Big admission from Vice President Joe Biden today.
“The truth is, we and everyone else misread the economy,” Biden told me during our exclusive “This Week” interview in Iraq.
Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June — the worst in 26 years.
“The truth is, there was a misreading of just how bad an economy we inherited,” said Biden, who is leading the administration’s effort to implement it’s $787 billion economic stimulus plan.
“Now, that doesn’t — I’m not — it’s now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we’re in? And we believe it is the right package given the circumstances we’re in,” he told me.
The vice president argued more time is needed for the stimulus to work.
“We misread how bad the economy was, but we are now only about 120 days into the recovery package,” he said. “The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having to distribute the bulk of money.”
Everyone misread the economy? I think not.
Read the transcript of the interview.
Wow, looks like Stephanopolous is all grown up!
and he looked like he wasn’t buying what Biden was cooking!
That alone was worth watching.
So far, the comments on this topic are missing the main point. There is a reason the Vice-President Biden can (in his own mind) honestly state that “everyone else misread the economy”. It is because he, like all politicians, believe that people who do not support his positions are Un-People, who are not to be noticed or considered. With capitols filled with men and women like this, how could our government (formerly a republic) not be in such terrible shape?
#37, cranky,
There you go again, wanting people to do your work for you. Sorry – I know aren’t open to changing your views even if I do, so why waste my time?
I challenged you to post three names that said the Stimulus package wasn’t enough. You waste your time posting stupid comments with no facts.
If you had been paying attention at all when the stimulus was being pushed, you would have heard the same things I did.
In December through February the loud talk was all anti-stimulus from the right wing nut crowd. And it hasn’t let up since. That you now try to spin it the other way just shows the moral bankruptcy you and your ilk have. Read some of Alphie’s rants about how Obama is bankrupting the nation to get an idea of what the right wing nut crowd has on their minds.
Bush’s SAT score was higher than John Kerry
I don’t know. You neither post the numbers or link to the numbers. So, that means your claim is bullshit. While it appears Bushes SATs were posted on-line, Kerry’s are not. Besides, SATs are not a measure of intelligence.
I do find it interesting that you revert to something unprovable to counter an indefensible claim that Bush created the recession we are in.
the current administration does not look any smarter than the previous one.
Another ad hominem. The current Administration is doing something. The previous not only killed the economy, they continued to do nothing except blame Democrats for that failure.
#37, yoshi,
Krugman misread the economy as well.
Another incredibly stupid comment. If you can’t link or cite where you got your quotes then they are just more bullshit.
August 16, 2002
“4. We may have a stock bubble, but we don’t have a real estate bubble.”
OK, at least you gave a time frame. But what else did he have to say?
BTW, the Real Estate problems didn’t start happening until 2005 when Bush slacked off on the oversight and derivatives became even more popular.
It appears you have taken old statements by Krugman and tried to apply them to today. It doesn’t work like that.
Outside looking in… You can’t blame Bush and you can’t blame Obama. The whole system of government from state to federal is fucked up big time. The only way to fix this and future economic messes is to revamp the whole system. Throw away the party system and start fresh.
If it weren’t Biden making this announcement it would have been a Republican telling lies and trying to save face. Your current system fosters obstinate, bias, self serving and even criminal behavior in the public AND private sectors. Two sides constantly in a pissing match… and NEITHER ONE with the ability to create a long term plan that actually works and progresses to a better future overall. Why don’t you all get on the same side? Do away with the labels and put the extensive knowledge at your command to work… in this case the thousands of economic experts in the private sector that could have avoided this catastrophe in the first place if they were an intricate source of government planning.
It’s doable, but first you have to let go of the past. This isn’t 1791 and a population of only 5 million any more, and but many of you act like nothing has changed… from gun toting to video surveillance.
# 44 Mr. Fusion said, “BTW, the Real Estate problems didn’t start happening until 2005 when Bush slacked off on the oversight and derivatives became even more popular.”
Being from Canada you wouldn’t know this but, real estate prices were grossly inflated by 1999. The peak was ~’05.
The blame game is great for talking points but no matter if you believe it’s Bush’s fault or Obama’s – the problem is now Obama’s.
Obama’s first attempt to get the economy going was a abject failure. It does raise the question why was there little or no affect after spending close to a trillion dollars.
The answer is it didn’t work because the money was used to increase government power and not to stimulate the economy. In fact you could say Obama purposely helped tank the economy further to make it easier to push his personal agenda.
It’s no secret Hopey McChange hopes to change capitalism for socialism, so what better way than to make Socialism appear to be the only way to save the economy. Of course this is a lie and a fatal road to poverty.
This stupid bastard couldn’t find his ass with both hands and a flashlight if his life depended on it.
#43 Fusion
You are funny. The king of ad-hominem attacks is accusing me of ad-hominem attacks. Obama did exactly what the republicans would have done with the stimulus, though probably on a slightly larger scale due the bundling of the pet projects inserted in the bill that democrats have been pushing for for years. If you think the stimulus was a good idea, and the numbers he used were accurate, then either Bush is smart because he was pushing it as well, or Obama is a liar or not that smart.
If you really want to know the names of 3 liberals who admitted the numbers Obama used to push the stimulus package were overly optimistic, I can look that up for you after work.
As for your other rants, I am not sure if they are worth addressing, but if I am going to waste time looking up things for you – why don’t you list 3 things that Bush did to create the housing bubble.
I could care less if you say bad things about Bush, but despite his many other failures, I did not see him doing things that contributed to the credit bubble. I am actually open to hearing arguments that he did something to cause it, but I have not seen any real arguments yet. I know he was busy wasting our money in the war and pushing for amnesty for illegal immigrants, but I do not recall him spending time pushing for easier loans.
