Financial overhaul added to Obama's to-do list
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0
VOR
"Yes he can" and when he can't, i suspect the liberals will predictably blame it on Bush.
Willing to give this Obama fellow a chance but at this point he is just another slimey politician who has ingratiated himself to special interest groups.
For now, I am keeping my money out of the market and will not buy anything made by union hands.
0
timorborder
One of my greatest regrets regarding democracy is that we cannot simply make history "unhappen" like the Chinese have done for so many years. In a perfect world, not only would the presidency of George Bush be over, it would be utterly removed from the pages of history. As such, there would be no Iraq Quagmire, no financial crisis, etc. Isn't denial great?
0
sabiwabi
This financial meltdown was all planned out. Now, they are initiating the next step.
If they are truly serious about fixing things, they MUST first go after those who created this mess, arrest and prosecute them.
0
Betzee
Tom Friedman made a humorous but accurate analogy in concluding a recent column:
If you want to know where we are right now, rent the movie “Jaws.” We’re at that moment when Roy Scheider first sets eyes on the Great White Shark and comes back and says to the skipper, with eyes wide with fear: “You’re gonna need a bigger boat.”
The feds are going to have to pump money into the system to ensure a recession does not spiral into a depression. This means Uncle Sam is going to go deeper into hock, but we can't worry about that now given the stakes.
0
marvenp
This is so racially typical of the world. Whenever a person of color assumes a position of authority, the first thing everyone wants to do is dump the entire world's problems on him so that if he does screw up something, they can all point a finger and say (or subconsciously think) that people of color don't belong in those positions.
Obama is a person, he is NOT the second coming of Jesus. I have never seen such outrageous expectations of any president in my 40+ years of living. It's like every country in the world is expecting him to be their savior. Let's not forget that Bush has screwed up things so bad that it would be a huge undertaking for ANYONE to fix not just Obama.
Give the guy a break. He hasn't even taken office yet and already he is being set up to fail.
0
smithinjapan
Anyone who thinks Obama can walk into office and instantly cure the financial woes of the country is a fool. He'll do his best, and I have no doubt he'll make good decisions that will result in progress being made and steps towards even MORE progress being easy to see, but things aren't going to reverse themselves overnight, my friends.
Oh, and yes, we will continue to blame things on bush -- he got the world into this mess, after all. You cannot blame Obama for failing to get it out if you don't see results immediately... that's going to take time.
0
kinniku
"sabiwabi",
Allow us a view into your land of fantasy and intrigue. Exactly who created this mess? Names would be nice...
0
Betzee
While there may be people who are criminally liable for providing misleading information on asset portfolios, the magnitude of the crisis reflects the accumulation of irresponsible behavior on the part individuals. Using your home as an ATM machine, for example, on the assumption the value would continue to rise. Sub-prime mortgages enabled more people to buy which artifically inflated real estate prices. But, when they fell, it affected everyone.
0
sailwind
He had to add it?
0
sabiwabi
That is indeed what "they" want the people to think. Unfortunately, the majority of people seem to be falling for it. Its too bad we can't count on the media to properly inform the people. They continue, year after year, to to give us advice and explain to us what is happening, they invite "experts" who are always wrong (they lie). Even if they continue to lie to us, they keep on getting invited to comment on the financial system. Hmmm, I wonder why.
0
sabiwabi
Well, here is one financial commentator I wish would show up on CNN, BBC, FOX...
http://jp.youtube.com/watch?v=rZiWd0bGAdc
He mentions something about what should happen to Hank Paulson. And about the massive fraud coming from the US.
0
skipthesong
On Obama's to do list, it should be noted that fault can not and should not be bought up. Far too much of the American public believes that this economic mess was republican born and it wasn't. And no, it wasn't Dem born either. Additionally, it should be noted that the problem has effected the world and it is not sorely due to the American public's lending. Everyone several years ago need vehicles that would increase spending and the only solution at the time was to give easy credit as well as easy mortgages.
So, as it has been duely noted, "it is going to take time" I do hope that many don't play the typical political games such as "well, if the repubs didn't do or should have done blah.
sabi: trying to tying any one person or group in this picture is like trying to find the source of narcotics. But, I am interested to know what you know.......
