The White House is now threatening double dip recession.

[EmeraldCityGrl]

Larry Summers just released a statement threatening a double dip recession
if the Obama Tax Proposal is not passed.

This is eerily familiar to Hank Paulson's panicked fear inducing threats used
to pass the bank bailouts.

http://www.google.com/hostednews/ap/article/ALeqM5hM9wj...

[Name removed]

1. Deleted message

Message removed by moderator. Click here to review the message board rules.

[polichick]

10. Exactly! nt

[Tuesday Afternoon]

108. ?

[ladjf]

42. Exactly II. nt

[Individualist]

59. +1

[Subdivisions]

70. Could you PM me what was said, please. Thanks. n/t

[crikkett]

98. me too please n/t

[county worker]

2. Are they telling Reagan was right! The rich will spend all that money they

don't have to pay in taxes and help the economy? Trickle down works?

[Rowdyboy]

3. TERROR ALERT! TERROR ALERT! CODE RED!.....I thought Bush's Homeland Security

was all gone now?

[Lorien]

4. Yeah, right. As opposed to the permanent depression we get otherwise?

Fuckers.

[Newest Reality]

5. What about Iceland?

Is there refusal to pour their people's assets into the bottomless banking coffers of World Owners Inc, and Elite Families Enterprises going to be ignored as they recover from their Shark attack now?

You can forget about Poland for the moment. What about Iceland?

[Dogmudgeon]

40. Iceland is broke.

They essentially declared national bankruptcy two years ago.

Iceland Financial Crisis -- Timeline and Articles

If you're more up-to-date on Icelandic news, please let us know.

--d!

[Newest Reality]

53. Here is what I was bouncing off of:

Iceland's decision two years ago to force bondholders to pay for the banking system's collapse appeared to pay off after official figures showed the country exited recession in the third quarter.

The Icelandic economy, which contracted for seven consecutive quarters until the summer, grew by 1.2% in the three months to the end of September.

http://www.guardian.co.uk/business/2010/dec/07/iceland-...

[MoonRiver]

102. And they can't become part of the EU, which would undoubtedly help them,

because they stubbornly refuse to stop whaling. Iceland can rot in hell.

[TwilightGardener]

6. If Congress allows all taxes to rise...what would be the economic result?

Something good?

[gratuitous]

11. The last time tax rates were at those levels

We had federal budget surpluses.

But that's such an esoteric, subtle and hard-to-grasp concept, there's no sense in even voicing it.

[TwilightGardener]

15. Right. But what was the overall economic picture at that time, including

unemployment and the housing market?

[Exilednight]

87. When Bill Clinton first instituted the tax cuts, we were in a recession. n/t

[Egnever]

18. Cause the current situation is exactly like the past you are talkiing about

Of course actually looking at the diferences in the variables wouldnt fit the narative so I am sure you will chose to ignore them.

[TwilightGardener]

22. Hell, the housing bubble hadn't even taken off yet, back then--the chickens

only started to come home to roost in '07.

[Egnever]

28. the inabilty of some people to diferentiate the difference in the times

Just boggles the brain.

For all the screaming about jobs you see here there doesnt seem to be a shread of thought about the impacts of taking money out of peoples pockets right now.

No the rich dont need their tax cuts but the rest of the country sure as hell does right now.

[TwilightGardener]

30. Meh, they're not thinking, they're just reacting. The theme of the day is "Obama

is a bad man and is out to get you", and so every post is going to be immediately read and responded to in that context. It gets the most rec's. Nobody's learning anything or applying facts or reason, just pursuing a story line.

[Egnever]

36. There is a strange resistance to actual facts here of late

It used to be a place to come to learn the truth. It is now a place to come to spread whatever propaganda makes peopel feel empowered.

[TwilightGardener]

45. That is the truth. If I see a post with tons of rec's now, I try to avoid it, because

it will be some heartfelt screed of betrayal and disillusionment, but offering little fact or analysis--basically offering little of use to me. Have to really sort through a lot of melodramatic crap and spin, like Fox Newz.

