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Guest Post: The Next Four Years Won't Be As Good As The Last
Submitted by Lance Roberts of Street Talk Live,
The people have spoken and President Obama will serve another four years presiding over the United States. Furthermore, there is very little change to the makeup of the House and the Senate, which leaves the Administration in the same battle for control as it was prior to the election. The question now is what will the next four years look like economically?
One thing that has been overlooked on many fronts is that Obama had control of the House and the Senate when he first entered office in 2009. This control lead to the passing of ObamaCare, successive bailout programs for housing, automobiles, and the financial industry which flooded the economy, and financial markets, with dollars - a lot of dollars. Those injections, combined with a massively bombed out economy from the financial crisis, led to a sharp rebound in economic growth which was almost entirely centered around inventory restocking and a resumption of exported goods and services.
However, in 2010, Obama lost control of the House to the Republicans which has led to two subsequent years of political gridlock. That gridlock has resulted in very little progress in providing the fiscal policies necessary to support economic growth.
This lack of progress, which has clouded the planning ability for small businesses, combined with the recession in Europe and slowdown in China, has reduced the need for continued buildup of inventories as the exportation of goods and services has been slowing. The chart below shows the boom in both exports and imports post the recessionary bottom as stimulus impacted the economy and the subsequent fade as economic strength has waned.
Rolling Over The Fiscal Cliff
Unfortunately for Obama he is now facing a "Congress Divided" with John Boehner at the helm swearing to be the first line of defense against further progress of Obama politics and spending programs. This does not bode well for the economy as the "Fiscal Cliff" looms large into the end of year. While it is hoped by many that Congress will work together to provide a short term fix by extending the cuts for another year or so - I would not be too sure about that possibility.
First of all, Obama has made it clear that he will raise taxes on "the rich" and if he gives in to extending the Bush tax cuts again it will not bode well with his constituents. Secondly, it is highly unlikely that the Republican controlled house will just go through with an extension of the cuts for a year as they are committed to reducing the deficit and government spending. Therefore, it is likely that they will be asking for cuts in exchange for changes to the tax code. This impasse, and inability to cooperate, will lead to another "debt ceiling debate" as we saw in 2011 which will ultimately lead to the economy rolling over "the cliff." This is no trivial matter as the economic impact of the increased taxes is roughly 3.5% of GDP in 2013. With the economy barely pushing 1.5% currently a 3.5% clip from that growth puts the economy into a very nasty recession. Of course, at that point, the Administration will start asking for further bailouts and spending programs to once again revive the economy.
What's Another $10 Trillion In Debt
Obama has already laid the foundation for his next four years of Presidency - more green jobs, tackle global warming, raise taxes on the rich and create jobs for the poor. That will come at a hefty price of further government spending. In the first four years of his term Obama increased the Federal Debt by more than 45%, however, with more than $5 Trillion spent in promoting everything from solar panels to housing, the economy only grew by 7.1% during the same time frame (or a total of $905 Billion.) In other words it took more than $5.60 of debt to create $1 of economic growth.
The amount of debt required today to create a single dollars' worth of GDP today is clearly unsustainable. However, the current Administration has been increasing Federal debt at a run rate of more than $1.2 Trillion annually to date. The understanding of the impact of increasing debt on economic growth is crucially important to understand.
As we discussed recently in "Debt and Deficits: Killing Economic Prosperity" it is "the economic impact of spiraling debt levels that have eroded economic growth. Debt is, by its very nature, a cancer on economic growth. As debt levels rise it consumes more capital by diverting it from productive investments into debt service. As debt levels spread through the system it consumes greater amounts of capital until it eventually kills the host. The chart below shows the rise of federal debt and its impact on economic growth."
The current Administration, however, is trapped into the belief that "big government" is the solution to the long term economic ills. However, a simple look at the impact of debt increases on economic growth tells us that this approach is misguided. Regardless, as stated above, further spending increases are going to rapidly run into an antagonistic House of Representatives who will push to block any additional spending programs.
