"Help is on the way": Obama expands his economic team
By SilentPatriot Wednesday Nov 26, 2008 10:15amPresident-Elect Barack Obama held his third press conference in as many days today to announce some more of the brilliant economic minds he has chosen to surround himself with. Former Federal Reserve chairman Paul Volcker will head up the President's Economic Recovery Advisory Board, and the board's top staff official will be Austan Goolsbee.
MSNBC:
President-elect Barack Obama named a board of economic experts from outside the government to advise him, in his latest bid to reassure nervous consumers and financial markets that he will bring swift economic relief as president.
Obama made the announcement Wednesday in Chicago at a morning news conference in which he tried to reassure Americans that "help is on the way" for the economy.
"I was elected with the charge of getting this economy back in shape," Obama said Wednesday. "We are going to implement starting Day One when I come into office."
Isn't it nice to finally have some adults in charge?
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It's been FAR too long since I have seen your pixels. I have missed your posts. So glad to see your words again!
Pixie Schticks
http://www.youtube.com/watch?v=gGXdXcpNsv4
excellent choice.
Unfortunately...he's the man that gave us Greenspan.
Gee...no one ever misses my pixels.
That's 'cause you never go away! ;-)
You know I adore you.
The new White House press secretary for Obama?
http://www.youtube.com/watch?v=IYTKET6Q1hE
if you really care to find out a tad bit more about this (unfortunate) choice, check out the ever-awesome david harvey, of CUNY.
***************************************************
harvey writes:
“[Volker] engineered a draconian shift in U.S. monetary policy. The long-standing commitment in the U.S. liberal democratic state to the principles of the New Deal, which meant broadly Keynesian fiscal and monetary policies with full employment as a key objective, was abandoned in favour of a policy designed to quell inflation no matter what the consequences might be for employment. The real rate of interest, which had often been negative during the double-digit inflationary surge of the 1970s, was rendered positive by fiat of the Federal Reserve. The nominal rate of interest was raised overnight … Thus began ‘a long deep recession that would empty factories and break unions in the U.S. and drive detour countries to the brink of insolvency, beginning a long-era of structural insolvency’. The Volker shock, as it has since come to be known, has to be interpreted as a necessary but not sufficient condition of neoliberalism.”
*****************************************************************
the switch from stressing full employment to inflation control, the switch from keynesianism to neoliberalism, that is volcker.
eff you
I lived through those times.
The man made difficult decisions...and history proved him right.
The same medicine is needed now. We are headed toward hyperinflation...every honest economist knows that.
Interest rates need to rise, and they will. The dollar will have to be defended at some point. Better to start now and do it gradually, rather than wait for the other shoe to drop and then apply shock therapy.
Everything cannot be done at once. Rising interest rates will stabilize the dollar and make U.S. debt instruments more appealing. Yes, it will raise the cost of capital for the government...but..oh wellll.
It will also exacerbate the trade imbalance...but again...oh wellll.
The solution short and long term is to get Americans back to work. Offer tax breaks to the middle class so they will start spending again...and to give tax breaks to companies that ADD U.S. employees and also create new production infrastructure in the U.S.
This is not going to be easy...and it's going to be painful, but the fact is that the economy is in serious disequilibrium as a result of too much risk with not enough reward, overspeculation and just plain bad short term planning.
as a signal interest rates will be increased.
But raising interest rates now will only fuel recession.
low interest rates are what got us in this mess
low interest rates mean people dont save...they buy
they get ez credit and stick themselves into a deep hole
but since you are a genius...why didnt you apply for the position
oh and look around...we are already in a recession you clod
if you said the exact opposite.
history has not proved him right, just the opposite.
history has been damning to reaganomics/neoliberalism, which volcker was crucial in facilitating. our economic well-being has been on the decline since the 70s. and volcker's actions led to massive unemployment, and helped destroy unions.
any "honest" economist that prescribes neoliberal solutions should be discounted and mocked. like jeffrey sachs from the 90s.
We are going to need a Paul Volker to get us out of this mess. True, he had to do some very draconian moves during the 70s but they had to be done and they worked. What we are seeing today in my opinion is something similar to a tidal wave approaching. The water has receeded (recession) but just over the horizon is a massive wave of newly created money headed our way (inflation). It has to be controlled and Volker, along with the rest of the team are just the people to do it. I like Obama's selection.
we have to do the 70s again? jeezus. Shitty music, shitty clothes, shitty hair. Shitty monetary situation. The Dark Ages.
:(
What? You didn't like my lime green leisure suit?
The suit, not so much, but that Pacer fron GM that you drove in on, now that is super fly.
