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Obamanomics: A Counterhistory
Keywords:
David Leonhardt on the policy errors of the Obama administration in managing the economy. Why he asks did the Obama administration not take the risks it took for "undeserving" recipients in the auto industry to provide significant help to GM and Chrysler and at the same not provide large scale and situation changing help to millions of mortgage holders who were under water? The housing crisis with millons of foreclosures depressing home prices has played a significant part in the lagging economic recovery. He points out that Obama economic advisors had read Rogoff and Reinhart's book "This Time Its Different," about the longer times it takes for a economic recovery after a housing bubble, and still made the mistake of believing economists who suggested that the stimulus by itself would be sufficient and that recovery was underway in 2010. Others in the Democratic party had pointed to the lack of focus on unemployment by the Obama administration. Why were such voices not heard?
Looking back: An assessment of the management of the U.S. economy in Obama's first term 2008-2012
03/11/2009
Why were significant resources not invested to aid homeowners under water just as resources were provided to the auto industry? And why was there a lack of focus on unemployment in this period? The challenges were difficult but did the Obama administration do what could have been done. The auto industry bailout was an easy call considering Obama's commitment to increasing fuel efficiency during his days in Congress. Housing was a tougher call with bankers cautious and influencing policy, yet even Republicans Martin Feldstein and Sheila Bair were calling repeatedly for strong action. Tackling housing first and healthcare later after economic recovery, is likely to have produced better results, credibility for the administration, and a broad consensus in the U.S.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
U.S. Remaining Stake in General Motors
Wall Street Journal 12/10/2013
Auto Makers Rebound as Buyers Go Big
Wall Street Journal 01/04/2014
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Foreclosures and unemployment in the U.S.
05/04/2009
The Obama administration foreclosure relief programs were designed for subprime lending situations and not for the high unemployment. As a result few unemployed homeowners have benefitted.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
New York Mayor Bloomberg on reviving the U.S. economy
09/26/2011
Bloomberg says its time Obama and the Republicans stop promising a free lunch, or something for nothing. He suggests a two step answer to the economic problems facing the U.S. - let the Bush tax cuts expire for all income groups, and passage on an up or down vote of the Simpson-Bowles deficit reduction plan for $4 trillion in savings. This would give U.S. businesses the confidence to invest instead of holding back because of the uncertainty, and lead to higher economic growth and lower unemployment.
Grouped Articles
Why we need a third party - The Washington Post
Washington Post 09/26/2011
New York Times 12/27/2011
Federal Budgets and Class Warfare
Wall Street Journal 03/29/2012
Why I'm Optimistic About Cutting the Deficit
Wall Street Journal 03/29/2012
President Obama Should Seize the High Ground
New York Times 05/26/2012
Dana Milbank: Jeb Bush’s heresy - The Washington Post
Washington Post 06/13/2012
President Obama's lack of focus on unemployment and the absence of any serious and largescale infrastructure building for the 21st century
10/01/2009
Grouped Articles
Obama's Infrastructure Plan: More Cash Could Hit the Road
BusinessWeek 09/08/2010
Voters’ Second Thoughts on Hope and Change
New York Times 11/04/2014
It Will Be Years Before Lost Jobs Return -- and Many Never Will
Wall Street Journal 10/05/2009
New York Times 10/06/2009
No Walk in the Park: For Obama One Year Later, It’s the Slog of Governance
New York Times 11/04/2009
Executives Express Caution About Hiring
Wall Street Journal 11/07/2009
Martin Feldstein on the risks for the American Economy after failures in the Obama Economic plan.
09/12/2007
Failures to address problems on the housing front, especialy the problems for 15 million homeowners under water- see the links to opeds by Feldstein suggesting focus on these issues throughout 2008-2009. And the focus on health care which diverted attention from this problem and the problem facing bad loans in commercial real estate. Other problems are failure to get bank lending up for businesses. And the failure of Obama health care plans to control the increase in the nation's surging health care spending, instead increasing the deficit to unsustainable levels. Public sentiment as shown in WSJ/NBC polls confirm Feldstein's sense of the situation.
Grouped Articles
New York Times 12/08/2013
From President Obama, Economic Clarity but Little Courage
Washington Post 04/15/2009
Wall Street Journal 09/12/2007
How to Stop the Mortgage Crisis
Wall Street Journal 03/07/2008
Wall Street Journal 02/20/2008
Enough With the Interest Rate Cuts
Wall Street Journal 04/15/2008
Wealth gap in the U.S. between whites and minorities- devastating impact of the recession of 2008
01/05/2009
Hispanics and blacks counted housing equity as a much bigger part of their assets than whites. The recession and financial crisis of 2008 wiped out fully two thirds of the median net worth of Hispanic families and one half for Black families, with both groups having close to $6000 in total median net worth in 2010, according to data from Pew surveys.The recession has proved to be severe in its impact on minorities, and the election of a black president has done little to improve things- especially considering the dismal record of the Obama administration in helping prevent foreclosures.
Grouped Articles
Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Obama, Empathy and the Midterms
New York Times 09/25/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
New York Times 05/19/2014
Geithner Book Reveals Consensus, Not VIsion, During Financial Crisis
New York Times 05/21/2014
The U.S. federal mortgage loan modification program in 2010.
06/12/2009
The dim prospects for mortgage loan modification programs of the Obama administration. Two out of three loan modifications under the federal Home Affordable Modification Program (HAMP) program expected to fail, and the failure under HAMP to move quickly by dealing directly with homeowners.
