While Working as Obama's Chief Economic Advisor, Austan Goolsbee Didn't Have Access to stlouisfed.org

CrownThomas's picture

Last night while consuming some adult beverages before bed, I apparently didn't have a big enough headache, so I watched the beginning of the Obama campaign's propaganda documentary they just released.

Clearly I was prepared to hear some "it's all Bush's fault" lines, etc, but what caught my ear came about two minutes in, when for some reason they let Austan Goolsbee, ex-chairman of the council of economic advisers speak.

With commentary that would make Edward Bernays proud, Goolsbee praised the President's bold actions (increasing the nation's debt, and bailing out unions & banks).

While his nose started to grow right there on camera, Goolsbee then said "the six months surrounding january 2009, is the worst six months ever. That we ever had in the data"  

I sat there and looked at my desk, only one empty beer bottle on it. Nope, I wasn't drunk. So, I pinged Goolsbee on twitter to ask him if I really just heard what I thought I heard -- yup, I did.



All I can assume here is that either progressives really are trying to rewrite history (which is a possibility), or as the President's chief economic adviser, Austan Goolsbee did not have had access to www.stlouisfed.org. I say this because if he did have to access that site, he would find that in terms of real GDP, there were a few periods throughout history that were worse than the period in the financial crisis he referenced.

I'm not sure where 64 years comes from, but even if he was not smart enough to look at history back to the Great Depression, there was a period within that 64 year window that was worse than 2008-2009.



This is the same nonsense we heard back in 2008 as TARP was proposed, and in early 2009 as the American Recovery & Reinvestment Act was being shoved down our throats.

Moral of the story here is that you must do your own homework. Nobody will be honest with you about what's really going on (ok, with ZH as the notable exception of course).

Goolsbee did end up getting fired stepping down due to his incompetence - now he just teaches our youth and appears on CNBC.    


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ReactionToClosedMinds's picture

never forget:

  • Bernie Madoff ('sophisticated investors' were the target ... and only the Fall 2008 credit deluge pressured his collapse into happening)
  • John Edwards  ... .look, look, look .. the other way ... when everyone and their mother in the 'news' media had to know what was going on and who this guy really was ....
  • Fannie Mae & FreddieMc: great solid dividend investments with implied US backing ...... tons & tons of 'fund managers' said the same thing over & over in Barron's for like 10 years.
  • former HUD Sec'y Henry Cisneros,  .... the godfather of Countrywide Mortgage ... something the news media seems to have forgotten/'never understood'.  When Cisneros resigned from the Board of D (to 'avoid further distraction' to the company), I knew the beginning of the end probably just might be starting.  Then there was the report in Barron's of Goldie CFO saying (implying ... to those who understand how this really works ...GS auditors essentially forced GS to jettison their 'liquid'(?>really illiquid) securities in MBS at end of 2006 going into 2007 ... so GS had to prop up the market to trade-out) Goldie was 'strengthening it's balance sheet, yadda yadda yadda
  • Soros can get massive (yeah, go see how much the amount was relative to what OPIC generally does) OPIC backing for Petrobras et al offshore energy development in Brazil but everyone else get shut out of federal lands/leases, etc.  
  • Chris Dodd:  Barney Frank was ideological & stupid but not criminal (at least from what I've seen/heard so far) .. but Dodd knew exactly what he was doing.  How could he run for'President' when everyone knew he was not serious ?   Where was the Hartford Courant or any newspaper to expose this racket where as leading Senator overseeing fin svcs/industry .. he could 'pocket' all the 'preside3ntial' contributions he shook down from industry 'contributors
  • Rbt Rubin .... the greatest Treasury Sec'y since AHamilton .....
  • Jon Corzine & MF GLobal .... how many books will be written about this incredible fiasco
  • Congressional exemptions from healthcare insurance, pensions, insider-trading, etc.

 add your own entries to this list of 'truth-is-stranger-than-fiction' names ....






overmedicatedundersexed's picture

the elite reptiles have given the mass of Americans all the evidence (with above room temp IQ's)..who run's things.

McCains rise in the  08 primary from dead last is a thing of beauty. Paulson's bullying of Bush in 08 is classic.

Deibold electronic voting the cherry on top.

Romney's MSM cheerleading fixation as GOP man of destiny, (selected not elected) just plain overkill.

they have let us all know who run's things that is why so many have no interest in playing the voting game this time around. 

ReeferMac's picture

Thanks for exposing the lie's and crooks for what they are!

lakecity55's picture

I personally think Obamatron has a stash of really, really good dope.

mbasham's picture

No, you weren't drunk, just a stupid racist.

thewhitelion's picture

Did I miss something?  What is the racist part?  Or for that matter, the stupid part?

The Alarmist's picture

If I have the math right, 64 years takes us back to the mid-1940s, so I guess he is technically right about he data set, but it is a strange definition of "ever."

kind of like saying that we were more pregnant than we ever were when we were not pregnant, but don't worry because they have a free abortion to help with that.

