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JAPAN NEWS AND DISCUSSION

Obama's economic efforts hit wall of bad news

World Mar. 04, 2009 - 05:50AM JST ( 16 )

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16 Comments

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adaydreamMar. 04, 2009 - 08:13AM JST

It economy ain't going to fix itself overnight. Barack Obama came into office with the crash in the economy waiting for him.

Some wonder if he's taking on too much. When he first started campaigning he said he handle certain items. The economy has crashed, but he was elected to do something. So he has a task to do both.

At least Obama is putting the wars in Iraq and Afghanistan in the budget and aren't whipped out twice a year for more money. < :-)
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rollonarteMar. 04, 2009 - 09:05AM JST

You know it's bad when even CNBC is attacking our rookie president and his handlers.

Mad money's Jim Cramer:

"It’s Amateur Hour at Our Darkest Moment"

"Until they realize that their agenda is destroying the life savings of millions of Americans, then all I can give you is caution... I'm not saying Mr. President go stare at the Bloomberg quote machine and come to your senses. I just want some sign that Obama realizes the market is totally falling apart and that his agenda has a big hand in that happening. I don't know about you but I felt it everywhere I went this weekend... A young kid took me aside. He said I was right when I said we've elected a Leninist... I felt the total lack of control we all feel right now, the, "It's out of my hands but where's the authority?"
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BetzeeMar. 04, 2009 - 09:50AM JST

I just want some sign that Obama realizes the market is totally falling apart and that his agenda has a big hand in that happening.

What did he recommend? The "do nothing" approach and like we can expect investors to suddenly develop amnesia about the banks' toxic assets?
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skipthesongMar. 04, 2009 - 11:14AM JST

Obama’s call to reduce high-income earners’ tax deductions for the interest on their house payments and for charitable contributions"

I hope no one starts complaining when charities start suffering.
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rollonarteMar. 04, 2009 - 11:17AM JST

they call that wall "reality"...
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GJDailleultMar. 04, 2009 - 11:37AM JST

News flash for our American friends blaming Obama and his six week old administration. There are things out there in the big, bad, world called "other countries". They each have leaders, some are called presidents too, others are called prime ministers, chairmen, even kings. They have crashing stock markets and economies too, and Obama ain't in charge of any of them.
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VORMar. 04, 2009 - 02:11PM JST

at some point Obama and his whiz kids are going to have to take responsibility for their actions. The sharp downturn in the market is a reaction to Obama economic policy. It shows there is a lack of confidence in Obama's Hooveresque strategy.

While its true he inherited a mess from the previous administration and democratic controlled congress, the actions taken thus far places total responsibility squarely on the shoulders of Obama, Pelosi, Reid, the Democratic Party and 3 very stupid republican senators.
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VORMar. 04, 2009 - 02:15PM JST

News flash for our American friends blaming Obama and his six week old administration. There are things out there in the big, bad, world called "other countries". They each have leaders, some are called presidents too, others are called prime ministers, chairmen, even kings. They have crashing stock markets and economies too, and Obama ain't in charge of any of them.

According to you guys its all George Bush's fault. Nice double standard my non American, non US taxpaying friend.
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likeitisMar. 04, 2009 - 04:10PM JST

VOR: According to you guys its all George Bush's fault. Nice double standard my non American, non US taxpaying friend.

In a way you are right, and in a way you are wrong.

The government can make economy bad. The American government can certainly make the world economy bad. But no government can make the economy good. Bush and his government had a large hand in making the world economy bad. They might even be the primary cause.

Where GJDailleult really messed up is by implying Obama can make the American economy good again. He can't. He will either ruin what we have left, have no effect, or he will get really really lucky and the economy will fix itself and he will get the credit for it.
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SushiSake3Mar. 04, 2009 - 04:34PM JST

VOR - "The sharp downturn in the market is a reaction to Obama economic policy. It shows there is a lack of confidence in Obama's Hooveresque strategy."

hahahaha! Funniest comment of the day. :-)

VOR, are you serious?
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likeitisMar. 04, 2009 - 04:43PM JST

VOR, are you serious?

I think his statement is at least partly valid. It all depends on the time-frame you are looking at.

The problems are the implications that Obama could have done something to make the market go up, or that pleasing investors is the most important thing to do right now, or that Obama needs to do something other than get tough about the situation and instead say something sweet and fluffy.
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MadvertsMar. 04, 2009 - 07:04PM JST

I'm still so deeply bitter and upset about Senator McCain's defeat that I ignore and/or critisize everything the Obama administration does, whether I understand it or not, or indeed if it's good for America or not.
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adaydreamMar. 05, 2009 - 12:26AM JST

VOR

According to you guys its all George Bush's fault.

VOR you're correct. But we'll get through it.

The policies that Barack Obama is creating are what we've needed. Not an unjustified war.

The problem is that some of these new policies should have been done years ago. The cap and trade are going to cost us in the long run, but it should have been done already. Not telling industry that their pollutant laden smoke doesn't effect the climate or global warming.

We're still in deep doo-doo and it's going to take a couple of years to reverse the damage that been done. < :-)
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MolenirMar. 05, 2009 - 01:02AM JST

VOR, are you serious?

Don't see why he wouldn't be serious, I mean despite what you kool-aid drinkers would like, its true. Theres a reason the market is in freefall despite the "stimulus" and the budget. The Dow is below 7000 for the first time in a very long time. And yes, much of that can be laid at the feet of Obama, who rather then working to correct it, has signed into law measures that will only further hurt the economy. Particularly in the long run.
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MolenirMar. 05, 2009 - 01:04AM JST

The policies that Barack Obama is creating are what we've needed. Not an unjustified war.

The policies of Bush and Obama are whats put us in the place we're in. And you're right, its going to take another election and someone competent in the white house, before the damage can start to be repaired.
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MadvertsMar. 05, 2009 - 03:23AM JST

"The policies of Bush and Obama are whats put us in the place we're in."

Obama has been in office for 2 months. The radicals really need to look at how crazy you all sound, and I mean those blaming everything on bush, too.