And it had a kick-ass eight-track player, so I could play my KC and the Sunshine Band tapes. (They were the $1.99 bootleg tapes, so they "double-tracked." Ya had to bang 'em on the dashboard to stop it.)
but the Powder Blue, with the faux Safari style jacket? Gag.
Don't forget to undo the top 5 or 6 buttons on your tight polyester disco shirt. We want to see your bling on top of your chest hair.
In '73 my hair was brushing the near my shoulders, I was wearing bishop sleeve shirts with lace at the collar, and long dagger like collars, monster bells and three inch heels on my platform shoes...
And I was the conservative looking one in class.
bowie, roxy music, genesis (at least w/ peter gabriel), yes, ramones, king crimson, queen, television, todd rundgren in his creative prime, the tubes, led zep, the band, CSN&Y, stones, kinks, lou reed, the clash, elvis costello, the who, faces, pink floyd...yes, so much shitty music that didn't stand the test of time. how we suffered through all that i'll never know. if only we knew we had to hold on for 3 decades until fallout boy and good charlotte would save us all.
please tell me what great improvements in music we have topping the charts today? that we will be listening to 30 yrs. from now?
Not a chance, but there are lots of very talented people out there making music. Put your ear a little closer to the ground.
so much in the 70s I switched to jazz. But the other would seep in. However I never heard ABBA until I saw 'Muriel's Wedding'.
bowie(exception to the rule), roxy music (Brian Ferry bores me. I have two Roxy music cds I use for insomnia), genesis (at least w/ peter gabriel)(never heard them in the 70s), yes (ick), ramones (not mainstream), king crimson (not mainstream), queen (never heard them in the 70s), television (never heard of them), todd rundgren in his creative prime (I actually met him in 73, but had never heard his music. "Hi! Great to meetchoo. Love your stuff!"), the tubes (loved them), led zep (60s owned the first 5 albums), the band (not mainstream), CSN&Y (first concert I went to, cost 6 bucks.), stones (60s), kinks (60s), lou reed (60s), the clash (not mainstream. I own lots of rare clash. The only band that matters), elvis costello (my friend Ken was his first manager), the who (60s), faces (I hated Humble Pie), pink floyd (60s)
Pink Floyd 60's? Queen not 70's? The Stones and Who which are still popular today? You seem to be missing when these bands biggest songs were spun.
Honey, off to teh googles for you.
http://www.youtube.com/watch?v=5c81X6BiI0Y
http://www.youtube.com/watch?v=n_pgClrEs9c
http://www.youtube.com/watch?v=fn_E665CV38
http://www.youtube.com/watch?v=jMjl2hlTlB0
"Everything cannot be done at once. Rising interest rates will stabilize the dollar and make U.S. debt instruments more appealing. Yes, it will raise the cost of capital for the government...but..oh wellll."
"It will also exacerbate the trade imbalance...but again...oh wellll."
Oh well, people are losing their houses because of rising debt.
Interest rates will increase that debt, increasing forclosures, private debt (which is trillions and growing) to banks and the already
rich. Big business will be hurt by this, but not nearly as much as small business, who won't be able to borrow at rates that allow them to stay in business. This will, without a doubt, lead to more wealth concentration, in a society that is already off the books in the developed world. I'm so glad these "centrist" ideas are so readily accepted. History proved him right? Since Reagan came into power, wealth disparities have shot through the roof. It was increasing when he came in office, he sped them up. The bubbles that are now bursting did no begin with Clinton and the 1990's, they are decades in the making. Wages, adjusted for inflation, have been the same for decades, declining in many sectors. People have, worldwide and in the US, kept up their consumption levels by going into debt. Housing debt, debt taken out to invest, credit cards, etc. The "free market" policies have been at the center of this. Depress wages, to depress inflation, and say nothing of financial inflation, which is wealth created out of thin air by creating more debt. Volcker was proven right by history if you are someone who benefited from this directly, cause they haven't helped this country or the world.
Volker's interest increases also had horrific consequences for Latin America, which lead to the unpopular and failed neo-liberal policies thanks to the debt explosion in response to the huge spike in interest rates. Watch for the same thing to happen to any poor country which doesn't have large foreign reserves. With the amount of financial inflation in the world today, even the ones who do might be in trouble. Oh wellll.
Geithner, Summers, Volcker. Retread hustlers who got us in this mess. No wonder we're seeing bailouts for lenders, for insurance companies, and--coming soon!--auto companies. Workers? Homeowners? Screw you.
This is change?
If Bush did this, liberals would scream bloody murder. But somehow, when Obama does it, it sounds peachy.
grumpyoldman
Geithner, Summers, Volcker. Retread hustlers who got us in this mess. No wonder we're seeing bailouts for lenders, for insurance companies, and--coming soon!--auto companies. Workers? Homeowners? Screw you.
This is change?