Outlaw Of The Wasteland's picture

individuals who do not recognize that EVERYTHING on the electric synagogue and eminating from dc is an evil lie, really suffer from battered wife syndrome.  These fuckers are EVIL and they play for keeps.

xtop23's picture

Is Alan Krueger any better?

We should raise the minimum wage so that even more people below 30 years old and no prospects can not get a job with small businesses because they're too expensive to hire. 

TARP was a great idea and a shining example of how government can intervene at a critical moment and do the exact wrong thing.

More government stimulus anyone?

At least he recognizes that boosts to unemployment insurance won't stimulate the economy.

Why on Earth can't they put someone in a position like that who isn't cut from the same Keynesian cloth?

Oh yeah, because it's easier to shroud the monetary beatings in manipulated numbers.

xtop23's picture

lol junked by a troll awwwww truth hurts little guy?

Atlantis Consigliore's picture

Christine, christine, hold my weenie christine,  Im Fredo and I want respect,  


weee, weee, weee, weeee, Im on the media just like you.   Lie like an Egyptian......or is that Walk like?


wee, weee, weee, Im on meet the depressed, 


wee wee, housing recovery,    15% taxes in, 25 % fed budget weee weee, weeee.


sounds like a pig.

DavosSherman's picture

What a fucking POS moron.  $350 bucks and John Williams of Shadow Statistics could have given him all the accurate data that he needed.

true brain's picture

What shocks me is how anyone can even be surprised at anything coming out of mainstream media anymore. I wouldn't have batted a blink, and an automatic "What a load of shit" would pop to my mind, like a well trained Pavlovian dog, upon hearing anything from mainstream media.

cynicalskeptic's picture

Maybe he was thinking about the original, non MOPEd statistics....   let's be honest- you haven't been able to trust government numbers for a couple decades.  

Going by Shadowstats we're at or above the 1932 unemployment number of 23.2%..... the 'misery index' - unemployment plus inflation is far beyond the 1980 number (almost 50% higher)......   Without extended unemployment and record foodstamps aid you'd have people on streetcorners selling apples and pencils (wait - you've got tons of people selling water and fruit and other crap at stoplights....)

This may be something of a Freudian slip.......   the sad thing being that things haven't really gotten any better.  Even iof you want to blame Bush (and he deserves more than enough blame) you can't be claiming any real 'progerss' when none is to be found outside the propped up financial sector......  Obama left the same people running things in the Fed and Treasury, and didn't even try to prosecute any of the real criminals (lowest number of prosecutions for financial crimes? - less than under W?!?!?! WTF?)     Even now with MF Global you have a fundamental violation of the law in comingling customre funds  and no efforts made to preserve CUSTOMER accounts - while the bankruptcy trustee and others like JPM have apparently made out like (literally) bandits.

Obama would've been far better off being honest and admitting just how bad things were when he took office but NOOOOOO... that would po the big contributors and lead to mobs with pitvhforks and torches DEMANDING people hbe held accountable......  if you lie enough and hide the truth (and do all you can to suppress signs of dissent (like OWS), maybe you can keep the current system from collapsing......both parties are part of the same system and serve the same masters.

palmereldritch's picture

Great points.  The article also made me wonder what Ghoulsbee meant by "the data".

El Oregonian's picture

Especially when there's Trillions to be made.

El Oregonian's picture

These turds will have to conjure up a really BIG false flag (i.e. 8.8+ earthquake either New Madrid or So. Cali) pretty darn soon to buy themselves more time to rape the sheeple just one last time to top off their profits.

Hopefully, these thieving Bastards will eventually pay, if not them, then through their children.

cynicalskeptic's picture

'Iranian' terrorist attack... killing two birds with one stone.... and it worked so well for Iraq.....   why not go with a proven plan?     

lakecity55's picture

Joe: "Here's the False Flag plan you asked for, boss. Damn, that cabinet is full of these things!"

Barry: "Call Comrade ________ at _________ and have him put this into play immediately! I must have martial law if we're to keep this scam alive!"

El Oregonian's picture

Sure, their getting "Loosey-Goosey" with the rhetoric and the advancement of the 3 aircraft carriers getting into position with the U.S.S. Enterprise being the sacrificial lamb. I'm praying the "White Hats" engage before this happens. Pray.

TheCanimal's picture

How could his parents name him Austan Goolsbee?

stacking12321's picture

they didn't.

they named him "austan".

palmereldritch's picture

Anagrammatically, the possibilities are disturbing: u Satan

bankruptcylawyer's picture

accusing austin of rewriting history is plain fucking dumb. he's just a stupid turd shill, not a propoganda mastermind. really-----at some point history sometimes does start to become unimportant in the scope of changing our society towards honesty. what's more important ? the present apathy of the electorate which is based not on mistaking their history, but on mistaking their present and future. 


shit is about to go teotihuacan 

Money 4 Nothing's picture

I say Fuck any pundent or empty suit that supports this administration or Fed Reserve, Fuck them all.. That goes for you at CNBS also, bunch of nurvous bitches cheerleading at -0- volume, great job morons, all the retail traders told the market to fuck off a long time ago, just the mom and pop investors are left to play ping pong with robots front running their delayed trades all day.

