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Obama: The Fundamentals of our Economy are Sound

 
 
DontTreadOnMe
 
  1  
Reply Tue 17 Mar, 2009 06:53 pm
@farmerman,
farmerman wrote:

name on ething that the GOP has done in countering this free fall? All Ive seen is that theyve been totally obstructionist and have purposely not engaged any helpful debate ever since the Bush admin ended with such messes all about us.


well, i did notice that boner and pence remembered to wear their green ties today.

that must count for something?

----
0 Replies
 
DontTreadOnMe
 
  1  
Reply Tue 17 Mar, 2009 07:05 pm
@A Lone Voice,
A Lone Voice wrote:

At least he didn't say they are 'strong.'


you are right, he didn't.

here is what he did say;

Quote:
"If we are keeping focus on all the fundamentally sound aspects of our economy ... then we're gonna get through this, and I'm very confident about that," Obama said, while acknowledging the crisis has caused "incredible pain and hardship."





alv, i can understand your, umm... displeasure if obama had actually said that "the fundamentals are sound".

obviously not all of them are. some are.

A Lone Voice
 
  1  
Reply Tue 17 Mar, 2009 09:53 pm
@DontTreadOnMe,
Quote:

alv, i can understand your, umm... displeasure if obama had actually said that "the fundamentals are sound".

obviously not all of them are. some are.



Well, if you compare this, and Obama telling us to buy stocks..., (much like Bush told us to go shopping), you realize that one, most politicians are idiots, and two, the media (and the left) continues to give Obama a pass.

The left - and the media - ripped Bush and Mccain for their comments. Yet, we hear the virtually the same nonsense from Obama, and it is again, virtually ignored.

I'm just tired of doubles standards. You know I wasn't a Bush fan. Yet these Obamabots are far worse than any Bush zealot ever was...

DontTreadOnMe
 
  2  
Reply Wed 18 Mar, 2009 01:30 pm
@A Lone Voice,
A Lone Voice wrote:

Quote:

alv, i can understand your, umm... displeasure if obama had actually said that "the fundamentals are sound".

obviously not all of them are. some are.



Well, if you compare this, and Obama telling us to buy stocks..., (much like Bush told us to go shopping), you realize that one, most politicians are idiots, and two, the media (and the left) continues to give Obama a pass.

The left - and the media - ripped Bush and Mccain for their comments. Yet, we hear the virtually the same nonsense from Obama, and it is again, virtually ignored.

I'm just tired of doubles standards. You know I wasn't a Bush fan. Yet these Obamabots are far worse than any Bush zealot ever was...


you mean you don't see the difference between what he said (d'ya watch the video?) and mccain said ?

and now that you mention it, if a person is a player in the market, now probably is a good time to buy stock. as long as you're not spending scared money and have a decent feel for it, that is.

me, i don't like getting into stocks much. for all the obvious reasons. i'd rather go to the track. at least with the horses, you still get to enjoy a nice day out and cold beer even if you keep pickin' nags all day. Wink
Foxfyre
 
  1  
Reply Wed 18 Mar, 2009 01:53 pm
This is a list of reports from the White House website over the last eight years. I remember copying the list, but I regret that I failed to copy the link that I got it from and can't remember where, but I do know it was one of the major media blogs:

Quote:
2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August " up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month " the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs " and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that " and Congress is making progress on this " is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
0 Replies
 
A Lone Voice
 
  1  
Reply Wed 18 Mar, 2009 04:57 pm
@DontTreadOnMe,
Quote:

you mean you don't see the difference between what he said (d'ya watch the video?) and mccain said ?

and now that you mention it, if a person is a player in the market, now probably is a good time to buy stock. as long as you're not spending scared money and have a decent feel for it, that is.

me, i don't like getting into stocks much. for all the obvious reasons. i'd rather go to the track. at least with the horses, you still get to enjoy a nice day out and cold beer even if you keep pickin' nags all day.


I saw that Obama, like McCain, was trying to reassure the voters the county (and economy) wasn't spiraling down the drain.

Both had their own reasons for their timing, and both sounded like idiots, imo. But Obama is getting the pass.

Buying stocks, going shopping; again, both are pretty stupid statements coming from a president. Bush was trying to nudge people back into 'normal' behavior, as was Obama.

Bush was called out on it by the media/left, Obama was not.

