posted on Feb, 27 2009 @ 11:09 PM
Originally posted by NightoftheComet
Well, all we need is Obama to spend several trillion more dollars right?! tax the rich and redistribute wealth, right?
This country was guaranteed a depression when this man was elected president. kudos people.....hope we all enjoy making the same wages and paying 80%
to the gov.
Socialism baby! yeah!
Check out the crash course at chrismartenson.com
To blame this on Obama is many years too late, convenient as it might be to have an easy scapegoat. What's going on now has been predicted based on
underlying fundamentals before anybody ever heard of Obama. The lowering of trade and investment barriers by Regean/Bush/Clinton/Bush made it so
likely that we'd all rise - or sink - together. Deregulation of financial markets under all four also allowed financial institutions to become
greatly overleveraged on complex derivatives that nobody understood but which made a lot of money for those at the top. Massive deficits under Reagan
fueled economic growth that wasn't paying for itself and which burgeoned into debt to earnings ratios never before seen in the country. Increasingly
US wealth was in "soft" categories like inflated housing prices, which are driven by speculation (hope of buying low and selling high without
actually adding value) rather than function and productivity. It was a predictable bubble and it WAS predicted very clearly. The US spent faster
than its productivity went up, and borrowed trillions to cover the difference (MOSTLY invidudals, but also corporations and government - if you want
to know who was living beyond their true means by borrowing, look in the mirror). In the US, all of this happened under Republican and Democratic
presidents and congresses over a couple of decades. Obama had nothing to do with creating it.
But all that's boring, and can't be understood in a soundbite. It hurts the head. It would take hours of serious reading to even understand in any
real depth what I'm referring to above, much less have any insights into how valid it is.
So I predict a whole lot of people are going to rewrite history in their minds and find a convenient scapegoat to blame. It will make them feel good
to have a simple answer and somebody to hate and feel superior too.
Is Obama doing the right thing? I don't really honestly know. I read a fair amount from economists of all flavors, and the only thing I'm certain
of is that not a single human on this planet knows for sure how to handle this mess. One nobel prize winner says Obama is too cautious and should not
have compromised with Republicans about the tax cuts. Others say that tax cuts are the solution to any economic problem at any time. The most august
and studied authorities cannot come to any consensus. I'm glad I'm not in charge.
But I'm not going to take the easy out and pretend this was just a recession until Obama messed it up. To anybody who can (with help) understand the
difference between a cycle (eg: sine wave) and an exponential curve, there are some great resources on the web that may convince you we've been
building to this point for twenty years and that nobody could have averted it this late in the game.
What impresses me about Obama is that interviews with him clearly demonstrate to me that he is very intelligent and very well informed - he can hold
his own with hard core policy wonks when he needs to, not just read from a teleprompter. That doesn't mean he'll make the right decisions (who can
know?), but I'd rather we have "somebody home" at the helm, than a feel-good figurehead. He has a history of being willing to acknowledge his
mistakes and change, which is crucial when nobody but nobody really knows in advance what the best course is.
Your milage may vary. I'm not trying to promote Obama so much as to promote thinking (even when it yields hints rather than comfortable certainties)
rather than just scapegoating to feel better.