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Obama: Too much debt could fuel double-dip recession

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posted on Nov, 18 2009 @ 08:23 AM

BEIJING, Nov 18 (Reuters) - President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.

With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.

His administration was considering ways to accelerate economic growth, with tax measures among the options to give companies incentives to hire, Obama said in the interview with Fox conducted in Beijing during his nine-day trip to Asia.

"It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession," he said.


Yet Obama and the Democrats keep spending like crazy. People should know that these crooks in Washington always over promise because they want to overspend.

The healthcare bill will be full of loopholes and 2 years later they will say they need billions to fill the loopholes they created.

They get away with this because of useful idiots that blindly follow the republican or democrat party.

We need to reduce the debt so the private sector can start creating jobs. This massive government sucks all the energy and credit out of the private sector and the middle and lower class are cut off from the global economy.

I've noticed, Obama does a lot of double talk. In one breathe he says the debt is out of control and we can't sustain the debt, but in the next breathe he wants to borrow and spend to push his ideology.

posted on Nov, 18 2009 @ 08:29 AM
reply to post by Matrix Rising

The only reason he is talking to Fox News is he sees the ratings. After his vehemence towards the network, he now gives an interview, and guess what? Another one coming next week.

Fascinating. Wonder how Anita Dunn feels now, after denying Obama would have anything to do with Fox just yesterday.

Anyone catch the news about that Oba -MOa t-shirt story by CNN? A reporter was held in China for two hours over it.

posted on Nov, 18 2009 @ 08:42 AM
Our President really thinks the general population of the US is ignorant. They come into office and spend spend spend. Now it will all come back to us. The "Make Work Pay" program, the Cash for foreign cars...I mean clunkers. His socialization of health care...all of it will.

Lest I forget he is innocent and has done nothing wrong. If it were not for George Bush we would not be in this mess. How long can that #ty president take the blame for everything?

posted on Nov, 18 2009 @ 08:44 AM
reply to post by Matrix Rising

Well, that's nice. He's added $1.4 trillion of new debt so far, with a monthly record in October. Hey Barack, call me when you do something meaningful about the deficit besides talk.

I've noticed, Obama does a lot of double talk. In one breathe he says the debt is out of control and we can't sustain the debt, but in the next breathe he wants to borrow and spend to push his ideology.

He's trying to be Bill Clinton with the whole 'triangulation' thing. The problem is, Clinton actually tried to walk the middle ground. It wasn't just talk and Clinton was very good at it. On the other hand, Obama only plays a moderate on TV. He governs like a left wing ideologue. Most people can see right through his act.

[edit on 18-11-2009 by vor78]

posted on Nov, 18 2009 @ 09:17 AM
Jeepers, that Obama guy and his cronies sound smart! They should try and run the most powerful nation on earth, they could accomplish much with the foresight displayed here.

'Obama: selling you hope while taking your change'
I want a 25c royalty for that one
Or you could say 'selling your home while taking your change'..

And for the record, republocrats for the win - Red vs blue!

posted on Nov, 18 2009 @ 10:08 AM
reply to post by Matrix Rising

Watching Obama is better than watching Richard Pryor live. Its far more funny, and its like he is playing two people arguing with themselves.

The double dip recession is guaranteed - its not an 'if' - its a 'when'.

The toxic debt is still firmly entrenched where it can do the most harm - palming off a few trillion worth to the Fed is like trying to empty the Pacific with a teaspoon.

The colossal levels of debt in the finance industry are hardly even secret - and this churning of the waters with free money and carry trades on the US dollar for anything and everything is laughable.

The pressure on commodities is purely to excavate some profit from the middle at the expense of both ends - the producer and the consumer.

But it can't be enough, producers can't sell for zero - and buyers can't buy for infinity - so there is never going to be enough in the middle to bail out this sad lie they call the US finance industry.

So commodities can't solve the problem - only paper can solve the problem - because it can go to nothing.

Anyone holding any paper investments are going to get a rude shock when the bankers try to push everything to zero - which they will of course - that is basically the only way to generate the cash they will need to remain solvent - so expect a nasty crash, shorted totally across the board by the bankster scum.