I realize Obama is in a honeymoon period; it's just seems to have gone on now for a while...
DontTreadOnMe
 
  1  
Reply Wed 18 Mar, 2009 05:18 pm
@A Lone Voice,
A Lone Voice wrote:

I realize Obama is in a honeymoon period; it's just seems to have gone on now for a while...


jeez, al. obama hasn't even been in office a full 2 months yet. Shocked

question... i'm wondering if it is obama that you have a problem with, or is it folks like reid and pelosi ?

also, did you see the thing about the consortium (or whatever) that bayh is putting together consisting of centrist/moderate dems ? i find that encouraging, coming from a moderate indy pov myself.
Foxfyre
 
  1  
Reply Wed 18 Mar, 2009 05:26 pm
@DontTreadOnMe,
No, and Bush hadn't been in office a full two months when his opponents were accusing him of all kinds of malfeasance due to Cheney's 'secret' energy group researching America's energy.

Clinton hadn't been in office a full two months when his opponents were zeroing in on Hillary's group and rumors of the proposed 'Hillarycare' that turned out to be so bad that even the Democrats wouldn't vote for it.

A President has the power and authority to do a great deal of damage within a very short period of time, and we do have a serious economic situation on our hands at this time. Yes, Pelosi and Reid are the true power behind the throne, but we need a President with the balls and foresight to stand up against them should that be necessary. Do YOU condone a 3.5 trillion dollar budget when we are in one of the worst recessions in decades?

Hell, a rogue President has the power and authority to start WWIII if he was so inclined.

Yes, the President deserves a honeymoon period and to be given every chance to present, make his case for, and promote his agenda, and it is wrong to deny him that opportunity.

But that should not translate into license to make mischief, intentional or unintentional, that will not easily be undone.
DontTreadOnMe
 
  1  
Reply Wed 18 Mar, 2009 05:42 pm
@Foxfyre,
Foxfyre wrote:

But that should not translate into license to make mischief, intentional or unintentional, that will not easily be undone.


wellllll... i don't really want to continuously look backwards about all things politics any more. that kind of thinking has been a big part of the problems we are now facing.

the whole "what about so and so??" thing, i mean. tit for tat. these days i'm starting to feel like the u.s. has become a big fest of people yelling back and forth.... "oh yeahh?? well your mother wears army boots!".

in that spirit, i won't give my immediate, and obvious, response.

instead, i'll simply say that one man's mischief is another man's good deeds.
DontTreadOnMe
 
  1  
Reply Wed 18 Mar, 2009 05:51 pm
@Foxfyre,
Foxfyre wrote:
Do YOU condone a 3.5 trillion dollar budget when we are in one of the worst recessions in decades?.


i forgot this part.

do YOU realize that for the first time in 8 years, the cost of the wars in iraq and afghanistan are included en clair ?

i remember you telling me once that you have been to several foreign countries; that america was still the best? do you want it to continue being the best ?

if you do, bear this in mind; "if you want to make an omelet, you gotta break a few eggs".

0 Replies
 
Foxfyre
 
  1  
Reply Wed 18 Mar, 2009 05:59 pm
@DontTreadOnMe,
It is wrong of those on the right/GOP/conservatives etc. to go combing for anything they can use to criticize, condemn, ridicule etc. President Obama. Lord knows that was done enough to President Bush and it did absolutely nothing to solve a single problem or get anything done. And we have a lot more problems now than we had prior to 9/11 which makes it even more wrong to intentionally undercut our elected leader.

But there is no doubt about your comment re mischief and good deeds. The party in power earned the right to promote its agenda and, while I think too many are looking to advance their own fortunes, I don't think a single one of our elected leaders intends to harm the country or any part of it.

But a recurring theme on the 'conservatism' thread is recognition of good intentions producing unintended bad consequences. Fairness and loyalty does not extend to allowing avoidable bad consequences that cannot be easily undone without putting up at least a good fight. And frankly, I think some of the agenda of the current Congress and Administration has much potential to do a lot of unintended harm that will not be easily undone.

(I still believe America is the best country in the world. And I hope the people of those countries I have visited have reason to believe the very same thing about their respective countries too.)