0
adaydream
Is anybody surprised? Really??? Is there anybody who's surprised that george bush again fails in another area and someone is going to have to clean up what he's screwed up.
Yes, we can!!!! Barack Obama will have to take control of the helm and do what george bush couldn't.
Of course as soon as Barack has taken his oath, the republicans will be whining how it's not fixed. george bush had 8 years to totally screw up the economy. It ain't going to fix over night. < :-)
0
thepro
The Bush administration really left their mark on the world didn't they. Probably be another decade before we get things back on track.
0
kinniku
"sabiwabi",
So, why are you keeping us in suspense? Please tell us who 'they' are. How about one name? Don't tell us you are going to suggest we watch another 4 hour youtube presentation you haven't even watched yourself. You know you want to give us a name of who you think is behind this financial problem.
0
Nippon5
I read on this site that the Obama's team has been trying to play down the promises he had made to the voters before the election..
According the posters who supported Obama's election, he will and can fix the budget, He will fix the war, He will bring peace to the world, He will save the health care and education systems, he will (well basically everything)..
It doesnt seem that anyone other then his own supporters and Himself set up his to do list, and now maybe people are realizing he is just a guy with no experience and we have no clue what will happen with him as the president, but those who praise him cant admit that so they blame it on another already before Obama even has a chance to do anything....
I'm finding this funny as hell.. My reason for not voting for him was simple, he doesnt have the skills yet to run the country, he doesnt have the experience yet to do something outside of his puppet masters wants, and he is coming onto a situation he isnt going to be able to handle based on the things he promises and the reality of what can be done in his term..
Nothing like his party bringing him to the slaughter after they told everyone how good he is going to taste..
Now start the blaming on eveyone except Obama so when he fails you can say see we said Bush did it, Clinton did it, Snoopy did it...
When you apply for a job and you already know all the problems and say "hey I can fix everyone of them " your setting yourself up for a fall..
0
Sarge
"He ( Obama ) did not participate in the two-day emergency summit"
Call me if you need me.
0
sailwind
"He ( Obama ) did not participate in the two-day emergency summit"
True, I guess he didn't want to spoil it by asking for some more "change" from the members of the summit to help out the U.S. economy.
0
adaydream
kinniku - Who created the financial problems we have right now?
Phil Gramm republican congress Bill Clinton george bush < :-)
0
kinniku
adaydream,
Sorry, I have to go with Betzee on this. It seems many people overspent, overborrowed and all in all over extended themselves. Is this the only reason? No. However, I do not think government is the only source that is to blame. When you have people borrowing money that their income indicates they cannot pay back to buy houses that they intended to 'flip' for a profit and those houses turned out to be 'unflippable' causing defaults, this is a recipe for the start of financial disaster. If you can't afford it, don't buy it should be a priority for most people. However, in the US, it seems the opposite held and still holds true for many.
0
kinniku
As far as Obama is concerned, I don't remember him saying that he would fix everything right away. Obviously the gentleman deserves time to fail or succeed on his own. I think it is rather unfair to expect everything to be all roses and wonder right from the second Obama is sworn in.
0
kinniku
"sabiwabi",
Sorry to burst your fantasy bubble, but Max Keiser is working on a regular weekly show to be aired on BBC soon. So, the conspiracy you are looking for has met a deadend again.
However, the bottom line is that consumers gambled with money they did not have and that was one of the major sources of trouble.
0
sailwind
Agreed,
However these are unprecedented times, times that I have never seen in my lifetime. The economy has lost two trillion dollars in value. My own savings portfolio and I'm a conservative investor always have been has taken a 30 percent loss. I have never owned a credit card in my life, hard to believe but true. I was one of those who was taught if you can't afford to pay cash you can't afford to buy it.
The only solace I get is that I'm not alone. Most everyone I know has seen their long-term retirement savings contract just as much as I have.
Now as far as Obama. The market has tanked even worse since his election. That means flat out investors and people are scared what his plans are and our afraid to invest.
His job now that he has been elected is to re-assure us and the market that he's got a plan a real plan not some empty slogan of "change" that got him elected.
He's got the top job now even though he hasn't been sworn in yet and the market and the economy is only going to react either positive or negative when it can actually start to devine what he plans to do with it.
