Obama reassures nervous nation on ailing economy
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0
Sarge
"Obama reassures nervos nation"
"Obama announced he was forming a new team of advisors with former Federal Reserve Chairman Paul Volcker as the head... Volcker is a legendary banker who raised interest rates and restricted the money supply to tame raging inlation in the 1980s. It was a painful prescription that helped send the economy into one of the nation's worst recessions."
I, for one, am reassured!
0
Wolfpack
Ok Barack - how much is it going to cost?
0
Sarge
Wolfpack - It's going to cost trillions. lol...
0
sabiwabi
Many of Obama's "experienced" staff members were behind this current mess, now they complete the job of fleecing America and the rest of the world of its wealth. These criminals are openly stealing from all of us and we do nothing to oppose them.
0
SushiSake3
Sarge - "Wolfpack - It's going to cost trillions. lol..."
yep, trillions that were wasted in Iraq - you know, the war you supported :-)
0
SushiSake3
sabiwabi - "These criminals are openly stealing from all of us and we do nothing to oppose them."
It's only been going on for the last 8 years.......Surely you've been aware of how much GWB and his minions have been fleecing Americans - to the tune of $6 trillion?
Moderator: Back on topic please.
0
sabiwabi
sushisake3, No, the problems started long long before Bush entered the picture. And although Obama and Obamaphiles continue to chant "CHANGE", looking at who Obama surounds himself with, it certainly seems like it will be more of the same, if not worst. When he says “Help is on the way", he is talking to his banker friends, not to the average American.
0
SushiSake3
sabiwabi, Obama hasn't even begun his role of president. He is still a good 60 days away from doing so.
Can't you at least see what he does first and then criticize him should you see fit, instead of bashing him before he has even taken the reins of power??
0
sabiwabi
Just look at the people he is picking, some of them played important roles in creating this mess. Just because these guys will soon be lead by someone that keeps on saying "CHANGE" not not mean they will change their behavior and suddenly become honest.
0
SushiSake3
sabiwabi - do you reckon Obama's team could burn up your tax dollars faster than the Bush Administration has?
It would be quite a feat if he could.
0
sabiwabi
Looking at who he is choosing to surround himself with, and who his backers are, I can't see why it would be any different. It might even be worst.
0
Sarge
"do you reckon Obama's team could burn up your tax dollars faster than the Bush administration?"
There's no doubt. He has a spend-happy Democrat-led Congress to help him do it, too.
0
Betzee
Some were involved in deregulating the use of credit derivatives, but that was a Republican initiative at heart. No one pushed harder for it than Phil Gramm.
The GWB administration is responsible for the bail-out thus far; if you're dissatisfied you know where to take your concerns. Moreover, Treasury Secy Paulson is also a creature of Wall Street. Yet GWB has ceded incredible authority to him to dole out public money to ailing financial sector concerns with very little oversight. Do you agree with the way he has used it? Specifics please.
Obama, president elect, has been out there trying to provide reassurance. GWB, still president, by contrast has been missing in action since Lehman Brothers collapsed. The change is evident in Obama's hands on leadership rather than simply delegating to others.
0
SushiSake3
Who are his backers?
Are any of them likely to encourage Obama to start a pointless war like GWB's did?
And are any of them likely to encourage Obama to yank roughly $2 trillion out of America and spend it on a foreign country and foreigners, like GWB's backers did with Iraq?
0
SushiSake3
Sabiwabi - "It might even be worst.2
Than Bush? That's really funny, not to mention pretty much impossible. :-)
0
SushiSake3
Sarge - "He has a spend-happy Democrat-led Congress to help him do it, too."
