By MichaelJames

Sep 19, 2009 6:01am

In Advance of the G20, Obama Continues Push for Regulatory Reform

From ABC News' Sunlen Miller and Jordyn Phelps:

Leading up the G-20 Summit next week, President Obama devoted his weekly address to the work done on the economy since the last G20 meeting and the work still left undone.

“At next week’s summit, we’ll have, in effect, a five-month checkup to review the steps each nation has taken – separately and together – to break the back of this economic crisis," Obama said. "And the good news is that we’ve made real progress since last time we met – here at home and around the world.”

The G20 meeting in Pittsburgh next week will be the group's second meeting this year, following an April summit in London.

“Because of the steps taken by our nation and all nations, we can now say that we have stopped our economic freefall,” Obama said. “But we also know that stopping the bleeding isn’t nearly enough.”

The president said there still remains though “a lot of work to do” and that discussing what steps need to be taken moving forward to “close gaps in regulation” will be a focus of the Pittsburgh summit.

President Obama addressed one of the more controversial aspects of the administration’s proposed regulations — the creation of a Consumer Financial Protection Agency — which he again called for when he spoke on Wall Street this week.

Despite resistance from many banks, the president reaffirmed that he sees the agency as important to safeguarding against future economic collapses.

“Part of what led to this crisis were not just decisions made on Wall Street, but also unsustainable mortgage loans made across the country," he said. "While many folks took on more than they knew they could afford, too often folks signed contracts they didn’t fully understand offered by lenders who didn’t always tell the truth.  That’s why we need clear rules, clearly enforced. And that’s what this agency will do.”

The president signed off his address by wishing the Jewish community a happy Rosh Hashanah, which began at sundown last night.

-Sunlen Miller and Jordyn Phelps

User Comments

I feel too much BS from Mr. Obama. Mr. Obama likes Batman, but what Sgt. Crowley did was to protect like Batman. And if a cop hits a Black or White man with a baton, he would give you BS lessons with words and speeches. But Batman kicks and kills lawlessly at criminals.

Posted by: young_voter | September 19, 2009, 7:50 am 7:50 am

young_voter, that’s the silliest and most inane post I’ve ever read!

Posted by: SearamblerOne | September 19, 2009, 9:12 am 9:12 am

The banks were helped.Bank of America……How about the little guy who pays his bill the banks are still. unfair

Posted by: DJ | September 19, 2009, 9:25 am 9:25 am

What’s this we baloney, Obama. This great capitalistic, free market economy is crawling up off the mat in spite of you and that gaggle of fools you’ve employed.

Posted by: rplat | September 19, 2009, 9:26 am 9:26 am

Does Obama know, he has gotten us into MORE DEBT than this country has ever seen?!!!!!!!! We are paying 5B, every two weeks in interest. China who Clinton sold us to, is buying our debt and could very well take over our country, all because Obama is continuing his Chicago Acorn work through the presidency, giving free everything to these people. What a shame he doesn’t realize he’s helping them to be HELPLESS, instead of productive.

Posted by: Anna | September 19, 2009, 9:57 am 9:57 am

Because of your tirelessly efforts Mr President we will recover, and the global community will benifit from it.

Posted by: we'r1 | September 19, 2009, 10:07 am 10:07 am

Worse economic times will come in the very near future. The only thing we have done is to put a band-aid on cancer. Obama is of course only one leader among many that have bought into corporatism and inflationism. Bush was terrible and so were many others before him. How about a little Ron Paul Kool-aid folks?

Posted by: Huh | September 19, 2009, 10:11 am 10:11 am

President Obama: take a licking and keep on ticking, he just keep going and going and going,everready, man I’m so proud of our President.

Posted by: gman | September 19, 2009, 10:13 am 10:13 am

“Because of your tirelessly efforts Mr President we will recover, and the global community will benifit from it.”
LOL!

Posted by: Mary | September 19, 2009, 10:17 am 10:17 am

gman – He is taking a licking, no doubt. Unfortunately, he doesn’t understand that what we are doing will be our undoing. Instead of increasing savings and production, he is continuing the borrow and spend mentality. We will come to our senses eventually, but it will be forced on us.

Posted by: Huh | September 19, 2009, 10:18 am 10:18 am

The United States created this huge worldwide economic crisis, yet nobody who contributed to it has gone to prison. I wonder why that is.

Posted by: Jenn | September 19, 2009, 10:21 am 10:21 am

Jenn – As Gerald Celente says, “Washington is Wall Street and Wall Street is Washington”. What we have is corporate fascism in this country. Mussolini coined this term to mean the merging of government and business. That is why no one is going to prison for the biggest heist in history. Support Ron Paul folks. He has been speaking the truth for decades.

Posted by: Huh | September 19, 2009, 10:24 am 10:24 am

If and when economies recover it will not be because of Government intervention (Remember, Government caused this mess by not enforcing their own rules and regulations), recovery will be simple survival instincts by individuals and businesses and nothing more and will not happen for years.

Posted by: CC | September 19, 2009, 10:27 am 10:27 am

.” That is why no one is going to prison for the biggest heist in history. “—-the reason why no one went to prison is because no laws were broken. Period. If you want laws that keep businesses honest, you should not be a republican. Period. KNOW WHAT YOUR PARTY STANDS FOR!

Posted by: here we go again | September 19, 2009, 10:28 am 10:28 am

“Support Ron Paul folks. He has been speaking the truth for decades.”
True that. Peter Schiff and Karl Denninger as well.

Posted by: Jenn | September 19, 2009, 10:29 am 10:29 am

“If you want laws that keep businesses honest, you should not be a republican. Period.”
Uh huh. Barney Frank, Chris Dodd, Maxine Waters really kept Fannie/Freddie honest with their oversight, didn’t they? The result was $400 billion in taxpayer bailouts.
Both parties are corrupt. Deal with it.

Posted by: Jenn | September 19, 2009, 10:32 am 10:32 am

here we go again – I am no constitutional lawyer, but it appears to me that everything that has happened has been in direct contradiction to what the constitution allows. So I guess it depends on what laws you are looking at, the law of the land, etc. I encourage you to watch Judge Napolitano’s Freedom Watch to see what actions the government and businesses do that are in direct opposition to the constitution.

Posted by: Huh | September 19, 2009, 10:35 am 10:35 am

Huh,to the Contrary he will be one of the most successful President of the 21 century, without doubt I’m already seeing the signs of his efforts,8 months of good progess, and than 7 years and 4 months to go of growth.

Posted by: gman | September 19, 2009, 10:37 am 10:37 am

The G20 – The International Convention of Tyrants

Posted by: EPU | September 19, 2009, 10:37 am 10:37 am

“Both parties are corrupt. Deal with it.”
Isn’t that the truth. The sooner people realize this the sooner we can get on with things. To many clueless folks in this country wasting their efforts on partisan nonsense.

Posted by: Huh | September 19, 2009, 10:37 am 10:37 am

gman – Band-aid on cancer like I said. I really feel for Obama because he has stepped into a mess that has been building in earnest for 3 decades now. It doesn’t matter what democratic or republican puppet you put in there, America will look very different 5 years from now. As Peter Schiff says, “The party is over for the US”. I happen to believe this.

Posted by: Huh | September 19, 2009, 10:40 am 10:40 am

I know you think this is a reincarnation of Jimmy Carter, but you will be prove wrong.

Posted by: gman | September 19, 2009, 10:41 am 10:41 am

gman – Do you have any reasoning behind your “hope”? I look at the monetary base, artificially low interest rates, national debt, obligatory debt, existing morality in this country, education level of the masses, over-regulation stifling small businesses, government takeovers and bailouts leading to socialism and so on. Really it is the book Atlas Shrugged in a nutshell. What are you looking at that gives you so much hope?

Posted by: Huh | September 19, 2009, 10:45 am 10:45 am

“I know you think this is a reincarnation of Jimmy Carter, but you will be prove wrong.”
If you are, I want to go on the record and say that I am not a racist. Just keep building houses. You are helping a lot of people.

