Full Text Of Obama's Speech

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Thu, 09/08/2011 - 19:17 | 1648287 anynonmous
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"This is inexcusable."

those are your words Mr President


Thu, 09/08/2011 - 19:20 | 1648325 trav7777
trav7777's picture

WTF happened to all that debt ceiling shit?  What happened to deficit reduction?

Thu, 09/08/2011 - 19:28 | 1648407 Shameful
Shameful's picture

I'm going to go with pillow talk.  Just sweet nothings whispered, meaning nothing, but needed to loosen the public to the deep dicking.

Thu, 09/08/2011 - 23:02 | 1649441 Not For Reuse
Not For Reuse's picture

I didn't listen to this speech live, but having read it, it is certainly the most compelling speech he has given in quite a few years. Which is notable, because it makes me reconsider my instinct that Obama was designed to be a one term president. A good friend of mine, who has been a top level international judo competitor for decades (not Putin), says the trick boils down to peaking at exactly the right time...

Thu, 09/08/2011 - 19:35 | 1648454 CrashisOptimistic
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The numbers were orchestrated to get past Election Day when the ceiling legislation passed.

This will move the ceiling forward to August next year.  He knows it.

He intends for none of this to pass.  During the campaign, he intends to blame his failures on it not passing.

Fri, 09/09/2011 - 00:13 | 1649571 StychoKiller
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Excerpted from: http://english.aljazeera.net/news/americas/2011/09/201198221242207198.html

But Mitch McConnell, the top Republican in the Senate, said the president's readiness to accuse those who don't support his ideas of being overly partisan was a political smokescreen.

"There is a much simpler reason to oppose the president's economic policies that has nothing whatsoever to do with politics - they simply don't work," he said. "This isn't a jobs plan, it's a re-election plan."

Senate Democratic Leader Harry Reid, meanwhile, said that Republicans also had their eyes squarely on the 2012 vote.

"The other side seems convinced that a failing economy is good Republican politics. They think if they kill every jobs bill and stall every effort to revive the economy, President Obama will lose," Reid said. "Republicans aiming at the President have caught innocent Americans in the crossfire."

The highlighted text sez it all!

Thu, 09/08/2011 - 19:35 | 1648467 MFL8240
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It was all bullshit, everything done in DC is a fraud.

Thu, 09/08/2011 - 20:42 | 1648879 Justaman
Justaman's picture

Debt ceiling???....we don't need no stinkin' debt ceiling.  Deleveraging be damned, keynesians forever (unfortunately)!

Thu, 09/08/2011 - 19:16 | 1648293 MillionDollarBonus_
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Obama is really starting to come along. But he needs to learn to think BIG.

Thu, 09/08/2011 - 19:17 | 1648294 maxmad
maxmad's picture

You should pass it now!

Thu, 09/08/2011 - 19:18 | 1648310 maxmad
maxmad's picture

but we should just trust Obama!  The last 2 QE's worked so well..

Thu, 09/08/2011 - 19:18 | 1648307 CrashisOptimistic
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Pass 474B, the debt ceiling is smashed in August next year.

The man is pathetic.

Thu, 09/08/2011 - 19:19 | 1648319 maxmad
maxmad's picture

but what about all those green jobs?

Thu, 09/08/2011 - 21:02 | 1648995 John Rotten
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The "shovel ready" projects?  What a joke.  I guess what we'd expect from a joker.

Thu, 09/08/2011 - 19:22 | 1648342 kaiten
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While poor Europe is trying to get its fiscal house in order(even at cost of higher unemployment), US is spending like a drunken sailor. 

Thu, 09/08/2011 - 20:41 | 1648869 Quisat_Sadarak
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At least sailors earn their money, and have every right to spend it in any way they see fit. 

The US is borrowing and spending like a drunken Keynesian after a debt ceiling hike ...



Thu, 09/08/2011 - 21:04 | 1649000 John Rotten
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I wouldn't take too much pity on those Socialists!  Oh Crystal Ball...

Thu, 09/08/2011 - 19:27 | 1648345 Religion Explained
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Back on Jan 2009, I bet a friend 10k noobama would be a 1-termer. It's in the bank!


"Pass this bill now, and I will throw in a free set of ginzu knives" -- Noobama Sep 2011

"Pass it now to find out what's in it." Vapid Nancy Pelosi Sep 2011

Thu, 09/08/2011 - 19:30 | 1648422 Shameful
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Well if they dial up the burn rate of cash might hit that debt ceiling right before the election...unless they double down and hit it early 2012!  Come on do it, 1.5 trillion in 8 months, show me waste like only the Fed Gov can!

