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He reads )))))))))))). Beside you new speaker ))). But who he writes all this )))). He that, not capable generate its speech itself? Your president - showman
He reads )))))))))))). Beside you new speaker ))). But who he writes all this )))). He that, not capable generate its speech itself? Your president - showman
United Health CEO, Stephen Hemsley, makes $3.2 million/yr. MORE than $100,000/hr. This is NOT about an Entrepreneur who came up with a brilliant, productive idea! Just a Corporate Mafia Boss that buys politicians (esp. RethugliKKKans) and brainwashes people to go and defend their THEFT, calling it Capitalism! False! This is NOT Capitalism! This is THEFT! I am ALL for deserving Entrepreneurs like Bill Gates! These CEOs are MURDEROUS BANDITS who DENY us CARE, sending MANY to death!
Glad to be free most definitely. It's called FREEDOM! As far as control, who wants to be in a controlled society, but at least we don't live in places where control is the main core of govern..S. Arabia, N. Korea. in our free land, don't you think to some degree we are all controlled by somebody we love or an authority figure who has to enfoce public laws? Then we have those that control others. So, i guess in some odd form freedon goes hand in hand with control depending on how you look at it.
we know about forced vaccination, we know about 9/11, we know about one world gov't, we know about the rothschilds, we know you didnt go to the moon,we know of codex alimentarius, we know about the concentration camps we know about the underground bases, and the testing that goes on there .... WE KNOW... and guess what? SOON EVERYONE ELSE WILL.
Obama's a snake. A dyed-in-the-wool Marxist who seeks to control as much as he can get away with.
He pushes thru a faux stimulus plan which he knows cannot be read in time and is now ringing the hurry up bell to push thru his health care plan, hoping the Congress & American people won't have a chance to read & digest it.
How does the Home Affordable Program help people like use with poor lending practices from places like Bank of America? My husband has had a significant cut in salary from a layoff that lasted from March of 2008 to October 2008. He took a job paying less just to have a job. Now, more of our monthly income is going to our mortgage due to the cut in pay.
The Bank of American agent gave us a quote of 4.75% interest with a 5.248% APR where we are required to pay $4000 closing costs. It looks like Bank of American is trying to discourage people from refinancing to an affordable rate. In the past, the closing costs were included in the refinance. We were told that we have to come up with the cash instead. Bank of America is well aware that people are cash strapped right now. Poor lending practices are still being exercised in America.
We contacted Bank of America to inquire about a refinance. First they wanted to steer us to a 30 year with an interest rate of 5.7%. We are paying 5.5% right now on a 15 year mortgage. This will cost the customer a lot more money. We want to refinance with a lower interest rate.
Obama really believes that he is dictator of the world. Amazing!! Our economy is back from the brink? um! after letting CIT go bankrupt our unemployment reaching 20-25% by the end of the year if not early next year. How is this
wake up America Obama just told CIT a major bank giving loans to moderate and small business, that they would not be bailed out. So they are going under. This means that unemployment will reach 20-25% by the end of the year. Why? Because Cit gives loans to businesses that employ 99% of Americans and they will not have access to money to run their business. They will either layoff or go under. Thanks !!! Obama!
He said the "stimulus" plan had to be done immediately for a short term solution to keep unemployment below 8%. He said if the "stimulus" package would create immediate jobs with the "shovel ready" projects. It was never mentiones that this was a two year prok=ject.
Once a lying Chicago political hack, now a lying Washington political hack.
You guy forget about Kim jong Il & Mamoud Admadinezad & Osama Bin Laden and then you guy don't know who will be coming up like these guy , maybe they 're more " evil " than those guy , never know men
We 're very happy when American people voted for this guy .
Theire president just care about health care , global warnming , help the bank , car co. ...etc. Talk the Talk and didn't care the fact . How many year American people wait for him to build a new foundation ...? How can American people survive in that time ? How long the wealth people can " feed" the poor people ? Is that the "doomsday" of the Empire USA ? ( look like USSR )
Why would anybody want to live in Obozo's niggaverse where he actually thinks that carbon dioxide causes 'global warming'?...sort of like Bizarroworld in Superman comics
But now, the stimulus did "exactly" as was intended? I'm glad Mr. President that you feel that this multi-generational debt ridden "stimulus" plan was successful. I wish I lived in your parallel universe, President Obama.
So let me get this straight - The Obama admin. "misread" how bad the economy was and thus unemployment goes beyond 9.5%. I remember being told repeatedly last fall that this economy was the "worst" since the Great Depression!
They keep making you lighter Mr. President, don't take Michael Jackson's foot steeps.
Are you calling the stimulus, RECOVERY now? WOW, that's such a much better word, but you forget Mr. President, that not all American people are idiots.
Agreed, Mr. President. I am sick and tired and frankly disgusted with Republicans who continue to argue that nothing should be done, and that we should defer tough decisions and tough action after we've been putting it off for OVER THIRTY YEARS.
The time for action is now!!
I'm praying that you will be successful, because we are indeed on the brink, and inaction will only push us all over the edge.
Wow! so there really is some of you obamaniacs left? Most Americans have awakened from the deep trans from obamania and have realized what a con this guy is but some of you are still sedated under his spell.
To fix the entire problem the United States faces will take a long time. I am thankful that we have a President that will stay the course. We need to be patriots and stand behind our President and see what we can do to help.
The crooks and their apologists would like nothing better than for ELECTED leaders to back off, and let business thieves create economic imbalance by hoarding the nation's wealth unto themselves.
The recovery act has largely gone unspent. Until the results come in from it we cannot judge it's effectiveness. All this negativity is based on what? Speculation? No one knows what's going to happen. I know one thing, we were never going to be clear of this mess in just 6 short months.
has anyone noticed that obama tells people what is wrong with his plans, but tells his blind supporters what to tell the people who do not agree with him. does anyone else see somthing wrong with that?
Audit the federal reserve, or Destroy the federal reserve. Why can't we see where the money goes? Why must the federal reserve be shrouded by lobbyist federal personel, bankers and others in a cloak of lies and deception to the american people. The reason why they dont want to audit it is because they wont be able to borrow the money anymore? If this economy jumps back we jump on the federal reserve. Then we learn not to borrow money from others.
In February, lots of liberals were crying that unemployment would hit 9 percent if the stimulus bill wasn't passed. This is the classic liberal tactic of rushing legislation through to hide lots of hidden information. There was huge government spending for things that had nothing to do with the economy. Now in July unemployment is almost at 10 percent.
If you knew the economy and job creation when total Gov. spending goes above 25% of the GDP and we are near 40%. Would you vote for more Gov. spending? The economy is stagnet and will remain until we stop spending and pay back some of this debt. IT IS THAT SIMPLE.
I need to make a statement. I disagree with Obama because of his policies, lies and corruption he supports. However it is not about race. All you racist rednecks need a serious reality check and you better start growing up. I don't care if obama and his wife are racist. Do not bring race into this battle or you will be left to fend for yourself.
With this insight, investors will be able to proactively strengthen their investing portfolios in the face of an escalating credit crisis and deteriorating financial markets - whose ripple effects are only now manifesting themselves in Europe, India and other markets abroad. Investors should sign up early; those who do will be able to also submit questions in advance for Gilani's consideration. Click here for more information, including instructions on how to sign up for the free web summit.]
The truth may be difficult to swallow, but without hearing it, there's not much hope for finding the right way out of the maze."
Gilani will show investors how to interpret recent moves by lawmakers and their cronies to unlock the credit markets, and what's really behind the recent machinations taking place in the power alleys of Wall Street and in the halls of government down on Capitol Hill.
Those who tune in can expect to get candid insights not available on your favorite cable-TV finance show or in the business section of your local newspaper.
"Wall Street doubletalk got us into this crisis; I hear more excuses than straight talk. Most of the dialogue is noise," said Gilani, the editor of the "Trigger Event Strategist" and a commentator who is known for his deep connections inside the investment-banking world of Wall Street.
[Editor's Note: Money Morning Contributing Editor Shah Gilani, a retired hedge-fund manager and noted expert on the global financial crisis, will host a post-Inauguration "Web summit" that talks about the pending regime change in Washington and what it means for investors in the coming months.
The Jan. 22 session - entitled "The Regime Change in Washington Triggers War on Wall Street" - is free of charge to investors who register in advance. It will start at 7 p.m. EST.
This is the story of how we got here. Where we are is actually even scarier than authorities are willing to admit. In the second article in this three-part series later this week, I will be the unfortunate bearer of the news of where here actually is.
No one would tempt an alcoholic by putting one in charge of a liquor store and neither would anyone put a fox in charge of a henhouse. So why are greedy bankers being allowed to rewrite banking regulations to enrich themselves while leveraging taxpayers, destroying trillions of dollars of hard-earned savings and sinking us into a potential depression?
Evidence suggests that Bank Holding Companies may be exploiting the deposit insurance mechanism because leverage is a significant factor in our results for incentive-based components of compensation. Our results strongly support the view that fundamental shifts in business activities of Bank Holding Companies have influenced their compensation strategies.
The motivation for bankers to undermine and inhibit prudent regulation is inherent in banker compensation incentives. The September 1993 Journal of Financial Research sums up the problem on compensation by concluding: Firm characteristics that influence managerial compensation include leverage (as a measure of observable risk) market-to-book ratio of assets, size and shareholder return.
(BAC), and the rushed acceptance of applications by Goldman and Morgan Stanley (MS) to convert to Bank Holding Companies so they could feed at the taxpayer bailout trough and feast on the Feds new Smörgåsbord of liquidity handouts. There are no more CSEs (the SEC announced an end to that program in September). The old investment bank model is dead.