His inaction right now is just making things worse. Part of the job as President is to re-assure the Nation.
Are you re-assured that he actually has a good plan to help? I don't know if he does and the market doesn't either and that is why it is still going straight into the crapper.
This isn't leadership hitting the ground running, this is wait till I figure out what I really meant by when he said "change" and no real details behind it than tax the rich. Well the rich aren't so rich anymore and that means plan "b", and that plan hasn't really been thought out yet as far as I can tell.
Sorry Kinniku, I'd like to give him a pass also but these truly are unprecedented times and demand that we can't. We really can't.
0
goodDonkey
VOR said:
If Obama does improve the economy quickly you would be the first to say it is because of Bush. When he does it over time you will still say it was because of Bush.
I would say it is a no win situation but that is far from the truth. We only need to recognize that the bitter few will still be bitter either way. When Obama begins to acquire successes the majority of the people will give him credit. Those who continue to criticize will just become more isolated. Those who say they never said he couldn't do.., whatever, will be accountable for what they did say. When someone is now saying "he doesnt have the skills yet to run the country" please don't let them get away with saying they took a "wait and see" approach later on. Because they did not. Let there be no mistake a statement like that is saying Obama can't do it.
That is when Obama will be required to be prepared to put forth the new administration's plans to integrate with other world leader. He will be taking the measured response to leaders in the interim unless a summit is agreed upon sooner. I say Obama will be ready on April 30 and the results of his domestic efforts and extensive planning on the international level will help him to achieve a level of respectability among the other world leaders.
The facts are that the economic situation is a mess. Another fact is we are only beginning to enter the annual quarters of economic decline. Recessions average somewhere around two years. This is no average economic downturn. It may in fact be the worst financial crisis since the Great Depression.
There are many positives that may help turn this crisis around quicker than past crises of this magnitude. China may be our competitor but it is in their best interest to assist America in reviving the largest consumer market in the world. American's are among the most productive workers in the world. I believe the foremost advantage we now have is the willingness of the world to work together. Nobody can name a country that believes it is in their best interest for the U.S. to slip into a depression. We as a nation recognize it is in our best interest to contribute to a solution that will benefit all countries. The NeoCons may single out nations they want to suffer but most Democrats and most Republicans realize that although a few countries have bad leadership we should hope for the best for their citizens.
0
sabiwabi
kinniku, I thought I had seen Max Keiser on BBC once, but wasn't sure. Anyway, the things his says are not common in the western mass media. BTW, the video I linked to above is only a little over 3 minutes long (not 4hr).
Gambling consumers causing financial meltdown that allegedly requires governments (taxpayers) worldwide to pump in several hundreds of billion dollars? You don't actually believe that, do you?
This entire crisis is a massive FRAUD and you keep popping up to defend the usual criminals. I wonder why.
0
VOR
why am i not surprised by the amount of people who are already making excuses for Obama. He said he is going to change the world. He said he had a plan. He said he was experienced enough to run the country. He said yes we can and the crowd of socialists screamed back yes we can, so why is everybody already making excuses for the young messiah?
I hope the media finds their integrity soon. Their little propoganda arm stunt for Obama and the DNC has placed a very inexperienced guy in the oval office. With a little honest news reporting, we will get to see just how capable Acorn Obama really is.
0
kinniku
I'm sorry, this just shows you do not see enough western media. Many people have been saying similar things for quite some time.
Maybe, you had better look at what helped Japan crash in the late 80's and early 90's. You had probably look at the prime lending crisis as well. Reality is a wonderful if you would only try it. BTW, I never claimed it was the sole problem. However, it certainly contributed to it.
Hmmm... and I continue to wonder and be amazed at your inability to name any 'criminals' you seem to think I am defending. Let me guess...it has something to do with Jews or Zionism, right? Let us know when your spaceship arrives back on earth, okay?
0
kinniku
sailwind,
Respectfully, Obama is president-elect, not the president, yet. He should not be dictating any sort of policy yet. Once he is elected, then it is a whole new ballgame. However, it would be completely inappropriate for him to start attempting to enact policy before being sworn in.
However, I know we both share the same worries and fears about where things are going. Of that, there is no doubt or disagreement.