Posted by: Huh | September 19, 2009, 10:47 am 10:47 am

“really kept Fannie/Freddie honest” — OMG are you so out of touch that you didn’t know that the loans that fell that caused the crises were NOT made by fannie and freddie. GOOGLE “Business Week Fannie Freddie Victims” because MONTHS ago this was debunks by my God, how STUPID are republicans that you STILL do not know!!! The loans that caused the meltdown WERE the unregulated loans made in the PRIVATE SECTOR!!!!! Fannie and Freddie made GOOD LOANS with much stricter lending standards. Fannie and Freddie went down because they INVESTED in the same crap derivatives that everyone else did. FANNIE AND FREDDIE DID NOT MAKE BAD LOANS!!! LOOK IT UP! BUSINESS WEEK MAGAZINE exposed this about a freakn Year ago, but gee, how shocking some numbskull republican didn’t HEAR THE NEWS!!! shocking.

Posted by: justsayn | September 19, 2009, 10:48 am 10:48 am

“to the Contrary he will be one of the most successful President of the 21 century, without doubt I’m already seeing the signs of his efforts,8 months of good progess…”
The unemployment rate is at a 26-year high and continuing to rise, we have $1.1 trillion in toxic mortgages out there, trillions in off-the-book toxic derivatives, a rising number of foreclosures, a record 35 million Americans on food stamps, weekly bank failures, and a recent Washington Post article stated that an additional 2.6 million people were plunged into poverty by this recession.
Is that what you consider progress in the Obamabot alternative universe?

Posted by: Stacey | September 19, 2009, 10:48 am 10:48 am

Regardless of best intentions. Most of the people in office now will be gone when their big ideas go into effect. Those that fail or turn bad will not be easy to correct, and the jerk that created the problem is on a tropical beach somewhere.

Posted by: James L. | September 19, 2009, 10:49 am 10:49 am

8 Months is all you have given our new President, and from day one you have used all your efforts to discredit his efforts, I might have brought into it if you were not so obvious in your pursuit of his fail.

Posted by: gman | September 19, 2009, 10:50 am 10:50 am

justsayn – And I am just saying that Ron Paul was on the house floor in 2002 and 2003 saying that Fannie and Freddie were insolvent, would result in a housing collapse, and result in a global meltdown. Is Ron Paul clairvoyant?

Posted by: Huh | September 19, 2009, 10:51 am 10:51 am

i dont beleive anything out of this despot wannabe’s mouth. stopped our economic freefall? jobs continue to be lost, deficit is out of control, dollar’s sinking, no one can get a loan or mortgage. what is bo smoking?

Posted by: realman1963 | September 19, 2009, 10:51 am 10:51 am

Gee Mr President maybe you out to quit campaigning for you health care and come out to Las vegas and look at all the empty buildings that use to have businesses in them and all the unfinished comercial projects then drive to california and talke to the unemployed people. things are not getting better obama they are worse since you took over.

Posted by: JOHN | September 19, 2009, 10:52 am 10:52 am

gman – It is all about policies. What policies that he is implementing do you think will result in robust economic growth in this country and why?

Posted by: Huh | September 19, 2009, 10:53 am 10:53 am

“Both parties are corrupt” —this isn’t about political corruptions . Not the financial mess. Private industry is corrupt and the republican party platform ,their theory of government is to have no regulations and allow business to do what they will to make money. Period. NO LAWS were broken and yes, Frank did nothing wrong but WARN US about 6 months before the crises that we were headed for “economic blackmail”. Remember??? Oh yeah, you’re one of those who listen to entertainment radio and tv, not news, I guess you never heard. I did. I heard it, and I saw it happen. And I read Business Week Magazine and The Economist Magazine so I know the fiction that fannie and freddie MADE those loans is what it is – FICTION- they did not. PRIVATE UNREGUALTED mortage compaines did and it was not agains the law. betting on the loans with derivatives was no illegal. Ratings that meant NOTHING was not illegal and republicans must OWN that all those illegal activities that brought us down in the 30′s happened again because we had 8 years of republican economic theory at work, just like what caused the Great Depression and just like Hoover, what do Republicans call for??? cutting spending – just like Hoover did!!! And thank GOD we do NOT have a republican in right now, becaues he would have taken us from a recession to a Depression just like Hoover did. Thank GOD we got Obama in when we did.

Posted by: justsayn | September 19, 2009, 10:53 am 10:53 am

“OMG are you so out of touch that you didn’t know that the loans that fell that caused the crises were NOT made by fannie and freddie.”
Why didn’t Democrats who were providing FEDERAL OVERSIGHT of the housing market and pushed hard for subprime lending WARN us of the housing implosion during the last two years of Bush’s term? And where was Obama? Wasn’t he a US Senator? Why didn’t he sound the alarm?

Posted by: Jenn | September 19, 2009, 10:53 am 10:53 am

Our only hope at any serious banking regulation – PBS’s Nightly Business Report is complaining the bankers are inventing ever more risky instruments again – is if the foreign countries force the USA to do right – and our huge foreign debt built over the past eight years puts us in a weak enough position to have to cave.
That’s a good thing, because of Congress is too bought by the bankers to do what’s right anymore.

Posted by: The_Mick | September 19, 2009, 10:56 am 10:56 am

justsayn – Ironically there were more financial regulations in place under Bush that at any other time in our history.

Posted by: Huh | September 19, 2009, 10:57 am 10:57 am

“Why didn’t Democrats who were providing FEDERAL OVERSIGHT of the housing market and pushed hard for subprime lending WARN us of the housing implosion during the last two years of Bush’s term? “—-THEY DID!!!!!!!!!!!! WHY DO YOU NOT KNOW??????? Do you recall the congressional hearings on “Predatorial Lending Practices”???????? WHERE WERE YOU???????

Posted by: justysayn | September 19, 2009, 10:58 am 10:58 am

justsayn – Political corruption is part of it and so is corrupt business practices. To omit the first one is silly.

Posted by: Huh | September 19, 2009, 10:59 am 10:59 am

“Our only hope at any serious banking regulation.”
Banking is the most heavily regulated industry we have.

Posted by: Chuck | September 19, 2009, 11:01 am 11:01 am

And I am just saying that Ron Paul was on the house floor in 2002 and 2003 saying that Fannie and Freddie were insolvent, —They were NOT insolvent in 2002 and 2003, and WHY after this mess would you want someone who wants NO GOVERNMENT CONTROL over financial industries??????? We got into this mess BECAUSE of no government LAWS over industry. Ron Paul is a libertarian for God’s sake! the last thing in the world he wants is regulation. Fannie and Freddie went down due to the dervivaties and ‘securities’ they bought which was supposed to betheir ‘capital’ ended up being worhtless which is why Lehman fell, which is why it all fell, but fannie and Freddie didn’t MAKE the bad loans, they invested in them and WHY WHY WHY is it 7 months past and still you do not know what happened????? WHY? QUESTION YOUR SOURCES!

Posted by: justysayn | September 19, 2009, 11:01 am 11:01 am

Is that what you consider progress in the Obamabot alternative universe?………… I’ll tell you what! you give our beloved President his due time to implement all the changes he need to corrected all the screw ups from the previous admin and stop your contant judgement of what should be obvious he did’nt create and do your best to help acheive that goal, than and only that will I even consider any of your rants.

Posted by: gman | September 19, 2009, 11:01 am 11:01 am

In 14 states and the District of Columbia at least a tenth of the work force was unemployed in August,” according to the latest Bureau of Labor Statistics report and the New York Times. Ten percent, a sort of magic threshold, has officially been broached in large swaths of the country in which manufacturing jobs are simply not returning with the more general economic recovery that other statistics say the country is experiencing.
You’re a small business owner. You’re looking at cap-and-trade, Obamacare and the expiration of the Bush tax cuts. You’ve just seen an increase in the minimum wage. You gonna start hiring?