If Bush did this, liberals would scream bloody murder. But somehow, when Obama does it, it sounds peachy.
NO SHIT!
If McAyn had been elected, or put into office thru the usual means, we'd be fighting to get out of the U.S. by now.
Maybe I've just missed it, but are there ANY honest-to-goodness liberals (not neoliberals) on his economic team?
Read this. We are all framing this as left v. right instead of right v. wrong or good for the country v. bad for the country.
I am withholding judgement until he does something. I think it is smart for him to pick the people who he think can best carry out HIS agenda.
Please, please everyone...can't we wait until he is sworn in and does something before we tear him apart? He already has all the Goopers sending letters that they are going to stop anything he does if they don't get their way. They promise to stop healthcare because it would be good for us, and bad politically for them. They already promised to filibuster any SCOTUS nominations.
Can we please cut him a smidge of slack until 1/30/09? Give him time to make a policy decision? Right now, he is picking up all of Bush's slack and trying to clean up Bush's messes.
I remain hopeful.
"I think it is smart for him to pick the people who he think can best carry out HIS agenda."
Isn't it getting old, having someone put in power and wanting to install THEIR agenda. If he is president and we have a functioning democracy, not rule by nobles who we get to pick, then the president looks at what people want on issues and does it. We have no mechanism for this, like they do in Switzerland or Venezuela, national referendums, but it can be done. In Latin America if the president doesn't do as the people want they are pressured or removed.
Here, polls on issues by the public say one thing, Obama appoints people to positions that will allow them to create policy, they have stated opinions against what the public wants and we should let him implement HIS agenda. It is either OUR agenda, what we elected him to do for us, or we just voted in a king who can ignore popular opinion on issues. If we want universal healthcare even if it raises taxes and he doesn't do that, if we the US public want a different foreign policy than the people he is appointing, different econonmic policies than the opinions of ALL of his advisors, we don't have a well functioning democracy. We have nobles who do what they please regardless as to what the public wants.
HIS agenda is damned near MY agenda.
This is a democracy though, it isn't just about you, or me, it is about us. You are still expecting someone to come into office and to have the power and ability to ignore popular will on issues. There is no excuse for that. If he doesn't do as people want he should be criticized. If he goes directly against popular opinion like Bush (which he won't do) then he should be removed. The ability of leaders like Bush to implement policies and for us to have no say, for us to have to wait for the out of touch elites in government to do something or for the next election, is horribly wrong and undemocratic. Obama won't be as bad at Bush as far as abusing that authority but it exists and that should be fought against and changed. It starts with having a different mindset.
If you disagree you have the right to defend him, but if you want to have a persuasive argument it should be a bit more than "let's trust him, he knows best".
He got 5.3 million more votes from American's because he represents THEIR agenda. Is THAT good enough for you?
Healthcare, jobs, green, economic recovery, getting people out of Iraq.
He hasn't done a single fucking policy thing yet. I am sick of listening to assholes bitch about stuff he has not done. Or what he might do. He isn't POTUS yet. He has not been sworn in yet. He has not offered one policy decision yet. Unless you're inside his head, quit bitching at ME for waiting for him to actually do something.
Christ on a crutch.
that dares to disagree with you and not loose your marbles. He was elected by people on a message of change. THEIR agenda is clear. American people want universal healthcare. That is THEIR agenda, if they get off their ass and get active maybe it will happen. He was elected, if you look at polls on issues, to fundamentally change economic policy, foreign policy, profits in war, etc. Change, right? Real change, not just talk. Who, based on who he has appointed, says he is going to bring that change, those who have implemented and argued on behalf of the policies that have gotten us to this point. I agree that you should give him time to see if these people learned any lessons but I seriously doubt it. The failure of their policies in the past didn't get these people to reconsider, when people rejected their policies they didn't reflect and change. They just found different ways to force their policies on people and countries that didn't want them. We'll see, but no one should stop criticizing. No matter how much we bitch, we don't have his ear like the elites here do, they bitch ten times more for their interests, it's just called "lobbying".
By the way, Clinton was elected on a populust platform, he surrounded himself with the DLC and ran from the platform of his advisors. His appointments ARE doing something, it isn't out of bounds to critique WHAT HE'S DONE.
that would be LOSE, not loose. How does it feel to be word policed? You KNEW what I meant. Or perhaps you didn't and you're just daft.
Bitch away. You and your ilk who bitch about nothing yet seem to get pleasure from it. So go enjoy.
I will withhold my bitching until Obama actually does something policy related.
I don't care who he appoints if they follow, as he put it, his vision. If he can manage to accomplish half of what he promised during the election I will be VERY happy.