In the end, they will all be screwed too. Just like life, nobody get's out alive, and were not members of their "elite" club.

They know the shit will meet the fan blades, CNBS talking heads will be left looking at each other then Steve Lies-man will report in, "Wow! we would have never seen that crash was about to happen!?! (APPL) And I just sucked Fed dick last night so I would have heard something..? I guess the Dow didn't have room to run after all?

Look,  all their job entails is to read a teleprompter, keep your earpiece tight for any guest cut off announcements because they start telling the truth which goes against Company policy, and lie. Nurvously laugh about something like Gold is a relic and keep the sheep still.

They are mere fluffers of the USD and loyal to their Masters in the control room, That's it!

We have more problems to deal with right now than lying MSM networks. http://flightaware.com/live/flight/DLH410

williambanzai7's picture

But if he is not propagandizing, WTF is he doing? Covering his own ass?

Jena's picture

So maybe he/they really believed their own bullshit all those times when they said "the President dealt with the worst financial crisis in our nation's history" all those times.  

I thought they were just being a bit dramatic for the fans, voting blocs and non-students of history.

player333's picture

Correct, do all your own homework and trust no establishment information. And if I could hijack the thread-do not trust any financial institution. Over the years I have caught BAC switching accounts that I used to pay bills online, resulting in overdraft charges. When I call them to complain-"I am sorry sir we have been having computer problems in that area", REALLY. There are never any "computer problems in my favor. I wonder how many customers accept the charges.

Several weeks ago I checked my credit card online statement with JPM and found out that a $25.00 sevice charge had been added for a online delivered payment that they said was late but bank was closed on Feb 20th. I challenged them and they apologized.

Currently I have a dispute with Ocwen Loan Processors, my loan had a re-adjustment (downward) on March 1, the sent me a letter saying so-then denied it and said the letter should not have been sent. I sent them a copy of the loan agreement clause on March 2nd-no reply yet and I received a bill for April at incorrect rate,

TRUST NO FINANCIAL INSTITUTION  I just keep enough in accounts to do business and that includes trading accounts. There is NO financial morality-Except at ZH.

williambanzai7's picture



Roger tower, the payload has been dropped on target...

alexwest's picture


never twitted. so 'rather misleading' means YOU ARE FULL OF SHIT , LYING SON OF THE BITCH..

time to learn mew tricks


citrine's picture

Shouldn't The President of the US have enviable choice of candidates for the Chief Economic Advisor?

Sudden Debt's picture

Like henry ford put it: you can have any color you want, as long as it's black

RoadKill's picture

You have it backwards.

What economist would want to work for this moronic, economically incompetent, communist admin?

Would you take the head job at NAR in 2006?

You are forced to say things that will make you a laghing stock among your peers uand be responsible for defending policies that turn the US into a second rate, broke economic power.

When Obama looked like he would win back in 2008, a very smart Repub friend said to me - good I dont want the Repubs hung with what will happen in the next 4 years and McCain isnt the guy to fix anything anyway.

Undoubtedly Commrade O has made things 10x worse then if we had just taken the 10% GDP hit and moved on. He has gauranteed a US bankruptcy in the next decade and I dont think even Romney will be able to fix it.

But if you were a world class economist would you want to be associated with this piss poor recovery and the legacy of bankrupting the US just to eek out a few years of 2% GDP growth.

50 years from now Obama will be viewed ad a top 5 worst president of all time. A justifiable taint on Dems and community organizers for prez. Unfortionately it may also set back African Americans in polotics for sometime (it shouldnt but their are a lot of dumb voters).

tickhound's picture

"a very smart Repub friend said to me... McCain isnt the guy to fix anything anyway" *

"Commrade O has made things 10x worse" *

"I dont think even Romney will be able to fix it" **


* Shows his hand

** Confirms he's an idiot

jeff montanye's picture

obama is not a communist.  actual communists give the obedient poor better treatment (and the rich worse).  he's a very bad, inefficient, short-sighted crony capitalist.  screw top five, he and g.w. bush are slugging it out for top honors not fifty years hence but right f'ing now.

p.s. goolsbee was speaking of six months of data.  the post above uses year over year comparisons.  why aren't six months' periods used?

Augustus's picture

Communist Obama is giving the obedient poor as much as he can plunder from the Chinese communists.

palmereldritch's picture

obama is not a communist.

Maybe all that golf he plays is a psychological smoke screen for the fact that he's really just the Plutocracy's Caddie...

kridkrid's picture

Yup. People are fed the communist/socialist lines to keep them divided. We have our own version of fascism/imperialism regardless of who is in office. Bush's third term, Clinton's fifth, ghwb's sixth, etc.

rcintc's picture

Just following the liberal motto.....Never let the truth get in the way of a good story....