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254 Comments
- tpmidd, on 07/06/2009, -20/+106This is nothing another Stimulus package can't solve!
/s - Anntink, on 07/06/2009, -17/+98Obama is just continuing Bush's policies. We no longer have a two party system (if we ever did).
- zelig, on 07/06/2009, -31/+74Hmm. And just when Barack Obama was all set to launch more Bailouts.
- LouisCipher777, on 07/06/2009, -3/+39I like to call it a "two headed one party" system.
- alamedaman, on 07/06/2009, -13/+48hey why don't we keep spending money we DON'T HAVE to fix everything? that's the statist way!
- wassim2k, on 07/06/2009, -10/+44Current debt + bailouts + healthcare costs + social security costs + future bailouts + failing infrastructure + rising interest rates + deflation + rising unemployment rate = ????????????
- bdbr, on 07/06/2009, -4/+38When Federal Reserve economists predict any good news, they're full of *****, and when their assumptions are used to predict bad news, they're right on target. This is what I have learned from Digg.
- twistfunk, on 07/06/2009, -0/+30profit? I think it = profit
- RSS14, on 07/07/2009, -13/+39Vote Ron Paul in 2012, don't ***** up this time America.
- inactive, on 07/07/2009, -4/+29Oh shut up about Bush. This is the #1 thing I hear when I criticize Obama. Just because Bush ran up a hefty deficit doesn't mean that Obama should as well. Especially not one that's FOUR TIMES AS BIG.
- norman619, on 07/06/2009, -14/+35Obama won't let that stop him. His solution to being in heavy debt is to go into further debt.
- bradleyland, on 07/07/2009, -1/+22Revolution.
- Plopfish, on 07/07/2009, -6/+25I highly recommend every American watch this (30 min):
http://www.iousathemovie.com/
Well made, tons of facts, no tin-foil hattery and chicken littles. - LokitheComplex, on 07/07/2009, -0/+19Battered bacon on a stick covered in sugar.
- Striker101, on 07/06/2009, -9/+27FTA: "Mr Congdon said the study illustrated the “horrifying” consequences for leading western economies of bailing out their banks and attempting to stimulate markets by cutting taxes and boosting public spending. He said the markets had failed to digest fully the scale of fiscal largesse and said “current ... [public debt] are extraordinary low given the size of deficits”.
Perhaps people haven't noticed recently a report that the Fed holds 2.1 trillion in US debt, obviously part of their current deflationary policy. Because Gov must have those bucks to fund the stimulus and all the additional debt being piled upon the back of the people, the time-span remaining for this game-playing is running out.
This also in today http://digg.com/d1vlkG
The article rather concludes the crap will take 5-10 years to hit the inflationary fan. That doesn't match the logic of things. The Rulers have held this off about as long as possible.
Why is it that this appears in the UK media while from so few here in the USSA? - diablc, on 07/07/2009, -0/+18Did anyone miss that this was a paper written in 2003?!?!
- costumemaker, on 07/07/2009, -1/+18Earth Presidential debates (futurama):
John Jackson: "I say your 3 cent titanium tax goes too far!"
Jack Johnson: "and I say your 3 cent titanium tax doesn't go too far enough!"
John Jackson: "Now I like my opponent, I think he is a good man, but frankly, I agree with everything he just said! - SystemicThought, on 07/06/2009, -3/+20The war on terror was a war on capitalism, with no-bid contracts and preferential spending undermining the fundamentals of capitalism and proper budget practices.
- Claverhouse, on 07/06/2009, -3/+19The Telegraph is not a tabloid, it's a broadsheet [ aka 'stodgy' ] newspaper. Not very good, any more than any other media, but not a tabloid.
- LouisCipher777, on 07/06/2009, -11/+26time to fire up those extra printing presses and stock up on Edson and MICR ink.
- whorunbartertwn, on 07/06/2009, -4/+19Hah hah I love the picture of Geithner, looks like he's sitting on the toilet after returning home from the local Thai restaurant.
- twomeyw23334, on 07/07/2009, -1/+16Yeah, but when the new guy starts making the ***** bigger, I think people have a right to complain.
- joculator, on 07/06/2009, -1/+16Let the finance folks run a country or a business for that matter and all you'll have left is a shell of what was.