So, off with you. Go have your bitching party now. Many others will join you. I think I will pass and hang out with people who don't want to adapt their own version of the Bush Doctrine and preemptively go into conniptions.
to be capable of having a disagreement with someone and not just personally attacking them. I'm sorry if your argument (basically that Obama's appointments shoudln't be criticized, even though we can look at the long list of policy decisions and comments these appointments have made over a span of years, in some cases decades) isn't working well.
I also don't know where you get off with your dismissive attitude. Does it make any sense to assume that someone saying what I'm saying has not been politically active, not writing like a big toughguy like you online, but actually risking harm to myself, sacrificing for causes I believe in? Calling for blindly backing a candidate isn't working hard, it isn't logical and it involves no sacrifice. Some humbleness is in order on your part.
This is an example of your babble, "You and your ilk who bitch about nothing yet seem to get pleasure from it. So go enjoy."
Who is my ilk? What, based on what I said and what you know about me as a person (nothing), proves what group of people I belong to? Am I bitching about "nothing" or could I have perfectly good reasons to disagree with you? What other issues that have one right answer, yours, do you want to give me the answers to?
You can complain as much as you choose.
Let me ask you. Do you want people who have no background and experience in accomplishing things at this level in DC? If I recall correctly, Jimmy Carter tried that and failed miserably.
As said, I don't care who he picks, if they will accomplish what he set out as his policy goals when he was running for POTUS. He won. Great. Now someone has to do a whole lot of stuff to implement those same goals.
You started this out by talking about HIS agenda and going off on that. I clarified that it is not HIS but OUR agenda (our being the number of voters who voted for him).
Just WTF you were going off on there, I am still clueless about, but whatever, too many these days want to do nothing but bitch about every single thing Obama has done.
You don't like me dismissing you? Tough shit. I think your initial comment was idiotic. Were you trying to compare Obama to Bush in passing an agenda? That's beyond laughable.
And as I said, I will withhold bitching about everything Obama does until they make policy decisions. I am not blindly backing anyone or anything. But as of yet, there is no policies to back, blindly or otherwise.
I never said *I* was right...but I am sick of all the whining and complaining over what might be.
"You don't like me dismissing you? Tough shit." LOL. Snap.
I could care less about you attempting to dismiss me. I don't think your arrogance is warranted, that is what I was saying. Who the hell are you, a big talking poster on crooksandliars. If you don't come here to discuss and debate, what are you here to do? Make yourself feel more important than you are? You honeslty argue like a right winger. Make it personal. Say people belong to certain groups based on dumb, simplistic logic (they say the "blame America first crowd", you have the complainer thing going) and attack anyone who doesn't think like you (no matter how dumb the logic), pretend they don't deserve your respect.
What exactly about my first post was idiotic? Articulate how what I said was stupid. That he is surrounding himself with not just "centrist" but ideological right wingers and hawks? That they have a history of implementing policies that have caused the mess this country is in, and have views opposite that of the public, ESPECIALLY Obama voters? That these advisors opinions do not match the public's on key issues and we shouldn't hold back criticism as a result? Yeah, what stupid sentiments. Those folks who protested his CIA pick should have just shut up and waited to see what he would do, forget what he's DONE. Duh! Let's watch him appoint advisors to implement policies they fought against and attacked in the past. That is extremely likely to happen. Yeah, I'll keep it shut.
hey... who is that guy? oh yeah, he's the guy from "the office of president elect"!
i'm all for obama, but wish the fancy sign era would be over too.
Did ANYBODY read this off Yahoo News yesterday? Remember the tax increase for the rich? Something like from 36% to 39% that Obama was going to make 'em pay now.
So, the big change there that was gonna happen once the big O took office? Now delayed until 2010...perhaps 2011?
Read all about it:
http://pantagraph.com/articles/2008/11/26/new...
WTF? Let me get this straight- he's going to cut middle-class taxes and NOT raise the wealthy's taxes. And that won't put us all further into debt?
Obama is merely our tool to use to change our Gov't. We are not his tool to use. Don't get that twisted, people. Ever.
there is nothing wrong with fiscal conservatism or conservatives in general. I've said this before, the GOP is not conservative...it is controlled by wild eyed idealogues who 1) don't understand what conservative mean, 2) have a misguided 1950s viewpoint of the U.S. 3) have a religious fixation which completely skews their view of reality.
Yeah...I have issues with Larry Summers. But, overall, I trust Paul Volcker...and I think he's going to be the navigator on this ship.
and the Democrats aren't liberal.
And?
who installed Greenspan...and when.
"Help is on the way" as the "battle cry" of the Kerry campaign.
"Change" was the mantra of Clinton in 1992.
Obviously, these aren't retreads.
By the way, there is no such thing as "The Office of the President Elect."