DontTreadOnMe
 
  1  
Reply Wed 18 Mar, 2009 06:02 pm
@Foxfyre,
Foxfyre wrote:
And frankly, I think some of the agenda of the current Congress and Administration has much potential to do a lot of unintended harm that will not be easily undone.


such as?
Foxfyre
 
  1  
Reply Wed 18 Mar, 2009 06:06 pm
@DontTreadOnMe,
Such as nationalizing banks and other industries to keep them from failing. Such as a 3.5 trillion budget that is mostly on borrowed money and a tax policy that will almost ensure reduced treasury receipts to help offset it. Such as nationalizing a healthcare system when it is obvious that nobody in Washington has a clue how to effectively do that on a scale of the United States without harming the best within the current system. Such as using language to minimize the very real dangers posed by real people who want to destroy the United States and everybody in it.

That's for starters.
DontTreadOnMe
 
  2  
Reply Wed 18 Mar, 2009 06:37 pm
@Foxfyre,
Foxfyre wrote:

Such as nationalizing banks and other industries to keep them from failing. Such as a 3.5 trillion budget that is mostly on borrowed money and a tax policy that will almost ensure reduced treasury receipts to help offset it. Such as nationalizing a healthcare system when it is obvious that nobody in Washington has a clue how to effectively do that on a scale of the United States without harming the best within the current system. Such as using language to minimize the very real dangers posed by real people who want to destroy the United States and everybody in it.

That's for starters.


oh. okay, so it's basically the usual gop gripes.

1) "nationalizing the banks" may or may not be bad. i believe that "letting them fail" would definitely be bad. and bad on more than a local, state or national level.

2) you understand that virtually every dime spent in iraq and afghanistan is borrowed money ? that is why people need to get used to the idea that the party is over and it's time for everyone to start paying their taxes again. and also, simply renting a p.o. box in the caymans isn't good enough to avoid paying them.

3) i don't believe that america can not do a better job on health care than the other industrialized nations. and hillary's plan has nothing to do with it. that was 16 years ago.

4)
Quote:
Such as using language to minimize the very real dangers posed by real people who want to destroy the United States and everybody in it.
here, i have absolutely no idea what you are talking about. Confused
0 Replies
 
A Lone Voice
 
  1  
Reply Wed 18 Mar, 2009 09:14 pm
@DontTreadOnMe,
Quote:

jeez, al. obama hasn't even been in office a full 2 months yet.

question... i'm wondering if it is obama that you have a problem with, or is it folks like reid and pelosi ?

also, did you see the thing about the consortium (or whatever) that bayh is putting together consisting of centrist/moderate dems ? i find that encouraging, coming from a moderate indy pov myself.


It's not so much an Obama, Reis, or even Pelosi thing.

Dems won the last election; it's their turn now.

What I do mind, however, is the way the media, and the left, allows such a double standard.

The press failed in lying down during the Iraq War buildup. You think they would have learned.

My deal is this: just look at the dems, and Obama, with the same skeptical eye used for Bush and the repubs.

Frankly, this adoration for Obama from the left - the same people who are always willing to criticize the US and the gov and our culture - the way they have virtually opened their legs to him is frightening.

And unfortunately these days, the left and the media are not separated by too much...

Re the moderates? That's our Blue Dogs, started here in CA a while back. Come from conservative districts for the most part, but strong union support and usually law and order types. They spend their campaigns denouncing Pelosi and acting more repub than the repub running against them.

I think the level of Fed spending is scaring even them, frankly...
Foxfyre
 
  1  
Reply Thu 19 Mar, 2009 12:03 am
@A Lone Voice,
According to the Rasmussen poll today, the generic Congressional poll had the GOP pulling slightly ahead for the first time in years. Given what happened in 1994 after Clinton's young presidency scared more than half the country half to death and put the GOP in charge of both houses of Congress in like forever, you would think the Obama team and the Democrats would wake up and smell the coffee. But nobody ever said that religious fanaticism was either smart or rational. DTOM dismissed me as speaking "GOP propaganda". It isn't. It is observing all those tea parties around the country and slowly but steadily sinking approval ratings for the President, the likes of a leftist Maureen Dowd ripping the President, the Huffington Post raising eyebrows, even Salon.com running some conservative commentary.

There does seem to be an anti-extremist wave building here.

For the good of the country, I would rather they wake up and return to common sense and judgment before all that has to come to a head. Hell I'm not tied to the GOP. I am not even disappointed in the Democrats--at least they're being who they've always been for awhile--but I am disgusted with the GOP not bothering to develop a conscience until they are out of power. It rings really hollow now.