When the meltdown came the leverage and concentration of bad assets quickly resulted in the shotgun marriage of insolvent Bear Stearns Cos. to JP Morgan Chase & Co. (JPM), the bankruptcy of Lehman Brothers Holding (LEHMQ), the sale of Merrill Lynch to Bank of America Corp.
In reality, what the investment banks did was essentially re-cast hybrid capital instruments, subordinated debt, deferred tax returns and securities with no ready market into healthy capital assets against which they reduced reserve requirements for net capital calculations and increased their leverage to as much as 30:1.
The tragedy is that the SEC never used its new powers to examine the banks. The idea was that Consolidated Supervised Entities (CSEs) could use internal models to determine risk and compliance with net capital requirements.
On April 28, 2004, in a fitting and perhaps flagrant final act of eviscerating prudent regulation, the SEC ruled that investment banks may essentially determine their own net capital. The insanity of that allowance is only surpassed by the fact that the SEC allowed the change because it was simultaneously demanding greater scrutiny of the books and records of what were the holding companies of investment banks and all their affiliates.
The markets have worked better than you might have thought, he has been quoted as saying. There is this idea afloat that if you had more regulation you would have fewer mistakes. I dont see any evidence in our history or anybody elses to substantiate that.
From 1989 through 2002, federal records show that Sen. Gramm was the top recipient of contributions from commercial banks and among the top five recipients of campaign contributions from Wall Street. [Click here to read "How Subprime Borrowing Fueled the Credit Crisis."] Since moving on from the Senate in 2002 to mega-universal Swiss banking giant UBS AG (UBS), where he serves as an investment banker and lobbyist, Gramm makes no apologies.
From his position of power, Sen. Gramm consistently leveraged his Ph.D in economics and free-market ideology to espouse the virtues of subprime lending, where he famously once stated: I look at subprime lending and I see the American Dream in action.
If helping struggling borrowers pursue their homeownership dreams was such a noble cause, it might have been incumbent upon the senator to not block legislation advocating the curtailment of predatory lending practices.
In 1999, in the ultimate proof that money is power, U.S. President Bill Clinton signed into law the Gramm-Leach-Bliley Financial Services Modernization Act, at once doing away with Glass-Steagall and the 1956 BHC Act, and crowning Citigroup Inc. (C) as the new King of the Hill.
Phil Gramm - the fire breathing free-marketer, Texas senator, and chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs - rode to the rescue, propelled by a sea of more than $300 million in lobbying and campaign contributions.
There was only one problem: The deal was clearly illegal in light of Glass-Steagall and the Bank Holding Company Act of 1956. However, a legal loophole in the 1956 BHC Act gave the new Citicorp a five-year window to change the landscape, or the deal would have to be unwound. If aggressively flouting existing laws to pursue a personal agenda isnt a perfect example of bankers hubris and greed, then maybe Ive just got it all wrong.
The constant flow of money to lobbyists and into legislators campaign coffers was paying off for the banking interests. The Fed, under Chairman Greenspan, was methodically deconstructing the foundation of Glass-Steagall. The final breaching of the wall occurred in 1998, when Citibank was bought by Travelers. The deal married Citibank, a commercial bank, with Travelers Solomon, Smith Barney investment bank and the Travelers insurance business.
These actions would not be inconsequential in the aforementioned reign of terror that was still to come.
In 1993, with her agenda accomplished, Wendy Gramm resigned from her CFTC post to take a seat on the Enron Corp. board as a member of its audit committee. We all know what happened there. Enrons fraud and implosion became the poster child for deregulation run amok and ultimately helped spawn Sarbanes-Oxley legislation, which has its own issues.
Not inconsequentially, this would lead to a disconnect between asset-quality considerations and asset-liquidity considerations.
Meanwhile, over at the U.S. Commodities Futures Trading Commission (CFTC), the appointment of free-market disciple Wendy Gramm, wife of U.S. Sen. Phil Gramm, R-Tex., as chairperson, would result in her successful 1989 and 1993 exemption of swaps and derivatives from all regulation.
lenders should be expected to set aside substantial reserves; however, marketable securities that could theoretically be sold easily would not require significant reserves.
To obviate the need for such reserves, and to free up the money for more-productive pursuits, banks made a wholesale shift from originating and holding mortgages to packaging them and holding mortgage assets in a now-securitized form.
A year later - in 1988 - two very quiet revolutions sprouted that would ultimately hand bankers twin throttles to rain terror on us all.
That year, the Basel Accord established international risk-based capital requirements for deposit-taking commercial banks. In a byproduct of the calculations of what constituted mortgage-related risk (by nature of the loans long maturities and illiquidity)
In 1987, Alan Greenspan replaced Paul A. Volcker - the stalwart Federal Reserve Board chairman, national inflation-fighting hero and active proponent of Glass-Steagall (and now economic confidant of President-elect Obama).
In its twilight days, the Reagan administration was determined to further fertilize the seeds of deregulation and Greenspans Ayn Rand-inspired objectivist, free-market philosophies would be the perfect embodiment of the deregulatory movement.
he Act created deposit insurance and the government wasnt about to allow taxpayer-backed insurance of commercial bank deposits to be exposed to securities related risks. It was a prudent and sensible separation. Bankers tried for years to undermine and overturn Glass-Steagall, but it took time.
The ultimate prize was to be the undoing of the Glass-Steagall Act of 1933. Glass-Steagall, officially known as the Banking Act of 1933, mandated the separation of banks according to the types of business they conducted. Investment banks, whose securities related activities resulted in relatively large risks, were to be separate from commercial banks, whose depositors needed greater protection.
And, most frighteningly, raised the allowable ceiling on direct investments by savings institutions in nonresidential real estate from 20% to 40% of assets.
The history of S&L greed and fraud - which resulted from brokered deposits and deregulation - wasnt forgotten by legislators. But it was steamrolled by bankers pursuing an even greater unshackling of the regulations that constrained their ambitions.
Authorized a capital assistance program - the Net Worth Certificate Program - for dangerously undercapitalized banks, under which the Federal Savings and Loan Insurance Corp. (FSLIC) and the FDIC would purchase capital instruments called Net Worth Certificates from savings institutions with net worth/asset ratios of less than 3.0%, and would theoretically later redeem the certificates as these shaky banks regained financial health.
Key provisions of the Act ultimately coalesced with Treasury Secretary Regans protection of the lucrative brokered deposits business, in which Merrill was a major player, and paved the way for the future collapse of the savings and loan industry.
Some of the provisions in that 1982 Act would later be blamed for thousands of bank failures. The provisions permitted the following:
A year later, the shock troops of the heralded Reagan Revolution launched their attack and embarked on a massive, systematic de-regulatory campaign. President Reagans first treasury secretary, former Merrill Lynch & Co. Chief Executive Officer Donald T. Regan, became chairman of the Depository Institutions Deregulation Committee.
In a burst of deregulatory bravado in 1982, Treasury Secretary Regan ushered through the Garn-St. Germain Depository Institutions Act.
Allowed depository institutions, including savings and loans and other thrift institutions, access to the Federal Reserve Discount Window for credit advances.
And pre-empted state usury laws that limited the rates lenders could charge on residential mortgage loans.
In 1980, in a virtual landslide, Ronald Reagan was elected and grabbed the conservative mantle.
Lowered the mandatory reserve requirements banks keep in non-interest bearing accounts at U.S. Federal Reserve banks.
Established a five-member committee, the Depository Institutions Deregulation Committee, to phase out federal interest rate ceilings on deposit accounts over a six-year period.
ncreased Federal Deposit Insurance Corp. (FDIC) coverage from $40,000 to $100,000.
The Depository Institutions Deregulation and Monetary Control Act of 1980, signed into law by President Jimmy Carter, was the first major reform of the U.S. banking system since the Great Depression.
While touted as a boon to consumers, the law was actually a gold mine for bankers. Among other requirements and banker gifts the 1980 Acts provisions:
most egregiously, the self-righteous and still mega-rich former Street executives have systematically eviscerated the muscle and bones from the regulatory bodies charged with protecting us from banks self-destructive greed. An inordinately powerful group of executive insiders from the once-deeply respected House of Goldman Sachs (GS) have served as U.S. Treasury secretaries and in innumerable other administrative capacities.
a final decision that paved the way for the implosion of everything regulation was designed to protect.
Just how did we get here?
Wall Street bankers, their exorbitantly well-paid lobbying army of former congressmen and former regulators, their greatly contributed-to sitting legislators and
Fundamental and pragmatic banking regulations, which arose from the devastating financial collapses of the Great Depression, for decades strengthened U.S. banks and capital markets, making them the twin engines of American growth and the envy of the world.
The systematic dismantling of those same regulations by greedy bankers began in earnest in 1980, peaked in 1999, and finally climaxed with an insane Securities and Exchange Commission ruling in April 2004
The peoblem is NOT Obama. the problem is USA in 2009. It's to individualist, addicted to oil, food, cars and gadgets. The number 1 business is credit card debt. Health and education costs bring American taxes to skyrocket so that people have to work 2-3 jobs without holidays.
Corporation bought the souls of republicans, libertarians and conservative democrats spensing millions of dollars a day in lobbies. They killed the middle class and the small business which should be the backbone of America.
Finally Americans still believe they can get out of this recession in a few days. Sometime I wonder what the US could have learnt if they had WWI and WWII at home like elsewhere, really understanding the meaning of starvation and distruction and poverty. Americans have to decide if they want to remail spoiled kids whom cannot say NO otherwise they shout or if they want to became a nation of grown up people who assume responsibilities.