- dafragsta, on 07/07/2009, -1/+16In case you haven't noticed, the Wall Street Journal was bought by Rupert Murdoch. Not much of a difference now.
- pszcz1, on 07/07/2009, -4/+18Happy Doomsday Everyone
- dafragsta, on 07/07/2009, -4/+17I agree with your first statement, but...
"Bailouts don't 'cost money,' you moron."
Yes, they don't cost money. They grow on money trees. - Mujokan, on 07/07/2009, -8/+20Here is his prescription for a solution:
-----------
"Tim Congdon – a hard-money Friedmanite from International Monetary Research – says the Fed is still not easing enough, perhaps because it is spooked by so much criticism or faces a mutiny by its own hawks. "If Ben Bernanke and his officials are listening to this sort of stuff and taking it seriously, they are making the same mistake as the Fed in the early 1930s," he said. The US "output gap" is near 7pc. That is a powerful lid on inflation.
The sin has been to let M2 money growth wither since January, to let bank lending contract at a 5pc annual rate, and to let 10-year bond yields rise to nearly 4pc. The Fed pays lip service to the Friedman-Schwartz theory of the Depression, but has not digested the lesson.
Mr Congdon's prescription is what Britain did in 1931 and 1992: monetary stimulus à l'outrance (today: bond purchases), offset by spending cuts. This mix – easy money/tight fiscal – would halt debt deflation without ruining the public finances of the US, Britain, and Europe in the way that Keynesian schemes ruined Japan. "The markets would rocket," he said."
-----------
For any arguing against easing and saying hyperinflation is coming.
The most important thing is to get the credit system working. We also have to worry about unemployment, but that can't be fixed in the absence of the former. I think the stimulus package was too hasty, and I don't think there will be more such stimulus -- Obama has said they aren't going to do another similar bill. Hopefully Bernanke will keep on with his efforts to get credit working again. Inflation isn't a problem yet.
Bitch about Obama if you want. The big problem was the liquidity bubble which was pumped up by Greenspan and encouraged by the Republicans. That and the ridiculous lack of oversight of derivatives. Obama has been infinitely more sensible and responsible, even if the Congress's stimulus bill was too porky, and he didn't create this situation that HAS to be addressed.
source: http://www.telegraph.co.uk/finance/comment/ambrose ... - Dustin00, on 07/07/2009, -0/+12Retiring parents moving in with their kids. :-(
- johndavidjack, on 07/07/2009, -0/+12Using nuclear fusion as an energy source.
- Frixionburne, on 07/07/2009, -6/+18Franklin Peirce.
I hate to play devils advocate for Obama, but in no way will he be the "worst" president in the history of the United States. Communication technologies coupled with the increase in information made available in the first place makes it almost infinitely more difficult to have a leader completely ruin a country. We may end up with a huge amount of debt and the entire world pissed at us, but I highly doubt that we could reach a situation as critical as the destruction of our country. Even if the money inflates to rates never before seen by the world, we still have economies on the state level that are capable of existence well outside the grasp of the federal government. ***** sucks, I'll agree, but to assume that the apocalypse is coming in the next 10 years is a bit pigheaded.
On another note, lets stop comparing the ridiculous spending of Obama to the ridiculous spending of Bush. They may be very similar, and probably related, but this is no longer about what Bush did wrong in Iraq, but moreso about what Obama is doing wrong in response to it. Two wrongs don't make a right. Also, Timothy Geithner looks like a satanic elf. - TheInformer, on 07/07/2009, -1/+13The difference is, Bush isn't in office any more. Obama is.
- TheInformer, on 07/07/2009, -6/+17How much money was spent on 8 years of war in Iraq?
Now, how much has Obama and his Democrat controlled Congress spent in 6 months??
It's not even close. - mksmothers, on 07/07/2009, -3/+14so what's the other option ot spending money? is it paying off the debt and slashing spending?
- norman619, on 07/07/2009, -11/+22siszam:
So that makes Obama's doing the same damn thing in WORSE economic conditions OK? Sorry just because the last guy sucked does not give the new guy a free pass to ***** up even more.