I am NOT any kind of expert on the economy but I do know this, JOBS are what keep the econ going. When the CEOs ship jobs overseas they are doing it for greed not to make a product cheaper for buyers. What is needed is a govt that is focused on creating more JOBS, JOBS that have a living wage. Tax increase/decrease, intrest rates, strong/weak dollar, whatever, who will start producing JOBS that is the question. IMHO the place to start is in green industry, not so much for the good of the Earth, but for the brand new JOBS that it will create that will be right here and not overseas where only a very few in this country will ever see the profit from it.
First...Wall Street and Bankers HATED Paul Volcker. That's a fact.
Second...inflation is not a bad thing. Inflation is a sign of growth. Look at inflation rates in China...they are double ours, because their economy is growing. Inflation is then controlled via a combination of interest rate management, money supply management, and taxation.
Now...our low inflation rates over the last years are a sign that our economy was sick...and did not have any REAL growth. That was because, NOTHING was made here...and all our purchasing power was transferred overseas.
As we move to rejuvenate our economy, investment will have to be made back into this country. Low demand for products will hold inflation down, until real wages start rising again. THEN, we can address inflation with adjustments in monetary policy.
That's Economics 101...there's no room in this thread for the advanced class.
Please, please, please read this (along with the comment...and listen to the audio in the comment on DemocracyNow).
Obama is selecting people who can get the job done.
I'm not condemning up front, I'm just airing my concerns. I fully intend to give him the chance to get the job done, but as in everything in life, I will air my concerns (in a non-offensive way.)
If they turn out to be unfounded, I will gladly admit that and rejoice. For me, the choice of a Sec. of Interior will be a major indication of his beliefs. We DON'T need another corporate shill in there.
how does that jibe with Jimmy Carter's domestic policy advisor Stuart Eizenstat's statement, "Volcker was selected because he was the candidate of Wall Street. This was their price, in effect."
??
are you wrong, or is the quote a fake, or was stuart out to lunch?
(pg 318, Wall Street By Charles R. Geisst)
Let's address America first.
I don't see the rest of the world lining up to help us.
If capital flees these countries, their economies will crash. The IMF, thankfully, has been on its death bed recently. That has changed a little with this financial situation. If these countries have to go to the parasitic IMF or a similar insitution, guess what they'll call for? Lower taxes, less rights for workers, more financial liberalization, less environmental standards, etc. You know, a good "investment climate". If IR are raised here and the wealth disparities get worse or stay the same(almost certain), if the structural flaws (which are endless) don't get changed (which require radical departures from policies) the spike in IR will be a short term fix. It will concentrate wealth here, allowing more investment capital for the already rich. After that, guess what, that same ravaged Latin America has, thanks to the new IMF loans, less worker's rights, lower wages, lower environmental standards, and that newly created capital here will flee once again. This happened thanks to Volcker before, the same structural problems were in place, as they are now. Don't expect anything different to happen in response.
british academics Sarah Bracking and Graham Harrison write: "1979 marked a radical change in global economic policy, inaugurated with the 'Volcker Shock' (so called after Paul Volcker, then chairman of the Board of Governors of the Federal Reserve) when the United States suddenly and dramatically raised interest rates, [which] increased the cost of African debt precipitously, since a majority of debt stock was held in dollars. The majority of the newly independent states had been effectively delivered into at least twenty years of indentured labor. From that point on access to finance became a key policing mechanism directed at African populations."
or naomi klein: "In developing countries carrying heavy debt loads, the Volcker Shock was like a giant Taser gun fired from Washington, sending the developing world into convulsions. Soaring interest rates meant higher interest payments on foreign debts, and often the higher payments could only be met by taking on more loans... It was after the Volcker Shock that Brazil's debt exploded, doubling from $50 billion to $100 billion in six years. Many African countries, having borrowed heavily in the seventies, found themselves in similar straits: Nigeria's debt in the same short time period went from $9 billion to $29 billion."
not to mention that we have been under the same economic ideology since volcker--through reagan, bush I, clinton, buch II--and how are things looking now? how has the grand economic experiment worked out? *cough*
Does that mean I have to grow my muttonchops again?
Yeah, baby! And bring out the platform shoes and enormous medallion for your bare chest!
I bet you are HOT HOT HOT with them chops!
And do break out the Supertramp (another kick ass 70's band) duds, too. WOOT!
This country's treasury would not have been plundered if the FED had been dumped a long time ago. This gov't has given these thieves the license to fucking steal and they are taking full advantage of it. I am sick to my stomach over this bullshit.
The fed. reserve is nothing but a bunch of private banks stealing my fuckin' money and nobody seems to care!!!!!!!!!!! Pisses me OFF!!!!