While political gridlock has been a positive for the economy during past Administrations - this cycle is different. Rising debt levels, weak employment, declining wage growth and rising inflationary pressures all act as a retardant to economic growth. Economic growth at sub-2% levels is not strong enough to promote the kind of employment growth needed to absorb increases in the natural working age population which continues to shove an ever larger portion of the population into the masses that have "given up looking for work." In turn this increases the dependency on government support leading to further weakness in consumption and reduced demand which keeps employment weak.
While Bernanke has been flooding the system with monetary policy focused at suppressing interest rates it is fiscal policy from Congress that ultimately begins to clear the way for job creation. However, with the burden of ObamaCare just on the horizon, the threat of rising taxes and increased regulations covering everything from the financial industry to oil and gas - businesses are remaining defensive to protect weakening profitability.
While Obama will continue to increase the Federal Debt to well beyond 100% of GDP - the reality is that economic growth will continue to stall and muddle along at best. At the worst we are potentially facing another recession in the very near future. Either way the economy ahead will remain difficult and disappointing by almost any measure.
The Next Four Years
The next four years in the economy will most likely look a whole lot like the last two. Sluggish growth, lots of political infighting, and continued weak employment as business remain on the defensive.
For investors it will be a continued period of volatility, lower market returns, a falling dollar and continued artificial interventions by the Federal Reserve to suppress interest rates. The Fed's ability to push asset prices has most likely come to an end as prices have been stretched well above underlying valuation metrics particularly as the weakening global economy weighs on revenues and profitability.
Furthermore, the issue of the "fiscal cliff" by the end of the year puts the markets at risk of a sharp correction as positions are sold to lock in capital gains at lower tax rates. Dividend yielding stocks, due to the income chase, are trading at extremely high valuations and are set up for a sharp correction as well.
Lastly, the onset of a recession in 2013, will impact stock prices by at least 30% if not more. That correction will come swiftly and as discussed in "Recession Probability: 100%" it is "...understanding when a recession has begun is hugely important to investors. The table below, which uses monthly S&P 500 data, shows the price declines during recessionary periods going back to 1873. The average drawdown to investor's portfolios is a little more than 30%. During recent recessions the damage has been far worse. "
Overall, the set up going forward looks like it has in the past couple of years. It is unlikely that Obama will move to the center and be more of a politician with the best interest of the economy at heart. It is also just as unlikely that the Republicans will back down and begin to cooperate with the Senate. I could be wrong, of course, and if I am then I will chance my investment posture accordingly. However, the weight of evidence is stacked in favor of "more of the same" which means less for you and me.
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Ya think?
As I've been saying all along, whoever would have been in office, people would start regretting the last 4 years.
Hmmm, I seem to remember many predictions about the future made by sell side punters, all wrong. Moreover. a little research into Mr. Roberts history reveals some very strange things. Do a FINRA broker's search.
Why's that
you think!
LOL!
More malaise = Obamalaise!
Sounds so elegant -- until we hit the sidewalk!
Reap it Bitchez...Reap it!
The current administration is not 'trapped' into the belief that big government is the solution to long-term economic ills. It is founded on that belief. It is the core of their belief system. They are not trapped; they chose this path consciously and deliberately.
How else are we supposed to get to a New World Order?
A global government isn't going to magically appear out of thin air. Sheesh.
The next four weeks...
Tuck your balls and run for cover............
Tuck your balls and run for cover............
They do that automatically in Fight or Fright.
Peak oil and an ill resolved debt hangover do wonders for prospects down the road...
along with an ever ethical legislature
Rats always look after themselves first...
Mind you, there are more than a few that really do not have a clue of overall macro conditions, i.e. the data, let alone what the implications are...
The quality of a government is proportional to the effort made by the electorate on understanding the issues....
and just like social security these rats won't eat their own GMOs
And the ability of the electorate to actually understand the real issues is inversly proportional to how shady and corrupt the government is.
What is the saying the cops use? Yeah, if you are doing nothing wrong you have nothing to hide?
Works on us, why not on them?
pods
Anti-education: it does wonders.
Well in all fairness the goverment does not spend millions and advertising half truths and factually dubious claims on TV... That is a purely corporate construction designed to muddy the waters....
You know the ones, peddling clean coal for example....