Sarge, you forgot to compare that "spend-happy Democrat-led Congress" with the spend-happy Republican party that for 8 long years, rubber-stamped every spending bill Bush put in front of it. :-)
0
Betzee
Reorienting the US economy will be Obama's test:
This country earned its wealth by making things that worked well, not by purchasing an army of conquest with a Chinese credit card or passing a flim-flam pyramid scam as an innovative form of financing. There is a great moral failure in our short sightedness and selfishness. Where is the basic decency and practicality of a man like Dwight Eisenhower who said he would rather build washing machines than tanks? I hope that President Obama has the courage to follow the kind of course that led Eisenhower to build the interstate highway system. For the 21st century, we need an efficient rail transportation system. We need rational regulation of financial system so we dont have to relive the crash of 29, the savings and loan debacle, and the phony mortgage bubble all over again.
0
Sarge
Sushi, the Democrats have had the majority in Congress since 2006. I'm not saying the Republicans aren't spend happy, but compared to the Democrats, they're a bunch of tightwads!
0
Betzee
Sorry, Sarge, conservative George Will crunched the numbers and arrived at a different conclusion:
Conservatives have won seven of 10 presidential elections, yet government waxes, with per-household federal spending more than $22,000 per year, the highest in inflation-adjusted terms since World War II. Federal spending -- including a 100 percent increase in education spending since 2001 -- has grown twice as fast under President Bush as under President Bill Clinton, 65 percent of it unrelated to national security.
0
sabiwabi
Paulson is also a creature of Goldman Sachs. Conveniently, they let Lehman Brothers, competitor of GSachs, fail but they rushed to save friends of GSachs. I believe some of the people around Obama have close ties to GSachs.
Fanny Mae was a complete sham, a person responsible for this Fanny mess is now one of Obama's trusted financial adviser. And Obama got lots of money from Fanny Mae. There is something very wrong when you have people who should be in jail, but instead become advisers to the US president.
0
Betzee
Lehman Brothers lacked a clearing arm, to "process" trades. Letting it go under would not freeze the system used to credit accounts. It's always best, in my book, to eliminate other explantions before settling for the conspiracy theory.
A rather bit player in the mess. It got into subprime mortgages at the urging of its broad who saw how profitable it was for the private sector. FM's mismanagement pales in comparison to that of Citigroup, which just received its second bail-out.
McCain's top advisor was also on their payroll.
Current laws do not prohibit accepting money. It's no more illegal than someone who took money from Enron advising a president. (Hint: that's a precedent you might want to look into).
0
SezWho2
Maybe what is wrong is the assumption that the people should be in jail.
0
taniwha
Sushisake3
Good question. But the answer has been there waiting for everyone to fall over it for a long while. Obama is backed principally by Wall Street corporate interests, and it is those interests he will be protecting. The evidence has been there in his statements prior to his successful election campaign.
Ultimately, Obama will do much better at softening the blow for the average financially stricken American than his predecessor, simply because he represents the moderate section of America's ruling elite. They believe extreme measures without being accompanied by an apparent effort to look after the 'average' citizen will lead to a social revolt against the political structure. They are right. But this cannot be avoided. Objective conditions have smashed their way through the front door and simply denying that the capitalist system has nothing more to offer other than pain and destruction will change that fact. Capitalism has been extremely useful in that it has rocketed technological and scientific advances that mostly benefit us all, but now it has expired, as most everything does eventually. We must move on or be trapped in a terminally diseased political and social system.
Obama is unlikely to turn into a socialist. He is a protector of the present system and intends to push forward at greater speed down the path America and the world is already on. He has made serious threats of military action against Iran. He supports the war in Afghanistan. The war on terror is designed to provide a smokescreen to cover the massive and continued dismantling of democratic rights. A financial dictatorship is what we are living under at present. This will lead to a political dictatorship and that inevitably will result in a military dictatorship. The pace towards this nasty outcome increases as social pressures build, and Obama clearly understands this.
So people should stay alert and think outside of the extremely limited paradigm they are being presented with by their leaders. The destabalising effects of the continued 'war on terror' is likely to lead to major conflict between the most powerful countries in the world. A military strike against Iran would most definitely be the start of something terrible. So, yes, Obama will be investing in foreign countries, the ones targeted for the resources by America's financial elite that stand behind Obama.
0
taniwha
A few typos above but it'll do.
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