Posted by: Fascist Hyena | September 19, 2009, 11:03 am 11:03 am

I am no constitutional lawyer, but it appears to me that everything that has happened has been in direct contradiction to what the constitution allows—- I would encourage you to listen to some real news sources. NO LAWS were broken and there are no laws in the constitution that regulate how securities are formed, rated and traded or how mortages must have income verification,…etc. Be serious. IF you want LAWS to keep businesses honest, and you voted repulican, then you can essentially put the blame for this crises collectively on yourself and everyone else who voted republican over the past 8 years. Republican economic theory is all about NO LAWS regulating business and “hindering them” from making money.

Posted by: justysayn | September 19, 2009, 11:03 am 11:03 am

“THEY DID!!!!!!!!!!!! WHY DO YOU NOT KNOW??????? Do you recall the congressional hearings on “Predatorial Lending Practices”???????? WHERE WERE YOU???????”
From 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee in 2003. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Posted by: Jenn | September 19, 2009, 11:04 am 11:04 am

A 2.3 trillion “accounting error” (ie. they can’t find the money) announced the day before 911, all of these pork barrell spending bills to fund the wars, and trillion dollar giveaways to corporations, while they outsource jobs overseas, and don’t pay taxes (just like the government “regulators”) THIS is a “recovery”. Whatever Obama is smoking, let me have some, I may be sick enough to be on my deathbed, but I surely won’t care!!! (Just like he doesn’t, and that idiot before him–BUSH!!!)

Posted by: jafo | September 19, 2009, 11:04 am 11:04 am

Here’s how it went—FICTION!!! Fannie and Freddie is REQUIRED to do income verifcation and the standards to get a loan with Fannie and Freddie were HIGHER Than the private mortage brokers and the ratings of those loans, the rating agencies and the financial institutions that bet on them with derivatives was ALL DONE IN THE PRIVATE SECTOR> PERIOD!!! READ THE NEWS!!!! you are living in LA La land. What you are saying is a fairy tale. Where did you hear it? GOOGLE “BUsiness Week Fannie and Freddie victims” and READ NEWS!!! From a real reputable financial magazine who is plenty conservative. Even THEY will say the news if it’s true and Fannie and Freddie DID NOT CAUSE THIS!!! They are a symptom of it, not the problem.

Posted by: justayn | September 19, 2009, 11:07 am 11:07 am

justysayn – The risk in Fannie and Freddie were there and Ron Paul saw it. Give credit where credit is due. Regulation will not work because there is always a way around them. Not to mention we have to pay entities to regulate, and then we have to pay others to regulate the regulators to make sure they are not corrupt and so on, and we are broke. The Ponzi schemes of Fractional Reserve Banking, social security, medicare, etc. are parts of the problem. The Feds ability to set interest rates below the rate of inflation, and creating money from nothing based on nothing is a big part of the problem. Regulate that if you want to regulate something. Then the fact that the risk in doing business is gone is a huge part of the problem. We don’t prosecute these bankers, then we bail them out and give them bonuses. Government intervention into our economy has caused all sorts of problems.

Posted by: Huh | September 19, 2009, 11:09 am 11:09 am

justysayn – The federal govenrment has gone way beyond its enumerated powers. I think this is obvious.

Posted by: Huh | September 19, 2009, 11:12 am 11:12 am

You’re a small business owner. You’re looking at cap-and-trade, Obamacare =—–You’re a small business and healthcare costs would kill you. either that or you do not offer healthcare coverage to your employees and in that case, who cares if the government offers a public healthcare insurance policy because that means YOU are buying your plan on your own, or you have none nad in that case, a government option to get health insurance at a rate lower than going as a single person to get a plan helps you, so I dont know what you’re complaining about. If you offer health insurance, and now EVERYONE has health insurance, your plan you buy will cheaper becuase hospitals et al, are not passing on all their unpaid bills to you to pay for, so in that case, again, having a public plan offered to all citizens helps you. As far as ‘cap and trade’ irrelevent. What do small businesses pollute? what small business pollutes so much it would affect their bottom line? Irrelevent in the big scheme of running your business. In terms of Obama offering tax credits to those who convert their heating/electricity to solar options, and the massive credit you get to do it now, now may be a great time to convert your power consumption needs to solar whcih will make you eligible for huge tax credits and in the process of hiring someone to do it, you spur economic growth to those green companies who offer solar technology or other technologies for woodpellet generators, etc. So again, the problem is???? and very small businesses are exempt from cap-and-trade. so again, what’s the problem here? IF I’m a small business owner, i’m happy as my friends who have small businesses are. They certianly like that credit has opened up, that Obama has stopped the free fall and they like that growth is starting to happen again.

Posted by: justayn | September 19, 2009, 11:13 am 11:13 am

Bad loans were not “made” by Fannie and Freddie, they were purchased by them. The loans were made in th first instance by lenders who been pressured to make them to increase home ownership, and were assured that Fannie and Freddie would take them off their hands.
Treasury Secretary Snow warned of the crisis in 2005, and proposed a super-regulator within Treasury to oversee them. Barney Frank called him a scare-monger, and assured us that in his judgment the institutions were sound.
Millions more people will vote GOP in 2010 because of the harm done by Pelosi, Reid and Obama.
It’s coming. Prepare yourselves.

Posted by: Fascist Hyena | September 19, 2009, 11:14 am 11:14 am

Huh, first thing first, he was mandated to stop the bleeding so today we would be in soup lines and our financial Infrastructures would not completely collaspe, he also needed and is making Financial reforms and changes so what happen before will not happen again, he also understands that healthcare is a monster and every year the cost of maintaining it is going through the roof, it has to be contained and cost effective, I could go on but you catch my drift? these changes have to be made inorder for proper growth to take place.

Posted by: gman | September 19, 2009, 11:14 am 11:14 am

justayn – Yes the mortgage-backed securities were traded in the private sector. That is why when things turn bad, everyone involved should lose their shirts and not be bailed out.

Posted by: Huh | September 19, 2009, 11:14 am 11:14 am

gman – The problem is that he can’t stop the bleeding. The BRIC nations and the UN have talked about a new reserve currency and when that happens we will no longer be able to export inflation. Prices will also accelerate on all sorts of things. But hey as long as China continues to buy treasuries, at least shrort-term ones, we can pretend that we are rich. As far as health care goes it is utterly pointless as long as people are eating gmo, rBGH laced, antibiotic pumped, pesticide-laden, maximally-processed, preservative tainted, artificially colored dead foods. Utterly pointless. Kind of like throwing good money after bad which is pretty much what we do nowadays.

Posted by: Huh | September 19, 2009, 11:19 am 11:19 am

“Banking is the most heavily regulated industry we have.” —HA HA HA HA HA HA!!!!!!! WHERE do you get this from?????? LOL!!!! WHY Do you think Obama had to come up very strict ‘stress tests’ for banks in order to qualify for hte bailouts??? WHY did 6 of our largest banks in this nation o nthe verge of collapse, which would have brought down the WHOLE ECONOMY and oh yes ,the WHOLE THING. our currency would have been kindling had we not bailed out the banks and if they were ‘so heavily regulated’ HOW did they end up with useless ‘securities’ and used them as collateral to make loans again???????? YOU LISTEN TO FICTION my friend!!!!! FICTION!!!!! Banking and finance and mortages and rating agencies are UNREGULATED to the extreme more so now than they had ever beeen since before the depression. fact. WHERE IN THE WORLD DO YOU GET YOUR STORIES FROM?? they would be amusing if I didn’t think you were serious but then again, maybe this is some joke? Are you joking or are you actually serious?