Well I am not that well versed on clean coal, but I would think they would promote their own self interest.
Same as the government. I do not know the budget of the BLS or all those involved in the CPI calulation, but I don't think I am going out on a limb by stating that what they publish is in their own (those that pay their salaries) self interest.
pods
Well I am not that well versed on clean coal...
That's 'cause there ISN'T ANY.
It's possible to build coal-fired power plants which are clean, but there's currently no way for those plants to produce electricity at comparable cost to "dirty" plants, so ultimately it suffers the exact same problem as the nukes, solar, and wind farms.
It can't compete. Just because we have a lot of coal-miners doesn't mean someone's going to start pouring money into losing investments.
well, in all fairness, the government does not spend millions advertising because it can usually get the media to give them free air time. Granted, they are, how shall we say, "influenced" by big evil corporations and money men, the government is nevertheless the largest false advertiser
"If you are doing nothing wrong you have nothing to hide."
Every person that tells you that, ask them to give you their wallet. You won't steal anything, just look at everything in it. Or their house, open drawers, look at financial records. After all, why would they object if they have nothing to hide?
Privacy is not about hiding something illegal.
...increased regulations covering ... the financial industry...
LOL!
They will be for people that actually know how to short the markets...
The Kenyan's goal is to destroy the USA and make the sheeple believe he is trying to save it. He has been wildly successful on both counts.
If you really think this due to 1 president you have a lot of math and history to catch up on
Recall Flakmeister's Rule of Thumb:
Kenyans are accomplished marathon runners.
Yankin yer chain.
Hence "Rule of thumb"....
Will the Kenyans make out better in the coming zombie apocalypse?
Cardio and all.
pods
Please help me understand what other president:
1) socialized the entire medical industry
2) worked/working with the UN to disarm citizens
3) signed the NDAA into law
4) burried the death of an ambassador
5) racked up 5 trillion in national debt (so far)
6) promoted class warfare
7) was brought up a radical by his father, preacher, and associates
8) hates the USA
You sir, are a screeching idiot. Turn off the Fox propaganda and start thinking for yourself. It should be clear by now that everything they're telling you is pure horseshit.
None of what you just posted has any factual merit whatsoever.
Incorrect bob, Obama did sign the NDAA 2012 (which is the one we are speaking of). Factually correct.
Nevermind it somehow made it to his desk for signature.
But facts are facts.
pods
Does it really matter? How different is it from the Patriot Act signed into Bush that this idiot likely said nothing about? Let's face it, this guy hammers Obama for it not for what it is, but to slime Obama for something, anything.
By the way, I've never voted for Obama, just to be clear.
But, to your point, I stand corrected, technically at least. I still think it matters little. McCain and Romney would have signed it too.
Well to me it does matter. I hate it when someone is half right. Half right either means non thinker or half wrong. To be fair, I have been more than half wrong more times than I can count. But I will freely admit I am wrong, otherwise I won't learn anything.
Where we are today has very little to do with Obama.
Of course, roughly 50% of the electorate is irate that somehow this guy got re-elected. So now is not exactly the time when you have an open and honest discussion.
Everyone (who voted) is very emotional right now. Either their horse won, or is being smelted into glue as we speak.
I can actually say that this election is the best one of MY adult lifetme.
I did not vote, and did not vote by choice. I withdrew my consent.
Fuck em. I don't want an elected king who tells me what to do whether he is a Kenyan (hat tip to you flak) or a Mormon.
Neither one of these guys would abide by the rules set up for them, so they are treasonous bastards.
pods
I voted.
For Jill Stein.
I don't care that she lost.
Probably for the best.
She does seem like a nice lady.
edit: My dear old mother literally cried when I told her that I was sorry that Obama won. I also said I was happy that Romney lost, but that didn't seem to help.
{deleted}
I hate em too but I find it funny when people try to lay it all on "the muslim." It's really many people's fault (including our own for being too passive) for why we are where we are. It's a lot of human nature - arrogance, greed, denial, laziness, corruption, etc. But indeed, like all other chapters in history, there are main characters who do extra special things to get the plot moving. In the end, when our children tell us that they are utterly disgusted and disappointed with the world we have handed them, although we may claim one, we won't really have an excuse
Pods...
