"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits." (Jan '09)
(Unfortunately it is already nearly at double digits and has been found to almost assuredly be headed higher.)
"That is why I have moved quickly to work with my economic team and leaders of both parties on an American Recovery and Reinvestment Plan that will immediately jump-start job creation and long-term growth. " (Jan '09)
"It was, from the start, a two-year program, and it will steadily save and create jobs as it ramps up over this summer and fall. We must let it work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity." (July '09)
Huh? So.......was it an immediate need or a long term plan?
This piece of junk has fallen completely flat, has not restarted lending to business, or many consumers and now good ole' Barney Frank wants to lower the standards again so we can re-inflate a burst economy.
President Obama can say what he wants-he sold it as something that had to be done immediately, to pull us back from the brink immediately.
As a whole, the economy is no better off than it was 6 months ago. Wall Street and the bankers were left in a fine position, while main street got nothing. Now, to show how arrogant and confident Wall Street is, AIG is looking to pay out more fat bonuses. Don't be pissed at AIG-the government gave them the money.
The American people can almost always count on Biden to give it to us straight though. As was one of our greatest fears during the campaign, Obama's inexperience becomes clearer everyday. The Administration not only mis-read the economy, but they continue to mis-read our enemies which both leave America weak and in immeasurable danger.