You cannot absolve the liberal Democrats as well though. Their constant efforts to enlarge the government has been a main cause of much of the problems we face today, and unfortunately Obama has continued with the same problematic policies today.
I prefer to enlarge an efficient government than have millions of corrupt and inefficient small governments. There are things that cannot be decided only locally but have to be regulated globally
Preference doesn't mean it transfers over to reality though. History has shown that a large government has been unable to facilitate for the good of the general population or nation. It simply has lead to favoritism and aristocracy. Local governments have the best grasp on what is need for their designated area. Rather than use generalizations thus leading to mass corruption and malfeasance through large government entanglements.
Small governments have always been inefficient and corrupt (especially republicans). Finally the US has got a government which takes care of everyone's interest and not only special interests. I lived in country with eficcient government and they worked very well
So far the current US government has yet to prove that they're not solely working for special interests. Because so far, all I've seen outside of bailouts and adhering to corrupt unions, is smooth-talking about a situation that they allowed to get out of hand. Through a smaller government you have a better opportunity to find out fraud,corruption, etc... The sample of suspects you go through isn't quite as large basically.
You don't have history of big government in the US. You reated a propaganda machine against government for 60 years convincing the people that having a good central government is wrong at the point that the president have been elected by the corporations and the you dilskiked the people you sent to Washington in the Senate and in the Congress in first place.
History of big government? There is nothing wrong with a good central government, but unfortunately everyone that has tried to get elected has opted to advance only their own careers. The government today is much larger than what the founding fathers intended for it to be. Using straw-man arguments to make your point--a very liberal tactic, won't get you very far.
During the last 60 years the role of the American president became less and less the role of a guide and more and more the puppet of the corporations (see G W Bush). In Scandinavia and in many other countries (including Switzerland which is a federation like the US) an efficient centralized government helped to reduce corruption and to get the things done.
The USA is no more a country with 50 states, it's now 50 countries under 50 pseudo dictators. When you have a country in which you hace gay marriage in one state but if you move in another one (maybe becuase you got a promotion) you are not recognized and your civil right and shred in pieces ..... you complete lost the sense of morality and the sense of being a country ....
And BTW when you have a fat mammoth stuck in the mud with no ideas and with no investments in the future, you need to push the four legs (economy, finance, health care and education) to give the mammoth the chance to move again and not just wait for a private sector with no ideas and no money because the mammoth won't move. This costs money, but blame yourself for having created a world of waste, superficiality and childish deregulation not Obama
If small Governments don't work, then why has America been the most prosperious Nation in the World these past 200 years and it has always had the smaller Government? But now it is growing with each massive spending bill and new entitlement program and recking the economy and more jobs are being lost everyday.
Not really. America skipped 2 world wars at home which helped America to prosper while the rest of the world was destroyed. The growth of the population and the industrial revolution brought capitalism to follow a bell curve. It grew and then it fell because of extreme individualism, deregulation and consumism.
As a matter of fact the # 1 economy today is Scandinavia (regulated capitalism and social services) and not the US. The Chinese economy is stronger than the American one and the US is borrowing money from China. So the "small government" only partially worked and collapsed in the moment each state and each people lost the concept of being a nation
The nation collapsed once it handed the reigns of setting monetary policy to the FED and allowed the central government to have a more active role in the economy. That "small government" concept only produced the Industrial Revolution in America and allowed the US to have the highest wages and at the same time have the capability of producing the lowest cost goods until 1914. The small government concept works, but the problem is we haven't stuck with it after all these years.
America is lucky to have such a wise President like Obama...he really sacrifice he life for Americans well being...well i don't think these ungrateful people deserve such a man like Obama!!
barklikeamonkey I know you were talking about Bush .... I agree. Predidents should have IQ much higher than an economist and not lower than a 5th grader
I applaud the president's attempt at curtailing the economic crises but I still feel that the bailing out the banks and Wall St. wasn't such a great idea. I think the better solution would be to take the 800 billion and use it to open up new Federal banks in all the states and give out loans to those companies that would help with new green energy projects as well as small businesses to create new jobs and manufacturing. Thank you Mr. President for the effort.
I also feel that AIG was too big. And if AIG was too big to fail then we need to address that situation and prevent corporations like AIG, and other financial institutions from becoming so big that it inherently can destroy our national interests. We broke up AT&T and Standard Oil when it got too big; and we need to figure out a way to prevent this situation from happening again.
I agree. In the seventies the FBI had a sting operation called ABSCAM. It went on a fishing expedition by calling congressman to a hotel room and had video cameras set up whereby they would open a briefcase filled with hundreds of thousands of dollars to be given to the congressman who wanted to play. The FBI dressed up as Arab sheiks in this case and caught a US senator and five congressman as well as other public officials. Time to do it again.
So it's "shrinking our dreams" and "fearing the future" when we oppose the government forcefully taking our money, our property, our labor, and handing it to worthless businesses and unproductive projects?
See my latest video (Freedom Chatter Quote of the Day: Barack Obama) for more of these thoughts.
Obama Science Advisor Called For Planetary Regime To Enforce Totalitarian Population Control Measures
In 1977 book, John Holdren advocated forced abortions, mass sterilization through food and water supply and mandatory bodily implants to prevent pregnancies
its nice to have a president that is actually trying. From jan 20th 2001 - september 11th 2001 Duble-U spent over 60% of that time golfing and cutting wood.
Thank you, Mr. Obama, for having long range plans to get us out of this mess left on our collective shoes from the mismanagement of Cheneybush. The doomsayers have no plans other than to howl that the sky is falling and you should be afraid. Wake up America and stop being afraid of the ala carte boogey-man. We're the land of the brave; so do something positive to help your fellow Americans. WWJD- reach out and help those in need. Walk the talk of Jesus. Be Christ-like. Forgive! Peace and Love!
I don't dislike Obama but I would like to see the good doctor have a try at running the country. Of course, the rest of the government would turn him into a lame duck the minute after the innaguration. No WAY they would let him do what he promises.
Search YouTube for "gayle1031" to see a video appeal by Gayle to President Obama for help with her Social Security Disability benefits application nightmare.
As long as the fear is there, and it's real, there can't be recovery. As long as we are fed through every source of information pessimistic and dooms day information, the fear will remain. This fear environment is being fostered over and over again by cowards that refuse to do anything constructive to try and help the country..they just want to run away and hide in the woods.
I'm not going to follow the fear mongers. I have a job thanks to the stimulus and move away from oil dependancy. On my drive to work and home I've seen more and more trucks on the road than when I first started work a couple of months ago. There is bridge and road construction going on along my route. The other day I saw a truck carrying one blade of a huge wind turbine. I see green shoots.
Read your own, you "saw MORE trucks" you saw "wind turbines" Are the trucks also running on wind power? No they are dependant on oil. If we are less dependant on oil then why are there MORE trucks? Is there a new fuel that these diesel rigs run on? No they are all dependant on OIL. I live in refinery country and the refineries are still invest billions in new units to pump out MORE oil. They have a vested interest and know something that the Government run news doesn't tell you. Read your post!
No body is saying "hide in the woods" what we are saying is build 100 nuke plants NOW, drill for oil on US soil, lower taxes and encourage forien investments, lower taxes so companies can PRODUCE goods here. Allow companies to fail that made poor investments. Open up school vouchers to create competion so that the best teachers florish and the poor are weeded out. QUIT SPENDING MONEY that we don't have and cut Government fat because government does not produce on single widget. Etc, etc, etc!!!
No one person is responsible for the credit crisis, the failure of investment banks, the insolvency of commercial banks world-wide, the implosion of the worlds stock markets, or for leading us to the precipice of another great depression.
No other alternative? How about doing _nothing_ and letting the free market purge all of the malinvestment that has been created over the past 10 years? How about dissolving the Fed and stopping the trillions in taxpayer funded bailouts of the banking institutions who are truly in control of the White House? Obama continues to expand on the mistakes made by the Bush Administration.
You can't create prosperity and jobs by simply "printing money" people. Think about it!
Intelligent people know that so-called 'free market' is a MAN-MADE system, which are ALL subject to crippling failures!
That is why wise people don't follow fools & the disingenuous, and just allow the CRIMINALS of the 'free market' to destroy their countries
The wise people of EVERY nation on the planet recognized the need to not allow the 'free market' to further take their nations into a destructive DEPRESSION!
But somehow, you think U are more knowledgeable than ALL the world, right? lol
How about you read some history and educate yourself before posting something this ridiculous. The worst downturn we've seen (Great Depression) came about shortly after the Fed was created (which was designed SPECIFICALLY to intervene to prevent such catastrophes).
The whole point is we haven't had a free market, even before this crisis. Market intervention CAUSED this crisis, and market intervention will make it worse. Don't be fooled by the media.
In a free market economic system the Government is to be the referee not the player. When it becomes the player unfair market competition and misbehavior accure. Free market is what has made this Country the Greatest in the World. The more centralized the Gov. gets and become the palyer the poorer and stagnet our economy gets. Go to Cato. org read the studies. You might learn something.
You must first define 'greatest'; or use it with the un-learned; they can be deluded into thinking that you are stating something of value
Again,
1. Markets are MAN-MADE!
2. No market is fundamentally 'free'; because markets depend on HUMANS to run them
3. Leaving criminals to control markets, so that they can create depression, record deficits & debt, IS NOT the kind of 'freedom' intelligent citizens will EVER aid
American CREATIVITY is responsible for US relative advancement, not market
You can blame this current mess on the Federal Reserves mistakes and Congress encouraging lending by the Gov. entities of Fannie and Freddie along with destructive regulartory measures.