Nothing of substance will occur unless this unholy traitorous entity is dismembered. That will be change I can believe in. Most people are either ignorant of this or in serious denial. Ask anybody to defend the FED (w/ their silly-ass reasoning and/or selfish motivations), then watch absurdity at its finest...too bad hilarity will not ensue.
The fed. reserve is nothing but a bunch of private banks stealing my fuckin' money and nobody seems to care!!!!!!!!!!! Pisses me OFF!!!!
And I'm really really pissed off that they still televise the Detroit Lions on Thanksgiving.
Thanks I needed that.....
Hey now, just because they've had a few bad years lately, doesn't mean we should do away with a sports tradition. (If this was the case, the Cubs would never get on TV again.)
Make a drinking game out of it - ya know, how many times their 0-11 record is mentioned, the # of times you hear the "..on any given Sunday.." canard, the references to Detroit's glorious past (OK, if that ever gets mentioned, you should have to down the whole bottle.)
That's a little early for drinking games even on a holiday!
Great, can I have my inlaws stay at your house this Thanksgiving, otherwise make mine a double.
Now you're dissin' my Cubbies??
A pox on your mailbox!
please tell me what great improvements in music we have topping the charts today? that we will be listening to 30 yrs. from now?
"I love you....you love me..."...AAAAAAAAAAH.
Oh wait...in the 70s we had...
"It's a beautiful day in the neighborhoood..." AAAAAAAAAAAAAH!!
My vote for All Time Worst Song is from the 70s:
"I've Never Been to Me", by Charlene.
Followed by "McArthur Park" (the original version.) Gotta love that "sweet green icing flowing down" and the bastard who "left the cake out in the rain."
Sheesh.
7.5 trillion in debt placed on the back of the working middle class and counting. A debt that will never be paid back over the next 100 years, but who cares as all of today's players will be dust by then anyway.
While the American tax payer gets to eat crow for Thanksgiving, the fat cats from Wall Street to Washington will be nice and warm by their fires, counting up their bonuses for a job well done ( PAID FOR BY THE US TAXPAYER )while the middle class or what's left of it will go shivering in the cold this winter while many to proud to admit it will go to bed hungry as well. It boggled the mind at seeing the lines of those who have resorted to living in tents in CA stand on food lines hoping for a few crumbs.
But not to worry as change is on the way. Possibly another bailout waiting in the wings of yet another 500 to 700 billion as Obama estimates that will be needed and yes, that will be placed on the backs of the middle class as well. See a pattern here? As Obama says, there will be no new federal taxes on the middle class, but he doesn't mention that your state and local taxes will go through the roof to make up the short fall. Again robbing Peter to pay Paul. By the time this financial disaster is over our national debt will surpase 15 trillion and counting. Paulsons answer is to print another 800 billion so that consumers can go out and spend some more. Isn't that what got us into this mess to begin with?
If there is a new plan in the works, I sure hope they leave something left over to finally do what should have been done when the train fell off its tracks. The money would have been better spent in buying out the private banks that make up the Federal Reserve and going back to constitutional money issued by the US Treasury. it worked for over 140 years until in 1913 the Fed was created and its been downhill ever since.
While hope may spring eternal in the minds of many that Obama will turn things around, the reality is that it is going to take years to right this ship. It looks like it's going to be a long hard winter indeed.
that the unemployed brown people are gonna invade Texas?
My fear is that the banks and the big investors are going to, once again, destroy the democracy of this country and Latin America. What COULD be done is something of the order of a Tobin Tax, a tax on financial transactions. Tax the wealth of the investors, which they did nothing to earn so it can't really be considered "theirs" anyway. Use that to fund the expansion of social services, including healthcare.
This is what Latin Americans WANT from their governments and what type of economic system they want. The elite investors will make that impossible:
http://www.reuters.com/article/marketsNews/id...
According to the annual Latinobarometro survey, more than 80 percent of those living in continental Latin America and the Dominican Republic -- a region of 400 million people -- believe the government should control and oversee public services such as pensions, health and education, the annual survey showed...In Argentina, Chile and Uruguay, some 90 percent believe that pensions should be in the hands of the state. All currently have private pension systems. Seventy-eight percent of respondents in Chile also believe the telecoms system, privatized 20 years ago, should be in state hands."
Same goes here with things like universal healthcare, a well funded educational and SS system. None of them are possible in investors get their way. If you are ok with that, fine, just be honest with yourself and others when talking about this. We are going to make investors happy in the hopes they give us some.
If Vocker raises IR there will be huge negative repercussions, and democracy will be the worst off.
the reality is that it is going to take years to right this ship
That is exactly correct.
Its going to take years to right this ship and there really is no simple, or painless way to do it that I see unfortunately.
