So, I am reading through the text of the speech right now and will comment as I go.
The concern is that if we do not restart lending in this country, our recovery will be choked off before it even begins.
You see, the flow of credit is the lifeblood of our economy. The ability to get a loan is how you finance the purchase of everything from a home to a car to a college education; how stores stock their shelves, farms buy equipment, and businesses make payroll.
Odd, I didn't know lending had stopped. UnoMOTO bought a house and a truck, I have a friend that just bought a house and moves in on March 14th. I get ads from various banks offering me cards, auto loans, and mortgages. It looks like lending is moving along just fine.
Or is he talking about lending to people that cannot afford to pay for a loan? Because that is not the lifeblood of our country. That is the poison that is killing it. Quit giving bad loans and making it easier for people to get bad loans. It is simple: A certain portion of the population cannot afford to own a home.
Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about. In fact, the average family who refinances today can save nearly $2,000 per year on their mortgage.
Um, if they are responsible, or their financial situation hasn't taken a drastic change why are they at risk of foreclosure? So, we are forcing banks to allow people they don't trust to refinance? If they could refinance before and were responsible they would have. If they suddenly have one less income then perhaps changing houses, or just getting out of the house altogether, would be their better, and responsible, option?
I'm sorry but if the problem is because of bad loans then suddenly helping a bad loan stay in place is not helping anyone.
Third, we will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times. And when we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.
So, they will destroy the value of the dollar, or steal dollars from average American taxes, until it becomes obvious that won't help and then they will swoop in and start ordering private businesses around to save them?
Why don't you just nationalize? Your claiming to have the authority to act as if you already have.
I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer. This time, CEOs won't be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over
So, you admit that you made a bad vote in the fall?
Still, this plan will require significant resources from the federal government and yes, probably more than we've already set aside. But while the cost of action will be great, I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade. That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen.
Once again, there are a few hundred economists who strongly disagree with you, Mr. President. Why don't you address their concerns?
So I ask this Congress to join me in doing whatever proves necessary. Because we cannot consign our nation to an open-ended recession.
But you are.
And to ensure that a crisis of this magnitude never happens again,
You and all the Dems and Republicans are stepping down?
I ask Congress to move quickly on legislation that will finally reform our outdated regulatory system. It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation, and punishes short-cuts and abuse.
Wait, I'm confused. This doesn't compute. More regulation? So, you are just going to jump all over private industry, create new laws full of loop holes that no politician ever actually read, and you think it will help?
The recovery plan and the financial stability plan are the immediate steps we're taking to revive our economy in the short term.
Short-term, but recovery.gov shows nothing even been handed out and reported on until July.
But the only way to fully restore America's economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world.
But shouldn't those investments be done by the private industry? Is that even the government's responsibility? Personally, I think any new investment or industry headed by the US Government will be out performed by a foreign privately funded company.
I reject the view that says our problems will simply take care of themselves; that says government has no role in laying the foundation for our common prosperity.
And that is why you fail at Constitution 101.
For history tells a different story. History reminds us that at every moment of economic upheaval and transformation, this nation has responded with bold action and big ideas. In the midst of civil war, we laid railroad tracks from one coast to another that spurred commerce and industry. From the turmoil of the Industrial Revolution came a system of public high schools that prepared our citizens for a new age. In the wake of war and depression, the GI Bill sent a generation to college and created the largest middle class in history. And a twilight struggle for freedom led to a nation of highways, an American on the moon, and an explosion of technology that still shapes our world.
In each case, government didn't supplant private enterprise; it catalyzed private enterprise. It created the conditions for thousands of entrepreneurs and new businesses to adapt and to thrive.
And this is why you fail at Economy 101. You are proud of the public high schools? You just said they were failing.
So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America.
So, you are artificially affecting the markets? Bad government! Bad! Free market, does that mean anything to you?
Here's an idea, buy up a bunch of oil and just put it back in the ground or something so the supply drops and prices of gas sky rocket. That would work too. Just leave the markets alone. They are not a part of the government's jurisdiction. Do you not get what you actually do?