Add the out of control Federal spending by Bush and now the boatload of bad decisions and huge spending of Obama. The stimulus of pork and omnibus counterproductive to the economy.
Free Market weeds out mismanaged poorly ,poor quality, poor service entities.
Thank the stars that unlike you, there are some intelligent people in government, who recognize that America cannot afford to allow the 'free market' foolishness to destroy the US economy and so create social stability.
The child's mind hears 'free market' and it foolishly thinks and believes that delusional implication that 'free market' has a consciousness, and so can control human activity for the common good, all by itself.
Again, markets are MAN-MADE & man-controlled, one way or another.
Obama is right. Those that say we should have done nothing don't realize that when the demand side of our economy is flat lining, the government MUST step in. It will take time for the unemployment numbers to abate but we are starting to head in the right direction.
A big part of the financial crisis is because the Government stepped in and encouraged fannie and freddie to give loans to unqualified borrowers. And we have Congress and wallstreet working together to line their pockets. Both parties are to blame. But don't expect either to take responsibility. They will keep running us into the ground unless we the people do something like Vote out the ones who are worthless. Of the 535 congress and senate I can only think of 11 that deserve their jobs.
Limited Governenment = higher wages and lower taxes. PLUS FREEDOM for the AMERICAN DREAM
This was no recovery act it was just big Gov. spending for your own political agenda. It went AGAINST the People NOT for the People. We The People Aree not Fools.
'Higher wages' for whom? Not the bulk of Americans, whose wages have flat-lined for years.
And minimum wage had to be instituted; because wages WERE NOT increasing
So-called 'limited govement' that gives away the nation's wealth to the wealth-addicts via your so-called 'lower taxes', got America; squandering of surplus, ANOTHER record deficit and record, plus another republicon DEPRESSION!
Record republicon deficit and record debt IARE tart of republicon 'big govement!
Government has grown by leaps and bounds over the past 70 years. Both parties being responsible. The Gov. does not have any money. It is non productive. It does not produce a product or service it sells. It gets all its money from taxes. It can print or borrow but taxes still have to pay those debts. The more money it spends the worse off the economy becomes. Republican were for limited Gov. and Dems were always called tax and spend. Today they are all careless with the People money.
Be careful on Russia. They started planting flags in the arctic because oil rich fields up there. I don't see a recovery until people forget about saving money and start spending again without a care. That's not likely to happen since everyone is scared of economy and no one is willing spend recklessly lol.
This is a total lie. If we had done nothing the Economy would be recovering faster. All the huge Government Spending has halted recovery and actually has slown the economy more. Repeal the recovery act and cut taxes corporate and individual. Cut all Gov. waste programs. Transparent. OH PLEASE! 3000, 2800 jobs! We have millions out of a job. This is such a lie. This Congress hasn't got a clue what it is doing. They are destroying jobs everyday. VOTE THEM ALL AOUT 2010 2012
Americans are retarded ignorant dumb dip-shit fucks. I'm happy I'm moving to Spain this winter. Finally back to the civilized world with laid back educated people and a decent health care system.
The poster gwbush doesn't care if Obama spends 5 trillion a year?? His hatred for the former President has poisoned his mind to the fact that WE ARE BROKE. We don't have $5 to spend because every cent is borrowed. Now someday that bill will come due. It amazes me that these people believe there will be no consequence to digging deeper and deeper in debt. Debt is slavery and all these bailouts and "stimulas bills" are chains on our childrens necks. Ironic isn't it?
I don't recall seeing your YT ID commenting when that PoS g. w. bush was borrowing BILLIONS from China and other Asian countries.
I don't recall seeing your YT ID commenting when that PoS g. w. bush was giving Wall St. $30 Billion, $70 Billion, $140 Billion for a total of $1.4 Trillion Dollars from 2007 to 2008.
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affluenceclm 1 year ago
... I have renamed the GOP Pledge to America to "Plague On America." God help us all if the Republicans gain control of the House and Senate
cuz4concern 1 year ago
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glennjgd 1 year ago
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He reads )))))))))))). Beside you new speaker ))). But who he writes all this )))). He that, not capable generate its speech itself? Your president - showman
megavolt1978 2 years ago
He reads )))))))))))). Beside you new speaker ))). But who he writes all this )))). He that, not capable generate its speech itself? Your president - showman
megavolt1978 2 years ago
Free your minds people.
droidhunter 2 years ago
United Health CEO, Stephen Hemsley, makes $3.2 million/yr. MORE than $100,000/hr. This is NOT about an Entrepreneur who came up with a brilliant, productive idea! Just a Corporate Mafia Boss that buys politicians (esp. RethugliKKKans) and brainwashes people to go and defend their THEFT, calling it Capitalism! False! This is NOT Capitalism! This is THEFT! I am ALL for deserving Entrepreneurs like Bill Gates! These CEOs are MURDEROUS BANDITS who DENY us CARE, sending MANY to death!
SickOfPunditsOnTV 2 years ago
G"No!"P : RethugliKKKan Party of "No!"
Left to them, we should DO NOTHING.
G"No!"P Motto : "We Want Him to Fail!"
Some G"No!"P proposed Solutions:
Economy : "Do Nothing!", the Economy will recover by itself!
Auto Ind. Collapse : "Do Nothing!", Foreign Car Co.s in the South will take over!
Foreclosures : "Do Nothing!", Don't help losers!
Oil Addiction : "Do Nothing!", Drill Baby Drill!
Mending International Relations : "Do Nothing!" Stop Apologizing!
SickOfPunditsOnTV 2 years ago
SickOfPunditsOnTV 2 years ago
Glad to be free most definitely. It's called FREEDOM! As far as control, who wants to be in a controlled society, but at least we don't live in places where control is the main core of govern..S. Arabia, N. Korea. in our free land, don't you think to some degree we are all controlled by somebody we love or an authority figure who has to enfoce public laws? Then we have those that control others. So, i guess in some odd form freedon goes hand in hand with control depending on how you look at it.
RAUL2WATCH 2 years ago
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we know about forced vaccination, we know about 9/11, we know about one world gov't, we know about the rothschilds, we know you didnt go to the moon,we know of codex alimentarius, we know about the concentration camps we know about the underground bases, and the testing that goes on there .... WE KNOW... and guess what? SOON EVERYONE ELSE WILL.
mohawkit 2 years ago
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Obama's a snake. A dyed-in-the-wool Marxist who seeks to control as much as he can get away with.
He pushes thru a faux stimulus plan which he knows cannot be read in time and is now ringing the hurry up bell to push thru his health care plan, hoping the Congress & American people won't have a chance to read & digest it.
backlighting 2 years ago
hmmmmmmm promised 800 000 jobs if the stimulus bill passes it passed and 2.2 million jobs lossed hmmm
BeantownJim 2 years ago 3
How does the Home Affordable Program help people like use with poor lending practices from places like Bank of America? My husband has had a significant cut in salary from a layoff that lasted from March of 2008 to October 2008. He took a job paying less just to have a job. Now, more of our monthly income is going to our mortgage due to the cut in pay.
tjw1963 2 years ago
The Bank of American agent gave us a quote of 4.75% interest with a 5.248% APR where we are required to pay $4000 closing costs. It looks like Bank of American is trying to discourage people from refinancing to an affordable rate. In the past, the closing costs were included in the refinance. We were told that we have to come up with the cash instead. Bank of America is well aware that people are cash strapped right now. Poor lending practices are still being exercised in America.
tjw1963 2 years ago
We contacted Bank of America to inquire about a refinance. First they wanted to steer us to a 30 year with an interest rate of 5.7%. We are paying 5.5% right now on a 15 year mortgage. This will cost the customer a lot more money. We want to refinance with a lower interest rate.
tjw1963 2 years ago
Why do I feel like I am living in 1977 with this wind and solar energy, high taxes, and high inflation. Is he a clone of Jimmy Carter?
pandabead 2 years ago
Obama really believes that he is dictator of the world. Amazing!! Our economy is back from the brink? um! after letting CIT go bankrupt our unemployment reaching 20-25% by the end of the year if not early next year. How is this
pandabead 2 years ago
wake up America Obama just told CIT a major bank giving loans to moderate and small business, that they would not be bailed out. So they are going under. This means that unemployment will reach 20-25% by the end of the year. Why? Because Cit gives loans to businesses that employ 99% of Americans and they will not have access to money to run their business. They will either layoff or go under. Thanks !!! Obama!
pandabead 2 years ago
Obama is nothing but a mack daddy con jive ass turkey. PERIOD!!!
pandabead 2 years ago
What a damn liar.
He said the "stimulus" plan had to be done immediately for a short term solution to keep unemployment below 8%. He said if the "stimulus" package would create immediate jobs with the "shovel ready" projects. It was never mentiones that this was a two year prok=ject.
Once a lying Chicago political hack, now a lying Washington political hack.
tommyde8 2 years ago
You people need to read my 'unauthorized biography' of the boy...."Barack Obama: Nigger Hitler or Hitler's Nigger?"
Armigerous 2 years ago
Wake up man
You guy forget about Kim jong Il & Mamoud Admadinezad & Osama Bin Laden and then you guy don't know who will be coming up like these guy , maybe they 're more " evil " than those guy , never know men
Let keep dreaming about peacetime
h1c9m69 2 years ago
Hey h1c9m69
That 's good
We hope he will win in 2012 and then he 'll change the law look like Chezvey Hugo in Venezuela
And then we need two more guy look like Obama in China & Russia too . all of them will collapse
If that happen , the people in this planet will have a peacetime
osamaobanana 2 years ago
We 're very happy when American people voted for this guy .
