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January 30th, 2009
10:16 PM ET

Forbes on the economic mess


Steve Forbes says President Obama's stimulus plan will not work. Listen to him tell CNN's Richard Quest his solutions for the economic crisis at the World Economic Forum in Davos, Switzerland.


Filed under: 360° Radar • Economy • President Barack Obama
soundoff (16 Responses)
  1. jim Fallbrook CA

    I don't usually listen to experts opinions on theeconomy. This time I have to agree with Steve Forbes without knowing all the particulars. I can't get all the details about our socialist presidnet Barack Husseing Obama's stimulus plan. From what I do know, it is leaning toward prok projects i.e $75 million to help smokers quit . Give me a break. It won't stimulate the economy. It will be a failure like the $850 billion financial Bailout .

    February 1, 2009 at 11:07 pm |
  2. joanne

    Anderson,
    Like most canadians, I have been following what is going on in the US with regards to the economic crisis/recovery plan. I was distressed to find that WALL street used some of the TARP monies for their bonuses. My question is a simple one, why can't Obama legislate to have the Wall street exec give back the money?

    February 1, 2009 at 7:34 pm |
  3. Lawthorne

    I think we've been "Listening to the experts" long enough.
    Look what listening to them got us into.

    February 1, 2009 at 3:15 pm |
  4. annette west

    republicans, supply side conservative think tanks, have been cuttting regulations and taxes and government spending that pays government regulators to watch for abuse in our food, drugs, banks etc since Reagan.. If that plan worked why isn't the country in great shape today
    instead of a need for deflation so workers can afford to buy ? Debt began I think with Reagan administration, he started to break unions so 90% of middle class continues to be less well off while 10% at top have as much as ones at bottom. Middle class was better off when weathy had to pay 50% taxes then they invested in companies and jobs here in this country so middle class would have money to pay taxes. Otherwise the ones who have the money have to pay the taxes. Interest ,dividends, capital gains should be taxed at same level as earnings. Teachers etc pay 28% so why should rich pay 15%. Other than 12 years of Clinton with Grinich led Republicans in Congress, the Republicans have been in charge for about 25 years, Pres. Bush had 6 years with Republican Congress and we have a depression. thanks annette

    February 1, 2009 at 12:17 pm |
  5. Marilyn

    Why not stimulate the economy by withdrawing the hundreds of thousands of jobs outsourced overseas and bring them home to employ the hundreds of thousands of Americans out of work?

    February 1, 2009 at 12:04 pm |
  6. Larry L.

    The answer is simple-THE GOVERNMENT IS NOT THE ANSWER,IT IS THE PROBLEM !! STOP THROWING AWAY OUR MONEY !!!!!! The government needs to CUT BACK !!!!

    We,because of them ,will have to tighten our belts,and work through this mess.USE COMMON SINCE AND LOGIC.We don't have any money to spend.

    February 1, 2009 at 11:29 am |
  7. Ruth

    As opposed to him not doing anything at all? Where is the groaning about the bailout package that went to everyone but the person who needed it with the Bush administration and it's cronies? It may not be enough, but it is a start.

    February 1, 2009 at 5:04 am |
  8. J.V.Hodgson

    The current economic crisis in America and also globally is unique.
    This article assumes one guy Forbes has all the right ideas.
    Me I'll put more trust in the very qualified team Obama has put in place to decide what will be done.
    Again this type of article comes down to if you put 10 Economists in a room and 10 Treasury specialists etc you will have a geometric number of ideas, which does not necessarily make it easier to decide what will/ should be done and how.
    God bless us all we elected Obama, and his team is now mostly confirmed and they have a plan... hope it works.
    Mr Forbes is not part of that decision making process nor should he be. If he has strong views write a letter to the EPA heads, who might understand better what he is saying and be a constructive influence instead of just a nay sayer. There are already too many of them.
    Regards,
    Hodgson.

    February 1, 2009 at 3:21 am |
  9. Stephanie

    Even if the banks were to start lending money again as a result of the bail-outs, so much damage has been done to millions of people's credit ratings, that few would qualify for loans. Bad credit is also reviewed by prospective employers.

