The Era of Responsibility

[editec]

Actually I think the economy is going over the cliff BECAUSE of Obama, not the other way around.

You just wait until you're wheeling "Obamabarrels" of money to the bread lines to get your government doles.

Everyone is entitled to think what they want.

The fact that major financial institutions have gone under and many more would have gone under is not opinion, however.

Neither is the fact that GDP declined 6% real (annualized) in 4thQ08, before Obama became president.

Lots of very smart, very knowledgeable people including those in both the Bush and Obama administrations have said very clearly that the economy is in very real danger. I'll take their word for it over yours.

What caused the crisis? American individuals overstretching their incomes correct?

No, not correct.

Educate yourself about derivatives, and the lies of the bond ratings agencies.

You are blaming the victims of the swindle, jeeves.

 

[MaggieMae]

I think the problem is that a lot of people don't understand the depth of the crisis because it hasn't affected them personally, and thus they haven't really been paying attention to the reasons WHY so much debt needs to be incurred. Since they're not injured, they can't get why bandaids and quick topical medications won't stop the bleeding and heal the wound. They don't realize that extensive surgery is required to stop the spread of a cancer (ultimately to them, personally).

 

[RoadVirus]

What caused the crisis? American individuals overstretching their incomes correct?

No. Greedy Bankers conning people into risky loans.

 

[Iriemon]

What caused the crisis? American individuals overstretching their incomes correct?

No. Greedy Bankers conning people into risky loans.

No, that was the greedy brokers, who made $$ selling overpriced homes and packaging mortgage loans for them.

The greedy banks helped by creating a huge market and demand for these crappy loans.

 

[Iriemon]

I think the problem is that a lot of people don't understand the depth of the crisis because it hasn't affected them personally, and thus they haven't really been paying attention to the reasons WHY so much debt needs to be incurred. Since they're not injured, they can't get why bandaids and quick topical medications won't stop the bleeding and heal the wound. They don't realize that extensive surgery is required to stop the spread of a cancer (ultimately to them, personally).

The cynical side of me thinks the powers that be at the Murdoch organization understand exactly the depth of the crisis.

However, they calculate that if they support Obama and the economy succeeds, they won't get the credit. And if they support Obama and the economy fails, they'll get blamed too.

By attacking the bail-out, even though they know the danger of the economic crisis, they turn it into their best advantage.

If the economy suceeds, they can say the spending wasn't necessary and just ran up the debt our poor grandchildren have to pay, they never worried while Bush was running up $5 trillion for their tax cuts. If the economy fails, they can blame Obama and say "I told you so".

It's not about what is best for the country. If the Murdoch and mainstrean conservative media was concerned about the country, it would be emphasizing positive news to increase confidence, instead of the constant message of negativity.

It's about getting power back, so they can contnue on their program of making the rich richer. Hence the "tea parties" they organized and the like.

 

[Indiana Oracle]

Deficit federal spending as a habit has a specific history. One source is IOUSA. The problems we are having in my view are:

1)We need to prop up the banks even if it makes everyone gag

2)But we do not need to further enrich them in the process

3)The Prophet's out-of-his-mind out year spending simply cannot be supported and the lies in the economic assumptions need to be exposed.

 

[jreeves]

What caused the crisis? American individuals overstretching their incomes correct?

No. Greedy Bankers conning people into risky loans.

No, that was the greedy brokers, who made $$ selling overpriced homes and packaging mortgage loans for them.

The greedy banks helped by creating a huge market and demand for these crappy loans.

Yes it's always someone else's fault. It's never the irresponsible person's fault who bought a house they couldn't afford or took out a loan they couldn't pay.

 

[jreeves]

Everyone is entitled to think what they want.

The fact that major financial institutions have gone under and many more would have gone under is not opinion, however.

Neither is the fact that GDP declined 6% real (annualized) in 4thQ08, before Obama became president.

Lots of very smart, very knowledgeable people including those in both the Bush and Obama administrations have said very clearly that the economy is in very real danger. I'll take their word for it over yours.

What caused the crisis? American individuals overstretching their incomes correct?

No, not correct.

Educate yourself about derivatives, and the lies of the bond ratings agencies.

You are blaming the victims of the swindle, jeeves.

Educate me then, let me know how derivatives caused the crisis? You don't believe the slew of home defaults played any role in the crisis? Interesting please explain....

 

[Bern80]

WHAT?!!!

NOW that Nobody is found responsible for the economic meltdown, (it was all a misunderstanding?) now the AMERICAN people need to become more reponsible?


That's rich!

As oppossed to being less responsible? Good idea ed. We're in the mess we are in broadly because as whole we horribly irresponsible w/ money. From our government, to some businesses to individuals. So yes EVERYBODY does need to be more responsible

 

[garyd]

When you actually understand what was going on truth regarding derivatives. they didn't lie. They weren't sure what they were worth themselves.