Theire president just care about health care , global warnming , help the bank , car co. ...etc. Talk the Talk and didn't care the fact . How many year American people wait for him to build a new foundation ...? How can American people survive in that time ? How long the wealth people can " feed" the poor people ? Is that the "doomsday" of the Empire USA ? ( look like USSR )
h1c9m69 2 years ago
Empire USA? It's pronounced American Empire ya tard. Sheesh. Lol
Anonymous795 2 years ago
Why would anybody want to live in Obozo's niggaverse where he actually thinks that carbon dioxide causes 'global warming'?...sort of like Bizarroworld in Superman comics
Armigerous 2 years ago
But now, the stimulus did "exactly" as was intended? I'm glad Mr. President that you feel that this multi-generational debt ridden "stimulus" plan was successful. I wish I lived in your parallel universe, President Obama.
johnchi1 2 years ago
So let me get this straight - The Obama admin. "misread" how bad the economy was and thus unemployment goes beyond 9.5%. I remember being told repeatedly last fall that this economy was the "worst" since the Great Depression!
johnchi1 2 years ago
That's because most Americans don't care to go swimming in a nigger shit pot
Armigerous 2 years ago
They keep making you lighter Mr. President, don't take Michael Jackson's foot steeps.
Are you calling the stimulus, RECOVERY now? WOW, that's such a much better word, but you forget Mr. President, that not all American people are idiots.
TheBoxerDogs 2 years ago
No, not all American people are idiots, just the ignorant shits like you.
Anonymous795 2 years ago
you mean you? idiot
TheBoxerDogs 2 years ago
Agreed, Mr. President. I am sick and tired and frankly disgusted with Republicans who continue to argue that nothing should be done, and that we should defer tough decisions and tough action after we've been putting it off for OVER THIRTY YEARS.
The time for action is now!!
I'm praying that you will be successful, because we are indeed on the brink, and inaction will only push us all over the edge.
BrettR4763 2 years ago 3
Wow! so there really is some of you obamaniacs left? Most Americans have awakened from the deep trans from obamania and have realized what a con this guy is but some of you are still sedated under his spell.
pandabead 2 years ago
@BrettR4763 stop praying it won't do any good
join the OFA , organizing for america !
kotsilio 1 year ago
To fix the entire problem the United States faces will take a long time. I am thankful that we have a President that will stay the course. We need to be patriots and stand behind our President and see what we can do to help.
dwp47546 2 years ago 2
The government has no business in business
iasteele119 2 years ago
The crooks and their apologists would like nothing better than for ELECTED leaders to back off, and let business thieves create economic imbalance by hoarding the nation's wealth unto themselves.
nirbija 2 years ago
Good thing he isn't running Major League Baseball....he throws like a girl.
Armigerous 2 years ago
The recovery act has largely gone unspent. Until the results come in from it we cannot judge it's effectiveness. All this negativity is based on what? Speculation? No one knows what's going to happen. I know one thing, we were never going to be clear of this mess in just 6 short months.
beeshor1 2 years ago
has anyone noticed that obama tells people what is wrong with his plans, but tells his blind supporters what to tell the people who do not agree with him. does anyone else see somthing wrong with that?
hattrick30480 2 years ago
Audit the federal reserve, or Destroy the federal reserve. Why can't we see where the money goes? Why must the federal reserve be shrouded by lobbyist federal personel, bankers and others in a cloak of lies and deception to the american people. The reason why they dont want to audit it is because they wont be able to borrow the money anymore? If this economy jumps back we jump on the federal reserve. Then we learn not to borrow money from others.
DanusMax 2 years ago
In February, lots of liberals were crying that unemployment would hit 9 percent if the stimulus bill wasn't passed. This is the classic liberal tactic of rushing legislation through to hide lots of hidden information. There was huge government spending for things that had nothing to do with the economy. Now in July unemployment is almost at 10 percent.
Thanks liberals!
kms618kms 2 years ago
If you knew the economy and job creation when total Gov. spending goes above 25% of the GDP and we are near 40%. Would you vote for more Gov. spending? The economy is stagnet and will remain until we stop spending and pay back some of this debt. IT IS THAT SIMPLE.
quizerry 2 years ago
I need to make a statement. I disagree with Obama because of his policies, lies and corruption he supports. However it is not about race. All you racist rednecks need a serious reality check and you better start growing up. I don't care if obama and his wife are racist. Do not bring race into this battle or you will be left to fend for yourself.
EwakAmerica 2 years ago
stop printing a valueless dollar to start with, break up the evil federal reserve and their illegal secret activity
WeyllandYutanii 2 years ago
With this insight, investors will be able to proactively strengthen their investing portfolios in the face of an escalating credit crisis and deteriorating financial markets - whose ripple effects are only now manifesting themselves in Europe, India and other markets abroad. Investors should sign up early; those who do will be able to also submit questions in advance for Gilani's consideration. Click here for more information, including instructions on how to sign up for the free web summit.]
Tarantino101 2 years ago
The truth may be difficult to swallow, but without hearing it, there's not much hope for finding the right way out of the maze."
Gilani will show investors how to interpret recent moves by lawmakers and their cronies to unlock the credit markets, and what's really behind the recent machinations taking place in the power alleys of Wall Street and in the halls of government down on Capitol Hill.
Tarantino101 2 years ago
Those who tune in can expect to get candid insights not available on your favorite cable-TV finance show or in the business section of your local newspaper.
"Wall Street doubletalk got us into this crisis; I hear more excuses than straight talk. Most of the dialogue is noise," said Gilani, the editor of the "Trigger Event Strategist" and a commentator who is known for his deep connections inside the investment-banking world of Wall Street.
Tarantino101 2 years ago
[Editor's Note: Money Morning Contributing Editor Shah Gilani, a retired hedge-fund manager and noted expert on the global financial crisis, will host a post-Inauguration "Web summit" that talks about the pending regime change in Washington and what it means for investors in the coming months.
The Jan. 22 session - entitled "The Regime Change in Washington Triggers War on Wall Street" - is free of charge to investors who register in advance. It will start at 7 p.m. EST.
Tarantino101 2 years ago
This is the story of how we got here. Where we are is actually even scarier than authorities are willing to admit. In the second article in this three-part series later this week, I will be the unfortunate bearer of the news of where here actually is.
Tarantino101 2 years ago
No one would tempt an alcoholic by putting one in charge of a liquor store and neither would anyone put a fox in charge of a henhouse. So why are greedy bankers being allowed to rewrite banking regulations to enrich themselves while leveraging taxpayers, destroying trillions of dollars of hard-earned savings and sinking us into a potential depression?
Tarantino101 2 years ago 2
Evidence suggests that Bank Holding Companies may be exploiting the deposit insurance mechanism because leverage is a significant factor in our results for incentive-based components of compensation. Our results strongly support the view that fundamental shifts in business activities of Bank Holding Companies have influenced their compensation strategies.
Tarantino101 2 years ago
The motivation for bankers to undermine and inhibit prudent regulation is inherent in banker compensation incentives. The September 1993 Journal of Financial Research sums up the problem on compensation by concluding: Firm characteristics that influence managerial compensation include leverage (as a measure of observable risk) market-to-book ratio of assets, size and shareholder return.
Tarantino101 2 years ago
(BAC), and the rushed acceptance of applications by Goldman and Morgan Stanley (MS) to convert to Bank Holding Companies so they could feed at the taxpayer bailout trough and feast on the Feds new Smörgåsbord of liquidity handouts. There are no more CSEs (the SEC announced an end to that program in September). The old investment bank model is dead.
Tarantino101 2 years ago
When the meltdown came the leverage and concentration of bad assets quickly resulted in the shotgun marriage of insolvent Bear Stearns Cos. to JP Morgan Chase & Co. (JPM), the bankruptcy of Lehman Brothers Holding (LEHMQ), the sale of Merrill Lynch to Bank of America Corp.
Tarantino101 2 years ago
In reality, what the investment banks did was essentially re-cast hybrid capital instruments, subordinated debt, deferred tax returns and securities with no ready market into healthy capital assets against which they reduced reserve requirements for net capital calculations and increased their leverage to as much as 30:1.
Tarantino101 2 years ago
The tragedy is that the SEC never used its new powers to examine the banks. The idea was that Consolidated Supervised Entities (CSEs) could use internal models to determine risk and compliance with net capital requirements.
Tarantino101 2 years ago
On April 28, 2004, in a fitting and perhaps flagrant final act of eviscerating prudent regulation, the SEC ruled that investment banks may essentially determine their own net capital. The insanity of that allowance is only surpassed by the fact that the SEC allowed the change because it was simultaneously demanding greater scrutiny of the books and records of what were the holding companies of investment banks and all their affiliates.
Tarantino101 2 years ago
The markets have worked better than you might have thought, he has been quoted as saying. There is this idea afloat that if you had more regulation you would have fewer mistakes. I dont see any evidence in our history or anybody elses to substantiate that.
Tarantino101 2 years ago
From 1989 through 2002, federal records show that Sen. Gramm was the top recipient of contributions from commercial banks and among the top five recipients of campaign contributions from Wall Street. [Click here to read "How Subprime Borrowing Fueled the Credit Crisis."] Since moving on from the Senate in 2002 to mega-universal Swiss banking giant UBS AG (UBS), where he serves as an investment banker and lobbyist, Gramm makes no apologies.