    I know people that have maintained stellar credit histories and paid their bills for 20-40 years that have lost their retirement savings, homes, jobs and credit ratings. No bail-out in site for these people.

    January 31, 2009 at 9:20 pm |
  10. linda

    Those in government offices that are skipping out on taxes are walking out the door with more than a office pencil. They are walking
    away with us down here. Many people are living in their cars and
    dying because they cannot pay the electric.

    The president should make a surprise visit to the AIG office and
    shock the recepionist and say to get the CEO the American
    people want their money back.

    This is America not a 3rd world country which is the way it is going.

    January 31, 2009 at 6:02 pm |
  11. BK

    Get government out of private business. No companies should get a bailout. Let them restucture as needed and the strong will survive. Paying bonuses and high compensations are a thing of the past. If corporate america would pull their heads out and do the right thing, shut down the "good old boys clubs" at the "C" levels of companies, and compensate the working stiffs below, our apathy would be gone and people would feel they have a purpose again. Our government should be worring about helping people of the ice storms and the indigent. Not corporate cry babies.

    January 31, 2009 at 3:33 pm |
  12. sandy

    American businesses need to be selling American goods. Low wage retail jobs cannot pay mortgage payments, car payments, and necessities much less the "would like to haves" that is why the credit crisis has ballooned – people are borrowing more and more to just survive. The only way we can thrive this is to invest in American jobs, buy American, educate and employ our people, and live within our means – government and the general population. We have become a disposable society full of waste. Now it is our jobs that are being disposed of and any security we might have thought we had. The handout mentality needs to stop...give a hand up! Incentives for work not incentives to not work. There should be extreme penalties for sending our good jobs overseas. The global economy doesn't seem to be doing much good for anyone does it! Free trade seems to have put us all in the hole.

    January 31, 2009 at 1:17 pm |
  13. suelouise1

    Sue – About these $20 billion of bonuses to everyone on Wall Street. I noticed that only eight people commented on that topic on Thursday night. That got me thinking – either your viewers are fatigued on this "greed" issue or maybe your viewers think the Wall Street earned and deserved it. I'm not sure exactly all that Wall Street does, but I think it has something to do with keeping the money flowing where it is needed. It that job worth bonuses of $20 billion? I don't know enough about it. But another industry that makes usually tons of money and gives out huge bonuses, too, is the drug industry and I do know about the social benefits of that industry. I've taken high-powered pyschaitric drugs for twenty years during which time I got married, owned a house, held a job in accounting, socialized and instead of being a drain on society, which really could have happened, I did well for myself. There are millions and millions of people just like me. These drugs are an enormous benefit to society and money should flow into them so more people can be helped. When is enough enough? I'll let you decide.

    January 31, 2009 at 9:22 am |
  14. Terry Kelley

    Steve Forbes doesn't get that supply-side economics is the problem here, not the solution. We have a demand recession with increasing inventories and we must stimulate the consumer with tax cuts and jobs so that they will buy the goods and services that American buisness needs to sell so desperately.

    January 31, 2009 at 2:12 am |
  15. Thomas

    And Forbes didn't see the meltdown coming when he ran for President .
    The reason why he say's it wont work is it's not in his best interest for it to work.

    Ask him the question another way, ask him what his Father would think of the way the market has been mismanaged !

    January 31, 2009 at 12:39 am |
  16. Doris

    I listen to the *experts* giving their advise. You need to come to the heart of the economy. I would like you to come to Michigan. I am person who has two mortgages. My husband and I purchased a home closer to our kids and grandchildren. We thought we could sell or rent the first property. Of course, this did not happen.
    When I lisgten to the so called experts, I want to scream! They have jobs, and talk , and talk, and talk etc, etc,
    As my Daddy told me book learning and common sence are bnot always equal. These professionals are making big bucks, Ttrying to uand continue tonderstand our economy. If our government cannot same our country and keep giving illions to BIG corporations

    January 30, 2009 at 11:52 pm |