As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices. But we are committed to the goal of a retooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it. Scores of communities depend on it. And I believe the nation that invented the automobile cannot walk away from it.
Oh, my God!!! You are right. Our schools are failing, particularly the ones you went to.
I need to take a break after that...
OK.
Already, we have done more to advance the cause of health care reform in the last 30 days than we have in the last decade. When it was days old, this Congress passed a law to provide and protect health insurance for 11 million American children whose parents work full time. Our recovery plan will invest in electronic health records and new technology that will reduce errors, bring down costs, ensure privacy, and save lives. It will launch a new effort to conquer a disease that has touched the life of nearly every American by seeking a cure for cancer in our time. And it makes the largest investment ever in preventive care, because that is one of the best ways to keep our people healthy and our costs under control.
All I can hear is spend, spend, spend, spend. Somehow I see me losing money over this.
It's a commitment that's paid for in part by efficiencies in our system that are long overdue. And it's a step we must take if we hope to bring down our deficit in the years to come.
So, what is the other part? And when has government ever been efficient?
I suffer no illusions that this will be an easy process. It will be hard. But I also know that nearly a century after Teddy Roosevelt first called for reform, the cost of our health care has weighed down our economy and the conscience of our nation long enough. So let there be no doubt: Health care reform cannot wait, it must not wait, and it will not wait another year.
So higher taxes in 2010? Why do I get a feeling that my actual out of pocket expenses will be more?
The third challenge we must address is the urgent need to expand the promise of education in America.
Actually it is not a promise, unless you consider the required part.
In a global economy where the most valuable skill you can sell is your knowledge, a good education is no longer just a pathway to opportunity it is a prerequisite.
Right now, three-quarters of the fastest-growing occupations require more than a high school diploma. And yet, just over half of our citizens have that level of education. We have one of the highest high school dropout rates of any industrialized nation. And half of the students who begin college never finish.
I definitely don't see us violating any promise here. College is voluntary. Dropping out is voluntary. People get beyond the required point and stop on their own. I know lets force a college degree on everyone.
That is why it will be the goal of this administration to ensure that every child has access to a complete and competitive education from the day they are born to the day they begin a career.
That's it? Everyone has access to that now.
Already, we have made a historic investment in education through the economic recovery plan. We have dramatically expanded early childhood education and will continue to improve its quality, because we know that the most formative learning comes in those first years of life. We have made college affordable for nearly 7 million more students. And we have provided the resources necessary to prevent painful cuts and teacher layoffs that would set back our children's progress.
So throwing more money at a failing system? Oh, and how is college not affordable? Seriously, who can't get a federal student loan? I couldn't afford college up front. That is why I am paying off a loan now.
Seems like the only credit people aren't taking is the kind that can actually help.
And so tonight, I ask every American to commit to at least one year or more of higher education or career training. This can be community college or a four-year school; vocational training or an apprenticeship. But whatever the training may be, every American will need to get more than a high school diploma.
So, promise rings are the new education plan? Sweet! Will you be my BFF too?
And dropping out of high school is no longer an option. It's not just quitting on yourself, it's quitting on your country and this country needs and values the talents of every American. That is why we will provide the support necessary for you to complete college and meet a new goal: By 2020, America will once again have the highest proportion of college graduates in the world.
Followed by a pep talk!!! Yay! Go team!
Seriously, your plan is personal responsibility? Where were you when Bill Cosby was talking about it. Why is it that the only time you talk about that is when you know all the money in the world won't make kids stay in school? Why don't we apply this personal responsibility principle to everything?
You want people to really commit to this? Take away any government programs for them to fall back on when they don't.
These education policies will open the doors of opportunity for our children. But it is up to us to ensure they walk through them. In the end, there is no program or policy that can substitute for a mother or father who will attend those parent/teacher conferences, or help with homework after dinner, or turn off the TV, put away the video games, and read to their child. I speak to you not just as a president, but as a father when I say that responsibility for our children's education must begin at home.