Tarantino101 2 years ago
From his position of power, Sen. Gramm consistently leveraged his Ph.D in economics and free-market ideology to espouse the virtues of subprime lending, where he famously once stated: I look at subprime lending and I see the American Dream in action.
If helping struggling borrowers pursue their homeownership dreams was such a noble cause, it might have been incumbent upon the senator to not block legislation advocating the curtailment of predatory lending practices.
Tarantino101 2 years ago
In 1999, in the ultimate proof that money is power, U.S. President Bill Clinton signed into law the Gramm-Leach-Bliley Financial Services Modernization Act, at once doing away with Glass-Steagall and the 1956 BHC Act, and crowning Citigroup Inc. (C) as the new King of the Hill.
Tarantino101 2 years ago
Phil Gramm - the fire breathing free-marketer, Texas senator, and chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs - rode to the rescue, propelled by a sea of more than $300 million in lobbying and campaign contributions.
Tarantino101 2 years ago
There was only one problem: The deal was clearly illegal in light of Glass-Steagall and the Bank Holding Company Act of 1956. However, a legal loophole in the 1956 BHC Act gave the new Citicorp a five-year window to change the landscape, or the deal would have to be unwound. If aggressively flouting existing laws to pursue a personal agenda isnt a perfect example of bankers hubris and greed, then maybe Ive just got it all wrong.
Tarantino101 2 years ago
The constant flow of money to lobbyists and into legislators campaign coffers was paying off for the banking interests. The Fed, under Chairman Greenspan, was methodically deconstructing the foundation of Glass-Steagall. The final breaching of the wall occurred in 1998, when Citibank was bought by Travelers. The deal married Citibank, a commercial bank, with Travelers Solomon, Smith Barney investment bank and the Travelers insurance business.
Tarantino101 2 years ago
These actions would not be inconsequential in the aforementioned reign of terror that was still to come.
In 1993, with her agenda accomplished, Wendy Gramm resigned from her CFTC post to take a seat on the Enron Corp. board as a member of its audit committee. We all know what happened there. Enrons fraud and implosion became the poster child for deregulation run amok and ultimately helped spawn Sarbanes-Oxley legislation, which has its own issues.
Tarantino101 2 years ago
Not inconsequentially, this would lead to a disconnect between asset-quality considerations and asset-liquidity considerations.
Meanwhile, over at the U.S. Commodities Futures Trading Commission (CFTC), the appointment of free-market disciple Wendy Gramm, wife of U.S. Sen. Phil Gramm, R-Tex., as chairperson, would result in her successful 1989 and 1993 exemption of swaps and derivatives from all regulation.
Tarantino101 2 years ago
lenders should be expected to set aside substantial reserves; however, marketable securities that could theoretically be sold easily would not require significant reserves.
To obviate the need for such reserves, and to free up the money for more-productive pursuits, banks made a wholesale shift from originating and holding mortgages to packaging them and holding mortgage assets in a now-securitized form.
Tarantino101 2 years ago
A year later - in 1988 - two very quiet revolutions sprouted that would ultimately hand bankers twin throttles to rain terror on us all.
That year, the Basel Accord established international risk-based capital requirements for deposit-taking commercial banks. In a byproduct of the calculations of what constituted mortgage-related risk (by nature of the loans long maturities and illiquidity)
Tarantino101 2 years ago
In 1987, Alan Greenspan replaced Paul A. Volcker - the stalwart Federal Reserve Board chairman, national inflation-fighting hero and active proponent of Glass-Steagall (and now economic confidant of President-elect Obama).
In its twilight days, the Reagan administration was determined to further fertilize the seeds of deregulation and Greenspans Ayn Rand-inspired objectivist, free-market philosophies would be the perfect embodiment of the deregulatory movement.
Tarantino101 2 years ago
he Act created deposit insurance and the government wasnt about to allow taxpayer-backed insurance of commercial bank deposits to be exposed to securities related risks. It was a prudent and sensible separation. Bankers tried for years to undermine and overturn Glass-Steagall, but it took time.
Tarantino101 2 years ago
The ultimate prize was to be the undoing of the Glass-Steagall Act of 1933. Glass-Steagall, officially known as the Banking Act of 1933, mandated the separation of banks according to the types of business they conducted. Investment banks, whose securities related activities resulted in relatively large risks, were to be separate from commercial banks, whose depositors needed greater protection.
Tarantino101 2 years ago
And, most frighteningly, raised the allowable ceiling on direct investments by savings institutions in nonresidential real estate from 20% to 40% of assets.
The history of S&L greed and fraud - which resulted from brokered deposits and deregulation - wasnt forgotten by legislators. But it was steamrolled by bankers pursuing an even greater unshackling of the regulations that constrained their ambitions.
Shattered Glass
Tarantino101 2 years ago
Authorized a capital assistance program - the Net Worth Certificate Program - for dangerously undercapitalized banks, under which the Federal Savings and Loan Insurance Corp. (FSLIC) and the FDIC would purchase capital instruments called Net Worth Certificates from savings institutions with net worth/asset ratios of less than 3.0%, and would theoretically later redeem the certificates as these shaky banks regained financial health.
Tarantino101 2 years ago
Key provisions of the Act ultimately coalesced with Treasury Secretary Regans protection of the lucrative brokered deposits business, in which Merrill was a major player, and paved the way for the future collapse of the savings and loan industry.
Some of the provisions in that 1982 Act would later be blamed for thousands of bank failures. The provisions permitted the following:
Tarantino101 2 years ago
A year later, the shock troops of the heralded Reagan Revolution launched their attack and embarked on a massive, systematic de-regulatory campaign. President Reagans first treasury secretary, former Merrill Lynch & Co. Chief Executive Officer Donald T. Regan, became chairman of the Depository Institutions Deregulation Committee.
In a burst of deregulatory bravado in 1982, Treasury Secretary Regan ushered through the Garn-St. Germain Depository Institutions Act.
Tarantino101 2 years ago
Allowed depository institutions, including savings and loans and other thrift institutions, access to the Federal Reserve Discount Window for credit advances.
And pre-empted state usury laws that limited the rates lenders could charge on residential mortgage loans.
In 1980, in a virtual landslide, Ronald Reagan was elected and grabbed the conservative mantle.
Tarantino101 2 years ago
Lowered the mandatory reserve requirements banks keep in non-interest bearing accounts at U.S. Federal Reserve banks.
Established a five-member committee, the Depository Institutions Deregulation Committee, to phase out federal interest rate ceilings on deposit accounts over a six-year period.
ncreased Federal Deposit Insurance Corp. (FDIC) coverage from $40,000 to $100,000.
Tarantino101 2 years ago
The Depository Institutions Deregulation and Monetary Control Act of 1980, signed into law by President Jimmy Carter, was the first major reform of the U.S. banking system since the Great Depression.
While touted as a boon to consumers, the law was actually a gold mine for bankers. Among other requirements and banker gifts the 1980 Acts provisions:
Tarantino101 2 years ago
most egregiously, the self-righteous and still mega-rich former Street executives have systematically eviscerated the muscle and bones from the regulatory bodies charged with protecting us from banks self-destructive greed. An inordinately powerful group of executive insiders from the once-deeply respected House of Goldman Sachs (GS) have served as U.S. Treasury secretaries and in innumerable other administrative capacities.
Tarantino101 2 years ago
a final decision that paved the way for the implosion of everything regulation was designed to protect.
Just how did we get here?
Wall Street bankers, their exorbitantly well-paid lobbying army of former congressmen and former regulators, their greatly contributed-to sitting legislators and
Tarantino101 2 years ago
Fundamental and pragmatic banking regulations, which arose from the devastating financial collapses of the Great Depression, for decades strengthened U.S. banks and capital markets, making them the twin engines of American growth and the envy of the world.
The systematic dismantling of those same regulations by greedy bankers began in earnest in 1980, peaked in 1999, and finally climaxed with an insane Securities and Exchange Commission ruling in April 2004
Tarantino101 2 years ago
Google Jane Burgermeister for information on the lawsuit filed against WHO and obama for the planned swine flu BIO attack.
EwakAmerica 2 years ago
The peoblem is NOT Obama. the problem is USA in 2009. It's to individualist, addicted to oil, food, cars and gadgets. The number 1 business is credit card debt. Health and education costs bring American taxes to skyrocket so that people have to work 2-3 jobs without holidays.
MrFreedomdemocracy 2 years ago
Corporation bought the souls of republicans, libertarians and conservative democrats spensing millions of dollars a day in lobbies. They killed the middle class and the small business which should be the backbone of America.
MrFreedomdemocracy 2 years ago
Finally Americans still believe they can get out of this recession in a few days. Sometime I wonder what the US could have learnt if they had WWI and WWII at home like elsewhere, really understanding the meaning of starvation and distruction and poverty. Americans have to decide if they want to remail spoiled kids whom cannot say NO otherwise they shout or if they want to became a nation of grown up people who assume responsibilities.
