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Author Topic: Debt Burden, Dollar and Obama's Presidency...  (Read 2066 times)
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WhiskeyGirl
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« on: March 09, 2009, 11:19:09 AM »

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...“Has Barack Obama’s presidency already failed?” The stock market had a similar opinion, plunging 382 points. Having promised “change,” Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to re-inflate the Bubble Economy is basically an extension of the Bush-Paulson giveaway – yet more Rubinomics for financial insiders in the emerging Wall Street trusts. The financial system is to be concentrated into a cartel of just a few giant conglomerates to act as the economy’s central planners and resource allocators. This makes banks the big winners in the game of “chicken” they’ve been playing with Washington, a shakedown holding the economy hostage. “Give us what we want or we’ll plunge the economy into financial crisis.” Washington has given them $9 trillion so far, with promises now of another $2 trillion– and still counting.

Is America's failure Obama's plan for the future?  With a little help along the way?

Where does all that bailout money go?  Foreign banks?  Foreign workers?  Help outsourcing American jobs?   Is there any future benefit to Americans?

http://www.counterpunch.org/hudson02122009.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

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WhiskeyGirl
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« Reply #1 on: March 09, 2009, 11:22:25 AM »

A few quotes from the previous link -

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A true reform – one designed to undo the systemic market distortions that led to the real estate bubble – would have set out to reverse the Clinton-Rubin repeal of the Glass-Steagall Act so as to prevent the corrupting conflicts of interest that have resulted in vertical trusts such as Citibank and Bank of America/Countrywide/Merrill Lynch.

Quote
Today’s economic collapse is the direct result of their planning philosophy. It actually was taught as “wealth creation” and still is, as supposedly more productive than the public regulation and oversight so detested by Wall Street and its Chicago School aficionados.

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The commercial banks have used their credit-creating power not to expand the production of goods and services or raise living standards but simply to inflate prices for real estate (making fortunes for their brokerage, property appraisal and insurance affiliates), stocks and bonds (making more fortunes for their investment bank subsidiaries), fine arts (whose demand is now essentially for trophies, degrading the idea of art accordingly) and other assets already in place.

Lots of good reading.
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
nonesuche
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« Reply #2 on: March 10, 2009, 07:24:07 AM »

I hope those who read here also chose to read the latest evaluation of our economy which Warren Buffett put out in the press, along with his thoughts on his company's annual report for 2008. It's not good, he's stating our economy has "fallen off a cliff" and he's correct - this is the worst case scenario.

It isn't just our economy either, during a time that Slum Dog Millionaire is the Oscar winner for best picture, the unemployment lines in India are at an all time high. Eastern european countries are suffering as well, with the same dilemma and banking woes as well. I am tiring of seeing the bashers here post soundbytes as if we're the only country suffering. Do you even realize that the number of countries who now may need to borrow funds from the World Bank might exceed the $$$ capacity of said bank to meet those demands?

Yet we have post after post here about how beloved Obama is? For me, it's not about thinking "God" put Obama here, that's not a thinking person's rationale. I have strong faith but I also believe in separation of church and state, I always have. It's also not about curing reparations but some here make lengthy posts distracting from the issues at hand linking back to every ounce of discrimination they can find to justify moving the issues away from the reality of the here and now of this economy failing.

If we could rewrite history then many of us would, but we cannot. We can only learn from it.

Buffett is already warning us that there may now need to be a second stimulus package to save the economy, to provide the catalyst to move it forward and back on track. He also cites in a politically correct way, that Geithner isn't sending a clear message quickly enough to be effective. This 'global economy' is very reactionary, very driven by emotion, that fact began to emerge around 2000. I don't understand why more here don't really take the time to read and investigate how our economies of scale have changed in the last two decades.

I don't need to read about how well like Obama is, I need to see results. I really don't care so much for myself, I've had a good life, but I'd like to know my children have a chance at a decent life after working endlessly to make great grades in school and be good kids and contribute positives back into this world.

Buffett has been very fair and good to Obama thusfar but his obvious lack of faith in the proposed solutions to date frankly has me terrified. Obama being handsome or charismatic or black american isn't good enough for me. I want results !

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5875220.ece

There are many more links out there regarding Buffett's comments and report, I can't go retrieve those for I have to get to work.





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I continue to stand with the girl.
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« Reply #3 on: March 10, 2009, 08:14:17 AM »

I say that they should have just given every American family $50,000...they would have caught up on their mortgages, bought American vehicles, bought clothes, even go on a vacation..where the hotels and restaurants would be getting the dollars and the business....that would have gotten the economy going wouldn't it?  it makes as much sense as this stimulus package .....Now AIG is back again with their hands out...when is this going to be enough? 
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Tracy1
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« Reply #4 on: March 10, 2009, 11:57:39 AM »

I couldn't agree more with both of your posts!  If they had actually been interested in 'stimulating' the economy, they could have given every working American a huge sum which would have gone to what you say, buying houses, cars, things for their new houses like washers and dryers....thus stimulating the economy.

In a capitalist society, failure is a part of that.  Somebody mismanages funds, then go out of business.  Usually they are reorganized in Bankruptcy court and then come out of it stronger and better.

It is like Pelosi, Reid and Obama refuse to let our free market work!  They step in for certain companies like AIG (who, by the way, employs gobs of their friends!) and let others go out of businesss.

They view business as the enemy when it is not.  Businesses employ more people, buy things, grow our economy!

I can't believe that we are at this point in our history.

He is far more radically left than even I believed.  He fooled me, even though I didn't vote for him.  But 'we the people' have to tell our reps and senators to stop this!

We have to start a backlash that is heard loud and clear to the White House.

Good posts by all.
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moondancer65
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« Reply #5 on: March 10, 2009, 02:37:56 PM »

I didn't vote for Nobama and so far, he hasn't done a thing to make me regret that. In this case, I hate being right.  It is so scary.  And now he has snubbed England!

As far as the "stimulus" goes...have you seen any of the b.s. that is going to be funded?  Un-freaking-believable!

I am afraid for our country and the world with this arrogant, narcissist at the helm. 

Will no one stand up and say "foul" to him?  Are they all afraid to be called "racist"?  Ironically, a woman I used to work with told me early in '08, "He's not black, he's Hawaiian." 

Also, he is dictating to the businesses that are being bailed out what the salaries of their executives will be limited to.  While there is no denying that some firms may be guilty of overpaying their execs, the REAL point is GOVERNMENT interfering with private industry by setting salary limits....this is communism at it's most basic. 

We are on a slippery slope and I don't think there is any hope for us.

Whew...that was a lot for one post.  I'm sure I'll be hearing from you.   


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