[lamp_shade]

64. I just look at names instead of titles, then decide whether to check it out. Saves a lot of time.

I've seen some polls with 189 "anti" (Obama) and like 6 "pro". Laughable.

[TwilightGardener]

66. Yeah, I do that too.

[gratuitous]

32. Well, we weren't fighting and occupying two other countries

So, that's kind of different. But we haven't been paying for those little baubles ever, so there's really no sense in starting now, is there? Naturally, the prospect of higher tax rates for corporations and the wealthy wouldn't cause them to consider doing anything to reduce their taxable income, like, as a wild example that would never ever happen, hire more people to reduce their liability and spread the tax burden over more payers? That's just crazy talk.

[Egnever]

34. As expected you ignore the tax cuts for 95% of the people

and the extension of unemployement benefits and focus only on the tax cuts for the rich that are being forced on us by the republicans in oreder to keep the first two.

What was unemployment at back then? compare it to now. Can you see the difference?

[crikkett]

99. Not just two, remember Yemen and Pakistan.

Guns cost money.

[tekisui]

88. $3.7 trillion over 10 years.

[Tansy_Gold]

7. Larry Summers is about as useful as

an udder on a steer.

[MadHound]

8. OMG, this administration has lost it.

I think I'm going to go walk my dogs now. It is warm enough outside, and they make much more sense than this administration.

[Angry Dragon]

9. and this is just coming out now??

Strange that they did not come out with this statement before the election
that sounds pretty important to have been kept hidden for so long

[TwilightGardener]

12. There's urgency now. The tax cuts expire in what--three weeks?

[lamp_shade]

13. "would significantly raise the risk" doesn't sound like a threat to me.

[Loge23]

19. There is one similarity

Neither are based on any appreciable facts.
What a cheap trick.

[ProSense]

14. Increasing taxes would be

contractionary. Dean Baker

It is important to realize that most of the money in this package is maintaining tax cuts in place that were scheduled to expire. This will prevent tax increases from having a contractionary impact on the economy, however there is very little, if any, net stimulus in this package compared with current levels of taxation and spending.

[Hannah Bell]

73. no, cutting *spending* now would be contractionary. the government spends

the money or the top 1% offshores it to hedge funds.

[RKP5637]

16. Now they're using fear tactics. Spread the alerts and fear. Fear tne recession. OK, I will

I will get slammed for this on DU, but I'll be damned if I'm not getting the same visceral feelings as Bush era.

[Hell Hath No Fury]

17. Good lord, now they think we're STUPID.

Sorry, that play ain't gonna cut.

As if I would believe anything Summers said anyway.

[Egnever]

20. to be blunt

If you think raising taxes and discontinuing unemployent right now wont have a detrimental effect on the economy right now well ...You ARE stupid.

[Hell Hath No Fury]

52. Did I ever say that is what I want?

I am saying them playing the "Oh noes!" card that Bush loved so much is lame. I think all the tax cuts should expire -- I say this as someone who is a member of the working poor and who benefits from the cuts. I think unemployment should be extended - including for the 99ers. And I think the only thing that will bring about serious recovery is a jobs program -- and I'm not talking about more tax cuts for jobs.

On edit:

The proposed bill, as it stands, will not create the jobs or the econonmic momentent needed to fix our continuing crises. It will only further dig us into the Debt Hole without getting a whole hell of a lot in return.

[DURHAM D]

21. Oh dear - this is completely inappropriate.

Obviously the WH is trying to out flank elected congressional members. People from their own party. I can not recall ever seeing anything like this before this particular President.

Republicans and the Democrat in the White House make a deal. The Democratic leaders are not in the room (just like the so-called HRC reform). Obama quickly calls a press conference to promote the deal. Meanwhile, the Democratic leaders are asked for their response and all they can say for the first several hours is - I haven't seen the details, I don't know what the deal is. Obama deliberately left them flat footed and off balance so they could not have an appropriate response. This is sick. Its two against one. Obama and Republicans against Democrats.