Thu, 09/08/2011 - 20:11 | 1648699 dark pools of soros
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Creation of debt creates money..  creating money dillutes money,  dilluting money makes it easier to pay Tuesday for a hamburger today



Thu, 09/08/2011 - 19:24 | 1648346 sherryw
sherryw's picture

Oh man, we had one of those 'building school halls' junkets recently in Australia - what an abortion it turned out to be. Run by our central planners, it was a giant rort and disgraceful mismanagement of precious funds borrowed by our stupid left wing governemnt whose members have a collective experience of some two years or so in any form of business.

Thu, 09/08/2011 - 19:26 | 1648388 chump666
chump666's picture

Last BS stimulus in the US was a rort too.  The whole thing will be torn apart. 


Thu, 09/08/2011 - 19:45 | 1648541 narnia
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The only 2 segments of our centrally controlled economy that require less "investment" than the indoctrination industrial complex are the military industrial complex and the prison industrial complex.  

$500 billion on top of all of the other worthless promises is just rounding.  I could care less whether it passes or doesn't.  I hope if it does, they "invest" in some stuff worth investing in.

Thu, 09/08/2011 - 19:23 | 1648360 EscapeKey
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Who will pay for all this? As much as I like lower taxes, if nothing is cut, it'll just lead to even higher deficits.

Thu, 09/08/2011 - 19:32 | 1648441 Shameful
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China?  Dollar Holders?  Magical Gnomes that steal politicians underwear at night?  All good options, but I think Zimbabwe Ben just ordered up some new supplies and was giggling something about "Kick this bitch up to 11!"

Thu, 09/08/2011 - 19:35 | 1648468 EscapeKey
EscapeKey's picture

[pause] These go to eleven.

Thu, 09/08/2011 - 20:05 | 1648671 John McCloy
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   Just as good a plan as the Underpants Gnomes.

Phase 1: Steal underpants

Phase 2:........?

Phase 3: Profit



     Washington and global central planners surmised nicely. 

Thu, 09/08/2011 - 20:06 | 1648675 Zgangsta
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Weren't you listening? Obama said "Everything in this bill will be paid for.  Everything."  Isn't the full faith and credit of the US President good enough for you?

Thu, 09/08/2011 - 19:23 | 1648361 Racer
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Yeah until they may have to, then they will find ways not to

Thu, 09/08/2011 - 19:24 | 1648374 YesWeKahn
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The richest people aren't CEOs. I though Obama was smarter than that.

Thu, 09/08/2011 - 22:05 | 1649285 sun tzu
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Even if you doubled the taxes on all the CEO's, it would be like pissing on a raging forest fire. We're talking about $1.7 trillion in annual deficits. There is no way in the world the deficit can be closed by raising taxes. Wiping out the entire US military would still result in a $1 trillion deficit.

Thu, 09/08/2011 - 19:24 | 1648365 YesWeKahn
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Make new buildings don't make people smarter. Please hire more competent teachers by making the salaries more competitive!

Thu, 09/08/2011 - 19:27 | 1648385 Religion Explained
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Firing incompetent teachers must precede hiring competent ones.

Thu, 09/08/2011 - 19:25 | 1648375 maxmad
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Please just pass it now, I dont care about how QE1 and QE2 failed, YOU NEED to pass it now!

Thu, 09/08/2011 - 19:25 | 1648376 chump666
chump666's picture

It's dead in the water.

Thu, 09/08/2011 - 19:25 | 1648379 YesWeKahn
YesWeKahn's picture

This is a junk proposal with full of empty promises.

Thu, 09/08/2011 - 19:25 | 1648380 Racer
Racer's picture

Chair Satan, fire up the printers... and stick some good smoke detectors in there while you are at it, we will need them....

Thu, 09/08/2011 - 19:26 | 1648387 HomerToeclipper
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Theatre for the masses

Thu, 09/08/2011 - 19:31 | 1648434 maxmad
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"I know no one in their right mind will actually pass this bologie, however my teleprompters told me that I have to look busy, because some of you bitchez think I play to much golf!"

Thu, 09/08/2011 - 19:34 | 1648461 data_monkey
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Trade war. Engage.

Thu, 09/08/2011 - 19:35 | 1648471 Sandy Shorts
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"I ordered a review of all regulations." That should provide a few thousand jobs for a few decades.

