Obama predicts ‘significant recession’

[ben_meyers]

Source: MSNBC.COM

SARASOTA, Fla. - Democratic presidential nominee Barack Obama said Thursday that economic conditions would get worse before they got better no matter who was elected president, telling NBC News that the next administration was likely to inherit a “significant recession.”

In an interview airing later Thursday on “NBC Nightly News,” Obama said, “I don’t think there’s any doubt” that the next president will have a tougher job than ever, saying it is not possible to forecast how long the economic downturn would last.

“We know that the next president is likely to inherit a significant recession,” Obama told Brian Williams, anchor of “NBC Nightly News.” “We don’t know yet how long and how deep it is, and what actions we take over the next six to nine months could help determine how deep and


Read more: http://www.msnbc.msn.com/id/27460758/

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As was reported this AM the US economy has "contracted", maybe less than some have predicted, but never the less. Some are predicting at least 18-24 months of severe recession instead of the average 10.

This honest assessment from Obama shows that he is facing reality and possibly attempting to manage expectations to a degree.

“conditions would get worse before they got better no matter who was elected president", for those who like to "research" posts you will note that I have been saying for more than a year that whoever inherits this crapstorm could very well be a one term president. If the "downturn" lasts until the midterms you will see a bloodbath in congress.

If anyone is expecting FDR to come walking through the door to save us, get ready to be disappointed.

[SpiralHawk]

1. "The republicons have screwed America's pooch." - Honest Americans

"Republicon greed, corruption and incompetence have, to mix metaphors, flushed America's economy, environment, and honor down the crapper of amorality."

- Honest Americans

[Hawkeye-X]

2. It's official - Obama has started the blame on the recession on the CORRECT administration

Not Barack Obama's administration - GEORGE WALKER BUSH'S ADMINISTRATION!!!!

Obama will have something worked out to get us out of the recession, but will take time, of course.

Hawkeye-X

[Demeter]

3. The Obvious Correlary: Keeping the Wrong Party in Power Will Make It Worse

Throw out the crooks!

[Faygo Kid]

4. He steps in at a tough time. But we have seen greatness before, and I think we will see it now.

[amandabeech]

6. Faygo, I've agreed with you on so many threads related to manufacturing,

but I can't agree with you here.

I've been looking for an FDR for at least a couple of years because my pessimistic self could see the recession coming for that long. This year, I was afraid in January that the war would be taking a back seat to the "economy, stupid" by the time that the election came around and we'd be stuck with a candidate good on the wars but gutless on the economy. That's what we have now, as far as I'm concerned.

I'll vote for Obama, I've phone-banked for Obama and I'll do more of that tomorrow, but I don't see him as the second coming of FDR.

Economics is the area in which I've thought that Obama is at his weakest with a team that's a rehash of Clinton and his NAFTA and MFN for China buddies with a dash of the Chicago School for added nauseation.

If anyone was an FDR in economics this year it was my first pick, John Edwards. If he were the nominee I'd have a lot more hope.

As it is, we will have someone who's willing to do more than cut the capital gains tax, but who's really not going to do anything even close to the radicalism that Palin accuses him of.

I'm not the praying type (spent too much time in Methodist Sunday School), but I think that I'm going to be praying for whoever wins on Tuesday. It's going to be a rough haul.

[ben_meyers]

7. Based on what? Hope

Obama has just admitted that neither he or McCain can avoid what is coming, and unfortunately for all he's correct.

And if you think laying blame will help you're wasting your thoughts.

[Purveyor]

5. I'm glad to see him getting out in front with this. This recession needs to be branded the

'Bush/GOP recession' before he takes office (yes, I'm certain as I can be)...

[ryanmuegge]

8. "Worse" is an understatement. Many of us probably won't be alive by 2012.

It's going to take courage and a 60-vote majority to do the right things.

[FVZA_Colonel]

9. McCain'll try to seize on this, but he does with everything Obama says.

And how is what Obama's saying not based in fact?