There is a context clause in the rule....
BTW, I didn't vote for BHO either....
Please, that bill never would have made it to his desk without most Republicans in Congress signing it first. Where's his outrage with them? This idiot blaming it all on Obama is just more hyper-partisan finger pointing.
I didn't vote either.
.
"hyper-partisan finger pointing"
this from bobnoxy
how hypocritical
Patriot Act was written by Joseph Biden in 1995!!! Do research before you spew shit...
Really? You mean this Patriot Act;
The USA PATRIOT Act (commonly known as the Patriot Act) is an Act of the U.S. Congress that was signed into law by President George W. Bush on October 26, 2001. The title of the act is a ten letter backronym (USA PATRIOT) that stands for Uniting (and) Strengthening America (by) Providing Appropriate Tools Required (to) Intercept (and) Obstruct Terrorism Act of 2001.[1]
Originally drafted by Bush's justice department. How's that for spewing shit?
Yea, I mean this Patriot Act...
http://www.washingtonsblog.com/2011/12/joe-biden-drafted-the-core-of-the-patriot-act-in-1995-before-the-oklahoma-city-bombing.html
Sort of like how this health care bill was written up YEARS AGO...
That's what people don't understand. The darn thing had to be written and passed for him to sign it.
Start thinking with your mind, not your heart.
Most of your examples are cherry picked, half truths or innuendo.
If you want to have an actual discussion about things, first turn off Fox News for your material.
pods
Looks like the vote is for mindlessness and Fox News. Four more years.
It's not one,but a collaboration of many.He's no good,sure,but are ills were long ago set into motion.It's just "PEAK"time.
how dare you slander the great uniter
Gee, I can think of one that ran up $5T in debt and signed the "PATRIOT" Act into law...
Lenin and Marx didn't have half the resources bummer has and they seemed to have accomplished their goals.
Get in line for Bread and Soap Bitchez.....
I doubt he will continue to blame the guy who held office the last four years.
He may just try it and actually convince some rubes of it.
"The Next Four Years Won't Be As Good As The Last."
In other news, the sky is blue.
By 2015, we'll look back at 2012 like it was a dream world
if you want to be a good journalist just repeat that headline every few months
Like a weatherman in upstate NY. Cloudy, cold with a chance of rain.
Just keep saying "The next four years will be worse than the last 4 years" until we collapse.
I do hope that it is sooner rather than later.
pods
I am not a big person on taxes, but when I saw that all the wealthy areas voted for this guy it would be sweet justice if he turned around and hit them with a big wealth tax.
As a person who is not a big person on taxes, and lives is a mentally challenged state that voted for this guy....I completely agree. Enough is enough. Bring it. I am still stunned that the people I know and believed to have the most basic understanding have shown themselves to be completely inept. My guess is they have again voted in O because they think he will drop the hammer on wall street and spread the wealth. I amlost think the Repubs did not want this one. Thats why they put the Wall Street asshole up there. It was too easy.
If the republicans wanted to win they wouldn't have screwed over Ron Paul like they did.
Doc,
I'd received an e-mail from a Republican friend this morning complaining about what the world's gonna be like since Romney lost. I'd told him and a whole bunch of his fellows way early in the process, well before nominations when there was one after another R put forth as a possibility and they were in the "He's/She's Great!!!! routine....
During which time I'd constantly pushed RP and they pooh poohed me.
I made the statement that to nominate anybody else is a vote for Obey.
Here's the text of the e-mail I'd sent in response today. (BTW, as you well know, I'm a RP/olde style western conservative Barry Goldwater type limited scope states right government person)
---------------
Get over it, guys.
It is what it is and only gonna get worse. The Democrats are gonna take this as a Mandate underwritten by the God in Whom they Do Not Believe to increase taxes, welfare, regulations, censorship, spending, reach, wars and associated criminal behavior of the banks and Federal Reserve The Republicans lost because they nominated a fellow who was doomed from the outset (Support of Mitttens' candidacy was a vote to re-elect Obama... I said it then and believe it now. And prognosticate that's what it will be in the future.)