Posted by: justayn | September 19, 2009, 11:20 am 11:20 am

Yes the mortgage-backed securities were traded in the private sector. —no, they were MADE in hte private sector. MADE IN THE PRIVATE SECTOR!! Do you understand that??? Google Business Week Magazine, That conservative enough for ya?????? at least they are HONEST, unlike whatever you listen to! They were MADE in the private sector!!! All those no income verification, free money hoping for the loanas to fail, get the property back, resell it, and who cares property values always go up – that was ALL DONE IN THE PRIVATE SECTOR. Fannie and Freddie were NOT allowed to give loans to folks who didn’thave jobs, or good credit, etc. Fannie and Freddie requirements for loans were much much stricter than a private sector, you see, Fannie and Freddie had REGULATIONS but there were no laws for private mortage compaines on what they did, nor on their rating agencies, nor on the banks and financial institutions that bundled them up and resold on the markets as ‘securities’ to which banks bought as ‘collateral’ (as Fannie and Freddie did) on the loans they made.

Posted by: justsayn | September 19, 2009, 11:25 am 11:25 am

justsayn – Made, traded, fine. Those that were involved need to lose big, not be bailed out. All we have now is bigger banks doing the same thing again. Obama to his credit did say he wouldn’t bail them out again, but I don’t know if I believe him at this point. Kind of past the point of no return.

Posted by: Huh | September 19, 2009, 11:27 am 11:27 am

justsayn – The FHA, Freddie and Fannie guaranteed all these loans so the risk was taken out of the equation. Government intervention failed miserably here. We need risk back into the mix so this doesn’t happen again. Lowering the interest rates below the rate of inflation also created the malinvestment.

Posted by: Huh | September 19, 2009, 11:29 am 11:29 am

STOPPING THE BLEEDING IS GOOD FOR THE PRESIDENT..AND I FOR ONE DO NOT FAULT HIM..HE DID THE RIGHT THING….BUT..UNFORTUNATELY TRUTH STOPS FOR NO ONE…THIS IS AN IMPORTANT POINT WE ALL NEED TO UNDERSTAND! TRUTH STOPS FOR NO ONE.WE ARE LITTLE IN THE FACE OF TRUTH…FACTS ARE THESE…THE ECONOMY IS IN DIRE TROUBLE…PERIOD…THE DEBT LOAD, AND WEAKNESS OF THE DOLLAR WILL NOT IN ANY WAY HELP TO REVIVE THE WORLDS ECONOMY BUT WILL ONLY REINFORCE THE ONCOMING ONSLAUGHT OF CONTRACTION OF AN ORDER NEVER BEFORE SEEN! THE REASONS ARE TOO COMPLEX FOR A SINGLE POST..IT HAS REALLY A LOT TO DO WITH THE NATURE OF THE WORLD AND WITH THE NATURE OF CIVILIZATION AS WELL..AND BECAUSE OF THIS IS TOO DIFFICULT FOR MOST ECONOMISTS TO GRASP FRANKLY. IN ANY CASE OBAMA IS GOING TO BE DOING A LOT OF SOCIALISM OVER THE NEXT SIX YEARS AND MORE..NOT THAT I LOOK FORWARD TO THAT, I DONT..THERE IS A PRICE FOR EVERYTHING AND WE WILL PAY FOR THE SOCIALISM TOO, AS WE DID FOR THE CAPITALISM…EVERYTHING HAS A PRICE, BUT IN THE END ITS LIFE THAT MATTERS…THOSE WHO UNDERSTAND WHAT I MEAN HERE, ARE AMONGST THE BRIGHTEST…LOL…THOSE WHO DONT…UNFORTUNATELY DO NOT UNDERSTAND OR EVEN SURMISE THE TRUE NATURE AND EXTENT OF WHAT WE ARE FACING…THEY WILL SUFFER, LIKE I WILL SUFFER, AND YOU TOO.

Posted by: TruthSaves | September 19, 2009, 11:30 am 11:30 am

Millions more people will vote GOP in 2010 —-LOL!!!! WHY would you ever trust the party that wants no regulations???? RIght now republicans are crying to cut spending..during a recession with 10% unemployment. Who else did this????? HERBERT HOOVER. ARe you aware you are the party of Hoover doing and asking for hte policies of Hoover that brought what could have been a recession and turned it into a DEEP DEPRESSION! The only folks who would EVER vote for such stupidity are the clueless and yo uare sure one them hook line and sinker but I really wouldn’t count on you having millions more american be a stupid as you. READ SOME HISTORY, heck, read some real news NOW. Your views are 100% wrong and no mystery, because look where your party brought us after being in office 8 years!!!! NO WAY this country wants republicans running it after what you’re crew have done and the imbecile politics you are advocating for now!

Posted by: justayn | September 19, 2009, 11:30 am 11:30 am

TruthSaves – You are right on a lot of points.

Posted by: Huh | September 19, 2009, 11:32 am 11:32 am

The markets will self-correct eventually—— LOL!!!! Oh sure, the banks will all fall and everything will be just fine! LOL!! How’s the confederate dollar worth today???? How about soviet union money? LOL! The tidal wave of our largest six banks failing would have swallowed up the entire US banking industry – no more banks. Our money would be WORTHLESS!!!! simple paper. It’s biggest worth would be to start a fire because we wouldn’t have any utilities.

Posted by: justayn | September 19, 2009, 11:35 am 11:35 am

justayn – I see that I am debating with a partisan democrat. Nice. Did I say that the republican are a bunch of warmongers. The great depression was a response to the excesses of the 20′s. There was a depression after WWI where government did not intervene and it lasted a year. This one will last a very long time because of what we are doing. Of course you spew the dem talking points so convincing you that current policies are detrimental are pointless.

Posted by: Huh | September 19, 2009, 11:39 am 11:39 am

gman – The problem is that he can’t stop the bleeding………I will admit this one thing I’m not very good at details like yourself and justsayn, but I can see the big picture, and I’m still saying, give our President his go at it and stop the premature judgement, I personally and truely you might be surprised at the results.

Posted by: gman | September 19, 2009, 11:39 am 11:39 am

If you try to take out more than $10,000 out of a bank it will be reported to the fed. That is NOT the type of regulation that keeps banks honest in their lending, capital management and ratings. The regulations on banks in on what its depositors can and can’t do and that gets reported in an effort of the government to watch large money transfer that clue in organized crime, theft, terrorism and bribery. Please try to stay on topic. The regulations that were repealed just before bush came in, that republicans embraced caused this whole melt down. Fact- during clinton’s term all of this stuff – the mortages, the ratings, the packing them, using them as colateral – all that WOULD have been illegal during Clinton’s term NOT Bush’s. Fact. THis melt down COULD NOT have happened under Clinton, all that activity would have been ILLEGAL THEN< but it is not now. That's what you're party did. Pat yourself on the back.

Posted by: justayn | September 19, 2009, 11:40 am 11:40 am

Forty-two states and the District of Columbia lost jobs last month, confirming that the nation’s labor market continues to deteriorate even as more “green shoots” are sighted in other areas of the economy.

Posted by: Fascist Hyena | September 19, 2009, 11:41 am 11:41 am

justayn – I leave with this. Buy a gun to protect you and your family because the future is going to get very ugly. I encourage you to check out the trend forecasts put out by Gerald Celente. This guy has an amazing track record for getting things right. I think we see the current problems differently, and we forgot to also blame the citizenry for spending money that we don’t have. Of course, we are just emulating our government. I see this current situation playing out just as Peter Schiff has suggested and Atlas Shrugged so eloquently described.

