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Obama: More Debt Could Push U.S. Into Double-Dip Recession | Biden: "Socialism For The Rich And Capitalism For The Poor" | Holder: Prosecute Fraud
President Obama, Vice President Biden and Attorney General Holder all made some very hard-hitting statements yesterday.
Obama told Fox news that the United States' climbing national debt could drag the country into a double-dip recession:
"I
think it is important, though, to recognize if we keep on adding to the
debt, even in the midst of this recovery, that at some point, people
could lose confidence in the U.S. economy in a way that could actually
lead to a double-dip recession."
Obama is finally acknowledging that the enormous debt overhang is a drag on the U.S. economy.
However, just as the administration's talk of a "strong dollar policy"
isn't credible, I am not sure that Obama's talk about debt is credible,
given that America is still involved in multiple giveaways in favor of
too big to fails, two costly wars, and other multi-trillion dollar
spending binges.
Biden told Jon Stewart that bailing out the giant banks is:
Socialism for the rich and capitalism for the poor.
I agree, as do Joseph Stiglitz, Nouriel Roubini and Nassim Taleb.
But Biden is still drinking the kool aid:
He
defended his administration's decisions to rescue Wall Street
institutions from the brink of failure. "Because if we did not bail
them out, we would have been in a position where there was a literal
depression, not a recession."
That's a myth, Joe.
And Holder announced:
The launch of an interagency Financial Fraud Enforcement Task Force to combat financial crime.
Holder claims that the Task Force will go after both past and future fraud.
Sounds good to me.
But given Holder's failure
to keep his word in other important areas - like discontinuing Bush
administration policies of spying on Americans - I'm taking a wait and
see approach.
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So...do we just not buy Keynesian economics here, or something?
Looks like the focus recently started shifting towards less debt. That is a good thing, as long as actions follow.
time123
http://invetrics.com
Holder... Has that guy started work yet??
Credit Card Joe Biden...
America thanks you for sponsoring that credit card "reform" legislation that is anally raping them, like an illegally renditioned Bush detainee, at 29.9% on behalf of your friends, Joe.
Is the only job requirement for Mr. Change's administration "previous experience as disingenuous, duplicitous dickwad"?
Standard operating procedure for a statist at this point in a crisis. Highlight your own past misdeeds, blame them on some rich guy, and convert the misdeeds into class-warfare. The most important thing is the middle class never figure out that Goldman and the SEIU and the past two administrations are on the same side--the side of the governing class. The middle class is there for the pickings by the governing class--we have or will pay for the bailouts, we are suffering unemployment, our 401K's are going into the tank soon, our homes are devalued and our dollars are becoming worthless. This is all part of a major transfer of wealth from the middle to the governing classes that has been facilitated at every step by the administration. Noone should be deceived that the show investigations and maybe even trials coming are going to change the fundamental approach of the governing class.
This approach is essential to keep the middle class divided into "workers" vs "businessmen" sorts of divisions. As long as we keep falling for this class-warfare crap, we will never take control of our nation back from our rulers.
Will Holder stop at fraud or is he going after outright theft as well?
He should make himself clear on that point.
As I have stated months ago...
When the time comes where you start to hear the fraudsters acknowledging and "apoligizing" for their "mistakes" and follies, it usually means one thing... mission accomplished; They are almost done bailing out their backers & cronies and NOW it's time to turn their attention to fixing the economy.
Fiat Universe who cares anymore. All addicts will hit bottum since debt is a industry mined and values are for the little people. So how many percent cuased this attitude and do you think they even care. Please move along serfs before we call the ops.
Here is my two cents on Obama's adding to the Debt comment: First off, I am a retired Career Military Officer, and I remember what happened to Military spending EVERYTIME the baton passed from Republican to Democrat...the Military budget got cut. Obama needs his ability to kiss up to China's concern over our decling dollar, and he has to make a decision on the Military in Iraq and Afghanistan. His easy out to cut spending on the military front is to pull out of the entire theatre and save billions. Then cut the military down significantly to reduce spending even more. I didn't think we should have gone over there to begin with...and since I served over there, I am convinced it was a losing proposition from the very beginning. Americans don't have the stomach for what those SAND NIGGERS do when it comes to fighting to the death...and believe me those bastard can and will...they are nuts in the first place.