Mittens was incapable of securing the necessary middle of the road Republican (many folks feel the party deserted them and stayed home) independent (RP etc) and youth vote, both of which were ready to reject the Democrats wholesale. Instead, the low turnout with an increasingly hostile demographics doomed the election. And a nomination by RP would have not lost a single Republican vote. The religious right? Nope The masses who were going to vote anti-Obama? Nope Middle of the road Republicans? Nope. Anti gay marriage, abortion, etc? Nope.
Nothing would have been lost. More gained..... and may have won.
(How do you say politics dominated by special interests? I knew you could. Both parties) The Republicans have come close to becoming irrelevant.
A party of voting against somebody and something.
Which doesn't work. And more than that, what is even more worrisome is the super majority achieved in the CA Senate and House. The Democrats there are gonna take this as a mandate to raise taxes, increase welfare, regulations, etc., etc., etc. A doubling down what with what's happened at the Federal level. Free to create the plutonic people's socialist republic of Kalifornia... for which there is no money to do... but they don't believe that, do they? Know to where people gonna migrate out of CA?
Washington and Colorado.
Lower taxes, less regulation, cheaper cost of living (and now can smoke pot legally.) At least on the Federal level, the House remains in Republican control as it has the last several years. Beware the fiscal cliff and money printing from the FED, the continuing bank bailouts (which are ongoing yet today to the tune of Bazillions) and continued ownership of DC by the banks, energy, food and pharma let alone the MIC. There is no government of, for and by the people. We are sooooooooooooooo fucked.
But get over it.
It is what it is and ain't gonna change for the next election unless the Republican wing of the Leviathan One Party changes it's direction back to the Olde Western Style Conservatism of Barry Goldwater and Ron Paul. Math: The New Inconvenient Truth
I hope your friends wake up.
knukles
Cali deserves exactly what it gets,just as the rest of us do.
You get the government you deserve.After going from?? 15th largest econ in the world, and losing 5 million plus workers, and businesses........they still have not figured out that they MUST change their tactics or IMPLODE.
I just feel for the folks like the majority here,that DO not deserve what they get due to the HUGE inner city populations of FREEBIE recips.
GO to Northern Cali, it's a totally different country,compared to to where the .goober hub is.
For the most part, people can live with the idea that they want a government BIG enough to shove a gun in their neighbors face and steal money to apply towards ideas/projects (their own pocket) that they agree with. (Well, this is really how it should be presented to them.) The problem comes when, as one of those dead white guys said, when the government is big enough to take away everything you have. White, black, brown Jew, Christian, Atheist. E V E R Y O N E!
This is the point I rail about day after day. (to many people's chagrin)
Most do not care of the amount of power that the government holds, only who is wielding it.
Both sides are the enemy of liberty.
If public emotion can sway the leviathan to punish select groups, there is no protection when it's gaze falls upon you.
pods
Amazingly put.
Agreed.
Last I saw on the 2012 Presidential results in Texas over 40% voted for Obama. I would not be overly confident about Texas.
It's because of TWO things, major leauge population influx from Califagia, and the largest inner cities are like all others in the US now.
Poor,blacks,hispanics, and white trash.
But fear not, last I heard,Texans gets weapons for less than any other state due to 80% of the market being here.
Well-said pods. +1 and green arrows once again.
It reminds me of a quote that I think was attributed to G. Washington where he compares government to fire. Fire can be useful to man, but it can/will just as easily destroy man.
If you play with fire you are going to get burned...
God help us all.
I ain't worried. Texas will be free, with a metalic based monetary system, a mercantilist mindset and a government blind to race we will be the shining city on a hill. The rest of the country can wallow self rightously in the keynsian Hell they have chosen. When it comes down to root hog or die Texans will not drink the Koolaid any more that Germany will.
Want to beat the rush. Getting my passport in line along with visa info to allow me access to Texas.
Nah, nearly 1/3 of Texas is obese. Just run across the border - they can't catch you.
http://bizbeatblog.dallasnews.com/2012/08/texas-obesity-rate-up-to-30-4-percent-of-population.html/
How long before States Attorney Generals sue Corn Syrup mfrs for health care cost recovery??