I noticed in his press conference that he used the term "I" when he should of used the term "We" when referring to the workings of congress and legislation. Look for a lot of stories to come out over the next year or two from Hill staffers and elected officials. They have got to be sick of Obama marginalizing them. He is treating them like children. Its an insult.

Its important for the President to use his powers - but in his case he is using the WH inappropriately and has got to be pissing off elected officials. They have covered up this problem until now by not talking about it. They will start to talk - even if it is anonymously.

[TwilightGardener]

25. The WH economic advisor should keep his trap shut about letting

all tax cuts expire? It's inappropriate for him to weigh in?

[DURHAM D]

29. Yes. and Yes. All I could think is "That short little fuck..."

But it is obviously the WH strategy to outmaneuver their own party leadership.

[KansDem]

23. "Hank Paulson's panicked fear inducing threats used to pass bank bailouts"

Wasn't that the "martial law will have to be declared if the bailout wasn't passed" horseshit?

Oh, yeah...here it is!
YouTube

[Poboy]

91. This video needs to be watched. Yes, very similar.

[Initech]

24. Double dip? Fuck that, this is more like quadruple dip!!!

[RKP5637]

48. There were what, 2.8M foreclosures this past year, something like 3M foreclosures

projected in 2011. An effective rate of 17% unemployment. 56M still without health coverage ... etc. Many are living in a Great Depression, but they are getting swept under the rug IMO. And all we hear about is the middle class. What happened to the lower class, did we ship them out of the country. I think there are so many people hurting in this country and MSM propagandized agenda is to focus on the lame and dumbed down tabloid journalism.

Exactly, "this is more like quadruple dip!!!"

[Initech]

68. It's the recession that never ends.

That is unless we rise up and take these fucking bastards for everything they've got.

[bullwinkle428]

26. Interesting that DU is now a stomping ground for so many Chicago School disciples!

K&R.

[glitch]

80. Surreal as hell! K & R nt

[Tierra_y_Libertad]

27. Will they accuse the naysayers in congress of "Sex by Surprise" if don't fold?

[RKP5637]

31. They're lightweights! They don't know what they're doing. n/t

[City Lights]

33. Meet the new boss.

Same as the old boss.

[DURHAM D]

35. I now must assume that Summers was in the room negotiating with the Republicans.

Summers would never lower himself to meet with the Democratic leadership.

Clinton marginalized that SOB - Obama sits on his lap.

[Tierra_y_Libertad]

37. "Negotiating" for the white house = "I don't need to read it, just tell me where to sign."

[TheWatcher]

38. Fall In Line and Lick Our Boots, Slaves, or we'll Crash the Economy Again.

And this time, It will be PERSONAL.

Go Fuck Yourself Larry.

You're among the many Criminals I'd like to see Dexter cover in Plastic.

[thereismore]

39. Whatever we may think, this deal is going to pass. The President does not want to

raise taxes. Everybody is hoping for a better next two years. In 2012, we'll have a deficit that's $200,000 bigger. They are trading that certainty for maybe a chance of improved economy. In 2 years, we'll have another fight.

[Bluebear]

41. 'In 2012, we'll have a deficit that's $200,000 bigger.' ...well, at least.

[DURHAM D]

47. lol

[thereismore]

56. Heh, did I forget millions of dollars? nt

[OHdem10]

43. Yesterday, Obama explained that the bill was needed to have

the country falling backwards. He repeated it
at least 3 times.

[Tansy_Gold]

46. Freudian slip? n/t

[Nite Owl]

44. At the press conference

didn't Obama say we weren't in danger of a double dip recession?

