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Obama in presser: It's a liquidity problem


OBAMA: Well, as -- as I said, the American people are making a host of sacrifices in their individual lives. We are going through an extraordinary crisis, but we believe that, taken -- if you take the steps that we've already taken, with respect to housing, with respect to small businesses, if you look at what we're doing in terms of increasing liquidity in the financial system, that the steps that we're taking can actually stabilize the economy and get it moving again.

But if, as many have pointed out, we have a solvency problem, then we'll be turning Japanese.

Worse, if "we give Obama time for the program to work," we may have shot our bolt, and it will be too late. We only have so many trillions to hand over to Geither-san to piss away on the banksters, after all.

NOTE It would be nice if Obama could explain why he believes that. There are plenty of other areas where he's got good, lucid explanations, so why not this one?

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pie's picture
Submitted by pie on

That's certainly been my impression of his *explanations,* which haven't exactly inspired much confidence.

Of course, during the primary, his explanations never did.