So..the scenario I predict is this: Obama announces a middle east pullout, then he cuts the military budget to shreds...this ends the majority of COST -PLUS military contracts. and lo and behold, the DOLLAR rebounds!
However, all those military contractor jobs go to shit and MORE unemployment....
No matter what he really does, our economy will continue to spiral lower, credit will continue to contract, and we will end up in a depression.....
More to follow.........
as long as the private sector is a net saver, the government must run a deficit. I think that's quite obvious.
http://www.creditwritedowns.com/2009/11/barack-obama-if-we-keep-on-adding-to-the-debt-that-could-actually-lead-to-a-double-dip.html
We talk of the American dream, the bright city on the hill, manifest destiny, the free man's burden, Tocqueville exceptionalism - but dreams without action become all talk and no walk.
For the last quarter century, commensurate with the rise of conservatism from stodgy to snazzy, regular folks' inner monologues have been written in direct opposition of their interests. Poor folks voted for rich folks interests because in their hearts they felt that they were entitled someday to be rich. My generation has grown up in an aspirational society.
For our children, though, it looks more like a perspirational society with perpetual government subsidies.
Ask not what you can do for your country, ask what your country can do for you.
I live in Chicago, with my office a block from my house. Its' Mayberry in the big city. I'm that 'guy' who is never in a suit, usually with scraggly beard, that walks to where I want to go and when the sun shines jogs 5-10 miles several times a week.
Coffee on the counter as I walk up, strong enough to pour itself. Lunch served but rarely ordered.
An ongoing banter with the regular merchants, common pleasantries with occasional insights.
Lately though on the margins there has been a change, an almost imperceptible shift that is slowly and insidiously forcing itself into my vision, as if the color itself wished to recede into sepia, an encroaching nostalgia of hardship embellished as pragmatism.
My elders shrug and opine in various fashion that America can take it and will come out of it, because it always has.
For my part of the conversation though, in countless conversations with the regular guy and gal, the universally held opinion is that it will be a 'Lord of the Flies' future.
The optimistic spin is that necessity is the mother of invention and America's best days are ahead of her.
Golden goose or scrambled eggs?
The answer it would seem as we destroy our standard of living to create a Potemkin recovery, is both, in an ever increasing divergent measure.
The insouciance of elites and the antoinette economy.
'Let them eat debt.' -Jeff Cooper
Cut the whining. Get outta debt. Get back to work. Reorder your priorities. Above all, pray God will grant you wisdom. Do these things and life will take on meaning, you'll be a lot happier.
http://www.telegraph.co.uk/finance/economics/6599281/Societe-Generale-te...
I am convinced more and more every day this bill is DOA. They simply can’t let this pass in any form whatsoever other than purely ceremonial. The Ponzi can't be exposed to the light of the day for it will not survive.
As I've talked about repeatedly, all Americans (not just corporate or white collar, but blue and green collar as well) have been deep captured by the Ponzi. Their future is wrapped up in their homes, their 40(k)’s and their public and private pensions. They knew deep down inside their hearts this train ride would end some day and they’re sick to death that time might be now. And they don’t wish to face that truth.
Given the choice of exposure now, causing asset classes to drop like a rock when the true extent of the corruption, counterfeit Treasuries and MBS, blatant influence peddling by the Fed and so on (followed by what I believe will be slow but sustainable growth over 10 years) or the slow melt down into deep recession/depression most people hope and pray will be the preferred outcome (unless you are a double shot espresso Kool-Aid drinker and you believe nirvana is around the corner) the choice is obvious. Do nothing and hope for the best.
We The People are addicted to false hope because false hopes bind us to impossible conditions and situations. As long as we can convince ourselves that recovery is just around the corner, we won't do the really hard work required to stop this madness, cut out the corruption and filth and get on with building a more sustainable world.