#9 I missed when two wrongs did make a right.
#14 I really feel for you. Sorry you have to go thru that rough patch.
I’m too bored to read the rest
ohh, higher minimum wage is set to kick in soon also. That should really help the employment figures.
Hey Fusion==there are 4-5 economists mentioned with some quotes in the linked article (“think not” at the end of the header) that stated what we all should remember: The criticism of Obama at the time was some thinking he should let the banks fail, some thought his stimulus package should be much bigger. I think its fair those who thought the stimulus should be bigger is consistent with Obama’s position that he was doing enough–ie–he was using numbers that were too optimistic.
And Cranky==One could say that every day was one more example of Bush doing nothing to prevent the banking/credit crises. Life Guards are responsible for drownings when they don’t pay attention–no need to actually hold someone’s face underwater.
By memory, Bush publicly stated that the Fannies needed more oversight, he got pushback from Frank, and he let the issue go. He also allowed the passage of legislation repealing Stiglits-Seagal (sic) that repealed the prohibition of investment houses acting as banks which meant they were “in banking” but not restricted/overseen by the banking regulators. This allowed the 40-50-60 to one leverage when Banks were limited to 30 to 1. SO==yea, more than any other one person, BUSH the RETARD is responsible for our current mess.
Obama can be blamed for not fixing Bush’s mess but thats a whole lot of different evaluations.
#52, the Gramm-Leach-Bliley Act, which repealed the parts of the Glass-Steagall Act you refered to, was passed in 1999 and signed into law by Bill Clinton.
Hey Bob #30 Here…
I’m not an Obama Lover…Just a Bush basher!!! And 5 monthes in office what are YOU talking about his fault!!! The Whole thing started to go to hell back in sept last year, when your Fearless Leader was still at the helm..
I disagree with all the spending… I disagree with allot of Obamas Policies, but I believe that Bush harmed this country in ways we still cant calculate!!! And That was My Point!!!
I actually Voted For Bush the first time around.. I was a Republican… Now I am a realist!! The Republicans only care about themselves…or atleast the Politician Brand of republican.., And If Bush Cheney was the best you could offer the world…..Hmmm… When Dubbya took over the books were balanced… so explain to me now…???
And if it wasn’t for a few relatives in Florida we would have gotten rid of him in 2004!!
And i dont want to hear a word about the War on Terror… another Trumped up Republican pile of Crap that has tarneshed our countries image.. “If ya Aint With us…bla blah blah..” and “Mission F’d Up…Not Accoplished” Mate!!
#53–SL==thanks for the correction. I would never post something knowing it was wrong. Was it poor memory or bias? You had a chance to ream me deservedly, and you let it pass. You exceed the highest mark of Sea Lawyering. Didn’t Bush sign some law that lessened regulatory safeguards???? No? Just failed to enforce what little there was huh?
#54–riding==I read about 1/3 of your post #30, I get bored and suspicious reading anything I agree with. I think you need to read more than one of my posts. Or not, even the one you take off on doesn’t support what I think you are saying. Am I that sleepy?
Biden is a liar…they all knew how bad it was…the used that as diversion to pass liberal lunatic programs, pork, enrich their wall street buddies, shovel billions overseas, and attack the very system of our free market:
“A crisis is a terrible thing to waste” -Clinton, Emmanuel.
Where they guessed wrong is betting the economy would recover on its own while they threw away and stole billions of taxpayer money.
As I explained to my friend…if he was starving, and was told a food truck would appear outside his house, his attention would be focused on the street…he would go outside and wait for it…
Meanwhile, as his attention is diverted, I could do anything I want to his house…and if the noise disturbs him…tell him what I do will hasten the arrival of the food truck…
Yeah, right.
While we are starving, losing our jobs, waiting for the food truck, the bastards are looting the house…and nothing they do will affect the arrival of the food truck.
They BET it would come regardless what they did…they were wrong…buy attacking the free market…profits, bondholders, bonuses…they have SCARED away any investment in this country…and all the job creation that came with it.
The 2006 Congress ran our economy into the ditch…and to cover over their crimes, they made the crisis bigger, lest we notice what they have done, and hunt them down like the dogs they really are.
Jail is too good for them…when the hungry masses realize what Obama & crew have done to them…the French Revolution may seem tame.
#56–Alfie==gee, at first I thought someone was posting under your name again. It made sense before you went off track.
So, under the free market system, why do you think the majory/main stockholder of/lender to a company shouldn’t be setting limits on profit and bonuses? When you rob the bank and get caught, you don’t get to keep the money, except under your definition of free I guess.
Just go to http://market-ticker.denninger.net/ to get the real scoop on the state of the economy. Denninger got me out of long positions in the market back in October 07. The guy knows his stuff. Don’t listen to the Mr Con-Fusion jerk… He’s a moron.
Watching the video, try as I might, I couldn’t come up with anything other than, “Well, duh.”
#56 Your point is irrelevant…about robbers.
INVESTORS are not robbers, and like you, they don’t want to be robbed. Tell them you plan confiscatory taxation, consider their profits exploitation, and will see justice by redistributing THEIR money to ACORN…and guess what, they don’t invest…
No investment = no job creation.
Even in the best of times businesses go under…what prevents chronically high unemployment is business expansion and new business creation…
None of that happens when you threaten the profits of businessmen/investors…
Obama owns this meltdown…if McCain was President, he would have repeated what Reagan did, cut taxes, regulation…and we would be out if it by now…
Food riots are coming, likely in 2012, as the Titanic continues its descent.
The bastards are so busy stealing they can’t even write the bills they pass…such a cavalier attitude to the process proves they don’t have our interests, our concerns and well being, in mind…they can hardly be bothered…they are too busy stealing.