Thu, 09/08/2011 - 19:36 | 1648478 CrashisOptimistic
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Futures hardly moving.

Thu, 09/08/2011 - 19:38 | 1648486 twinsdad
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"It’s been a commitment to stay at it – to be persistent – to keep trying every new idea that works, and listen to every good proposal, no matter which party comes up with it."


Are the parties he's reffering too the ones he attends to raise money?

Thu, 09/08/2011 - 19:43 | 1648524 Cursive
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Thu, 09/08/2011 - 19:56 | 1648603 fuu
fuu's picture

"The plan also extends unemployment insurance for another year.  If the millions of unemployed Americans stopped getting this insurance, and stopped using that money for basic necessities, it would be a devastating blow to this economy.  Democrats and Republicans in this Chamber have supported unemployment insurance plenty of times in the past."


151 weeks? 1057 days?



Thu, 09/08/2011 - 19:44 | 1648527 WilliamShatner
WilliamShatner's picture

Second star to the right, warp speed 8.


Get us the fuck outta here, Scotty

Thu, 09/08/2011 - 19:53 | 1648536 LongOfTooth
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The Daily Pfenning speculated today that Obama MIGHT announce another Homeland Investment Act tonight.  I suspect that if he doesn't someone in congress will putforth such a bill.



Recall, when I told you all about the whispering campaign in D.C. regarding a new Homeland Investment Act (HIA)?  Yes, it was a couple of months ago, but I told you how the first HIA was in 2005, and how the dollar rallied for 9 months that year, due to the repatriation of profits earned overseas by U.S. Corporations at a discounted tax rate..


Recall that I told you that the Corporations sold this bill of goods to Congress under the guise of the Corporations being able to increase employment in the U.S.   Well. do you see the line connecting the dots now?  The Corporations are selling that hill of beans again to Congress, that if they can repatriate their earnings at a discounted tax rate, that they would increase employment. And the President is in dire need of a rabbit to pull out of his hat tonight, folks. So. I'm afraid that he will announce that HIA II is on the way.  No, it won't help employment, it didn't in 2005, why would it now? But that's not important right now. The President can sell it as the latest, greatest thing for creating jobs, and the public will follow it without asking questions to the edge of the cliff, and jump off if that's what it takes to prove they are behind the idea.


So. IF HIA II is announced tonight as part of the jobs creation ideas the President has, you can expect some dollar strength to begin. It won't begin right away, as the bill has to go through Congress, but you can expect the tracks to be greased for this bill.  in 2005, around $350 Billion was brought back to the U.S. and the dollar was the belle of the ball for the 9 months that the tax amnesty was in place. Most of the currencies were hurt VS the dollar in 2005, the euro, and franc especially.  The only currency to really amass some positive movement VS the dollar in 2005 was the Chinese renminbi, which as you may recall, dropped their peg to the dollar in July of 2005.  Oh, and of course Gold continued to rally VS the dollar, during the first HIA.


Maybe, maybe I'm wrong. to sing this song.  And it won't be mentioned tonight. but I'm not holding my breath, because all the signs point to this being the piece de resistance for the President tonight.


So. what do we as currency investors do if this HIA II is announced?  Well. if you are a true diversification investor, then you simply batten down the hatches, and look for bargains.  That's what I'll be doing.  You could sell now ahead of the HIA II to lock in profits, and buy back when the bargains appear. But that creates tax events, and I'm always for paying the least amount of taxes as I can! (Not like that helps me, considering my tax bill every year!)


Well. the letter is half over and I haven't even begun to talk to you about what's going on this morning! Well. the HIA II thing is BIG folks.  OK. this morning. most of the currencies are weaker VS the dollar, but Gold is up $15 as I write. 




Thu, 09/08/2011 - 19:50 | 1648566 Corn1945
Corn1945's picture

I think the speech was very supportive of a higher gold prices because he clearly has no way to pay for any of this.

A ton more spending that will be made up for by cuts we already made!!! Some math you got there.

Thu, 09/08/2011 - 19:56 | 1648607 The Fonz...befo...
The Fonz...before shark jump's picture

Here is a shovel ready project for you Obama....

Give the Americans a shovel and tell them to start digging and looking for gold...it's their only hope

Thu, 09/08/2011 - 19:52 | 1648580 nestle
nestle's picture

"You should pass it now" is the only thing I remember on this speech.

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