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Archive for March 13th, 2009

Santorum: ?I Really Believe The Fundamentals Of American Economy Is Still Strong?

Posted in Main Blog (All Posts) on March 13th, 2009 4:32 am by HL

Santorum: ?I Really Believe The Fundamentals Of American Economy Is Still Strong?
On his radio show last night, conservative talker Hugh Hewitt asked former Sen. Rick Santorum (R-PA) to give his “sense of where the economy is headed right now.” Santorum replied that he had “an innate sense that America is never going to revisit the Depression era again.” “I really don’t believe we’re going to go […]

santorummccain.jpgOn his radio show last night, conservative talker Hugh Hewitt asked former Sen. Rick Santorum (R-PA) to give his “sense of where the economy is headed right now.” Santorum replied that he had “an innate sense that America is never going to revisit the Depression era again.” “I really don’t believe we’re going to go there again,” said Santorum.

After criticizing President Obama’s “doom and gloom” predictions, Santorum declared, “I really do believe that the fundamentals of American economy is still strong”:

SANTORUM: I think we’re probably, you know, reaching the bottom here in the next few months. There’s probably some more bad things that are going to happen, particularly in the credit markets. But, look, I don’t think — I think all this prediction of Obama’s doom and gloom and some others out there I think is overblown. I really do believe that the fundamentals of American economy is still strong and that we are, you know, we’ll pull ourselves out of this probably by the end of the year.

Listen here:

Unfortunately, Santorum’s McCain-esque declaration of the economy’s fundamental strength is overly optimistic.

Earlier this week, a survey of 51 economic forecasters found that “the recession-hit U.S. economy is proving weaker than economists expected just a month ago.” The survey was conducted before last Friday’s jobs report that “showed the unemployment rate surged to a 25-year high of 8.1 percent last month as employers cut 651,000 jobs.”

Last week, Harvard economist Robert Barro wrote in the Wall Street Journal that “there is ample reason to worry about slipping into a depression,” putting the odds at “roughly one-in-five.” Economist Nouriel Roubini, who warned about the housing bubble in 2005, told Time that “unless we take the right policy actions, we’ll end up in a near depression.”

Unlike Santorum, these economists don’t have an “innate” feeling. They have knowledge and understanding of the weak state of the economy.

Transcript: More ?


President Obama Addresses Recovery Act Implementation Conference

Posted in Main Blog (All Posts) on March 13th, 2009 4:31 am by HL

President Obama Addresses Recovery Act Implementation Conference
SPEAKER: PRESIDENT BARACK OBAMA [*] OBAMA: Hello, everybody. Please… (APPLAUSE) Thank you. Thank you. Have a seat. (APPLAUSE) I got my Illinois contingent over here. (APPLAUSE) Please everybody, have a seat. Thank you so much. I just wanted to stop by and… (LAUGHTER) … say hello.

TSA Reviewing Report That Senator Vitter Set Off Alarm at Dulles Terminal
Sen. David Vitter’s reelection mission to rehabilitate his image in the wake of the D.C. madam scandal two years ago has hit a snag. The Louisiana Republican is now embroiled in a different kind of classic Washington brouhaha, this one involving a federal investigation of his alleged airport rage.

No Second Stimulus Bill Is Coming Soon, Pelosi Says
House Speaker Nancy Pelosi said yesterday that a second economic stimulus package is not “in the cards” in the short term, disappointing those seeking another quick infusion of federal money into the struggling economy.


Profit, Patriotism and Bear Raiders

Posted in Main Blog (All Posts) on March 13th, 2009 4:29 am by HL

Profit, Patriotism and Bear Raiders
David Paul Kuhn, RealClearPolitics

Chafee Chides Obama Over Bipartisanship
Sam Stein, Huffington Post

The White House Misfires on Limbaugh
Karl Rove, Wall Street Journal

Geithner Shines When Heâ??s Offstage
Margaret Carlson, Bloomberg

It’s Too Soon to Start Blaming Obama
Michael Hirsh, Newsweek