Posted by: Huh | September 19, 2009, 11:46 am 11:46 am

When are we going to hold the corrupt federal reserve and their evil extentions of goldman sach ,morgan stanley,and Jp morgan who the true criminal culprits for this financial messs…America you really need to educate yourself about what type thuggery is going on in your corrupt country…..Its a shame that most of you are fast asleep while busy eating bigmac’ and double cheese burgers …

Posted by: shazmiangels | September 19, 2009, 11:47 am 11:47 am

THOSE OF YOU WHO BELIEVE THIS IS OVER ARE REALLY QUITE WRONG…THIS IS ONLY THE BEGINNING..THE BIG MISTAKE IN MY OPINION WAS TRYING TO SAVE THE BANKS!! THE BANKS WERE DEAD AND WERE THE REAL CAUSE OF THIS COLLAPSE…THE BANKS SHOULD HAVE BEEN ALLOWED TO FAIL AND INSTEAD A FAR MORE POWERFUL STIMULUS SHOULD HAVE BEEN CREATED…BUT NOW THE BANKS ARE IN SUCH DEBT THAT WE CANNOT STIMULATE ANYTHING..AND THE SAD REALITY IS THAT THE BANKS WILL FAIL!!! THIS IS UNAVOIDABLE..SO IN ESSENCE THE UNITED STATES FACES BANKRUPTCY UNLESS IT INCREASES RATES DRAMATICALLY..WHICH IT WILL DO! THIS WILL STRENGTHEN THE DOLLAR, BUT IT WILL ALSO CONTRACT THE WORLD’S ECONOMY TO LEVELS NEVER BEFORE SEEN…THE END RESULT IS GOING TO BE A VERY VERY DEEP DEPRESSION!!! THE LIKES OF WHICH WE HAVE NEVER SEEN…I REALLY WISH THIS WERE NOT TRUE..BUT FRANKLY I SEE NO WAY OUT OF IT..THE ALTERNATIVE IS FRANKLY IMPOSSIBLE….THE ALTERNATIVE WOULD REQUIRE AN ABSOLUTE MIRACLE..AND I JUST DONT THINK THE TIME IS RIPE FOR MIRACLES..LOL.

Posted by: TruthSaves | September 19, 2009, 11:49 am 11:49 am

TruthSaves – You are exactly right. Things due not look good at all. This isn’t about democrats or republicans, it is about a thirty+ year asset bubble that is popping. The interesting thing is that the economies are decoupling. China is growing and the US is in massive contraction.

Posted by: Huh | September 19, 2009, 11:53 am 11:53 am

The FHA, Freddie and Fannie guaranteed all these loans ————–The FDIC guarrentees banks depositors upto to 100K, but what happens when six of hte largest banks ALL FAIL at the same time, along with their insurer, along with Fannie nad Freddie??? WE do not have hte resouces to have everything fail at once. The FDIC could not cover those six banks from failing. You think the bailout was bad????? Just allow those banks to fail and have a bank run, and have depositors ALL look to withdraw their funds at the same time and look to the government to hand them hteir money and what happens??? SOOOOOOOOO much money needs to be handed out it is absolutely worthless. If you have fannie nad freddie fail and ALL those loans go bad (The fannie and freddie loans AS WELL as all the private mortage loans that went bad) then what was ‘collateral” for other businesses who bought those loans, essentially ,you are saying that NOTHING that was collateral is worht anything anymore. Y ou just pulled the rug right out from under our entire monetary system. We would have NO BANKS. none. Back to a bartering system.

Posted by: justsayn | September 19, 2009, 11:53 am 11:53 am

THE LAST WORD: B A N K S ARE NOT “FINANCIAL INSTITUTIONS.” THEY ARE NOT LEHMAN BROS., BEAR STEARNS AND THAT ILK…..YOU KNOW WHAT A BANK IS AND SUPPOSED TO BE….SO DO I……REGULATE BANKS AS BANKS…….REGULATE….AND POSSIBLY FOR THE FIRST TIME, “FINANCIAL INSTITUTIONS” WHO WHEEL AND DEAL…AND USE BANKS AS A FRONT FOR THEIR “MAKE MONEY” SCHEMES. B A N K REGULATION IS FINE…INCLUDING THOSE STATES WHO GET INVOLVED IN THEIR OWN REGULATION B E F O R E THE FEDS DIRECTLY ARE INVOLVED IN A CHUNK OF CASES…………….AS FOR “FINANCIAL INSTITUTIONS”…..REGULATE THEM FOR WHAT THEY ARE….AND FOR WHAT THE SEC WAS ORIGINALLY CREATED TO DO.

Posted by: justj joey | September 19, 2009, 11:55 am 11:55 am

“The tidal wave of our largest six banks failing would have swallowed up the entire US banking industry – no more banks. Our money would be WORTHLESS!!!! simple paper…”
Hey genius, the toxic derivatives issue is STILL NOT RESOLVED. It’s a certainty that hundreds of banks will collapse over the next two years. Just like DOW 14,000, Obama is trying to sell the fantasy that this financial crisis is resolved. Wake up and prepare.

Posted by: Stacey | September 19, 2009, 11:57 am 11:57 am

THE ECONOMY IS IN DIRE TROUBLE…—-all the leading indicators of the economy are saying it is starting a slow recovery. The most dangerous time has passed but the rate of growth out of this will be slow and may never bounce back to what it was, at least not for folks who do not have good educations. There are leading and lagging indicators in economic growth and the leading indicators are good. Unemployment is a lagging indicator and right now, unemployment is our biggest problem and the LAST thing you do when you have high unemployment is cut spending. Economic 101. You spend when you have high unemployment, when it goes down, when we start to have growth, that is when we need to start to cut the spending. You do NOT cut spending NOW!!! Not unless, of course, you’re Herbert Hoover. And we all know how that went, folks.

Posted by: justsayn | September 19, 2009, 11:57 am 11:57 am

justsayn – The banks are insolvent. There is about to be another huge wave of foreclosure due to arms resetting much higher, and we are in the beginning stages of the real estate collapse which will make the housing crisis look like child’s play. You either reset now or you reset later when things are much worse. Something has got to give. Politicians try to delay dealing with problems so problems are on the next guy’s record. The US economy is a house of cards that will come back to reality. A lot of people are going to suffer, and this is really tragic to me.

Posted by: Huh | September 19, 2009, 11:58 am 11:58 am

……REGULATE BANKS AS BANKS—-Banks buy securities and used those ‘securities’ as collateral in their debt to asset ratios. That’s why they fell. No regulations on what the ratio needed to be, on what the ‘collateral’ was, on how that collateral was rated, and by whom, and on how real of an ‘asset’ is it. That why the banks fell! As far as regulating the folks who bundled the ‘securities’, rated them, were transparent in what they contained…uhhhhhh, yeahhhhh, you need to regulate that too!!!

Posted by: justsayn | September 19, 2009, 12:00 pm 12:00 pm

Stacey – Wait until Ron Paul’s Audit the Fed bill gets through and we get to see the toxicity on the Fed’s books. It will be an eye opener no doubt. No wonder Bernanke is getting so many gray hairs.

Posted by: Huh | September 19, 2009, 12:00 pm 12:00 pm

As a horrified nation watches this administration’s descent into Carterism, it is refreshing to review the assessment of that vile, segregationist cracker by the late Democratic Senator Eugene McCarthy:
“Mr. Carter,” he said, “quite simply abdicated the whole responsibility of the presidency while in office. He left the nation at the mercy of its enemies at home and abroad. He was the worst president we ever had.”

Posted by: Fascist Hyena | September 19, 2009, 12:04 pm 12:04 pm

Under Clinton was when Glass-Stegal was repealed—-that was the last thing clinton signed on his last days in office. During his administration ,during his time, his entire term, the entire terms of all presidents since FDR put this legislation in place, the Glass-Stegal was in place and why clinton signed it, I dont know. I suppose he knew bush said he was going to sign it, so clinton didn’t want hte rest of the legislation it was attached to fail so he signed it knowing at least he’d get some things he wanted passed and why fight it, bush was bound and determined to sign it, but no, you are incorrect that during clinton’s term it was repealed. It was not. It was inplace during his entire term with the exception of the last week. During clinton’s term, this would not have been able to happen. It WOULD have been illegal under clinton.

Posted by: justsayn | September 19, 2009, 12:04 pm 12:04 pm

Buy a gun —that’s your solution? Get a gun? Gun gonna feed your family? No. I’ve gone back to school for a higher degree so I’ll have more skills and be more qualified for the higher paying jobs I see out there. I have a good job, but it’s common and I know what job I want and i’m working for it. I will be harder to replace, wihle other jobs are outsourced. YOu guy your gun, crawl into you hole, i’ll be making good money taking advantage of the new industries that spring up as we work toward getting off oil and into new technologies.