Just about the time the corn syrup manufacturers cease campaign contributions... sticky wicket, old boy
Born and lived in Texas for most of the last 50 years - you better check back in with Austin if you really believe that crap.
Austin is a mutant city - not representative of the State as a whole.
Austin, as in Silicon Valley is moving to Silicon Gulch. Probably the most liberal place outside of Kalifornia.
Last I saw on the 2012 Presidential results in Texas over 40% voted for Obama. I would not be overly confident about Texas.
Tax the Rich!!! Rich to be redefined as > $50k
Tackle Global Warming = carbon credits/tax. Hmmm, sounds like that hidden tax will be hitting everyone unless you are protected by the Obama phone.
Does anyone ever think of a steady state economy these days? Even two percent growth leads to a vertical curve just not so quick as a five percent growth.
It's a nice idea, primarily because it would destroy the financial industry.
Greece here we come......
Greece here we come......
The US economic structure is totally UNLIKE Greece's.
Like I said.....
Monkey tears.
Texas will get the same treatment South Carolina got when they seceded..
I'd do anything I could to help Texas cede out of the union. No more Texas president! Yeah!!!!!!!
I just want to know how much longer we are going to be saddled with that bastard BS Bernanke.
"It is unlikely that Obama will move to the center and be more of a politician with the best interest of the economy at heart."
I know what you mean. All we've been able to choose from for the past few decades is a far-right Republican nutcase or asshole salesman, or a right-leaning, wishy-washy Democrat who sucks corporate butt too. For all the bitching, moaning and whining by the righties here and across the internet, the demonized, Marxist, socialist, communist left they expend so much energy upon is pretty much a myth in this country.
Unions have no power in our government compared to corporations, Environmentalists have no power in our government compared to corporations, citizens have no power in our government compared to corporation.If you can show actual legislation, not written by corporate lobbyists, to the contrary I would be quite happy to see it. If you cannot present such legislation you are caught in your own bullshit mythology yourself or are willfully ignorant of government and history.
I would say most of these writers and analysts are bogged down in their own biases and beliefs instead of looking at the actual situation and reporting from a reality-based position. But I guess that type of story does a better job of selling what they write to their rabidly foaming audience who are caught in their own belief box themselves. Then we wonder why nothing changes for the better.
You may now junk me and set me straight instead of doing your own research. I know it is easier.
You should have taken the Red Pill.
You should do your own research instead of thinking you have it all figured out. You also cannot offer up any rebuttal beyond childish comments either. Denial is a good place to exist for weaker minds.
I surmise that the avatar is what is required to beat some sense into some people?
Good point Flak, but I prefer that people come to their own realizations. I use the monkeywrench to throw into the cogs of the machine that keeps people willfully and proudly ignorant, like the ones junking me in my initial post.
The wrench in your avitar is a stillson or pipe wrench and completely different from a monkey wrench. Do your research!
By "completely different" you mean "almost the same but with the worm on the other side"?
I see what you did there. Clever.
Oh my gawd. I am now crushed. How can I go on?
So it's the corporations pushing so hard for gun control that it led the Obama Admin to attempt the whole gun-walking Fast & Furious, guns to cartels debacle? There was some kind of ideological angle there.
More malaise?
I agree! It's going to be MUCH worse!
Fiscal cliff!
Higher taxes!
Obama's tyranncare!
Debt brick wall by end of 2014!
Okay, it's going to be a calamity!
At least Obama can correctly claim that he acheives growth...
Growth of the deficit!
I had a small biz and shut it down b/c of too many regs and too many taxes. I was ramping up to reopen and hire 10-20 ppl if Romney won. Those plans are off now, even though rents are cheap while property taxes still increase, it's not worth the risk of getting put out of business in a couple years by new policies.
Sorry, as a long time business owner, knowing the risk that can take you down, if revenues falter, I am not willing to invest and I NOW understand Atlas Shrugged ... if, like me, there's just a few hundred thousand people holding off ... then that's a few million jobs that will never occur.
The more the gov't takes from me, the less I want to give them. I'm not going to work harder, longer and expend increasingly more capital to get less money.