But there are untainted leaders to be raised up out there I bet. And if our current crop is too far gone to be redeemed, I hope we throw out the whole lot in the coming elections.
0 Replies
 
DontTreadOnMe
 
  1  
Reply Thu 19 Mar, 2009 02:44 pm
@A Lone Voice,
A Lone Voice wrote:

Quote:

jeez, al. obama hasn't even been in office a full 2 months yet.

question... i'm wondering if it is obama that you have a problem with, or is it folks like reid and pelosi ?

also, did you see the thing about the consortium (or whatever) that bayh is putting together consisting of centrist/moderate dems ? i find that encouraging, coming from a moderate indy pov myself.


It's not so much an Obama, Reis, or even Pelosi thing.

really? i'm surprised. i like obama more by the day. but to me reid is kind of an ineffectual milquetoast. and pelosi... not a big fan.


Dems won the last election; it's their turn now.

and i fear that if they keep going the way they are, it's gonna be snatching defeat from the jaws of victory... Rolling Eyes


What I do mind, however, is the way the media, and the left, allows such a double standard.

i have to disagree, here. i've been surprised that even people that were obviously pro obama like oberman and maddow have been crackin' on stretch.
but like i mentioned before, if the far right and the far left are getting pissed at him, he must be doing something right. i am so sick and tired of the extremists in the country dictating every move.


The press failed in lying down during the Iraq War buildup. You think they would have learned.

you would. but you know the story. "if it bleeds, it leads." that coupled with the downfall of real journalists and the rising tide of "anyone with a computer can be a real mover and shaker" has more or less turned our world in to a regular reality show.

My deal is this: just look at the dems, and Obama, with the same skeptical eye used for Bush and the repubs.

i do. i don't think the answers can be found in extreme swings to the left or the right. there's a thing called balance.

Frankly, this adoration for Obama from the left - the same people who are always willing to criticize the US and the gov and our culture - the way they have virtually opened their legs to him is frightening.

yeah, there are some who really do fall into the category of being completely mesmerized. i put them in the same box as those who still go on and on about ronald reagan and that kid on youtube that was all freakin' out about britney spears.

And unfortunately these days, the left and the media are not separated by too much...

not sure i agree. i might agree more if you said that these days weasels and the media are not separated by too much.


Re the moderates? That's our Blue Dogs, started here in CA a while back. Come from conservative districts for the most part, but strong union support and usually law and order types. They spend their campaigns denouncing Pelosi and acting more repub than the repub running against them.

i wonder if jim webb is gonna get involved?

I think the level of Fed spending is scaring even them, frankly...

it is a whole shipload of cash. at the same time, we've really ignored a lot of things the last 20 or so years in favor of wasting time with the whole culture wars thing.

when bridges start collapsing underneath tax paying citizens, it's a pretty good indicator that things are not in grade a shape, ya know ?


Advocate
 
  1  
Reply Fri 20 Mar, 2009 01:15 pm
Here is, in my opinion, a great piece on the state of the economy and how it got to be such.


March 17, 2009
Hard times are payback for skewed priorities
Mark Greene
I heard the day I wrote this that a local firm I'd done business with for years had been hit with a massive layoff. I began touching base with friends who worked there to see how they fared. All I reached had survived this round but had to take pay cuts. They were devastated, talked about "survivor's guilt," bemoaned the loss and harried futures of friends, co-workers, families.

One female friend, younger than most, recently married, no kids and fortunately renters, had a stoic, almost upbeat attitude. "We're young, we have plenty of time to make it back." She's right, and I'm almost as grateful for that as she is.

I'm a headhunter, a recruiter in and for corporate America. It's my job to know what's going on in employment, in my and my company's focus industries, in the marketplace of 21st-century laissez-faire capitalism.

And I'll tell you, we're in hard times.

I witnessed the early exodus from the dot-com bust, telecom overreach and, most recently, ridiculously overheated real estate and construction. Will we get through it? Of course.

Will America and the world be forever changed by what we're experiencing now and are likely to for some time? I certainly hope so. The 20th century, in my view, lasted way too long.

When I graduated from college in the late '80s, the word in the marketplace was not to say, "I'm a people person" _ the kiss of death. Business, we were led to believe, wasn't about people. It was about revenue streams and profit margins and return on investment. This was the advent of the MBA tsunami.