"Billy Don't Be A Hero"
"Oh What a Night"
"Seasons In The Sun"
OYYYYYYYYYYYE
"Afternoon Delight"
Pure agony.
Shitty music. Muskrat love.
Feelings, whoawho Feelings
The William Shatner album
There are 2 (I think) albums of awful songs entitled "Golden Throats" and "Golden Throats II" which have classics such as "Lucy in the Sky with Diamonds" sung by William Shatner, "Proud Mary" sung by Leonard Nimoy, and a Bob Dylan song sung by Sebastian Cabot.
It is so awful it's campy, and a great thing to play at a gathering to get some of the attendees asking, "What the HELL are we listening to?"
Matt I take it you are the kind of guy that likes it when his exes run into each other and laugh at the awkwardness that follows.
I like that in you.
Golden Throats sounds like the name of a Linda Lovelace sequel.
http://www.youtube.com/watch?v=tBOX_Eh6o4c
http://www.youtube.com/watch?v=1I2GTVR7igY
To this day Darryl Dragon has to explain to people that yes he's of Romanian decent, but no he's not decended from Dracula.
He just sucks is all.
Obama is inheriting a mess. We all know it. He's going to pick the best people he can, but this is going to be like clawing your way from dead last to winning the World Series.
Elation will give way to pessimism when America realizes how thoroughly the Bush Administration raped us.
but, is he picking the best people?
it is an honest question. is daschle the best to run HHS? gates to stay at the pentagon? geithner at treasury? clinton at state?
to me this isn't "the best", it is the safest.
the quote was when Volcker was appointed.
When Volcker implemented his Fed policies...he quickly became VERY unpopular.
Just like your neocon point regarding Reagan and Volcker...the facts are that Greenspan was installed by Reagan...cause Reagan's Wall Street buddies (Don Regan had been the CEO of Merril Lynch) wanted Volkcer OUT...and Greenspan's policies have led DIRECTLY to this debacle.
What might Volcker do? If history is any indication, when Presdient Reagan took office we were just done building a new home. Our mortgage rate in 1981 believe it or not was 21%. It took us 30 years of refinancing to finally get it down into the single digits. What might he do? Raise interest rates. Will it be painful as it was back in 1981, no doubt. The problem with our country is that it was never politicially viable to raise taxes or in turn giving the patient the medicine he requires. American turned into spendaholics with easy credit. That credit and the debt we suffer with now can only be dealt with in one of tow ways. Either jack up interest rates, of have the US defalut on its debt and the latter is not a probablitity at this point in time. though that day may be forced upon us by our creditors like China as well as Russia. Bottom line, we're in some very deep doo doo.
not to mention that we have been under the same economic ideology since volcker
That is flat out untrue.
The fact is that Greenspan's cheap interest rate policy and lax monetary policy AND support of the elimination of Glass/Steagal are in direct conflict with Volcker's views and his monetary and interest rate policies.
Are you simply making shit up to get me to respond?
because it means so much to me to get a response from you.
LOL
i can't disagree, you are 100% correct that volcker was dead set against the repeal of glass-steagall. tip of hat.
but, volcker's policies, as has been documented (or at least i think harvey and others did a great job of documenting the history), were part of the origination of neoliberalism--which is the thumb that we have been under since the late 70s. that is my point.
Shitty music. Muskrat love.
Your typical Friday nite??
LOL...SORRRRRY...I couldn't resist!
:(
Can't top that one!
S-A-T-U-R-D-A-Y Night, by the Bay City Rollers.
http://www.youtube.com/watch?v=0cRxYKvTLgQ
http://www.youtube.com/watch?v=CyBcHUe4WeQ
http://www.youtube.com/watch?v=skU-jBFzXl0
http://www.youtube.com/watch?v=LH4-tOqLH94
When IR go up, especially if they are above the rate of inflation, it ALWAYS benefits the ones with large amounts of money in the financial markets and banks. If you in the black and IR go up above inflation, you have more money to lend to others, private individuals and government. It also always means that the ones who have money in the financial markets and the banks get those who don't have the financial capital to go into debt to them. It might harm some businesses, because it causes unemployment, people have less and they spend less. So sure, certain businesses are going to be harmed, but overall it benefits the financial investors, the owners of Wall Street and the investment class. When IR go up bond yields increase as well, so the bond traders make hand over fist. There are other options, but they would mean that investors would have to be harmed in favor of workers and that is not in the cards. Volcker's policies lead to, as I said, the debt explossion in Latin America. The investors took contol of those governments and have controled their policies. This has negatively effected us all. They also lead to a large concentration of wealth, in private and corporate hands here and abroad. Greenspan just kept IR low, which allowed those with large amounts of financial capital (which were the ones to benefit from Volcker's policies years ago) to create debt for everyone else to pay to them to keep consumption going, becuase the "free market" governments kept wages down to make investors happy and couldn't keep consumption going on their wages. Now when people can't pay the big financial cats back they want help, and will get it. The underlying ideas and the system itself won't radically change obviously, not matter how flawed and failed.
