Dobbs: Our leaders have squandered our wealth

Dobbs: Our leaders have squandered our wealth

www.cnn.com

All Americans will soon have to face a bitter and now obvious truth: Our national, political and economic leaders have squandered this nation's wealth, and the price of this profligacy has just come due for us all.

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A very good read. It voices the sentiment of many people on this board. Sadly, we need strong leadership from the people in charge to make it through this and I just don't see it happening.

www.cnn.com
(visit the link for the full news article)

Bernanke hopes that consumers will spend this money on domestically produced products??? Isn't this the problem-- no domestically produced products, therefore no decent jobs?

It's statements like his that inspire so much faith in the government's grasp of reality.

reply to post by kattraxx


I agree, I found that part particularly interesting. I would love to see the percentage of people that will buy 100% American with their rebates. A large portion of people aren't even going to use it for anything other than paying bills and putting into savings.

That's kind of a "no kidding" statement. Boy, Dobbs, have you got the jump on the common man.

i support dobbs on most of the things he says. i just hope it all comes from the heart and is not just a politcal setup for indepdant run for office. but i would like to see him in a advisory board of some kind. as long as he keeps his public aperance on television to. i would like to see some of his ideas used to put in place real checks and balances that the media dosent do. media of the goverment is to censored and politicians are all corrupt.keep up the good work lou !

Originally posted by Karlhungis
reply to post by kattraxx

 

I agree, I found that part particularly interesting. I would love to see the percentage of people that will buy 100% American with their rebates. A large portion of people aren't even going to use it for anything other than paying bills and putting into savings.

Like the e-mail Lou Dobbs read from one of his viewers: Yippee, pretty soon I'll be able to afford two-ply toilet paper again. Well, for a while, at least.

reply to post by kattraxx


I checked my toilet paper...Made In USA
Toothpast...ok
Aspirin...doesn't say

That Bernanke, what a clown! Hopes "spending power doesn't go elsewhere." Is that man mad??
He'd better include a letter with that check, telling people where to buy these domestic products.

Actually, search online for made in america/usa, and sites will tell you where to buy/order products. There will even be a line of corn oil based plastic toys coming out this year.

Karlh, the last time I got money back from the gov't, i.e. the tax cut, my health insurance and car insurance co's were first in line with premium raises. I figure I at least broke even on that one.


Lou Dobbs understands. For years the middle class participated in the wealth of this nation. Now wealth has been squeezed out of the mc.
As Woodie Guthrie once said, "Some rob you with a six-gun and some with a fountain pen."

reply to post by Karlhungis


The $800 rebates are a joke. I don't think anyone believes giving every taxpayer $800 to spend will fix the economy. The more likely cause behind these rebates is to further unnecessary spending to assist in purposefully bankrupting the American economy.

hmmm. so printing some money and giving it away is going to help? those retards and their printing presses are the source of this problem.

i'll take my check and buy gold and beat those turds at their own game.

-turbo

It's all about money; it's so much easier to outsource things to China or India than to make it here and pay "inflated" wages. If you're a business owner and you can get the same quality, you're going to go over seas....so this money that Bernanke and Bush are pumping in will allow us to buy more products that are sold by companies here but produced overseas. I'm a management major; these are the things we talk about and discuss in seemingly every class, more specifically in a class about Multinational Organizations. So if I'm an owner I could technically not make anything in my company and just sell it, sort of like a middle man and then I would reap the financial windfall assuming my product sells. If you're an owner it makes sense, if you're the worker it sucks for you. The only people who benefit from this are the companies(higher profits) and the consumer(cheaper prices). I'm sure most of you already knew this though.

However, even though Dobbs is blaiming the government for this, let us not forget that the consumer, through unresponsible spending has also created and added to this problem; the other being the banking institutions. Bernanke cutting rates and pumping money into the economy, which the Fed just magically does, will not help the economy, it will help Wall Street and investors, but most people don't care about that when they have to feed and take care of their families. The way people spend on their credit cards is one major reason for people not being able to spend at the moment. The lenders got hit hard because of their own ignorance and assumptions that people would pay back what they owed. Dobbs main arguement appears to be that the government should have regulated the banking industry more so than it did. Look back to the 80's for an example of what happend then. Thats why the Fed now has the policy that some banks are "too big to fail". Of course, the legislation came after a major lender went belly up. I would expect to see some type of regulation on how loans are given out because just about anyone could get credit a year or so ago; it was easier to get a house than an appartment. In hindsight there where a lot of decisions that should have been made differently, however, hindsight is 20/20 and I would expect some type of regulation to be put into place regarding the practices of risky loans.

Hey I have to pay taxes this year, wonder if I'll get this $800 break even though I won't have to pay much. I'd spend my $800 by investing back into the market...way better option than gold/silver or any precious metal out there.

[edit on 23-1-2008 by ChrisJr03]

Originally posted by desert
For years the middle class participated in the wealth of this nation. Now wealth has been squeezed out of the mc.

You've got that right.

It's been said that bush must really like poor people because he has made so many of us that way.

Sad to say, but just like the (I believe) two previous tax rebates of bushs', the poor...those who need it the most, will not see a penny.

Unfortunatly, that will cover many more people this time around.

reply to post by ChrisJr03


Bernanke used the words "domestically produced", not "domestically distributed". Of course, with spin on this, someone could say, well, when someone produces a foreign made item from behind a counter, it's "domestically produced."

What I don't understand is, how could someone expect wages to be forced downward for 25 years and yet still expect the American consumer to keep buying things? Like houses, new cars, giant tvs, etc. (Actually, people are keeping their vehicles longer.) Where is this money going to come from?
No wonder loosened credit was loosed upon the earth, as a way to "afford" these things. When I was young, people paid cash for everything except a "major purchase", i.e. car, house. People actually paid cash for refrigerators, furniture, carpets, etc.

A personal theory I have as to why the 1980's US economy didn't bust as bad as it could have is due to increasing illegal drug economy. I remember people paying cash for expensive luxury cars and houses.