Barack Obama

[TGirl lover]

I had high hopes for Obama. Especially since we finally got rid of that dumbass Bush, but now I'm very disappointed. Obama is driving this economy even farther into the ground. Should have voted for McCain. Just hope he is only a 1 term pres.

[hankhavelock]

Originally Posted by TGirl lover

I had high hopes for Obama. Especially since we finally got rid of that dumbass Bush, but now I'm very disappointed. Obama is driving this economy even farther into the ground. Should have voted for McCain. Just hope he is only a 1 term pres.

Well, what did you expect? Give the man a chance, please. He has to clean up 8 years' mess after the most horribly incompetent socalled president that America ever had... Barack's task is tuff... but he'll do it. Don't worry. But he still has Republicans and even Democrats against him in Congress, and the financial crisis is so severe that it cannot be undone in three months...

So be glad you didn't vote for McCain or any other Republican, for that matter. Give Barack a chance to get his plan in motion. Read his book "The Audacity of Hope" - that's well written reading and will give you a better knowledge of Barack's plan. Trust me, Barack is a thoroughly good guy and talented above measure!

H

[TracyCoxx]

Originally Posted by hankhavelock

Well, what did you expect? Give the man a chance, please. He has to clean up 8 years' mess after the most horribly incompetent socalled president that America ever had...

As a non-US citizen, I don't expect you to know the ins and outs of the cause of our financial meltdown, and all you have to fall back on is your trusty "Bush Did It" mantra, but it's not anywhere near that simple. I don't know how much you know about the US government, but you may be surprised to hear that it's not made up of only one person. There's a congress too, made up of a house and senate. That's the legislative branch. There's also a judiciary branch.

You're focusing on the guy who has, for 7 of his 8 years in office, been warning congress about the financial instability of Freddie Mac and Fannie Mae. His last year in office, he warned them 17 times. Youtube is full of videos of congressmen insisting that Freddie Mac and Frannie Mae were financially sound. The main culprits are Carter, Clinton, and Congress for the Community Reinvestment Act (CRA), and Alan Greenspan for artificially creating the housing bubble. btw, you can't just blame Bush for Greenspan. He was in office during the terms of several presidents. I think most of this has already been discussed several times in this thread. I know... it's not as trendy as saying it's that idiot Bush, but you know those pesky facts. They keep rearing their ugly heads.

Originally Posted by hankhavelock

Barack's task is tuff... but he'll do it. Don't worry. But he still has Republicans and even Democrats against him in Congress, and the financial crisis is so severe that it cannot be undone in three months...

I certainly don't expect him to turn the crisis around in three months, or even a year. But call me crazy, if our problem is the collapse of mortgage companies who lent money to uncreditworthy people, let's NOT give $3.5 billion to the group who led the push for CRA. (BTW, since that same group is being charged in 14 states for voter fraud, let's NOT have them working on the census either.)

You want me to give Obama a chance, when his strategy is Carter's failed financial policy on steroids. That strategy has already had a chance. It didn't work. The republicans are getting a lot of blame by the conservatives in this country for not being conservative. Yes, they did rack up some debt when they had control of congress, but in one month, Obama and the democratic congress has racked up 2.5 times the amount of debt raised during all 8 years of Bush's presidency, including debt from Bush's wall street bailout. And they're still talking about more trillion dollar bailouts to come. The world isn't going to keep buying our debt, and when we had a debt of $10 trillion, Obama had the NERVE to expect the world to fork up another $2.5 trillion. Like the top european union official said, Obama's policies will undermine the stability of the global market. That's not Sean Hanity talking. That's the Czech prime minister. And it's also China's central bank governor. But I know you'll go right a head and tell me that the best way out of debt is borrow another $2.5 trillion. Makes perfect sense for an enlightened person such as yourself.

Originally Posted by hankhavelock

So be glad you didn't vote for McCain or any other Republican, for that matter. Give Barack a chance to get his plan in motion. Read his book "The Audacity of Hope" - that's well written reading and will give you a better knowledge of Barack's plan. Trust me, Barack is a thoroughly good guy and talented above measure!