[BadgerKid]

61. Yes, Obama said no double-dip yesterday; quote:

THE PRESIDENT: This is not as significant a boost to the economy as the Recovery Act was, but we’re in a different situation now. I mean, when the Recovery Act passed, we were looking at a potential Great Depression and we might have seen unemployment go up to 15 percent, 20 percent -- we don’t know. In combination with the work we did in stabilizing the financial system, the work that the Federal Reserve did, that’s behind us now. We don’t have the danger of a double-dip recession.

[Vinca]

49. Be afraid, be very afraid. Haven't we heard that before?

[whatchamacallit]

50. Shock Doctrine (nt)

[DURHAM D]

55. EXACTLY ! nt

[thereismore]

57. Pure. nt

[harun]

111. That it is.

[6000eliot]

51. This message brought to you by: rich people.

[Toucano]

54. Give us what we want or ELSE!

New boss, same as the old boss.

[LibraLiz1973]

58. Un-F'n-Believable. First his tax cuts, now his playbook?

[tomm2thumbs]

60. can we say 'FUCK LARRY SUMMERS' on DU? - I don't want to say anything that is illegal

but believe me, I'm damn well thinking it

[Subdivisions]

71. FUCK LARRY SUMMERS! And the entire economic team! n/t

[tomm2thumbs]

85. I guess that answers my question

thanks... you said it for all of us!

[peekaloo]

101. pretty sure you can and also name an intended orifice

say ,in his ear, for example.

[jtown1123]

62. Tell everyone you know that this is total BS. These clowns disgust me.

[Beacool]

63. Is this akin to Biden's assertion that unless the stimulus bill was passed

unemployment would rise to 8%? Well, it's currently at 9.8% and counting.

I wonder if these people live in the real world.....

[2Design]

65. crying wolf again

[Safetykitten]

67. It's a double dip threat on the recession that everyone knows has not ended...LMAO!

[Subdivisions]

69. A double-dip recession has been expected and will happen regardless

of what Larry Summers sorry ass says.

[cherokeeprogressive]

72. Bush Tax Cuts Not Important for US Economy: Summers

They were not important until they were important? Fuck me the amateuristic nature of this administration is more entertaining by the day. Someday soon, this administration will simply devolve into the Keystone Kops.

Cue the defenders saying "Summers said that almost 100 days ago... things change!"

http://www.democraticunderground.com/discuss/duboard.ph...

[Poboy]

92. Excellent point cherokeeprogressive-

Bush Tax Cuts Not Important for US Economy: Summers


Maintaining tax cuts for top wage-earners should take a back seat to other more pressing measures, White House economic advisor Larry Summers said, in a signal the administration could be digging in its heels on the issue.

In an interview with CNBC, Summers stopped short of saying the Obama administration would oppose continuing the across-the-board cuts approved by former President George W. Bush.
But he dismissed the importance of continuing the cuts for those earning over $250,000, a key part of the political battle raging in Washington. The cuts expire at the end of 2010.

"With deficits looming as seriously as they are, why is now the right moment to lock in several hundred billion dollars of tax cuts for 2 percent of the population when we could be using those revenues to strengthen incentives for investment in the country's future?" Summers said.

"I think the case is pretty clear, if you look at what the vast majority of economists are saying, (that) what will stimulate economy more are measures that are targeted at investments, it's measures that are targeted at research and development," he continued. "So I think those are the right steps forward."

[truedelphi]

113. And then there is Summers' buddy Geithner.

The Australian press had a field day, when they first found out that Obama had appointed Tim G. to head the U.S. Treasury.

Tim had been selected by the IMF as their point man to deal with the Far East crisis of the mid nineties. Tim's job was to "help" Japan pick a model by which that nation could recover.

Well, he had all of two choices - and he chose the model that has left the Japanese still struggling with their economy.

But who is to say that his friends at various Financial Institutions didn't benefit!

[Donnachaidh]

74. Ding! Ding! Ding! We have a winner!

Been thinking that all along -- the *URGENCY* was akin to scenery chewing -- Bad Actors pulling off another HEIST.