It is going to be slightly more than a dip is my prediction - however, they may not want to kill everything entirely on the first try - if they leave some zombies alive, they can inflate and pick the bones clean on a subsequent attempt.

The items of interest to me are silver and gold - will money actually run to them this time, or to the 'safe haven' of the US dollar?

There must be some unwinding - so the dollar must rise again - however, will it rise in opposition, or in conjunction with gold - that is the million dollar question.

A simultaneous rise in gold and the dollar during a collapse must be seen as an incredibly clear message of the subsequent, and very imminent annihilation of the vestiges of its purchasing power.

If gold falls however, it means nothing - it is the default prediction - it will rise again.

[edit on 18-11-2009 by Amagnon]

posted on Nov, 18 2009 @ 10:09 AM
Personally I think China is pulling the strings on Obama now... because if they stop buying our debt, we go bankrupt. So... MHO... Our largest Shareholder of America is now telling Obama what to do and say.

We all better start learning the Chinese language here pretty soon!

posted on Nov, 18 2009 @ 11:31 AM
Wow this is all coming from a guy who's wasted forty some odd years breathing our air after what he and his cabinet has done they deserve every bad feeling and word directed at them.

posted on Nov, 18 2009 @ 11:35 AM
Funny how he is repeating what so many have been saying for quite some time.

I have always wondered why he never grew the economy before tackling healthcare and adding more to the debt.

posted on Nov, 18 2009 @ 11:46 AM
Obama's statement is just another glaring example of just how disconnected he is with this country and it's citizens. I was truly dumbfounded when I read this headline this morning. Especially after watching Glenn Beck last night.

Last night Beck talked about our current level of insane spending and the doubling of our debt in the past 7 1/2 years. Watch the first three minutes of this clip to put it all into perspective.

posted on Nov, 18 2009 @ 12:08 PM
The irony would be almost amusing if the situation weren't so dire...

My goodness...the mind boggles at the next three years...

What observation is next? Water is wet? Beaches have sand? Dogs bark? It's gonna be a long, long three years.

posted on Nov, 18 2009 @ 12:18 PM
poor Obama. ... he is just Parroting the Grande Scheme foisted by the FED/Treas./Banker troika.

'Too much debt'... cannot possibly occur when the economy is dissolving, when unemployment is into a 4th extension of benefits ... when consumer credit is being denied by the Bankers.

It is all engineered so that the Federal Government (as opposed to a former middle-class with disposable incomes) will be the sole provider of paltry incomes, the sole creator of foreign debt,... all in concert with the
FED/Treas/Banker restructuring of the social-economic order in the USA.

yo.... don't get me started, i dont want to paint a bulls-eye on myself today.

just to back up my claim that there is a economic manipulation to De-Money the middle class, so that individual consumer demand is no longer the driving force in balance-of-trade deficits.

"... massive government (debt creation) sucks all the energy and credit out of the private sector and the middle and lower class are cut off from the global economy. "

+++Federal Accounting Standards revision 167, effective Jan. 1, 2010. In essence, it’s a new accounting rule that will force financials to bring bad, off-balance sheet assets onto their books+++

“This coming consolidation of VIEs is likely one reason that banks have been hoarding cash and jacking rates on business credit cards -- for creditworthy customers -- up to 30% with no advance warning.

“This ultimately means slower formation of new credit, and in many cases -- i.e., Citigroup -- the outright shrinking of its balance sheet to a degree that starves a credit-addicted U.S. economy.”

...see how the elite leadership (both elected and those who have ascended to power via ala' the NeoCon model in the 1st GWBush term)
has devised a scheme to deny credit and disposable incomes to thegeneral public.
They plot a FASB 167...Obama knew this was to be implemented in Jan 2010, the FED/Treas/Bankers knew too... now Obama is reinforcing the meme that says too much available credit for the masses will lead to a worse recession even a depression...
prepare to be peasants, serfs, indentured servants, riffraff

[edit on 18-11-2009 by St Udio]

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