Posted by: justsayn | September 19, 2009, 12:06 pm 12:06 pm

justsayn – You are right on their investment practices. You can try to regulate it, but you will have new problems arise. After all these folks realize they are too big to fail. These bankers bear no risk so they will continue their corrupt practices. Sure you can try to regulate but good luck. With the enabling Federal Reserve providing the Heroin and a bunch of narcissistic bankers willing to send everybody down the river, I don’t see any turnaround. I truly believe that honest money and free markets, free of corporate fascism that is, is the only way to a sustained prosperity. The only reason things were good under Greenspan was the bubble economy that we lived in. It has popped and so has the country.

Posted by: Huh | September 19, 2009, 12:08 pm 12:08 pm

I beg to differ with all of you, the future looks quite bright, this economy will be intact long after you and I am gone, now that a democrate occupy the whitehouse all hell will break loose huh! I tell you what, in 2010 joblessness will drop down to 7% and will continue to decline into 2011, and I’ll bet the farm on it, contracting of our economy will reverse completely in 2011, now you mock my word on this, don’t forget me!

Posted by: gman | September 19, 2009, 12:10 pm 12:10 pm

justsayn – As Ted Nugent says a gun can provide organic food for your family instead of the toxic corporate food you get from the average grocery store.
I also have an advanced degree and I am doing something only a handful of American-born people know how to do do so I will not crawl in a hole, but I plan on getting that gun in case things go south. Remenber the Boy Scout motto of “Be Prepared”.
FBI director Mueller has warned of greatly increased crime in our nation’s future. I am not making this stuff up. It is pretty obvious.

Posted by: Huh | September 19, 2009, 12:12 pm 12:12 pm

justsayn, you are doing the right thing, they will be kicking themselves in the butt later on because they didn’t follow suit.

Posted by: gman | September 19, 2009, 12:14 pm 12:14 pm

You are right on their investment practices. You can try to regulate it, but you will have new problems arise—That’s what laywers do. Just like virus protection software engineers. You just keep chugging away. Keep your eye on the ball, see what’s coming, and act accordingly. what you do NOT do is throw up your hands and say “oh this is too complicated..” as Bush did and just wait for your system to completely go down for good.

Posted by: justsayn | September 19, 2009, 12:17 pm 12:17 pm

justsayn, I’m telling you, you better stick to your path you are on the right track.

Posted by: gman | September 19, 2009, 12:18 pm 12:18 pm

This is certainly not the country I grew up in. I’m not that old but considering many things have changed over the past 30 years, it is not the country I know. The politians in Congress, the Senate, and the President all lie to us everyday. We cease to have voice in government. Just look at the so-called health care proposals. Many in public life do not want this debacle, yet they are hell-bent to pass it. Millions of people called their representatives in DC NOT to pass NAFTA, GATT and the so-called free trade agreements, yet they got passed. When are you people going to wake up and realize that the government you see in DC is NOT the government running this country. The shadow government running this country is the same one that has been running it for decades. They don’t care what we the people want or need, all they want is their New World Order (NWO). Both parties in government are truly only one, they are called the Republicrats. They have the same agenda only go about it different ways. The true power brokers running this country are only waiting for the right time to spring a NWO on the population. Most people are just too blind to see anything like this. It doesn’t matter whether it’s dem or rep. they’re both the same. Notice, recently Obama is extending the Patriot Act. He is no different from Bush. Bush had Irag as his war, Obama has his war, Afghanistan. Bush spent like money grows on trees, so is Obama. The first priority the president should shoulder is getting our country out of this recession, but his priorities are screwed up. His priority is health-care something the Constitution doesn’t guarantee anyone. WAKE UP! Don’t listen to what they say, watch what they do instead, THATS the REAL truth, and PROOF of what they’re all about.

Posted by: Rex | September 19, 2009, 12:20 pm 12:20 pm

Stop this moronic dingbats type of talks and lets do something about this corrupt federal reserve by supporting Mr Ron paul and senator banning …Federal reserve is a government within the government you must dismantle it or there is no end to your suffering america …Believe it this canadian know more about your corrupt country then you airheads with daily idiotic mumboo jumboo schizophrenic talk on talk shows and news outlets and nothing is ever achieved….Awake up yankee doodlers your country has been taken over by these swindling,lying,cheating thugs for the past 70 or so years….

Posted by: shazmiangels | September 19, 2009, 12:22 pm 12:22 pm

this country runs best with the pendlumn of republican-democrat-republican-democrat-…etc. The BIG problem was that Bush got a second term. If a republican is good, give him two terms (reagan) if a republican is bad, wreckless, not too swift, kick him out in four. There was a chance if bush was kicked out in four that this wouldn’t have happened. Certainly during the hearings from Democrats of “Predatorial Lending Practicies” that dems would have caught this and put Glass-Segal back and we may possibly have been spared all this. Maybe we’d have a republican right now. But if we’re going ot have a republican, they have to get intelligent men,. They had ROMNEY and they said they didn’t want him because he’s mormon????? I’m sorry ,but who is this republican party??? they left their brains at the door. You put a Romney, maybe you’ll ave a republican president next time, well, maybe not in 2010, I think it’s too soon for republican school of thought for 2010, but after that, put up a smart republican and youll get in. Put up Palin and see yourselves evaporate into nothing but tea party morons calling for Hoover’s policies to be put in place because they were oh so successful.

Posted by: justsayn | September 19, 2009, 12:24 pm 12:24 pm

thanx gman, it’s alot of work but there’s no way I can see myself being anything but at an advantage from it.

Posted by: justsayn | September 19, 2009, 12:27 pm 12:27 pm

justsayn – Gotta go and sell some Boy Scout popcorn. Enjoyed the back and forth. We just see things very differently. I see things much as Ron Paul sees them and you see them according to the democratic angle. I think this country is going to look painfully different in the coming years, and current policies will only make things worse. The only congressman with honor, integrity, and the proper view of things is Ron Paul. By the way I hope what you say with all the “hope” is right, but I think you will see things differently in the future.

Posted by: Huh | September 19, 2009, 12:34 pm 12:34 pm

by supporting Mr Ron paul —– The guy says he wants smaller government and then he’s anti choice. Yeah, let’s force young unmarried poor girls develope babies agians their will, wiht no health care, and force them to birth them (yeah, you htink hospitals have alot of unpaid bills now???LOL!) and sure, that will make this society so much better . No freakn way. Anyone who seriously wants to outlaw abortion is a crackpot. seriously. Talk about poverty spike, disease spike, crime spike, healthcare cost spike, etc. Be realistic in your politics.

Posted by: justsayn | September 19, 2009, 12:41 pm 12:41 pm

Here, we get the failed “stimulus” package and mammoth deficit. In Sweden, they cut income taxes.
A generation of economic stagnation has taught the Swedes a lesson. They’ve learned that government does not produce wealth, and if they want more people to work, jobs have to pay better, after taxes. Sweden is therefore in the midst of a series of tax cuts aimed at preserving the long-term viability of its economy. Today’s headline: “Sweden slashes income tax further to boost jobs.”

Posted by: Fascist Hyena | September 19, 2009, 12:45 pm 12:45 pm

A new government report concludes that taxpayers are unlikely ever to be repaid for much of the bailout money already given to General Motors, but 57% of Americans believe it’s likely the government will have to provide even more bailout funding to keep GM in business. That figure includes 23% who say an additional funding request is very likely.

Posted by: Fascist Hyena | September 19, 2009, 12:50 pm 12:50 pm

On many levels there are no surprises here except for a few blind spots or learnings. The Obama team has done all the right things to address the financial collapse of 2008 by providing the necessary ground work for Congress to provide Tarp and financial stimulus to the markets.
If you lost your job during this recession you can blame your Conservative friends who held up the Tarp monies in Congress which caused the stock market drop as far as it did.
In return led many corporations to mass lay off due to loss of equity. It was also your Conservative friends in the White House who did nothing, absolutely nothing, when signs of a recession was developing between 2005 and 2008.
So if you lost your job, your son or daughter in Iraq, your value of your house fell by 20%, along with your 401k and retirement funds, then, go thank your Conservative friends for this who have served your families so well by politics of naught.

