President Obama: If stimulus fails, I'm out in 4 years

**min0 lee** · 02-02-2009, 07:50 AM

President Obama: If stimulus fails, I'm out in 4 years

THE ASSOCIATED PRESS

Monday, February 2nd 2009, 9:17 AM

WASHINGTON - President Barack Obama promised on Monday to establish a review board to oversee the government's $700 billion rescue package aimed at averting a financial meltdown, declaring that some of the nation's banks would have to write down bad debts, while other banks may fail.

The president said he was taking full responsibility for rescuing the U.S. economy, in its worst downturn in 80 years.

"If I don't have this done in three years then there's gonna be a one-term proposition," Obama said, already looking ahead to the 2012 presidential election.

Administration officials, the Federal Reserve and top banking officials are working on proposals for how the government will use the last $350 billion from the $700 billion rescue program that has come under heavy congressional and public criticism. The massive infusion of taxpayer money has largely failed to thaw the nation's credit markets, while some financial institutions used the money to pay dividends, buy other banks and pay out big year-end bonuses to employees.

"It is likely that the banks have not fully acknowledged all the losses that they're going to experience. They're going to have to write down those losses. And some banks won't make it," Obama said in an interview taped Sunday and aired Monday on NBC's "Today" show.

While keeping up a drumbeat of dire predictions in the short term, Obama assured Americans that their bank accounts were not in danger.

"All deposits are gonna be safe for ordinary people. But we're gonna have to wring out some of these bad assets," he said.

The president demurred when asked if he planned to set up a so-called "bad bank" under which the federal government would take on the bad debts and investments of financial institutions. He suggested, however, that something like that was in the works, and that taxpayers would become owners of stock in those banks and investment houses.

"Over time, as the market confidence is restored, then what we can do is start getting rid of these assets, some of the stocks that taxpayers now have in some of these companies start being worth more," he said.

Later Monday, Obama and Vice President Joe Biden will meet with congressional leaders at the White House to again press Congress to move swiftly on his $800 billion-plus economic stimulus package.

**Big Smoothy** · 02-02-2009, 08:09 AM

Originally Posted by min0 lee

"If I don't have this done in three years then there's gonna be a one-term proposition," Obama said, already looking ahead to the 2012 presidential election.

Maybe he'll be out; maybe not.

But yes, Most American "vote with their pocket book."

This is statistically proven.

What will be the altnernative? We'll have to wait 3 1/2 years when the next GOP frontrunner is determeinted.

(Gee, that doesn't seem like a long ways away, does it?)

It all depends on what the public perception or "who's responsible is."

What will the economy be like then? The world?

We'll have to wait and see.

We do not know.

**bio-chem** · 02-02-2009, 09:01 AM

Originally Posted by Big Smoothy

Maybe he'll be out; maybe not.

But yes, Most American "vote with their pocket book."

This is statistically proven.

What will be the altnernative? We'll have to wait 3 1/2 years when the next GOP frontrunner is determeinted.

(Gee, that doesn't seem like a long ways away, does it?)

It all depends on what the public perception or "who's responsible is."

What will the economy be like then? The world?

We'll have to wait and see.

We do not know.

I think the point is that obama has just tied his presidency to this. just as bush and iraq are tied together so now is obama and the economy

**Big Smoothy** · 02-02-2009, 09:05 AM

^ Correct. Obama has tied his Presidency to this - in words.

We cannot predict the future.

**ZECH** · 02-02-2009, 10:27 AM

Yeah we can.............the world is in deep doodoo!

**Vernon Brown** · 02-02-2009, 11:09 AM

it will take at least 4 years to see the outcome

**min0 lee** · 02-02-2009, 11:18 AM

Coincidently the Presidents term will also end in 4.

**xsimplistikaznx** · 02-02-2009, 11:38 AM

haha i agree, prob leave country for all that matter

**min0 lee** · 02-02-2009, 11:51 AM

We will miss you and all the wonderful things you have done for this Country.

**Tank316** · 02-02-2009, 12:00 PM

ALBOB for prezz, oh shit, did i just say that!!!

**ALBOB** · 02-02-2009, 12:24 PM

Originally Posted by Tank316

ALBOB for prezz, oh shit, did i just say that!!!

Yeah baby. I promise:

- Unlimited protein supps for everyone.
- A hardcore gym in every neighborhood.
- A dg806 clone in all those gyms to beat the crap out of anybody who grunts and screams while doing quarter squats or anyone whos workout consists entirely of benchpresses and barbell curls.
- DOMS will be my head of Immigration and Naturalization
- And I will use every technology in this great country to finally answer the one burning question that has puzzled the univers for so long; what the Hell is min0 lee?!?!?

**min0 lee** · 02-02-2009, 12:28 PM

**Tank316** · 02-02-2009, 12:35 PM

Originally Posted by ALBOB

Yeah baby. I promise:

- Unlimited protein supps for everyone.
- A hardcore gym in every neighborhood.
- A dg806 clone in all those gyms to beat the crap out of anybody who grunts and screams while doing quarter squats or anyone whos workout consists entirely of benchpresses and barbell curls.
- DOMS will be my head of Immigration and Naturalization
- And I will use every technology in this great country to finally answer the one burning question that has puzzled the univers for so long; what the Hell is min0 lee?!?!?

