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post #1 of 19 (permalink) Old 09-20-2010, 11:25 AM Thread Starter
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Obama: People still hurting despite recession end

Obama: People still hurting despite recession end

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Associated Press Writer Julie Pace, Associated Press Writer 1 hr 2 mins ago

WASHINGTON President Barack Obama said Monday that even though the recession has been officially declared over, for the millions of people who are out of work or otherwise struggling "it's still very real for us."

Focusing on the poor economic conditions that existed when he took office, Obama said, "The hole was so deep that a lot of people out there are still hurting." He addressed a town-hall-style meeting telecast live on CNBC.

He spoke shortly after a group that dates the beginnings and ends of recessions said that the economic downturn that began in December 2007 ended in June 2009. At 18 months, that makes it the longest since World War II, according to the National Bureau of Economic Research.

"Something that took ten years to create is going to take a little more time to solve," Obama said.

Obama participated in the hour-long session before heading to Pennsylvania on Monday to raise money for Democratic Senate candidate Joe Sestak, who is locked in a tight race for a seat considered a must-win for the president's party.

The group assembled for the session included large and small business owners, teachers, students and unemployed people.

A woman who said she was the chief financial officer for a veterans' service organization told Obama, "I'm exhausted of defending you" and recounted that the times have been hard on her and her family. "I'm disappointed where we are right now," she said, asking, "Is this my new reality?"

Obama told her, "My goal is not to convince you that everything is where it ought to be. It's not." Still, Obama said that things were "moving in the right direction" under policies he has put in place.

A 30-year old law school graduate who said he couldn't find a job and couldn't even make interest payments on his student loans told Obama he was inspired by Obama's 2008 campaign but "that inspiration is dying away."

"The most important thing we can do right now is grow our economy," Obama said.

He talked about a series of his recent proposals to accelerate business investment.

"What we can't do is go back to the same old things we were doing," he said.

I am sorry, when did we officially say this recession was over? Did the recession hall monitor declare it over? Am I missing something?
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post #2 of 19 (permalink) Old 09-20-2010, 11:31 AM
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Quote:
Originally Posted by mstng86 View Post
Obama: People still hurting despite recession end

I am sorry, when did we officially say this recession was over? Did the recession hall monitor declare it over? Am I missing something?
obammy's teleprompter said it's over.
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post #3 of 19 (permalink) Old 09-20-2010, 11:43 AM Thread Starter
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Seriously, do they really think it is over? Give me a break. Lets just disregard this whole unemployment thing over here. And the housing slump over there.
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post #4 of 19 (permalink) Old 09-20-2010, 11:46 AM
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Someone needs to photoshop this idiot onto an aircraft carrier with a big banner in the background saying "The Recession has ended"

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post #5 of 19 (permalink) Old 09-20-2010, 11:47 AM
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It's an election year, and virtually any administration claims are part wishful thinking, part smoke and mirrors, and part outright lies (and not necessarily in that order).
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post #6 of 19 (permalink) Old 09-20-2010, 12:04 PM
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The recession is over and the moon is made of cheese.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #7 of 19 (permalink) Old 09-20-2010, 12:05 PM
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post #8 of 19 (permalink) Old 09-20-2010, 12:08 PM Thread Starter
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Quote:
“For the typical American family, the economy is still stagnant,” said economist Lawrence Katz of Harvard. “There is very little sign of widespread prosperity.”
NO SHIT!! It hasn't changed in over a year.

Obviously a market indicator should make us all feel better about the situation.
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post #9 of 19 (permalink) Old 09-20-2010, 12:10 PM
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The National Bureau of Economic Research is a liberal-led organization out of Massachussetts. 'Nuff said...

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post #10 of 19 (permalink) Old 09-20-2010, 12:17 PM
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The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass were the ones who declared that the recession ended in june of 2009, the panel was not part of the government.

problem with that research is that because 1% of the people of this country control 95% of the wealth, as long as that 1% is doing well the national reports on the economy will report that the economy is doing well, even though the other 99% of us may be struggling.

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post #11 of 19 (permalink) Old 09-20-2010, 12:17 PM
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Quote:
Originally Posted by mstng86 View Post
NO SHIT!! It hasn't changed in over a year.

Obviously a market indicator should make us all feel better about the situation.
Quote:
Originally Posted by Vertnut View Post
The National Bureau of Economic Research is a liberal-led organization out of Massachussetts. 'Nuff said...
I'm far from an Obama fan, but all I'm saying is he is quoting someone else when he says the recession is over. Of course he will milk it in an election year.
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post #12 of 19 (permalink) Old 09-20-2010, 12:33 PM
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Even if it were true (recession being over), companies are hoarding money like no tomorrow because of A) Obamacare & B) the latest Wall Street reform act. They don't know how those will affect them.

My $0.02.

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post #13 of 19 (permalink) Old 09-20-2010, 01:40 PM
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if the recession was over in 6/09 then we have way bigger problems than we expected and need the AFRICAN out of the WHITEHOUSE.

i wonder how many teleprompters they have been through?the tar bunny gives a speech every fucking day.the damn led bulbs should be going out left and right.

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post #14 of 19 (permalink) Old 09-20-2010, 02:57 PM
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Quote:
Originally Posted by cannonball996 View Post
The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass were the ones who declared that the recession ended in june of 2009, the panel was not part of the government.

problem with that research is that because 1% of the people of this country control 95% of the wealth, as long as that 1% is doing well the national reports on the economy will report that the economy is doing well, even though the other 99% of us may be struggling.
Actually, 1% controls about 50%, 5% control about 90%. You seem to have a really hard time with facts.

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post #15 of 19 (permalink) Old 09-20-2010, 04:10 PM
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Originally Posted by Sean88gt View Post
Actually, 1% controls about 50%, 5% control about 90%. You seem to have a really hard time with facts.
Not to mention how much tax those top % pay vs how much the lower % pay.
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post #16 of 19 (permalink) Old 09-20-2010, 04:32 PM
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You seem to have a really hard time with facts.


Then he fits right in with the majority of members on this board.

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post #17 of 19 (permalink) Old 09-20-2010, 04:37 PM
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double dip oh noes

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post #18 of 19 (permalink) Old 09-20-2010, 05:02 PM
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Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #19 of 19 (permalink) Old 09-20-2010, 05:07 PM
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Originally Posted by Sean88gt View Post
Actually, 1% controls about 50%, 5% control about 90%. You seem to have a really hard time with facts.
the 1% that controls 90%, that fact was published by the new york times.

when I was in school we calculated 92% of the wealth was controlled by about 8% this was several years ago. how we calculated wealth: real property, taxable assets, and savings, income played a very small role. anyone that was living pay check to pay check, and did not own their own property or control any assets came up with 0 wealth. we found that even people that had good jobs did not have any wealth. so is it that hard to imagine that today its would be 1% that controls 90% especially when you think about all the wealth that the middle class lost in the last decade

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