0
sabiwabi
Kinniku, many of the criminals behind this mess have been mentioned a number of times by me and other posters. You should stop pretending to to ignore who they are. Anyway, if you bothered viewing the 3 minute video I linked to above you'd know that Hank Paulson is one person who the authorities should go after, and punish him severely (seize his assets and execute him).
0
goodDonkey
Why am I not surprised that economic facts are construed as excuses by the bitter losers in the election? Why am I not surprised by those who call patriotic citizens socialists because they disagree with their choice of party or president? Why am I not surprised that the bitter losers refer to the winning candidate as "the young messiah" because he brought a message of hope when they were busy with their bitter rants? Why am I not surprised that the same people cannot recognize that candidate Obama had more experience that candidate Abraham Lincoln? Why am I not surprised that the bitter losers are blaming the media?
I am not surprised because they are stuck in denial. They look at the process of grieving for a loss as just another liberal gimmick. They believe they only need two steps to make up for their loss of the presidency.
Step 1 - Denial
Step 2 - Repeat
0
sabiwabi
“Obama has a tall order,” said Morris Goldstein, a senior fellow at the Peterson Institute for International Economics who spent years working at the International Monetary Fund, the world’s financial firefighter.
The IMF goes into bankrupt countries, offers money under specific conditions so that when they inevitably cannot repay them, they fleece the country of their assets. The IMF has been used to fleece so many countries of their wealth, while trying to give the impression they are there to help.
But I'm sure he will implement all the policies needed to maximize the fleecing.
0
kinniku
Then it doesn't take much time for you to mention who "they" are. Why is it you insist upon a shroud of silly mystery. Say what you want to say.
Okay, then show me where I have defended him. Thanks...
(seize his assets and execute him).
Execute him under what fantastic law pray tell? This is not Nazi Germany. There are laws and punishments.
0
romulus3
do you watch a movie without seeing the trailer?
0
kinniku
romulus3,
Interesting analogy, however you know as well as I do that it would not only be completely inappropriate and would also be unprecedented for Obama to come in and take over from George Bush before even being sworn in. I am surprise at how many people seem to want to change the rules. There are laws at work here. Obama is not the US president now. He will be on January 20th. It is after that that he should take over.
As to your question...if I can avoid it, I prefer not to see a trailer for many movies as they tend to reveal too much of the plot beforehand making going to the movie less interesting.
0
kinniku
sabiwabi,
What the heck does the IMF have to do with Obama? Just because someone that worked there before made a comment about Obama having a lot of work to do, you magically make this into Obama fleecing people? Whatta imagination! You should write SF! Kinda like a R.L. Hubbard II.
0
sailwind
Kinniku
Thank you, Just wish others would view my concerns without being "Political" also.
0
Betzee
Last week GWB stated the need not for more government but smarter government. He offered no details, however. Bill Kristol at least raises some of the issues proponents of the free market need to address to provide some blueprint for reform:
I don’t see why conservatives ought to defend a system that permits securitizing mortgages (or car loans) in a way that seems to make the lenders almost unaccountable for the risk while spreading it, toxically, everywhere else. I don’t see why a commitment to free markets requires permitting banks or bank-like institutions to leverage their assets at 30 to 1. There’s nothing conservative about letting free markets degenerate into something close to Karl Marx’s vision of an atomizing, irresponsible and self-devouring capitalism.
If conservatives do some difficult re-thinking in the field of political economy, they can come back. If they don’t — well, there were a lot of admirable conservative thinkers and writers, professors and novelists, from 1933 to 1980. But conservatives didn’t govern.
0
Betzee
I do believe had we had a national energy policy in place which rewarded auto makers for producing fuel efficient autos we could have avoided this situation where auto malls have miles of unsold inventory from the Big Three while one needs to wait to get a Prius.
Plus, it would have reduced our dependence fossil fuels, producing environmental benefits while undercutting the clout of petroleum-exporting nations.
0
kinniku
Betzee,
Great comments about the automotive industry. I do not know if you can recall Bush Senior's trip to Japan trying to get Japanese to buy big US cars with the steering wheels on the left side and only succeeding in losing his lunch all over then PM Miyazawa. Not the US automobile industry's finest hour and neither is this. Basically, they still haven't learned very much it seems.
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