It’s just not going to happen until people want it to happen. I beg everyone to work on the people you know who are in denial. Don't give them huge doses of reality all at once because they’ll simply turn you off like the TV. And don't talk at them. Please don’t point the finger at them and say you should know this or that. It’s poison and all it’ll get you is hostility.
Present your ideas as a narrative about yourself and your own personal road to understanding and awareness. Tell them “I used to believe this about the world but when I began to look in some uncomfortable places, I found this and that.” People have a tendency to listen if they don't feel they’re being lectured to, that the speaker is exposing a personal, hidden and vulnerable side to the listener. Allow the listener to feel empathy towards you rather than force the listener deeper into his or her denial. Seduce them with an honest look at yourself by yourself.
It works. I do it all the time and people listen. Don't make yourself out as a hero for learning the truth. Expose yourself as a reluctant truth seeker who was shocked and saddened by what you found. But now that the shock has worn off, you’re even more determined to stop the insanity. I suspect you won’t need to lie about that fact.
Focus on 5 people and slowly spread the word. It’s our only hope folks.
The time for touchy, feely, lets all get together and chant and burn some incense is over. I don't give a shit about feelings or denial. The way I overcome it in my friends and family is just to keep punching information at them over and over again. I don't want to hold their hands or hold their attention. I want to give them a good slap, tell them to quit buying shit, save their money, buy some gold, and hold on for the greatest depression coming soon to your dining room table. A damned kick in the nuts is what this country needs. A kick in the ass, in the face, hell the people in this country need a good ass whipping. I refuse to coddle anybody. If they don't hear the siren song now, then they can eat dirt. You can't fix stupid, you can't cure ignorance overnight, and you can't save everybody. Those that want to listen and do something will, those that won't will be in a damned bread line and hopefully will stop breeding. Americans used to be tough and hard as nails......we need more of that!
I fully understand what you're talking about. And I've tried your method. It feels good for me when I shake someone in front of me and insist they wake up. It isn't effective. If you wish to be effective, you use the best method. If you wish to pound someone over the head and release your anger or not give a shit, you use your method.
I ask you how you think you'll do when all around you there is misery and hard times? You don't live in a vacuum. The countries problems will affect you. Your quality of life will suffer when everyone else suffers. It's that simple. But I understand your frustration and anger. I've been there, done that and then realized I was simply letting my anger control me.
Just my opinion but I wonder how effective you are with the people you're kicking in the nuts. You said you keep on hiting them with info. Sounds like they are in denial regardless of how many nuts you kick.
LOL....can't ruffle your feathers, eh? You do communicate well, even in replying to my half rant/ half serious as hell, comment. I am frustrated that they won't listen and they aren't prepared. I understand oh to well that I don't live in a vacuum. My passion is really directed at their well being as opposed to being obsessed with kicking them in the genitalia. :-)
And, of course you are right, but when effective communication breaks down, sometimes a slap up side the head will get your attention. I don't have a huge circle of friends and family, but 3 family members and 1 friend have lost their house already. The ones who have lost their houses seem to be the ones most in denial that things can get worse. It's just frustrating as hell. I find myself in unfamiliar waters as my investment decisions are paying off handsomely, while just about everyone around me descends into poverty. I don't feel guilt, but I do feel conflicted. Thanks for your reply.....carrot before stick always works best.
The first thing a financial fraud team would need to do is wiretap the trading desks at the NY Fed and Goldman Sachs as well as JP Morgan Chase. If they are serious at what they do, they would have lots of big bank executives to put in jail. The entire rally is a con job created by these guys using newly printed funny-money, printed by the Fed, distributed to the PPT banks, as perpetually renewed so-called "loans" at zero interest, that will never be repaid.
Trouble is, the fraud team would have to put much of the Fed and the Treasury dept in jail also. I don't think Obama has the brains to understand what is going on--so make him an unindicted co-conspirator.
Really, can you blame GS that much for reaching out and taking what our gvt was offering? The fault is not primarily in GS. It is in the fact that the gvt was offering free money and free bailouts paid for by you and me. If Obama offerred me $500 billion dollars interest free to invest in Asian stocks AND gave me an implicit guarantee that he would guarantee my losses because a $500 billion would make me too big to fail, I'd probably take it too. Happy Birthday! I would feel dirty but I'd probably take it.