He may very well be a good guy, but he's in way over his head. McCain isn't on the top of most republican's list, but I know he wouldn't implement strategies like Obama has that would put the country and the world economy in this much danger. I'm not going to read about the audacity of a community organizer who thinks he can be president. I'm reading about how to stay afloat when the dollar collapses.

[sesame]

Originally Posted by Tracycoxx

Originally Posted by Wall Street Journal
China Takes Aim at Dollar
BEIJING -- China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. rolesuck. in the world economy.

History will show that while the problem has been growing for decades, it was Obama's administration that delivered the crushing blow to America. Hang on people... this is going to suck

Did you not read this from the wall st. Journal, Tracy?

However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency.

Tracycoxx: "we're a nation of consumers rather than producers"

Prove, sister, prove! Please provide logic and facts to back up your statements. It sounds interesting though! Does the US produce nothing? Does it not add anything to the world economy, but only consume? Thats ridiculous!

[CreativeMind]

Originally Posted by sesame

Did you not read this from the wall st. Journal, Tracy?

Quote:However, the technical and political hurdles to implementing China's recommendation are enormous, so even if backed by other nations, the proposal is unlikely to change the dollar's role in the short term. Central banks around the world hold more U.S. dollars and dollar securities than they do assets denominated in any other individual foreign currency.

Sesame, I think you might be missing the point of the article relative to Tracy's post.

The REASON that China -- as well as Russia and other now-vocal countries like Brazil among others -- are calling for an all-new "global currency" (as Tracy pointed out) is BECAUSE they are "holding more U.S. dollars and dollar securities than they do assets dominated in any other individual foreign currency" (to re-quote the article). They want to GET RID of all those dollar-based securities they're currently holding in their own banks. They want to DUMP them and no longer be tied to U.S. economics or market fluctuations. The problem is they can't do it now because of the crisis and the fact that so much of the world economy...including their own...is centered ON the dollar. Hence, they want to break FROM the dollar as soon as possible and create an all-new currency that they CAN control on their own terms.

The result being that Tracy's post is completely accurate in terms of the point she was trying to make. Things ARE going to get A LOT rougher in the days and years ahead as these countries do whatever they can to start dumping their dollars and dollar-based securities. And things will get A LOT rougher for America as these same countries likewise refuse to buy up our outstanding debt loads -- which again, is the cornerstone of our own system and it's what Obama desperately needs and is literally PRAYING will happen (ie. countries buying OUR debt) in order to keep our own economy afloat.

[TracyCoxx]

Originally Posted by sesame

Did you not read this from the wall st. Journal, Tracy?

China and other countries who hold our debt would certainly rather they did not have to abandon the dollar because they have so much of their wealth tied into the dollar. The fact remains though, the US will never be able to pay down its debt. Politicians have convinced the American people that they are entitled to so much from the government that we won't be able to decrease the amount we spend. Obama's administration now tells us we are entitled to succeed. Otherwise we'll get a bailout.

So while China and other countries would dearly love for us to pay back our debt, they will come to the realization that we will not. Maybe they have already come to this realization. It will certainly be painful for them to switch currencies, but more and more their economy, and the world's economy is based on trading US IOUs that they will realize is worthless. That cannot continue forever. Because of our recession and decreased demand for products from China, they are laying off millions. Meanwhile, the international community is wanting them to put environmental regulations in place while they produce for us. They have said they want us to foot that bill since we're the ones benefiting from it. So in the future, whether or not they decouple their economy from the dollar, they will agree to take on less and less of our debt.

Originally Posted by sesame

Tracycoxx: "we're a nation of consumers rather than producers"

Prove, sister, prove! Please provide logic and facts to back up your statements. It sounds interesting though! Does the US produce nothing? Does it not add anything to the world economy, but only consume? Thats ridiculous!