I did it for the first two years of BO, and won't do it again until the environment is more business friendly. So the next four years will just be more of the same for me and absolutely zero for the people I won't be hiring.
You may understand Atlas Shrugged, but you sure don't understand how the game is played. First of all, you don't start up anything with your own capital, especially if it has anything to do with "job creation." You go get a government grant, grease the skids, and schmooze wit the right people (which is hard if you're not a sociopath to be around people who are). Look at Solyndra for one example. So you should start up your business, but not one that is economically viable that you will work hard at building up and staking your own fortune on its success.
I think a lot of small business owners are feeling the same way.
"Business friendly," of course, being code for "encouraged to brand 'WELCOME' on the back of all prospective employees, paid for by a government grant."
During his first term he said that change was coming. He did not lie. He was speaking code. The change he implied was not the change he and his paymasters were clearly planning. So what does his 'next four years' codespeak mean this time?
I shudder to think
I guess we're also going to find out what that "flexibility" he would have after the elections was all about.
The American people did not vote for four more years of this, blacks and hispanics voted for four more years of handouts from working white people.
A small percentage of rich whites voted for Obama to make sure their money is kept safe.
The greatest lie of the election was that Obama's policies helped the middle class. Sadly too many people believed the bullshit.
It has nothing to do with skin color, and everything to do with greed and envy- small business owners of all colors need to go Galt, send their employees to the class warfare Nanny State they desire in search of a handout. The current system is unsustainable so why expend the effort and take the risk of loss for no reward? Facilitating the enslavement of your fellow citizens is not doing them or their children a favor.
Oh please, like it or not, the inner cities are not filled to overflowing with multiple generations of poor white trash.
West Virginia sure is
That is true and they keep on reproducing. But, then again anything is easy to do when you do not have to pay for it.
The multiple generations of poor white trash tend to be in trailer parks.
There are hecka lot more of them than negroes, though, that's for sure.
Check your blind spot: actually, blacks, hispanics and women voted for four more years of handouts from working men. When will men ever get the clue, that the womenfolk are not on their side?
This past election's mantra was "Only I can create jobs". Not surprisingly, most voters bought it hook line and sinker. They still believe in the system. They think:" if we can just get the right people in, with the right policies and programs, it can be boom days again". Sorry, but this is not the 1980s, it is very different this time. We have arrived at debt saturation on all levels: sovereign, municipal, commercial and private. It no longer matters how much credit is created or is available. It either can't be serviced or isn't needed. The more the Kenyan tries to make good on his promises of a worker's paradise, the more the private sector will reel. Another problem, is that the Federal gubmint is increasingly becoming our biggest customer and service provider in the economy. I am amazed that all of these Ivy league educated economist can't see this, or if they do, understand it's after effects. There is no leadership today, at least none that the public will have {because he/she must look a certain way, and master the art of pillow talk}.
"That gridlock has resulted in very little progress in providing the fiscal policies necessary to support economic growth."
Ah, I see. It's the post-2010 House of Representatives that is responsible for the poor state of the US economy.
That's about where I stopped reading.
Stacy McCain put it like this: "The Democrats are adept at making Republicans proxies for whatever anyone happens to hate: If you hate rich people, Republicans are the party of the rich. If you’re gay, Republicans are the party of homophobes. If you’re female, Republicans are the party of that jerk ex-boyfriend who dumped you because your thighs are too fat."
I'm still trying to wrap my head around this new reality. I've come to the conclusion that the Democrats figured out a long time ago that it's easier to get people to be against something than to be for something else. The reason that Obama won was that he was able to convince his voters that he was against whatever they said the Republicans were for, whether it was true or not.
We are all truly fucked.
Don't homophobes tend to vote Republican?
I'm not a Democrat, so I don't really know.
I don't know any, so I can't really say. According to the Log Cabin Republicans (www.logcabin.org), 31% of gays vote Republican. Blacks and Hispanics tend to be not down on the whole LBGT thing and they went 90% and 70%, respectively, to the Democrats.
I am Catholic, and I know that many of us tend to the homophobic (we try to be nice about it), and I see that Catholics, as a group, voted for Obama. Hmmm.