Posted by: threeriverscrossing | September 19, 2009, 12:57 pm 12:57 pm

Most Americans see no upside for their family in the health care reforms being considered in Washington and don’t believe President Obama when he says his plan won’t add “one dime” to the federal deficit. The majority of Americans believe they will have to make changes to their health care coverage if the president’s plan is passed. . . . More Americans would rather Congress do nothing than pass Obama’s plan: 46 percent to 37 percent of people polled say they prefer the current health care system to the one the president has proposed.

Posted by: Fascist Hyena | September 19, 2009, 1:11 pm 1:11 pm

Awwww
Obama gets to see all of his friends.
Chavez, Qadhafi, Ahmadinejad.
Obama is so confused he won’t know what to do.
Bow, hug, flash that dopey grin, or run the other way.

Posted by: jack | September 19, 2009, 1:27 pm 1:27 pm

I have to give Obama credit. He’s staying as far away from the ‘race card’ as he can. Smart! He also says, “I think there are people that are ‘anti-government’, but he never says, “there are people who are anti-socialists’, or ‘anti-marxists’. Or comes right out and says, “There are people who don’t like my policies’. He’s one smooth cookie.

Posted by: LongT | September 19, 2009, 1:33 pm 1:33 pm

Jake – Does Charlie Gibson know about this story? I know he was oblivious to ACORN (though he laughed pretty hard at the notion of child slaves) so I was just wondering how up to speed he was. Put him on your email list, maybe, so he’ll have a clue.

Posted by: ted | September 19, 2009, 1:43 pm 1:43 pm

So, when Obama leads the “show and tell” segment of the G-20 meeting, when each country stands and explains what they have done to help quell the effects of a failed world economy, will China “show” all of the US IOU’s and then “tell” everyone there how great it is to own us now?

Posted by: Shoe | September 19, 2009, 2:01 pm 2:01 pm

Currently one third of the price tag (MSP) of USA made automobile goes to pay for employer health care cost and that was ten years ago.
If we as country do nothing to curb the rising trend of the cost of health care then we run the risk of losing our competitiveness in the global market and which will reduce our standard of living.
We should be investing in programs that elevate the next American generation’s productivity and standard of living. Don’t expect to get something from doing nothing.
A word about national debt, there is good debt and there is bad debt. Good debt by definition is an investment that increases productivity and has a measurable ROI based on economies of scale. Bad debt would be the opposite.
Our conservatives friends in red states can’t get the art of state government high finance right to fund for mass transportation in their state, so they do nothing to improve productivity for their local economies to attract commerce.

Posted by: threeriverscrossing | September 19, 2009, 2:14 pm 2:14 pm

threeriverscrossing wrote: “Currently one third of the price tag (MSP) of USA made automobile goes to pay for employer health care cost and that was ten years ago.”
I agree with the point that America’s idiotic for-profit-insurance health care system is making our companies unable to compete in the world.
But estimates for the cost of health insurance vary from $1500 to $2200 per car – less than 10%.
Still that’s significant. Note that Japanese use private insurance that’s paid through employers just like in the USA. But there are NO for-profit insurance companies allowed because it would be absolutely ridiculous to put health care costs in the hands of a company that needs greater amounts of illness or greater prices to thrive. What nation could be stupid enough to do something like that?

Posted by: The_Mick | September 19, 2009, 2:52 pm 2:52 pm

justsayn – Under a Ron Paul administration you would more than likely be able to kill your baby as long as the state you are in approves. I am not willing to pay for other people’s abortions in light of the fact that I see it as evil. Anyway you sure took us off topic with that one. Nice job.

Posted by: Huh | September 19, 2009, 3:48 pm 3:48 pm

The vaunted single-payer system in Britain prepares to announce the findings of it’s Death Panel:
“Mr Burnham said he planned to tell hospitals how much they would be paid for providing treatment over the next four years.
This unprecedented move comes after he said he would like to see an ‘overall spending settlement’ for the health service in the next few weeks, although this is the Chancellor’s responsibility.”

Posted by: Fascist Hyena | September 19, 2009, 6:59 pm 6:59 pm

Bamy’s a one term loser….a Joke as a President.

Posted by: WhatChange? | September 19, 2009, 7:21 pm 7:21 pm

Things are better than they were. They will get better yet. Wild capitalism needs a strong policeman. That what we will have. We have to learn this same lesson about every third generation. Greedy folks just don’t believe it can happen again.

Posted by: msgijoe | September 19, 2009, 7:33 pm 7:33 pm

“Bamy’s a one term loser….a Joke as a President.”
___________________________________
President Obama’s approval ratings remain in the mid-fifties despite the smear and fear campaign of the right wing extremists.

Posted by: julieterra | September 19, 2009, 7:34 pm 7:34 pm

msgijoe – It has been corporatism not capitalism. Capitalism was not at fault.