Business, I'm happy to report, is, in fact, about people _ the people you hire, the people you retain, the people you buy from and sell to. It is the workers who perform the labor and who add the value to capital that built our middle class, who fueled our growth and prosperity through their sweat and efforts, and who now are being idled in recent record numbers, who made America what it was until recently.

What we're suffering is a world economy led astray in pursuit of personal wealth, trying sluggishly and belatedly to align itself with the newly revealed reality.

My dear old dad told me when I was still wet behind the ears that America was in for tough times _ that we were turning out far too many MBAs and lawyers and not nearly enough engineers and teachers.

Once again, Dad hit it right on the head. This country is hurting badly for a lack of well-trained workers who create value, coupled with a disgusting surplus of those who talk about it, measure it and try to manipulate it. And we've rewarded these latter unconscionably _ to the detriment of us all.

A friend, who interestingly works in a lower-level position with Citibank and has managed miraculously to remain employed thus far, recently lent me a book by John Steinbeck titled "In Dubious Battle." I'd forgotten just how depressing Steinbeck could be.

It is a wonderfully depressing read that I highly recommend. My mother-in-law, who is doing her best to nurse multiple generations through our current crisis, remarked upon my mention of it, that this is probably a very good time for folks of all ages to read Steinbeck. He serves to remind us, in the midst of our self-pity, just how bad things can be, and how relatively survivable our current circumstance is.

America has gone through the last decade and more paying virtually nothing for our excesses in upward wealth redistribution, warmongering, financial deregulation, environmental depredation, and disdain for the other 95 percent of the world's population.

Most critically, the education and viability of the working class in this country have been totally ignored. Downsizing and merging and offshoring have made a handful of Americans very wealthy at the expense of the country as a whole.

It's simply time to pay the piper.

___

ABOUT THE WRITER

Mark Greene is an executive search consultant in the renewable energy industry. His e-mail address is [email protected]. He wrote this for the Fort Worth (Texas) Star-Telegram.

___

(c) 2009, Fort Worth Star-Telegram.

Visit the Star-Telegram on the World Wide Web: www.star-telegram.com.

Distributed by McClatchy-Tribune Information Services.



DontTreadOnMe
 
  1  
Reply Fri 20 Mar, 2009 04:42 pm
@Advocate,
Advocate wrote:

Here is, in my opinion, a great piece on the state of the economy and how it got to be such.


by jove, i think he's got it. for me, here's the bullets.

1) "...America was in for tough times _ that we were turning out far too many MBAs and lawyers and not nearly enough engineers and teachers...

...This country is hurting badly for a lack of well-trained workers who create value, coupled with a disgusting surplus of those who talk about it, measure it and try to manipulate it. And we've rewarded these latter unconscionably _ to the detriment of us all."

2) "America has gone through the last decade and more paying virtually nothing for our excesses in upward wealth redistribution, warmongering, financial deregulation, environmental depredation, and disdain for the other 95 percent of the world's population."

3) "Most critically, the education and viability of the working class in this country have been totally ignored. Downsizing and merging and offshoring have made a handful of Americans very wealthy at the expense of the country as a whole."


0 Replies
 
A Lone Voice
 
  1  
Reply Fri 20 Mar, 2009 08:36 pm
@DontTreadOnMe,
Quote:

I think the level of Fed spending is scaring even them, frankly...

it is a whole shipload of cash. at the same time, we've really ignored a lot of things the last 20 or so years in favor of wasting time with the whole culture wars thing.

when bridges start collapsing underneath tax paying citizens, it's a pretty good indicator that things are not in grade a shape, ya know ?




Speaking of this, you never got a chance to come back to my CA thread. We're really not spending much money on infrastructure here in this state, compared to what is really needed. Only eight percent of the billions coming from the spending bill. Most is going to one year's worth of either entitlement spending or education; as usual, the state is not planning for next year.

Lot of economists say hyperinflation is coming, DTOM. Surely, this worries you?
 

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McCain's VP: - Discussion by Cycloptichorn
Food Stamp Turkeys - Discussion by H2O MAN
The 2008 Democrat Convention - Discussion by Lash
McCain is blowing his election chances. - Discussion by McGentrix
Snowdon is a dummy - Discussion by cicerone imposter
GAFFNEY: Whose side is Obama on? - Discussion by gungasnake
 
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