MrFreedomdemocracy 2 years ago
You cannot absolve the liberal Democrats as well though. Their constant efforts to enlarge the government has been a main cause of much of the problems we face today, and unfortunately Obama has continued with the same problematic policies today.
instantcoma 2 years ago
I prefer to enlarge an efficient government than have millions of corrupt and inefficient small governments. There are things that cannot be decided only locally but have to be regulated globally
MrFreedomdemocracy 2 years ago
Preference doesn't mean it transfers over to reality though. History has shown that a large government has been unable to facilitate for the good of the general population or nation. It simply has lead to favoritism and aristocracy. Local governments have the best grasp on what is need for their designated area. Rather than use generalizations thus leading to mass corruption and malfeasance through large government entanglements.
instantcoma 2 years ago
Small governments have always been inefficient and corrupt (especially republicans). Finally the US has got a government which takes care of everyone's interest and not only special interests. I lived in country with eficcient government and they worked very well
MrFreedomdemocracy 2 years ago
So far the current US government has yet to prove that they're not solely working for special interests. Because so far, all I've seen outside of bailouts and adhering to corrupt unions, is smooth-talking about a situation that they allowed to get out of hand. Through a smaller government you have a better opportunity to find out fraud,corruption, etc... The sample of suspects you go through isn't quite as large basically.
instantcoma 2 years ago
You don't have history of big government in the US. You reated a propaganda machine against government for 60 years convincing the people that having a good central government is wrong at the point that the president have been elected by the corporations and the you dilskiked the people you sent to Washington in the Senate and in the Congress in first place.
MrFreedomdemocracy 2 years ago
History of big government? There is nothing wrong with a good central government, but unfortunately everyone that has tried to get elected has opted to advance only their own careers. The government today is much larger than what the founding fathers intended for it to be. Using straw-man arguments to make your point--a very liberal tactic, won't get you very far.
instantcoma 2 years ago
During the last 60 years the role of the American president became less and less the role of a guide and more and more the puppet of the corporations (see G W Bush). In Scandinavia and in many other countries (including Switzerland which is a federation like the US) an efficient centralized government helped to reduce corruption and to get the things done.
MrFreedomdemocracy 2 years ago
The USA is no more a country with 50 states, it's now 50 countries under 50 pseudo dictators. When you have a country in which you hace gay marriage in one state but if you move in another one (maybe becuase you got a promotion) you are not recognized and your civil right and shred in pieces ..... you complete lost the sense of morality and the sense of being a country ....
MrFreedomdemocracy 2 years ago
And BTW when you have a fat mammoth stuck in the mud with no ideas and with no investments in the future, you need to push the four legs (economy, finance, health care and education) to give the mammoth the chance to move again and not just wait for a private sector with no ideas and no money because the mammoth won't move. This costs money, but blame yourself for having created a world of waste, superficiality and childish deregulation not Obama
MrFreedomdemocracy 2 years ago
Comment removed
instantcoma 2 years ago
If small Governments don't work, then why has America been the most prosperious Nation in the World these past 200 years and it has always had the smaller Government? But now it is growing with each massive spending bill and new entitlement program and recking the economy and more jobs are being lost everyday.
quizerry 2 years ago
Not really. America skipped 2 world wars at home which helped America to prosper while the rest of the world was destroyed. The growth of the population and the industrial revolution brought capitalism to follow a bell curve. It grew and then it fell because of extreme individualism, deregulation and consumism.
MrFreedomdemocracy 2 years ago
As a matter of fact the # 1 economy today is Scandinavia (regulated capitalism and social services) and not the US. The Chinese economy is stronger than the American one and the US is borrowing money from China. So the "small government" only partially worked and collapsed in the moment each state and each people lost the concept of being a nation
MrFreedomdemocracy 2 years ago
The nation collapsed once it handed the reigns of setting monetary policy to the FED and allowed the central government to have a more active role in the economy. That "small government" concept only produced the Industrial Revolution in America and allowed the US to have the highest wages and at the same time have the capability of producing the lowest cost goods until 1914. The small government concept works, but the problem is we haven't stuck with it after all these years.
instantcoma 2 years ago
America is lucky to have such a wise President like Obama...he really sacrifice he life for Americans well being...well i don't think these ungrateful people deserve such a man like Obama!!
mkuki2000 2 years ago
What about the ufo`s?
810men 2 years ago
Worst President EVER....
barklikeamonkey 2 years ago
barklikeamonkey I know you were talking about Bush .... I agree. Predidents should have IQ much higher than an economist and not lower than a 5th grader
MrFreedomdemocracy 2 years ago
God bless America land of free and free world!
bass109 2 years ago
This has been flagged as spam show
beware of antichrists that live in world. people who are evil born and take over America
bass109 2 years ago
I believe we will too.:) Like you said, it's no longer a zero-sum game.
romania4uluv 2 years ago
I would like to see the Obama`s speech in Ghana Parliament. Please
sambongue 2 years ago
I applaud the president's attempt at curtailing the economic crises but I still feel that the bailing out the banks and Wall St. wasn't such a great idea. I think the better solution would be to take the 800 billion and use it to open up new Federal banks in all the states and give out loans to those companies that would help with new green energy projects as well as small businesses to create new jobs and manufacturing. Thank you Mr. President for the effort.
pongman 2 years ago
I also feel that AIG was too big. And if AIG was too big to fail then we need to address that situation and prevent corporations like AIG, and other financial institutions from becoming so big that it inherently can destroy our national interests. We broke up AT&T and Standard Oil when it got too big; and we need to figure out a way to prevent this situation from happening again.
pongman 2 years ago
Then you have to figure out a way to get AIG out of Congresses pockets.
quizerry 2 years ago
I agree. In the seventies the FBI had a sting operation called ABSCAM. It went on a fishing expedition by calling congressman to a hotel room and had video cameras set up whereby they would open a briefcase filled with hundreds of thousands of dollars to be given to the congressman who wanted to play. The FBI dressed up as Arab sheiks in this case and caught a US senator and five congressman as well as other public officials. Time to do it again.
pongman 2 years ago
Hello
Trogdorwillrise 2 years ago
So it's "shrinking our dreams" and "fearing the future" when we oppose the government forcefully taking our money, our property, our labor, and handing it to worthless businesses and unproductive projects?
See my latest video (Freedom Chatter Quote of the Day: Barack Obama) for more of these thoughts.
DavidKretzmann 2 years ago
Obama Science Advisor Called For Planetary Regime To Enforce Totalitarian Population Control Measures
In 1977 book, John Holdren advocated forced abortions, mass sterilization through food and water supply and mandatory bodily implants to prevent pregnancies
lovehaightorg 2 years ago
The problem that occurs when a disaster is avoided, is that SOME, will never belive the disaster, that was about to befall, ever existed.
Thank you Sir, and your Administration.
Please keep up the good work.
commonman80 2 years ago
its nice to have a president that is actually trying. From jan 20th 2001 - september 11th 2001 Duble-U spent over 60% of that time golfing and cutting wood.
666bushisnazi666 2 years ago
At least he is worrying about the real problems. Not like Dubya and his senseless rants. I hope it works.
xhagast 2 years ago
Thank you, Mr. Obama, for having long range plans to get us out of this mess left on our collective shoes from the mismanagement of Cheneybush. The doomsayers have no plans other than to howl that the sky is falling and you should be afraid. Wake up America and stop being afraid of the ala carte boogey-man. We're the land of the brave; so do something positive to help your fellow Americans. WWJD- reach out and help those in need. Walk the talk of Jesus. Be Christ-like. Forgive! Peace and Love!
djoy4ly 2 years ago 2
obama=bush
they both don't know anything...
Ron Paul 2012
jayrtrap 2 years ago
I don't dislike Obama but I would like to see the good doctor have a try at running the country. Of course, the rest of the government would turn him into a lame duck the minute after the innaguration. No WAY they would let him do what he promises.
xhagast 2 years ago
well, be more insistent. and i don't wanna hear about clean coal
rockerpro 2 years ago
Go Obama go
boestreetrunners 2 years ago
EPIC. FAIL.
nadradt 2 years ago
i dont like obama anymore..... (my opinion)
oooorb1 2 years ago
We're screwed! But if there is anybody who can ease the pain it's Obama.
jacobjhogan 2 years ago
Correct. Proper waste management, recycling, decent health care, education, energy efficiency and reform, infrastructure all suck in the US.
These items are already taken of for decades in Europe, Japan and south Korea.
The US is doomed, becoming the world's biggest 3rd world country.
danceatlantis 2 years ago
I sold short on the financials and bought gold mines on the stock market ^^
Oh by the way guys, a major politcal happening/controversy is happening on the 17th of this month. Or within 24 hours. Reading the future ^^
Adahondeayenh 2 years ago
Search YouTube for "gayle1031" to see a video appeal by Gayle to President Obama for help with her Social Security Disability benefits application nightmare.
gayle1031 2 years ago
If you don't think racism is still prevalent in the USA look at some of the ugly vile bigoted statements below...use of the "n" word, etc.
This is now the "base" of the GOP & until they remove that cancer they won't be a major part again.
DillonX 2 years ago 2
For Sale: Used Negro...$5000 or best offer.
Armigerous 2 years ago
what the fuck?
doggydog56789 2 years ago
My offer is $37.56 and not a dime more!
StinkingHombre 2 years ago
Sorry,StinkingHombre....I think I'll try to sell the boy on eBay instead.
Armigerous 2 years ago
Ok, you drive a hard bargain! $38.50 and that's my final offer!
StinkingHombre 2 years ago
Funny, $38.50 is also your hourly prostitution fee your boyfriend told me.
danceatlantis 2 years ago
As long as the fear is there, and it's real, there can't be recovery. As long as we are fed through every source of information pessimistic and dooms day information, the fear will remain. This fear environment is being fostered over and over again by cowards that refuse to do anything constructive to try and help the country..they just want to run away and hide in the woods.
Boomer1949 2 years ago
I'm not going to follow the fear mongers. I have a job thanks to the stimulus and move away from oil dependancy. On my drive to work and home I've seen more and more trucks on the road than when I first started work a couple of months ago. There is bridge and road construction going on along my route. The other day I saw a truck carrying one blade of a huge wind turbine. I see green shoots.