You sound a bit childish. It sounds liek the silly argument I would try with my parents when I was busted doing something wrong. I would say "But David (my older brother) did the same thing..." Do you think that flew? You Obama supporters need to stop making excuses for him and start thinking for yourself. I was never a Bush supporter and I am not an Obama supporter. I was critical of Bush and I am now critical of Obama. You need to be willing to deal with reality and admit when your favorite politician is making big mistakes. They are human and as such make mistakes. Yes Obama is human as well.
Oh, you guys REALLY need to stop assuming anyone who disagrees with Obama's policies are/were Bush supporters. There are more peopel out there than you think who actually think for themselves and call it as it is. - pwner, on 07/07/2009, -0/+11You're only half right
- inevitablity, on 07/07/2009, -0/+10Working kids moving in with their parents. :-(
- TheInformer, on 07/07/2009, -10/+20The Stimulus Package has stimulated the massive increase in national debt, which is what it was supposed to do. Can't defeat the United States from the outside, so it must be defeated from within. It's a tactic that Hitler used to perfection in Germany.
I bet Obama is happy. - Abatrour, on 07/06/2009, -3/+13Here comes hyper inflation!
Isn't it off that whenever there is an economic crisis, a very lovable man promising change always seems to win the election? And then print off trillians of dollars destroying that company and selling it out to elitist bankers?... ahem Stalin and Hitler.
Stop looking at the politician and start looking at who they are funded by... McCain would have done the same thing, continued the "Bush" legacy. - m3arvk, on 07/07/2009, -10/+20File this one away under "I ***** told you so".
- darkened, on 07/07/2009, -1/+10Four times as big in the first months of being in office at that, not even 8 years. Obama has out spent the entire Iraq war already. Something rather amazing was the result of the Iraq war which was freedom for the Iraqi people. What have we gotten out of the bailouts? Nothing but ***** more.
- EricSchC1, on 07/07/2009, -3/+12"Bush's goal was not to purposely destroy the economy of the United States"
Sure, whatever helps you sleep at night. You're an idiot if you think Bush gave a damn about protecting capitalism. - kaelyiesta, on 07/07/2009, -4/+13I suggest reading a few (real)history books before making claims like that. Bush and Obama have nothing on guys like Wilson and FDR. Those guys were ***** evil. Reading some of the minutes from their meetings and the on record statements from those who worked with them were sufficient evidence to convince me that these guys were orders of magnitude worse than our current leaders. I strongly recommend books from Fleming on the subject. He is a walking library of information.
- changedmind, on 07/07/2009, -0/+9You forgot the cheese.
- Zomgondo, on 07/07/2009, -0/+8I'm sure your call is weighing heavily on their minds right now.
- yocouchdigga, on 07/06/2009, -0/+8... PROFIT?
: ( - Ymeg, on 07/07/2009, -0/+84x<year.
- kromix, on 07/06/2009, -0/+8PROFIT!
Am I rite? - algaeturd, on 07/07/2009, -0/+7Um, how about as a nation we start to PRODUCE something rather than just CONSUME the ***** out of everything?
- Naieve, on 07/07/2009, -5/+12Did you actually read any of the "Stimulus Package" or its half trillion dollar omnibus?
First we had Bush's $700 billion, of which there was $350 billion left for Obama when he came into office. To top that off, Obama gets another $800 billion Stimulus, then to top that off they pass a $400 billion addition. I should mention though, that Obama wasn't happy with the Pork being shoveled out by Congress, but to get anything he wanted he had to sit back and let Pelosi and company go on their Pork Spree. Let's face it, a chance for politicians to spend money like there is no tomorrow doesn't come often, and they damned sure took advantage of it.
Oh yeah, that $2 Trillion doesn't account for the Trillions of dollars Federally funded programs were already required to pay out because of the recession. You see every program that was put into place prior to this crisis and the Stimulus's were kicked into motion with this recession.
We spent our way into this hole, and while spending might keep us afloat for a few years, in the end it will drag us down. - thinkb4utype, on 07/07/2009, -3/+10Relax... the debt is only 78% of GDP, that's only 12% worse than France and 10% worse than Germany. We can pay it off easily. Just stop adding to it and run a $200 billion surplus every year. If T-bills long term interest rate doesn't go above 4%, then by 2080 we'll be debt free. See .. nothing to worry about.
Your elected representatives have it all under control. -
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