[Little Star]

75. Lil Boots must be laughing his ass off! Friggin copycats!

F*#k this administration for their fear tactics.

[Kablooie]

76. So keeping the same tax cuts we've had all during the recession will now suddenly fix it?

[Lorien]

89. It's the very definition of insanity, isn't it. nt

[AndrewP]

77. Heard that clip on NPR tonight. I just thought it was the CODE RED thing

to whip up support

[myrna minx]

78. Talk about Shock Doctrine.

How anyone trusts these guys anymore is amazing to me.

[Amonester]

79. larry summers = Professional Loser

and so is tim geithner

many others in there too

[Catherina]

81. LIARS. CROOKS! STOP THE WARS. n/t

[MoonRiver]

105. Absolutely!

All our financial woes would end overnight if we just got out of these brutal and unwinnable wars!

[ProfessionalLeftist]

82. Extortion. n/t

[Gin]

83. where is the 3 page bill they put together? just like 2 years ago?

Summers can go to hell.

[EmeraldCityGrl]

84. And in closing let Summers always be remembered for the following...

November 5, 1999: Congress Passes Landmark Bill Repealing the Glass-Stea gall Act; Dissenting Lawmakers Voice Warnings over Easing of Bank Rules

Congress approves legislatio n which repeals the Glass-Stea gall Act of 1933, greatly reducing regulation of Wall Street and clearing the way for the cross-owne rship of banks, securities firms and insurers. The measure is approved in the Senate by a vote of 90 to 8 and in the House by 362 to 57. President Bill Clinton will sign the Gramm-Leac h-Bliley Act into law on November 12th, 1999. The New York Times reports that passage of the bill elicits optimism that the measure will enhance American competitiv eness and ensure American dominance in the global financial marketplac e, as well as concerns that deregulati on will lead to a future financial meltdown. The Times further notes that experts predict the new law will result in a wave of large financial mergers.
Optimism over Passage of the Measure - Treasury Secretary Lawrence H. Summers praises the legislatio n, declaring that the law “will better enable American companies to compete in the new economy.” Among others praising passage of the measure:

http://www.historycommons.org/context.jsp?item=Congress...

[SnoopDog]

86. Looks like Barrack learned from George - scare America....

Fear works so well with Americans for some reason...

[andym]

90. It might happen anyways: even if it the big tax cut bill is passed.

Economy is still fragile. Tax bill is only a weak stimulus.

[gkhouston]

93. La plus ca change... n/t

[slay]

94. I saw that! It's like Summers implied - vote for this bill or WE WILL make you pay

these are some seriously nasty folks Obama has on his team.

[robinlynne]

95. idetnical.

[David Zephyr]

96. Orange Alert! Red Alert! Yellow Alert. Duct Tape.

Same shit, different day.


EmeraldCityGrl, your comments are spot on! K&R.

[StarsInHerHair]

97. then it's obviously another lie, he keeps lying anyway

nt

[Enrique]

100. threatening is right

carrots for the GOP and the rich and the banks, sticks for us.

[n2doc]

103. I wonder if this will make the repubs drop their support?

After all, if we have a double recession, and the economy still sucks in '12, Obama is toast no matter who runs against him. Seems like the Repubs would jump at a chance to set that up.

[kentuck]

104. What's next? WMD's? n/t

??

[TBF]

106. It already is double dip recession for most of us. Welcome to our world Mr. President. nt

[Tuesday Afternoon]

109. +1

[Jamastiene]

107. It's like residual Bush admin redux.

Be vewwy vewwy scared. we know what's best for you and it's the same old same old.

Give me a fucking break.

Will the nightmare ever end?

[TBF]

110. The only chance we have of ending the nightmare is to fight back. nt

[Name removed]

112. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Swamp Rat]

114. Bring it on!! Many of us have little or nothing to lose at this point anyway.