Having just listened to the mumblings of our President, listening closely as he said out of one side of his mouth that the markets have confidence in the good ole’ USA (as they collapsed even more as he spoke) and then spent about half his speech on a panegyric in tribute to those poor guys killed yesterday in the shot down chopper near Kabul, I can say one thing with assurance.
He wanted to get off the subject of the economy and debt downgrade as quickly as he could possibly do it and, even more importantly, he never – not even a single time – mentioned what the real problem is.
He did not say a single word that would indicate even to the most attentive listener, that he even knows what the unsolvable problem is both here and in Europe.
His suggestimonious speech only mentioned more spending (unemployment for the masses, lower taxes for the masses, perhaps an “adjustment” to medicare), plus “We’ll keep kicking ass all over the world!” which, of course, equals more spending too.
What word did he neglect to say? “DEBT“, that’s what. Trillions and Trillions of MBS, CDS, BULLShitPaper, dollars, pounds, euros, pesos, reals, yuan, rememberme’s (or how ever you spell it in Chinese), rubles and every other currency denominated debt you can add to the list that are hanging out there, needing to be “rolled over”, interest paid promptly and eventually – here’s the kicker – repaid or retired or otherwise cleared off the books.
He didn’t mention that Europe and the USA are so deep in debt, unfunded liabilities and swamps full of sharp toothed derivatives of a dozen sorts.
He skipped the simple fact that it is now a mathematical certainty that we are so deep in debt that more debt does not increase GDP – IT REDUCES IT! Fact: The more debt a country has, the slower it can grow because funds needed for growth must instead be paid as interest and fees to roll over the debt. At some point (we’ve passed it in 2000), the debt is beyond the ability of the country to cope without resorting to the printing press (which we are/have).
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
I tuned in to hear Obama read the speech someone had written for him. It isn't the first time the market has dropped while he was speaking!
ReplyDeleteSomeone PLEASE tell him to stop talking.....the stock market is falling further every time he opens his mouth!
ReplyDeletethe DOW is still 2800 points higher than the day he was inaugurated
ReplyDeleteHe just printed 2 trillion more dollars that it would take to pay off the 14t debt, but was it used for that???? no... Then he wonders why ...
ReplyDeleteIf I walk in a store with $10 and I see an item for $15...then guess what....I CAN'T BUY IT. It is that simple. If I apply for a job in which I have no experience, and while I may be well educated BUT not in a field that can use that education....guess what... I DON'T (OR SHOULDN'T GET THE JOB)! Simple as that also.
ReplyDeleteHows that hope and change working for you now. Obama has killed the economy of this country. But that is exactly what he intended to do destroy economy & the nation and start over as socialist or communist country. And guess what folks it ain't over yet. It is going to get a lot worse as long as Obama has his way.
ReplyDeleteObama is worse than a disaster.Can't wait till 2012
ReplyDeleteOur country is no longer what it used to be since Obama took control. 1211AM....you hit the nail on the head. Yes, it will get a lot worse as long as he has his way. He was placed here to do just exactly what he intended to do - destroy us and start over as a socialist. All you have to do is look at him and know he is not a part of us - its scary and there are actually people out there who still approve of him. Makes me rather sick to my stomach. Too bad my children will grow up never knowing what a great country we had a one time before Obama ruined us.
ReplyDelete8:36 His 1st term isn't over yet.
ReplyDelete...and if people like you give him a second term, you can count on him to fix that!
Obama needs to find his $ack and get tough. The speech was completely uninspiring. The partisan infighting in Wash is like watching kids on the playground. If you aren't willing to compromise on the difficult decisions, it's time to pack your bags and get out of Wash. The American people are more than ready to get down to business. The political elite are just trying to protect their own a$$es.
ReplyDelete