If we add to the world economy, why is our debt increasing? If we can't produce tangible products, we're not going to lower our debt. We used to have a huge manufacturing base. Bit by bit companies have called on international companies to produce those products for tax reasons, fewer regulations, cheaper labor, etc. Just about everything you own has "Made in China" or somewhere stamped on it.

[TracyCoxx]

Originally Posted by TGirl lover

I had high hopes for Obama. Especially since we finally got rid of that dumbass Bush, but now I'm very disappointed. Obama is driving this economy even farther into the ground. Should have voted for McCain. Just hope he is only a 1 term pres.

Democrats should have picked Hilary as their candidate. Right now, I would love to have her as president. And she's not even on my top 500 list.

[sesame]

Ok, Creativemind, lets assume for a moment that America's economy is shaking right now;and lets also assume that this group of other countries including China buys US debt!! And then in one strategic sweep they cause a controlled meltdown of US economy, just like what happened to USSR! Is that possible? China is very ambitious now and its not a friend of America. If US falls as a superpower, guess who will be the next Big Boss? Do I sound like a conspiracy theorist? Ridiculous, or should I say, Riddiqulous? :D

Are the American politicians playing nine pins with the fate of their own country? Have the Democrats gone mad overnight with Obama on the lead? And are the "sharp witted & patriotic" Republicans watching everything sucking thumbs? Is Obama hell bent on a meltdown of the US? Or Is he keen on fixing the already tattered economy presented to him by Bush? Is the media trying to frame him by making the public misunderstand his plan with distorted facts and figures?

[franalexes]

the answers are within.

Originally Posted by sesame

Are the American politicians playing nine pins with the fate of their own country? YESHave the Democrats gone mad overnight with Obama on the lead? YESAnd are the "sharp witted & patriotic" Republicans watching everything sucking thumbs? Being out numbered they are not much helpIs Obama hell bent on a meltdown of the US? No, but his policies AREOr Is he keen on fixing the already tattered economy presented to him by Bush? START WITH BARNEY homophobeless FRANKIs the media trying to frame him and making the public misunderstand with distorted facts and figures? The public is already aware of how the figures are distorted. AND THEY ARE RIGHTFULLY CAUTIOUS>

[sesame]

Ok, lets watch the NY house race and see who can draw the ball in his court!

Democrat Scott Murphy strongly supports Obama and the stimulus plan that would funnel $24.6 billion into New York to fund construction projects and help fill gaps in state education costs, among other things.

Recent Siena College poll found the Democratic president had a 65 percent approval rating in the traditionally Republican district. It was even higher ie, 72 % in Warren, Washington and Essex counties, which are strongly Republican.

Risk factors:

The district has more than 196,000 registered Republicans compared to about 125,000 registered Democrats. There are more than 118,000 voters who aren't affiliated with either party.

Also, Republican Jim Tedisco, says the stimulus plan has a serious flaw _ the protection of bonuses to executives of bailed out companies like American International Group. That means sticking taxpayers with $165 million in lavish bonuses for failed executives at AIG! Well, thats what Jim Tedisco is bickering about.

[TracyCoxx]

Originally Posted by sesame

Is Obama hell bent on a meltdown of the US? Or Is he keen on fixing the already tattered economy presented to him by Bush?

Alright, enough of this BS. The cause of the financial meltdown has been explain enough in this thread for whoever will read it. YOU prove that Bush caused the financial mess.

[sesame]

I know something that the US is expert in producing in huge quantities; but I am sure they would'nt like to share this kind of technology with other rivals. Can you guess?

Weapons of mass destruction, nuclear technology (I dont know where the raw materials come from) and stealth aircrafts. :D Yeah, the Nighthawks! Not many countries have such hi-tech toys. Frisbees, Wobblin Goblins, otherwise known as F117A! They have retired this model last year.

[TracyCoxx]

Originally Posted by TracyCoxx

Alright, enough of this BS. The cause of the financial meltdown has been explain enough in this thread for whoever will read it. YOU prove that Bush caused the financial mess.

Sesame?? Are you there?