Rants for Reason

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Posts Tagged ‘economy

Obama bad on economy?

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This shit infuriates me: AP Poll: Obama at new low for handling economy.

Apparently 56% of respondents disapproved of Obama’s handling of the economy.  That’s their business — in my opinion, they’re quite wrong, but they’re entitled to their opinion, sure.  Maybe they feel he’s been too light on reform or hasn’t been aggressive on repealing Bush-era tax cuts, something like that.  Whatever — I can handle that.  What irks me is that 61% said that the economy has stayed the same or gotten worse during Obama’s term.  Uh, what?

That is objectively wrong.  The recession officially started in December 2007.  That means GDP was contracting.  Around the time of the election and Obama’s inauguration, huge financial institutions were dropping like flies — Lehman Brothers, Fannie Mae, Freddie Mac, Bear Stearns, Merrill Lynch, Washington Mutual, etc.  Now, perhaps it’s poor wording on the pollster’s part, as I think the worst part of the recession did happen during Obama’s term, but for fuck’s sake, we’re obviously better off now than we were a year or a year and a half ago.  The US economy is growing, stocks are back above 10,000, housing sales are up, deflation is backing off, and so forth.

What bothers me most is that the idiots that think Obama is driving the economy into the ground while he’s fixing things are so damn successful with the media.  The Tea Party is a group of morons, and I’m terrified at what’s going to happen in the upcoming midterm election.  I don’t love Obama at all, but I’m also 99.999% confident that he’ll be better than whatever dolt the Republicans throw up against him in 2012 — let’s hope Obama’s reforms show more obvious signs of working by then.


Written by nelsonlu

August 19, 2010 at 2:03 pm

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AIG Bonuses

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A failing company paying out $165 million in bonuses while on the government dole is completely and utterly unacceptable behavior.  I cannot believe anyone would defend their actions or try to trivialize the amount as a small portion of the total bailout.

First, these people don’t deserve bonuses.  Had they not gotten the government money, they wouldn’t have been able to afford paying bonuses; they wouldn’t have even been able to stay in operation (supposedly).  So essentially, what they’ve done is to give themselves bonuses and pat themselves on the back for failing badly enough to get government money.  They’re getting paid for being good lobbyists rather than for being good insurers.

Second, $165 million is a lot of goddamn money.  That could pay for many schools, bridges, or infrastructure.  It could create new world leaders and doctors, a better standard of living for lots of people, help for people stricken by civil wars and AIDS in Africa.  But no, it went to line the pockets of already rich executives whose greed caused the entire world economy to fail.  How are they deserving of this?  How are they deserving of even one goddamn penny?

I agree with the bailout in principle.  The effects of huge companies failing could lead us down a very dark road.  But these people have to realize that bailout money is to save the company, not to continue their lavish excess and greed.  I think Congress needs to go further than their recent tax legislation taxing the bonuses 90% and criminalize this behavior.  It is completely counter to the whole reason we’re giving them any money, and it amounts to sabotaging the economy as a whole, if we’re to believe their company is as important as they say.  Throw the greedy assholes in prison or bring back the stocks — I can think of several million unemployed people who would love to stimulate some banking executives’ faces with some rotten tomatoes.

Written by nelsonlu

March 20, 2009 at 8:03 am

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