The printers of the funny money and the guarantors against losses (our elected officials) are the guilty parties here. And they will never do a perp walk.
"I think it is important, though, to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy"
not sure what to make of the words in bold
+10 / Right on spot.
Eric "Place" Holder strikes again!!!
God I LOVE multiculturalism!
Prediction: The President's statement about debt will produce the same practical effect as his earlier admonition that 'brothers need to pull their pants up.' I'm sure you've all noticed the startling transformation that wrought. Merely another attempt to get credit for pious intentions.
if you're taking a wait and see attitude you are a few watts short of christmas tree bulb - and i might talking mel watts.....you also don't really pay attention to the liar's lies....
earlier this year barry said that we were spending too much and we couldn't keep doing this.....a couple of weeks later he was touting his massive stimulus pork....
the man is a congenital liar....how else do kenyan born natives become president?
www.obamacrimes.com
There are so many over used trite phrases to reply to Biden and any other politician, I hesitate to take more bandwidth
in using even one of them.
Surely there must be some inventive cat out there who can get a viral icon going in short order to communicate:
#!@#$%!@#%!%!#@$%!%%!!#$!%!@!##!! with a single symbol.
I'd like to write what I'd like to do with Biden and his hypocritical, lying face but Marla would simply get her knickers in a twist.
I don't know about you guys but I'm excited for the "100% home purchase tax credit for unemployed folks" coming out in March. Apparently all you have to do is prove that you don't have a job and then pick out any bank owned house, get it appraised and then calculate the "real price" by multiplying the appraised value by two. Apparently the banks are cooperating by letting you occupy the house at no cost, until you receive your credit at year end 2010. The great thing is that the credit even covers the closing costs, wire transfer fee and all.
CNBC: "We expect bank owned properties in the nicest neighborhoods in America to be in high demand come March. Also, there's gonna be a rush to buy caculators, you know, to multiply that appraised value by duce. If you plan on being unemployed in the coming year you might want to go get you a caclulator right now."
Joe Biden said that they are forming a new task force to make sure that banks don't take advantage of this plan, which is intended to bail out Main Street, by charging too much for closing costs on the deal. "It's the banks appraisers that will be doing the appraisals so we don't want these folks charging too much for these appraisals because utlimately that comes back from the tax payer."
"The plan is budgeted to rid the system of over 99.999% of bank owned properties and this will really help people's home values."
WTF.
Please tell me this is an Onion piece...
Well in march he said buy stocks, now he is saying it's time to sell them again.
Why does he keep spending then? Bankster bailouts, healthcare debacle, stimulus spent on a wishlist of wet dream projects are examples of negligence. I haven't seen one example of fiscal restraint or any instance of reversing the abuses of the Bush administration. The administration is filled with tax-cheating tentacles. I'll believe there's a task force on financial crime when I see campaign contributors jailed. Otherwise, it's just more lip service.
He did crack down a little on defense spending. I emphasize a little.
"Why does he keep spending then?"
Because he knows most Americans are too stupid & lazy to pay attention to actions and not words.
In the 'end' they're going to get what they deserve.
This has been the problem since day one of Obama's America. His speeches are right on the mark more than half the time. His actions then proceed to contradict his words. The words are gone into the void immediately. The actions stick around much longer. The alternative in our electoral "choice" was no better, but I am far less than impressed with "hope and change."
If BS were green, this guy'd be an 18 hole golf course. I believe absolutely nothing that he says when it contains original content. I trust him to describe his policies accurately only after he's had an opportunity to back away from his original statements. Isn't that great? You've got a president that requires you to wait until he's backpedaled before you get a glimpse of anything reliable in his public comments. Why I've known car salesmen and lawyers that have done better than that. The man is just utterly devoid of character, yet he and his wife hold themselves out as examples to young African Americans! Amazing.
Sure reminds me of Nixon...
Tricky Dick, that is...
Clintonian triangulation.
Obama must be justifying his Afghanistan decision that we don't know yet. When he talks about deficit, he doesn't mention bailouts and the stimulus.