Yeah but you're a South Park watching Catholic....that has to count for something.
And I'm not homophobic. Two more things to go to confession for on Saturday.
About 1/2 the Catholics as a group are hispanic. Many of the other catholics are catholic the way Soros is a Jew.
So, I suppose if you control for Latinoness and frequency of Mass attendance, most good white Catholics voted for Romney and are homophobic.
The takers outnumber the makers. The promise of new freebies and the fear of having old freebies removed is what drove the turnout. The debt doesn't matter, GDP doesn't matter, taxes don't matter, what you promise to give me is what matters. People aren't hurting, food stamps, welfare, obamaphone etc. keep the sheep well fed and happy. They still believe the Govt will save them and they see it working in their own lives. I don't see any way out except for a collapse and a reset.
Time for the makers to take things into their own hands, seems like they have little to lose.
The Mohammedans have a Holy Duty to Matthew Shepard the Faggots, yet both the Mohammedans and the Faggots are "welcome" in the Big D tent, and their adherents often go to that tent to receive their voting instructions. It is IMPOSSIBLE to reconcile those those two positions, but yet both political parties claim to have "values". No, the major Parties have platforms, whose only "value" is the votes that are delivered for the Party candidates. The inherent conflict of welcoming both Bible Beaters and Hangin' Judges into the other tent is just as pathetic. There can be no VALUES in politics as long as there are only two large parties which claim to speak for the Citizens.
Can we stop saying things like "...puts the economy in a very nasty recession..." as if we ever exited the recession of 2008? We're four years into an economic collapse buoyed only by monetary easing, which is having less and less of an effect on status quo maintenance.
That's not fair. You can't blame Obama's policies for causing the recession if it started in '08, so you'd best just keep quiet about that.
Yes, you can blame Obama for the housing mess. His first "job" was to "organize" to get banks to loan out mortgages to people who couldn't afford them.
The meltdown was decades in the making. The WSJ was banging the drum on Fannie and Freddie all the way back into the 90's. Fannie's CEO was Franklin Raines who was Bill Clinton's budget director. In 2003, the Bush people tried to rein them in, but that was stifled by Barney Frank and Chris Dodd.
Well, as long as you never blame any of the bankers who wrote the laws, sure, I can see the logic.
A Senate under Harry Reid that will not even bring the House passed budget to the floor, they have locked in the Porkulus spending ($850B) into the baseline. No deficit reduction can take place iwthout rolling back to at least the 2008 baseline and beyond.
"Obama has already laid the foundation for his next four years of Presidency - more green jobs, tackle global warming, raise taxes on the rich and (create jobs) wealth redistribution for the poor."
Fixed it for ya, creating jobs is so much harder than just paying people to be poor, Green jobs and global warming BS is payback for bundlers.
The republicans should let obama do whatever he wants so the financial system will collapse within the year and then maybe we can reset to what are founding fathers invisioned
The republicans should let obama do whatever he wants so the financial system will collapse within the year and then maybe we can reset to what are founding fathers invisioned
He has been..............for four years.
the best news on the political scene in USA :
The Democrats' Election Victories May Have Killed The Tea Party - Business Insider
Fox News Is Killing The Republican Party - Business Insider
GOP Implodes After Romney Loss - Business Insider
and especially this :
Karl Rove's Historically Colossal Waste Of Money - Business Insider
The neo-cons who created this Reaganomics mess eat humble pie.
As thou shalt sow so thou shalt reap...
Nemesis, and I hope it bites deeep into their oligarchical pockets.
Not that I support the other clique...of Pax Americana hubris...
This is the "post-election collapse" of the anti-Obama crowd.
The anti-Dubya crowd had the same "come to Jeebus" experience 8 years ago.
The good news for the Republicans is: if we DO finally burst into flames during Obama's second term, they should finally be able to achieve that "permanent Republican majority" that's been Rove's Holy Grail for 20 years.
My thoughts exactly: same shit, different party.
GNASH
GNASH
GNASH
(those were teeth)
Last 4 years have been a disaster ... next 4 will be worse? Awesome
BULLISH
GOLD, BITCHEZ