You used this smilie >>

You have no hair ALBOB, or did things change over a year?

**ALBOB** · 02-02-2009, 01:19 PM

Originally Posted by Tank316

You used this smilie >>

You have no hair ALBOB, or did things change over a year?

Nope, no change. Every time it tries to grow back min0 comes on here and makes me pull it out again.

Whatcho been up to Tank? Long time no see.

**ZECH** · 02-02-2009, 02:23 PM

Originally Posted by ALBOB

Yeah baby. I promise:

- Unlimited protein supps for everyone.
- A hardcore gym in every neighborhood.
- A dg806 clone in all those gyms to beat the crap out of anybody who grunts and screams while doing quarter squats or anyone whos workout consists entirely of benchpresses and barbell curls.
- DOMS will be my head of Immigration and Naturalization
- And I will use every technology in this great country to finally answer the one burning question that has puzzled the univers for so long; what the Hell is min0 lee?!?!?

A clone?? Damn 1 of me is bad enough.

**Big Smoothy** · 02-02-2009, 03:38 PM

Originally Posted by dg806

Yeah we can.............the world is in deep doodoo!

We know the world is in deep doo-doo.

But we cannot predict anything in the short, medium and long-term future.

It's really always been this way.

**maniclion** · 02-02-2009, 04:52 PM

So basically he's saying "The Economy is so fucked up that if none of what I do helps then I really don't want to sit around and fuck with it for another 4 years.....I'll just retire to Hawaii and play basketball"

**Big Smoothy** · 02-02-2009, 06:11 PM

Originally Posted by maniclion

So basically he's saying "The Economy is so fucked up that if none of what I do helps then I really don't want to sit around and fuck with it for another 4 years.....I'll just retire to Hawaii and play basketball"

I don't think he's saying that at all.

It's not implied in his statement.

**Chubby** · 02-02-2009, 06:23 PM

"If the problems can be solved, then why worry?
If it can not be solved, then what is the point of worrying."
_ Some one.

**maniclion** · 02-02-2009, 07:57 PM

Originally Posted by Big Smoothy

I don't think he's saying that at all.

It's not implied in his statement.

DUH!, no one can claim to be clairvoyant enough to really know what will be, hell Iran could start WW4 (WWIII already happened but the Nukes fucked us up so bad we went back in time and avoided it..) all it would take would be another Iranian Patrol Boat Incident and a US Gunners Mate with an itchy trigger finger.....

**Crono1000** · 02-02-2009, 08:03 PM

Originally Posted by maniclion

DUH!, no one can claim to be clairvoyant enough to really know what will be, hell Iran could start WW4 (WWIII already happened but the Nukes fucked us up so bad we went back in time and avoided it..) all it would take would be another Iranian Patrol Boat Incident and a US Gunners Mate with an itchy trigger finger.....

I knew it!

the bad thing is, I also had a 3way with Angelina Jolie and Eva Mendez that week

**Tank316** · 02-02-2009, 09:57 PM

Originally Posted by ALBOB

Nope, no change. Every time it tries to grow back min0 comes on here and makes me pull it out again.

Whatcho been up to Tank? Long time no see.

I've been well, just a very busy, house projects, building a cabin, lifting , training high school athletes, watching my stepdaughter get older...

still playing a wisconsin farm boy helping my dad, playing husband and still working at the school 2nd shift custodian..whew!
And yourself, wher ya at and what ya doing?

**Tank316** · 02-02-2009, 09:58 PM

Originally Posted by dg806

A clone?? Damn 1 of me is bad enough.

Yep!!!!

How are you??

**Big Smoothy** · 02-03-2009, 05:43 AM

Originally Posted by Big Smoothy t
I don't think he's saying that at all.

It's not implied in his statement.

Originally Posted by maniclion

DUH!, no one can claim to be clairvoyant enough to really know what will be, hell Iran could start WW4 (WWIII already happened but the Nukes fucked us up so bad we went back in time and avoided it..) all it would take would be another Iranian Patrol Boat Incident and a US Gunners Mate with an itchy trigger finger.....

Uh....maniclion:

I was referring to the implied statement that Obama was probably going to retire in 4 years and play basketball.

**ALBOB** · 02-03-2009, 08:33 AM

Originally Posted by Tank316

I've been well, just a very busy, house projects, building a cabin, lifting , training high school athletes, watching my stepdaughter get older...

still playing a wisconsin farm boy helping my dad, playing husband and still working at the school 2nd shift custodian..whew!
And yourself, wher ya at and what ya doing?

Still sucking on the government tit. Working for the Department of Energy and enjoying sunny Las Vegas. Got into cowboy shooting and having a ball. Still lifting, but I decided not to compete since I don't want to embarrass guys like you and gopro. Still screwing Crono's girlfriend behind his back.

**Tank316** · 02-03-2009, 10:50 AM

Originally Posted by ALBOB

Still sucking on the government tit. Working for the Department of Energy and enjoying sunny Las Vegas. Got into cowboy shooting and having a ball. Still lifting, but I decided not to compete since I don't want to embarrass guys like you and gopro. Still screwing Crono's girlfriend behind his back.

Still screwing Crono's girlfriend behind his back

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