Boomer1949 2 years ago
Well arent you fuckin happy!
Sorry the rest of us free thinking people don't wanna worship the Chosen One.
NoCussingClub 2 years ago
Read your own, you "saw MORE trucks" you saw "wind turbines" Are the trucks also running on wind power? No they are dependant on oil. If we are less dependant on oil then why are there MORE trucks? Is there a new fuel that these diesel rigs run on? No they are all dependant on OIL. I live in refinery country and the refineries are still invest billions in new units to pump out MORE oil. They have a vested interest and know something that the Government run news doesn't tell you. Read your post!
toneo2001 2 years ago
No body is saying "hide in the woods" what we are saying is build 100 nuke plants NOW, drill for oil on US soil, lower taxes and encourage forien investments, lower taxes so companies can PRODUCE goods here. Allow companies to fail that made poor investments. Open up school vouchers to create competion so that the best teachers florish and the poor are weeded out. QUIT SPENDING MONEY that we don't have and cut Government fat because government does not produce on single widget. Etc, etc, etc!!!
toneo2001 2 years ago
No one person is responsible for the credit crisis, the failure of investment banks, the insolvency of commercial banks world-wide, the implosion of the worlds stock markets, or for leading us to the precipice of another great depression.
The truth is there were many.
Tarantino101 2 years ago
No other alternative? How about doing _nothing_ and letting the free market purge all of the malinvestment that has been created over the past 10 years? How about dissolving the Fed and stopping the trillions in taxpayer funded bailouts of the banking institutions who are truly in control of the White House? Obama continues to expand on the mistakes made by the Bush Administration.
You can't create prosperity and jobs by simply "printing money" people. Think about it!
jheathco 2 years ago
Intelligent people know that so-called 'free market' is a MAN-MADE system, which are ALL subject to crippling failures!
That is why wise people don't follow fools & the disingenuous, and just allow the CRIMINALS of the 'free market' to destroy their countries
The wise people of EVERY nation on the planet recognized the need to not allow the 'free market' to further take their nations into a destructive DEPRESSION!
But somehow, you think U are more knowledgeable than ALL the world, right? lol
nirbija 2 years ago
How about you read some history and educate yourself before posting something this ridiculous. The worst downturn we've seen (Great Depression) came about shortly after the Fed was created (which was designed SPECIFICALLY to intervene to prevent such catastrophes).
The whole point is we haven't had a free market, even before this crisis. Market intervention CAUSED this crisis, and market intervention will make it worse. Don't be fooled by the media.
jheathco 2 years ago
In a free market economic system the Government is to be the referee not the player. When it becomes the player unfair market competition and misbehavior accure. Free market is what has made this Country the Greatest in the World. The more centralized the Gov. gets and become the palyer the poorer and stagnet our economy gets. Go to Cato. org read the studies. You might learn something.
quizerry 2 years ago
The free market has never been free ... this is Ron Paul's Utopia
MrFreedomdemocracy 2 years ago
LOL
You must first define 'greatest'; or use it with the un-learned; they can be deluded into thinking that you are stating something of value
Again,
1. Markets are MAN-MADE!
2. No market is fundamentally 'free'; because markets depend on HUMANS to run them
3. Leaving criminals to control markets, so that they can create depression, record deficits & debt, IS NOT the kind of 'freedom' intelligent citizens will EVER aid
American CREATIVITY is responsible for US relative advancement, not market
nirbija 2 years ago
Your criminal is Government intervention.
You can blame this current mess on the Federal Reserves mistakes and Congress encouraging lending by the Gov. entities of Fannie and Freddie along with destructive regulartory measures.
Add the out of control Federal spending by Bush and now the boatload of bad decisions and huge spending of Obama. The stimulus of pork and omnibus counterproductive to the economy.
Free Market weeds out mismanaged poorly ,poor quality, poor service entities.
quizerry 2 years ago
Thank the stars that unlike you, there are some intelligent people in government, who recognize that America cannot afford to allow the 'free market' foolishness to destroy the US economy and so create social stability.
The child's mind hears 'free market' and it foolishly thinks and believes that delusional implication that 'free market' has a consciousness, and so can control human activity for the common good, all by itself.
Again, markets are MAN-MADE & man-controlled, one way or another.
nirbija 2 years ago
Obama is right. Those that say we should have done nothing don't realize that when the demand side of our economy is flat lining, the government MUST step in. It will take time for the unemployment numbers to abate but we are starting to head in the right direction.
beeshor1 2 years ago
A big part of the financial crisis is because the Government stepped in and encouraged fannie and freddie to give loans to unqualified borrowers. And we have Congress and wallstreet working together to line their pockets. Both parties are to blame. But don't expect either to take responsibility. They will keep running us into the ground unless we the people do something like Vote out the ones who are worthless. Of the 535 congress and senate I can only think of 11 that deserve their jobs.
quizerry 2 years ago
Big Government = lower wages and higher taxes.
Limited Governenment = higher wages and lower taxes. PLUS FREEDOM for the AMERICAN DREAM
This was no recovery act it was just big Gov. spending for your own political agenda. It went AGAINST the People NOT for the People. We The People Aree not Fools.
quizerry 2 years ago 4
'Higher wages' for whom? Not the bulk of Americans, whose wages have flat-lined for years.
And minimum wage had to be instituted; because wages WERE NOT increasing
So-called 'limited govement' that gives away the nation's wealth to the wealth-addicts via your so-called 'lower taxes', got America; squandering of surplus, ANOTHER record deficit and record, plus another republicon DEPRESSION!
Record republicon deficit and record debt IARE tart of republicon 'big govement!
nirbija 2 years ago
Government has grown by leaps and bounds over the past 70 years. Both parties being responsible. The Gov. does not have any money. It is non productive. It does not produce a product or service it sells. It gets all its money from taxes. It can print or borrow but taxes still have to pay those debts. The more money it spends the worse off the economy becomes. Republican were for limited Gov. and Dems were always called tax and spend. Today they are all careless with the People money.
quizerry 2 years ago
US govement has grown OBVIOUSLY; because US POPULATION has grown in SIZE & SOPHISTICATION!
That is the nature of life, to GROW & PROGRESS!
If the US govement was not productive of goods & services, then who provided schools (structure & function) for your sub-par education?
And who provided the SERVICE for your protection from enemies BOTH domestic & foreign?
And
Govement is an AGREED-UPON entity that is created by a people.
Citizens pool their resources/taxes to ensure govement functioning
nirbija 2 years ago
Be careful on Russia. They started planting flags in the arctic because oil rich fields up there. I don't see a recovery until people forget about saving money and start spending again without a care. That's not likely to happen since everyone is scared of economy and no one is willing spend recklessly lol.
JimmyRogain 2 years ago
modernghana. com welcomes Obama to his continent of birth.
quizerry 2 years ago
This is a total lie. If we had done nothing the Economy would be recovering faster. All the huge Government Spending has halted recovery and actually has slown the economy more. Repeal the recovery act and cut taxes corporate and individual. Cut all Gov. waste programs. Transparent. OH PLEASE! 3000, 2800 jobs! We have millions out of a job. This is such a lie. This Congress hasn't got a clue what it is doing. They are destroying jobs everyday. VOTE THEM ALL AOUT 2010 2012
quizerry 2 years ago 2
the democracy will cease to exist when you take away from those who are willing to work and give to those who would not -Thomas Jefferson
208975 2 years ago
Quote from that POS gwbushisOnePoS:
"I don't care if President Obama spends $5 Trillions dollar each year in office".
Is this a statement from a dummy that doesn't know his ass from a hole in the ground?
Talk about ignorant and naive.
Another jerk we can believe in.
tommyde8 2 years ago
audit the federal reserve
208975 2 years ago
Did America ever have a president you liked?
I am amazed you guys dont have another civil war with all the anger and fighting that goes on between you!
For such an amazing country you always seem so unhappy and angry!
TheJapanChannelDcom 2 years ago
Americans are retarded ignorant dumb dip-shit fucks. I'm happy I'm moving to Spain this winter. Finally back to the civilized world with laid back educated people and a decent health care system.
danceatlantis 2 years ago
"Change":
Refusing to prosecute the Bush admin for war crimes we all know they committed.
Proposing the Federal Reserve be given even MORE POWER, even though they just hired a former ENRON LOBBYIST.
Massive increase in troops in Afghanistan.
Continuing the unconstitutional, immoral War on Drugs.
Appointing Goldman Sachs thief Tim Geithner to Treasury Secretary.
Obama: Just Another Goldman Sachs Puppet!
goodbyegoodhair 2 years ago
The poster gwbush doesn't care if Obama spends 5 trillion a year?? His hatred for the former President has poisoned his mind to the fact that WE ARE BROKE. We don't have $5 to spend because every cent is borrowed. Now someday that bill will come due. It amazes me that these people believe there will be no consequence to digging deeper and deeper in debt. Debt is slavery and all these bailouts and "stimulas bills" are chains on our childrens necks. Ironic isn't it?
toneo2001 2 years ago
toneo2001:
I don't recall seeing your YT ID commenting when that PoS g. w. bush was borrowing BILLIONS from China and other Asian countries.
I don't recall seeing your YT ID commenting when that PoS g. w. bush was giving Wall St. $30 Billion, $70 Billion, $140 Billion for a total of $1.4 Trillion Dollars from 2007 to 2008.
Where were you then?
Ironic isn't it?
gwbushisOnePoS 2 years ago