Grouped Articles
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
New York Times 08/21/2010
Obama Successes Outweighed by Job Losses
New York Times 10/26/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
Congressman DeFazio call for more attention to unemployment by the Obama administration.
11/19/2009
De Fazio says he is hearing a lot of things from his constituents that the Obama administration is paying 90% of its attention to Wall Street and only 10% to the problems of ordinary Americans losing jobs and homes.
Grouped Articles
Q&A: Oregon Democrat DeFazio Calls for Geithner’s Resignation
Wall Street Journal 11/19/2009
5.6 Million Reasons to Doubt Jobless Rate
Wall Street Journal 12/31/2009
New York Times 02/09/2010
Economist 04/29/2010
Mystery for the White House: Where did the Jobs Go?
New York Times 07/19/2010
What Happened to Change We Can Believe In?
New York Times 10/23/2010
How the Obama Stimulus and Tax Cuts are being fashioned to get the most punch- 2008-2009
11/25/2008
The tax cuts of $300 billion to business and individuals will form part of the stimulus spending of some $800 billion. The idea is to get the money where its needed to help unemployment and the middle class without wasteful spending.
Grouped Articles
New York Times 09/06/2011
New York Times 02/15/2009
Obama Calls His Budget Needed Change
New York Times 03/01/2009
Can Obama Keep New Jobs at Home?
BusinessWeek 11/25/2008
Jon S. Corzine - A Bold Stimulus Package -- $1 Trillion Bold -- Is Needed
Washington Post 12/24/2008
For Stimulus Plan, Obama Team Weighing 'Green' Jobs vs. Traditional Projects
Washington Post 12/24/2008
Policy errors and lack of focus on unemployment and the economy of the Obama administration
04/04/2009
The focus on health care reform comes at the wrong time when when the U.S. economy and high unemployment were priorities that needed attention, say experts. Feldstein points elsewhere to the lack of attention to the housing crisis and reducing foreclosures through homeowner assistance. These errors of the Obama administration increased business uncertainty in the U.S. just as the eurozone crisis worsened.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Geithner's Bank Plan Is a Good Start
Wall Street Journal 04/04/2009
Uncertainty and the Slow Recovery
Wall Street Journal 01/04/2010
Roseland, Where Obama the Politician Was Born
New York Times 08/15/2012
Washington Post 08/17/2012
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Stiglitz and Zandi offer a solution to the housing and foreclosure crisis that has stalled the economy
01/23/2008
The proposal for mass mortgage refinancing by Stiglitz and Zandi in August 2012. Obama administration efforts have failed to tackle the foreclosure crisis. Earlier proposals by Martin Feldstein and by Sheila Bair have largely been ignored by the Obama administration as housing problems continue to affect the economic recovery.
Grouped Articles
Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
Wall Street Journal 12/31/2013
New York Times 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Wall Street Journal 04/26/2015
The One Housing Solution Left: Mass Mortgage Refinancing
New York Times 08/12/2012
Home Affordable Modification program (HAMP) of the Obama Administration
06/12/2009
The large failure of a program launched by the Obama administration to reduce home foreclosures in the U.S. Only $1 billion of the $75 billion estimated for the program when it was launched in 2009 has been spent. Only 680,000 of the 2.7 million homeowners seeking to participate received loan modifications with lower monthly payments.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Reviews of "This Time is Different" by Rogoff and Reinhart
01/21/2008
Boom, bust cycles, with high indebtedness, asset bubbles, and unsustainable current account deficits are followed by long periods of slow or nonexistent growth say Rogoff and Reinhart in their new book. This raises questions about the now current hypothesis that economic recovery will take place in 2011-2013. As the book's title suggests there are long periods in history that show this and it is gaining in credibility as the column by David Wessel in the Wall Street Journal July 21,2011, suggests.
Grouped Articles
Seminal Economic Paper on Debt Draws Criticism
Wall Street Journal 04/16/2013
New York Times 04/18/2013
Spreadsheet Slips Not Economists' Only Problem
Wall Street Journal 04/20/2013
How to Fix the Economy: An Expert Panel
BusinessWeek 09/16/2010
What Other Financial Crises Tell Us
Wall Street Journal 02/03/2009
New York Times 03/01/2009
Fed chairman Bernanke and New York Fed president Geithner ignore warnings in 2006 about the housing bubble
01/02/2009
Transcripts of the meetings of the Federal Open Market Committee of the Federal Reserve show new Fed chairman Bernanke and Head of the New York Fed discounted the growing risks in the U.S. housing markets in 2006. Fed governors Janet Yellen and Susan Bies raised the issue in meetings at the Fed. Transcripts show a sense of complacency had set in at the Fed with Bernanke confident about a soft landing for the housing market.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
Wall Street Journal 09/15/2013
What's Needed in the Next Fed Chief
New York Times 09/15/2013
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
The Geithner March 23, 2009 Plan for attacking toxic assets with government money to private investors.
01/02/2009
The Geithner Plan and the views of people like Krugman in the NYT, and Peter Eavis of the WSJ Heard on the Street column who doubt this will work and outline their reasons. If so it will be a costly error as job losses continue to worsen the situation each month that passes without a solution that works.
Grouped Articles
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/17/2014
New York Times 05/19/2014
Reinhart and Rogoff's warning of a prolonged slump following the 2008 global financial crisis and questions about Obamanomics
02/03/2009
Linked Articles
What Other Financial Crises Tell Us
Wall Street Journal 02/03/2009
New York Times 09/29/2012
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