promise burger.
How S T U P I D are you Joe? Please speak for yourself. I didn’t misread the economy nor did anyone I know. Y O U on the other hand apparently did because the stimulus that has gone to the banks and investment houses isn’t helping the recovery one bit. Banks still aren’t lending. Looks like you and Obama will be one termers in our White House.
Well lets see, our government just authorized the Fed (Reserve) to print out another what, 800 BILLION dollars to pump back into the economy.
You know where the first fsm-knows-how-much originally went?
THE BLACK MARKET.
Every one of those companies that got a bailout had stocks that were held by senators, too. Which means a handful of VIPs got a whole lot richer.
Fuck it, they want people to think it was just an ‘accident’ because no one was paying attention. HELLO?! GWB invaded a fucking country.
Sigh. This is just the Imperial Elite tightening the noose a bit more; if they released all the nonviolent drug offenders from prison, there’d be another 2+mil out of work.
Nice to see Bush helped Iraq have a big surplus in their budge and even nicer that Bush told the United Nations that Iraq would not have to pay the trillion dollars the US gave them. Now it’s clear we have a new President who walked into a mess. Yes some did complain about the massive spending by the Bush Administration but he was voted in office twice so not that many people had a problem. Change is hard for some who would like things to stay the same as it was in 2000 to 2008. Now for the racist and those who hate Barack Obama just think when he gets the Economy back on track, we can put a Republican President in office. Yes Wall Street and the Banks will again be able to take what they want from the US Treasury. You can take people to the water but you can’t make them drink it. Who knows maybe Ron Paul can get in the White House and send the immigrants home and bring back the days of those who worked the fields and built the roads. Yes what a great day that will be as the South will raise again.
hey dimwit, no one is suggesting that we turn to the insanity of Ron Paul. If anything, people here are arguing for a bigger stimulus package and tighter regulations for corporations and Wall Street, which should have been done in the first place. This directly contradicts what Ron Paul supports. You dipshit, it’s all about race for you loser Obamatrons. Well, it’s about jobs, accountability, transparency, and fairness for me. So you can take your strawman and show it up straight up your mechanized Obamatron ass.
What a bag of gas!
And while Americans are losing their homes, unemployment is soaring, the Big O and his Congressional cronies gave 2.775 billion to Israel.
Online Journal June 29th reports:
President Barak Obama’s fiscal year 2010 budget request for $2.775 billion in military aid to Israel is proceeding smoothly through the Congress.
“On June 17, the House Appropriations Subcommittee on State, Foreign Operations, and Related Programs held a “mark-up” session on the budget. The subcommittee came under pressure from an antiwar group that sought to suspend or condition foreign aid over Israel’s use of US weapons which left 3000 Palestinians dead during the Bush administration. The subcommittee held its session in a tiny Capitol room denying activists and members of the press access. The budget quickly passed and is now before the full House Appropriations Committee.”
The entire report can be found here:
http://onlinejournal.com/artman/publish/article_4853.shtml
Useless eaters unite. Eat the rich.
I work in IT and I lost everything after Bush-Bob became president. Of course, for most of us, that was easily predictable. I have not had a permanent job since 2001 when the “ownership society” started. I lost my apartment, my car and everything in 2005. I am now finding a way out of this hell. I went to college for this? Yale and Harvard were party-time for GWB and he didn’t have to work part/full time or take out loans like the rest of us. And then, in 1981, when Reagan was shot, I came home from work and asked my husband if he was dead yet. That just goes to show you that encouraging idiots (my ex) to vote was a really bad idea.
I don’t blame either Joe or Barak for the pile of shit that was left for them. The whole Bush mantra since Prescott Bush is “What is in it for me and how can I screw everyone else except my rich friends?” I am currently reading “Family of Secrets” - well worth the read.
Judging from all the hateful, hopeless comments here I’m guessing the Alex Jones website must be down.
Don’t give this guy a loaded shotgun either!
There will be no recovery because there’s nothing here to recover. Its all been shipped out. I’ve lived through other recessions. This one isn’t like the others. There were jobs to go back to or find. Not so with this one.
The American people have been pushed to the edge of a cliff and the suspension bridge has been removed and sold to China.
I can’t help but feel were headed for chaos and the end of the social order.
Well if Joe considers the millions and millions of American workers who saw this to be nobodies then yeah sure.
What effing BS this is. Every single person I talked to agreed that in order to stimulate the economy the money HAS to be put in at the bottom. Those retarded idiots gave billions of OUR money to the filthy lazy wealthy scum at the top and there the money sits. IDIOTS!
I don’t know where you’ve been, Joe, but your boss did say several times that ‘things will get worse before they get better …”
ABC and their Fascist media Nothing but theatre!!!!! All of them are Fascist ACTORS just acting to keep the leftover SHEEP from seeing the REAL TRUTH, that this is all a plan to CRASH our economy and then crash and crush us!!! They, the elite have a plan for humanity and it’s time for those of you that still have blinders on to “Take them Off!” What ever you do, Do NOT accept ANY flu vaccines! WAKE UP! Here is some good info. to start with: http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_cooper11.htm
“If we do not act in concert with each other and ensure that the future becomes what we need it to be, then we will surely deserve whatever fate awaits us.
“I believe with all my heart that God put me in places and in positions throughout my life so that I would be able to deliver this warning to His people. I pray that I have been worthy and that I have done my job.
“THIS IS MY CREED - I first believe in God, the same God in which my ancestors believed. I believe in Jesus Christ and that he is my savior. Second, I believe in the Constitution of the Republic of the United States of America, without interpretation, as it was written and meant to work. I have given my sacred oath ’to protect and defend the Constitution of the United States of America against all enemies foreign and domestic. ’ I intend to fulfill that oath. Third, I believe in the family unit and, in particular, my family unit. I have sworn that I will give my life, if it is required, in defense of God, the Constitution, or my family. Fourth, I believe that any man without principles that he is ready and willing to die for at any given moment is already dead and of no use or consequence whatsoever.
- William Cooper., August 3, 1990., Camp Verde, Arizona.”