You know, I've heard many things lately from so called "Conservatives" and most of them are bad, obviously when they talk about Obama's economic policies. Its like listening to a bunch of kids whos father found out they were spending large amounts of money on his credit card and he finally took it away from them.
If you think about it, everything Bush did seemingly had no costs. There was no regulation over the real estate boom which lead to rampant greed, insane lending practices and down right fraud. Even his wars were and are totally off budget. No costs, either financially or otherwise was passed on to the citizen. Everything was seemingly for free and the Conservatives ate it up. Now, we have some real leadership in place. The payments are coming due and those Conservatives don't like it one bit.
Best line on a blog today:
MSNBC had a chyron this morning that read, "Obama will address economic woes today, Pres. Bush to pardon turkey."
THANK YOU!!! That's exactly what I think every time I hear President Obama talk. It is sooo nice not exclaim 'you IDIOT' and change the channel like so many times with The Decider. It is so nice to have a President who is actually intelligent and who doesn't seem to have an arrogant bone in his body. I was listening to Michael Moore on CNN and he brought something else to my attention, science will come back to the United States. I have to say, I am really starting to like President Obama. It is so nice to be proud of my President again, and to think I was suspicious of him at first when he won the Democratic nomination.
As Bloomberg notes, almost half the people on the Transition Economic Advisory Board “have held fiduciary positions at companies that, to one degree or another, either fried their financial statements, helped send the world into an economic tailspin, or both.”
http://www.counterpunch.org/walberg11262008.html
because the best people to get us out of this mess are the ones that helped us into this mess? *bangs head*
http://www.youtube.com/watch?v=44rfVi8C1pk
http://www.youtube.com/watch?v=XucbKof0HcU
Too many here and all over the place really, are shadow boxing. Too many folks are ducking punches not thrown and dealing punches that connect only on shadows.
The President Elect has only stated what he wants to do not what he CAN DO especially right now since he has no real authority.
He has let you know the methods that he plans to use to return your economy and your place in the world to a more healthy position. He also said that he may make some errors, and that once discovered he will change tactics.
Some of the people he has announced may have been around the halls of government back in the day and maybe even were partly responsible for some of the problems that presently plague the U S. But it is, as he has stated HIS vision that they are beholden to and if they can't work within its frame of reference they will no longer be part of the team.
Yes, I to scratched my head in wonder at some of the names so far called to the Obama team but I also know from experience that until somebody does something I can't throw a punch or know when to duck.
The internet is not dieing and will be here in two months and so will C&L (at least I hope it will be) and when punches are thrown, policies made and decisions enacted it will be time enough for us to take on what we disagree with and express our pleasure/displeasure with and make suggestions for team "O" to act on.
Give the guy a break for a lousy two months. If you have a suggestion for the next few weeks let them be constructive with your comments, because in all reality I don't think we can do much at this point in history. Listen and learn, observe what's going on and you'll be well armed when the punches are thrown and you'll be able to respond accordingly.
the curious case of john brennan?
http://www.latimes.com/news/politics/la-na-ci...
that is a punch that needed to be thrown, was, it connected, with a positive result.
you see, obama DOES have authority. he has authority to name his transition team, pick his cabinet, pick his CoS, etc. and it is our responsibility to give him some constructive feedback.
I would expect that there were many people called to the team that said no. Also some that were called and didn't pass the vetting process.
I may have been too general in what I was saying or who I was actually saying it to. I was speaking to the part of the commenters that don't make "constructive criticism" only criticize. Those that don't make a suggestion as to what the proper decision would be, only that they don't like the one made.
The vision for change comes from ME!
Awesome.
Hopefully he will have some principle, not be just another politician.
I'm on my repub(g) bro in laws pooter right now. Man can this guy get nasty.
I have a question for ysbadadden. I hope your out there right now. Oh well, here goes.
My bro in law says this whole economic crisis is because of Carters mandate to loan money to the disadvantaged so they could buy a home.
I know, lets not go there. I living here right now.
My point is, well
I have no point. How can someone argue with such stupidity? Teh stupid hurts. I kid you not.
If your out there Y, get back to me so I can set this guy straight.
I understand all about de-regulation, and who is responsible.
But he threw me with the Carter bit.
I"m on the road, so I won't be able to get back to you soon.
But I'll check back to see if you got this.
Other than that, there is some really strange people down here.
Hermosa, what can I say?
He came up with this stuff, and I was slack jawed. Just out of sheer
awe.
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