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Joe Biden Says We Are In A Depression

By: Erick Erickson (Diary)  |  October 19th, 2009 at 09:55 PM  | 

RESIZE: AAA

I though the stimulus was working.

Sean Hannity brings us some video of Joe Biden this week contradicting everything we have heard from the White House so far. According to Joe Biden, the American economy is not in a recession, but a depression.

We’ve got the video. And we owe Hannity a big thanks because you and I both know everyone else would bury this but for Sean and Fox News. No wonder the White House has declared war on them.

H/t to Justin Hart too.

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  • Crowe

    “Oh, that’s just ol’ Joe. He just yammers on at any microphone you stick in front of him, but everyone knows he’s just there because Barack couldn’t nominate himself Vice President and Michelle nixed picking Hillary. But seriously, he’s mostly harmless. Just toss him a large lollipop.”

  • kowalski

    He’s coming around to this now? It’s amazing how Philip Greenspun has been correct.

    The United States is facing a depression. Just as Hoover and Roosevelt did in the early 1930s, the government changes its strategy for assisting recovery every few months. Congress and the Treasury Department will try something.

    If it doesn’t work, a month or two later they try something else. This gives them the appearance of being clueless or helpless or both.

    Just as in the Great Depression, uncertainty about government action causes businesses to defer investment and job creation. Why build a factory if you don’t know what the tax rates are going to be? Is it reasonable to spend cash if customers’ purchasing power continues to drop? (Reference: The Forgotten Man).

    Joe Biden didn’t go to MIT because his intelligence stops at his front teeth. He’s a moron, but he’s also a politician, and so he wants (like the rest of this Administration) to be seen as clueless, or helpless, or both.

    The things the United States really needs to do are laid out in that article, and they’re just the beginning. The entire Obama economic team are a useless bunch.

  • kowalski

    And it is going to get worse unless the Obama economic team changes tack completely. It is in a depression for exactly the reasons they happen in advanced, postindustrial economies bloated with government overspending in a hyperlinked, connected world. The one thing Biden won’t admit is that the policies of HIS PRESIDENT have made the situation worse.

  • kowalski

    Well, all of Obama’s policy people are Keynesians and CATO had a famous advertisement protesting it. That doesn’t change the fact that they’re now trying to begin the retrenchment:

    Cut government spending during a depression? What about classical Keynesian economics? Maybe it was a good idea in 1936, but the world is a lot more globalized today and there is much more competition among countries. In 1936 a multinational business did not enjoy free voice-over-IP telecommunications, cheap air freight, cheap container shipping, nor billions of workers in low-cost foreign countries who were speaking or learning English.

    Japan is a good example of the failure of Keynesian economics in the globalized era. The country spent hugely on public works projects in the 1990s, digging an enormous debt hole for its future citizens (170 percent of GDP; compare to 60 percent of GDP for the U.S. (source)). What was the result? Its largest corporations invested substantially in growth and created a lot of new jobs… in China, Thailand, Vietnam, etc. The domestic economy stagnated.

    CATO has also been saying this for a while, and maybe Biden is beginning to sober up a little and realize that his next job is going to be dog catcher unless someone starts doing something about it.

  • kowalski

    That the Obama Administration *cannot* as a matter of political reality accomplish any of the things that are outlined in that article without alienating their leftist base.

    Here is what that means: Pray. Because you’re not going to get any help from this Administration.

  • http://moelane.com/ Moe Lane

    Reagan, of course.

    Which is interesting, because the end of the original had Reagan defining ‘recovery,’ too.

  • avgamerican

    We are in effect already bankrupt as a nation. Our government can’t live up to the obligations it’s made to social security, medicare, and everything else. The government will never come right out and say this, but if economic predictions are true, it’s going to unravel on it’s own very soon. It won’t matter what ABC, NBC, CBS, etc. report or don’t report. It’s been predicted that we are going to see hyperinflation because of the bail outs. It’s also feared that because of the ongoing recession there is going to be a commercial real estate crisis like never before. A major source on this is a Gerald Celente, economic forecaster. He also predicts a tax revolt. Sounds plausible that if businesses go under, why would they worry about paying their taxes. Barack Obama is going to fail on his own words when in 2012, he tries to give speeches of optimism to a desperate suffering middle class.

  • http://www.ssce.net/Web-Articles/Web-articles-indexed-authors.html#authors-l JLenardDetroit

    I mean really? And while I hate to run the risk at backhandedly helping — should be safe he is incapable of taking my advice even if he thought it reasonable — that could have been so simple to express with just a few more carefully injected words….

    for those with Family unemployed, IT MAY SEEM MORE-LIKE, a Recession

    for those personally unemployed, IT IS IMMEDIATELY PERSONAL AND FEELS MORE-LIKE, a Depression

    … I mean… that stuff isn’t hard…. for those of us that can THINK and SPEAK at the same time. So wonderful it is an impossibility for him!!!

    But, obviously, it is wonderful for us so I say to him:
    Way to Go — Joe!!! Keep up the good work.

    Is there anything at all Biden has a Clue on???

    Good catch and info Moe…. shows Biden has good memory recall, well…. sort-of…. his ego is just such that he thinks things were originally his idea, concept, etc…. This idea in the hands of an Intelligent human (as Reagan) can be inspirational and uplifting… left to lefty-loon devices they are (of course, always) another downer!!!

  • olddog

    Is , In my opinion, to destroy the middle class, with their actions, so Zoros can make his money on the dollar going down, and then they can remake America into their version of utopia, with them on top and the rest of us depending on them, or enslaved by them as told by “Tito the Builder”, who came from this kind of country, in South America. He and “Joe the Plumber” made more sense than most politicians, we have in Washington today, but for a very few. “Yes we can” redistribute your wealth, how is that working out for us!!!! Keep saying no to the big “O” Shout it out!!
    One Old Dog

  • fenriswolfkpc

    “When the stock market crashed, Franklin Roosevelt got on the television and didn’t just talk about the princes of greed. He said, ‘Look, here’s what happened.’ ”

    Cleary an expert on the depression…American History and the development of television.

  • revwarheropeterfrancisco

    O-pression in honor of O and his Obamuninsm and his O-pression of the opposition and the heart of America and the American Way.

    Lieberal Erosionism is killing us.
    Organize, Stand Up, Fight Back before there is nothign to fight for.

    When Conservatives and Traditionalists are labeled “terrorists” and the real terrorists in Guantanamo and elsewhere are cuddled we have OPRESSION.

    Obama bin Biden

  • miltonmd

    day by day and inch by inch and dollar for dollar.So let us accept that it is The Deppression and let’s do something about it. I don’t agree with the new adm.blaming everything on the previous one.
    We had a country that was still feared by others. People still used the $ AS THE CURRENCY OF EXCHANGE!!!! All new administration bebieve they will do better and the other didn’t do well What’s so special about Obama’s adm.
    WE are at war!!! and he is beginning to realize how expensive war can be.
    So you are in it so lead follow or get out of the kitchen.
    I never heard a predident complain so much about being a president.
    Pretty soon we’ll hear “I’m a celebrity get me out of here!!!!!

  • olddog

    At what point, does a small BENEVOLENT government, become a big MALEVOLENT government.? When you bailout the very people who caused the problem, with taxpayer money , but they do it anyway, although forbidden by the founding documents. When you elect a community organizer, and won’t allow investigation of him. Lets get back to the Basics, the U.S. Constitution and the Bill of Rights. Throw the Bums Out. 2010, 2011, 2012, etc.
    They party hearty, on our kids dime in D.C…….

    One Old Dog