Again, good talk. Now make it so that it is obvious that failure to do this will not be met with assistance. Telling a man to fish but giving away free fish to anyone that doesn't is just stupid.
There is, of course, another responsibility we have to our children. And that is the responsibility to ensure that we do not pass on to them a debt they cannot pay.
Uh... I think I need another break.
No, I don't.
WHAT!?!
What did you just do? Twice! You, sir, have been involved in a huge percentage of that debt yourself.
With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down.
Yeah, blame it on Bush. War spending is the only thing you can say your hands are clean on.
I'm proud that we passed the recovery plan free of earmarks, and I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities.
Based on your historical knowledge I am afraid I don't trust what you think are national priorities.
Lets start with
debts, common defense, and general welfare. You put a dime on anything else and you fail again.
Yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time. But we're starting with the biggest lines. We have already identified $2 trillion in savings over the next decade.
Cut the deficit or deficit spending?
You identified $2 trillion you can save over the next ten years? First, your term is four, not ten. Second, you just added $2 trillion to the debt, so you save nothing. You want to save $2 trillion now? Stop the rest of the bailouts and your stimulus plan.
In this budget, we will end education programs that don't work and end direct payments to large agribusinesses that don't need them. We'll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that we're not paying for Cold War-era weapons systems we don't use. We will root out the waste, fraud and abuse in our Medicare program that doesn't make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas.
You're going to end public schools? Awesome! And a fair and balanced tax code would involve a flat consumption tax. I don't see you doing that, but then what you call equal and what I call equal are two different things.
In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2 percent of Americans. But let me perfectly clear, because I know you'll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people: If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime. In fact, the recovery plan provides a tax cut that's right, a tax cut for 95 percent of working families. And these checks are on the way
Yep, there it is. Nothing fair and balanced about that.
To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans.
Step 1) Tell Pelosi to shove it.
Wait, isn't this what President Bush was talking about doing and you all made him out to be some villain?
Finally, because we're also suffering from a deficit of trust, I am committed to restoring a sense of honesty and accountability to our budget. That is why this budget looks ahead 10 years and accounts for spending that was left out under the old rules and for the first time, that includes the full cost of fighting in Iraq and Afghanistan. For seven years, we have been a nation at war. No longer will we hide its price.
I will believe this when I see it.
We are now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war.
But you said you had a plan when running for election. Did you learn some things after becoming president and realize it isn't as easy as out within a year?
And with our friends and allies, we will forge a new and comprehensive strategy for Afghanistan and Pakistan to defeat al-Qaida and combat extremism. Because I will not allow terrorists to plot against the American people from safe havens half a world away.
This should actually be interesting.
Their resolve must be our inspiration. Their concerns must be our cause. And we must show them and all our people that we are equal to the task before us.
I know that we haven't agreed on every issue thus far, and there are surely times in the future when we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed. That must be the starting point for every debate we have in the coming months, and where we return after those debates are done. That is the foundation on which the American people expect us to build common ground.
It is hard to build a common ground when hundreds of experts disagree with you on something and you pretend you didn't notice. Your way, Mr. President, is not the only way and the sooner you recognize that and listen to people who actually know what they are talking about the sooner you might actually be able to pull off something that meets all those campaign stop (really you own, you can stop now) inspiration stories. The people in those stories did things on their own, without the government interfering, with the exception of the little girl whose state government and school district failed to do their jobs. What I take away from your stories is that when people do it on their own they succeed. When government is in charge it fails.
And if we do if we come together and lift this nation from the depths of this crisis; if we put our people back to work and restart the engine of our prosperity; if we confront without fear the challenges of our time and summon that enduring spirit of an America that does not quit, then someday years from now our children can tell their children that this was the time when we performed, in the words that are carved into this very chamber, "something worthy to be remembered."
If you actually pull that off I will be amazed.
But as we look back on history now, I have a feeling that our children's children will look back and say this is the time when President Obama made an economic recession worse.