Posted by: Huh | September 19, 2009, 8:27 pm 8:27 pm

“Bamy’s a one term loser….a Joke as a President.”
___________________________________
President Obama’s approval ratings remain in the mid-fifties despite the smear and fear campaign of the right wing extremists.
Posted by: julieterra | Sep 19, 2009 7:34:58 PM
~~~~~~~~~~~~~~
His only been there 9 months and approval ratings in 50′s whats going to be in 2 years?

Posted by: lalo | September 19, 2009, 8:51 pm 8:51 pm

“Things are better than they were.”
Sure, if you consider 9.7% unemployment an improvement over the 4.4% it was before Pelosi and Reid took over the congess, or the 7% it was when Obama took office.
And sure, if you like a deficit of over $1.5 Trillion.

Posted by: Fascist Hyena | September 19, 2009, 8:51 pm 8:51 pm

“Things are better than they were. They will get better yet. Wild capitalism needs a strong policeman. That what we will have. We have to learn this same lesson about every third generation. Greedy folks just don’t believe it can happen again.”
__________________________________
I think the point msgijoe was making is that a lot of problems get caused by unchecked greedy capitalists.
Greediness as the heart of the American moral system has problems.

Posted by: julieterra | September 19, 2009, 8:53 pm 8:53 pm

“President Obama’s approval ratings remain in the mid-fifties despite the smear and fear campaign of the right wing extremists.”
Let’s ask the 26 million unemployed/underemployed Americans how much they care about Obama’s pumped-up approval ratings.

Posted by: Mary | September 19, 2009, 8:56 pm 8:56 pm

September 19:
“Overall, 49% of voters say they at least somewhat approve of the President’s performance. Fifty (50%) now disapprove. Opposition to the President’s health care plan is up to 56%.”

Posted by: Fascist Hyena | September 19, 2009, 8:57 pm 8:57 pm

“I think the point msgijoe was making is that a lot of problems get caused by unchecked greedy capitalists.”
What about the greed of the FEDERAL GOVERNMENT that’s put us and our children on the hook for TRILLIONS OF DOLLARS in debt for bailouts and waste? Wake up, Obamabots. The bill is coming due and the wealthy won’t be paying it. YOU WILL. Don’t say we didn’t warn you.

Posted by: Mary | September 19, 2009, 9:08 pm 9:08 pm

If greedy capitalists are the problem, why did Obama bail them out with a trillion or so taxpayer dollars?
American capitalism has brought forth the greatest prosperity and abundance the human race has ever known.
When government coerces and subsidizes unduly risky behavior, as it did in the housing market, the results are predictably disastrous.
“Greed” is a word that tells us nothing, except that the person who utters it is a whining loser. Honorable, hard-working people respond to incentives. When the government skews those incentives irrationally, everyone is liable to suffer, regardless of how virtuous they may be. Losers will always lose, even in a socialist system.
You want more material well-being, go out and earn it. The government will never give it to you. Never has, never will.

Posted by: Fascist Hyena | September 19, 2009, 9:10 pm 9:10 pm

Greed has no bounds, especially when it is condoned and assisted by the Republicans! Bush gave a wink & nod to the sub-prime mortgages and further deregulation of – everything! Who need regulations – and even laws! We definitely didn’t need the Constitution, that was determined early on. Having Bush & Cheney in charge was like having the CEO’s of the oil companies in running the government – hmm, actually I think they actually were……….

Posted by: Sentinel | September 19, 2009, 9:36 pm 9:36 pm

According to a USA Today/Gallup poll released earlier this week, 50% of Americans would urge their representative in Congress to vote for a health care bill, while 47% would not. 40% predict it will improve health care coverage, but 37% say it will make things worse. 53% say Obama can fix the major problems facing the country while 45% disagree.

Posted by: Numeros | September 19, 2009, 9:37 pm 9:37 pm

We have been listening to the Republican fulmination and haranguing ever since the Repubs took control of congress during the Clinton administration. This led to Carl Rove’s “Go negative, go early” fiasco. There is nothing constructive in the Republican lingo – and likely never will be. Underneath all this Republican Triple-A (Argumentative, Accusatory, Anti-American) flak is the most corrosive corruption in the history of this country. Yet the Repubs pretend that the resulting social and financial destruction that occurred under Bush & Cheney has nothing to do with them. The fact is that the Republicans are the cause of the problems that exist today. And yet, they continue to try and get in the way of fixing these problems. They have nothing to offer but hate and more problems. The corporate puppets and their puppet masters carry on with their disinformation and lies and slander. The Christian right is just as corrupt and incompetent as the GOP – corruption supports corruption.

Posted by: Sentinel | September 19, 2009, 9:51 pm 9:51 pm

“When government coerces and subsidizes unduly risky behavior, as it did in the housing market, the results are predictably disastrous.”
Posted by: Fascist Hyena | Sep 19, 2009 9:10:20 PM
__________________________________
“In December, Bush signed the American Dream Downpayment Initiative, a program that provides grants to low-income home buyers to pay their down payments and closing costs. This year he proposed the Zero Downpayment Initiative, which would allow the Federal Housing Administration to insure mortgages with no down payments; current law requires a down payment of at least 3 percent.”
Hmmm . ..

Posted by: julieterra | September 19, 2009, 9:53 pm 9:53 pm

“The fact is that the Republicans are the cause of the problems that exist today. And yet, they continue to try and get in the way of fixing these problems. They have nothing to offer but hate and more problems.”
Ah, the unspoken mantra of the left: Accuse your enemies of what you yourself do.
Hey genius, Democrats have SUPER-MAJORITIES in both chambers of Congress. Republicans don’t have the numbers to “get in the way”. Stop your whining.

Posted by: Mary | September 19, 2009, 10:54 pm 10:54 pm

“The fact is that the Republicans are the cause of the problems that exist today. And yet, they continue to try and get in the way of fixing these problems. They have nothing to offer but hate and more problems.”
__________________________________
I more or less agree. What we’ve seen from the right is fear and smear directed at Obama, constant negativity. It’s the Karl Rove school of Republican politics – go negative.

Posted by: julieterra | September 19, 2009, 11:13 pm 11:13 pm

Not seven months the stock market was crashing every day, banks were failing, GM and Chrysler were failing, we were truly in economic free fall. It all was coming down. Obama stopped that, absolutely. It was something bush could not do. BUsh was a deer in the headlights, Palin was shopping, dumb and deaf on the issue, talking about terrorists while the economic infrastructure was crumbling and McCain wanted to arrest the head of the SEC because he wasn’t aware that all of this was actualy not against hte law because of policies of no regulation that he championed. Priceless. Obama was the only one who kept his head, investigate into the details of what happened, and formed a plan to get banks back on their feet again – not just money pumped in, Bush did that with the first TARP which did nothing. obama came up with stress tests for the banks they had to agree to in order to get the money. Obama stopped the freefall and of what surely would have been a full flown DEpression had we had another republican in there. Hoover took a recession and turned it into a depression. Now republicans are calling for the same exact economic policy of Hoover – cut spending WITH 10% unemployment and a stalled economy…are you kidding me??????? LOL!!!! You guys want to use Hoover’s great strategy??!?!?!?! because it worked so well?!?!?!?!?! I dont know. Rush did call for the US to fail and here they are screaming for a policy to put us in a Depression. How can anyone trust republicans. They want to kill us, or at least, are too dumb to know they are crying for a policy that WILL kill us. No thanks. I feel safe with Obama in the head seat.

Posted by: republicans R the party of Hoover | September 20, 2009, 12:03 am 12:03 am

Marketwatch reported on Sept 9: “Employers’ hiring plans for the upcoming fourth quarter dropped to their lowest level in the history of Manpower’s Employment Outlook Survey, which started in 1962.” US Job openings fell to a record low in July this year. An article by G. Washington for Naked Capitalism painted the real picture: “Projections of former International Monetary Fund Chief Economist and Harvard University Economics Professor Kenneth Rogoff and University of Maryland Economics Professor Carmen Reinhart, U-6 unemployment could rise to 22% within the next 4 years or so.”

Posted by: Here's Your Change | September 20, 2009, 12:15 am 12:15 am

Consumer debt is now $14.5 trillion, or 34% greater than total consumer income each year. With the housing market crash, home equity fell from a high of $13 trillion in 2006 to just $8 trillion today. Consider where it would be without the massive government intervention and 80% ownership stake in US mortgages! Then consider that nearly 10% of all these government owned mortgages are in default, and 23% of the current FHA portfolio is already in default! In the last year 2.6 million Americans slipped from a tenuous position in the Middle Class into the ranks of the impoverished. Another million joined the ranks of those without health insurance–an astounding 46 million now. Another 1.3 million will lose unemployment benefits by year’s end. According to the Gallup daily tracking poll, job creation is down 35% over last year, so don’t expect a lot of new hiring. Teen unemployment is now 25.5%. A third of all workers under 35 are now living with their parents to make ends meet. USA Today reports that national bankruptcy filings are up 22% over 2008. More than 35 million Americans now rely on food stamps to feed themselves. Consequently consumer spending is now down a remarkable 33% over the previous year.

Posted by: Here's Your Change | September 20, 2009, 12:16 am 12:16 am

Not seven months the stock market was crashing every day, banks were failing, GM and Chrysler were failing, we were truly in economic free fall. It all was coming down. Obama stopped that, absolutely. It was something bush could not do. BUsh was a deer in the headlights, Palin was shopping, dumb and deaf on the issue, talking about terrorists while the economic infrastructure was crumbling and McCain wanted to arrest the head of the SEC because he wasn’t aware that all of this was actualy not against hte law because of policies of no regulation that he championed. Priceless. Obama was the only one who kept his head, investigate into the details of what happened, and formed a plan to get banks back on their feet again – not just money pumped in, Bush did that with the first TARP which did nothing. obama came up with stress tests for the banks they had to agree to in order to get the money. Obama stopped the freefall and of what surely would have been a full flown DEpression had we had another republican in there. Hoover took a recession and turned it into a depression. Now republicans are calling for the same exact economic policy of Hoover – cut spending WITH 10% unemployment and a stalled economy…are you kidding me??????? LOL!!!! You guys want to use Hoover’s great strategy??!?!?!?! because it worked so well?!?!?!?!?! I dont know. Rush did call for the US to fail and here they are screaming for a policy to put us in a Depression. How can anyone trust republicans. They want to kill us, or at least, are too dumb to know they are crying for a policy that WILL kill us. No thanks. I feel safe with Obama in the head seat.
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Lots of good points in here. Still not sure a consumer society is really sustainable – at least Obama is moving the country in a more sustainable direction, something unimaginable to the slick big oil merchants of the Bush administration.

Posted by: julieterra | September 20, 2009, 12:58 am 12:58 am

The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows that 31% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -9

Posted by: Fascist Hyena | September 20, 2009, 9:35 am 9:35 am

President Obama in a speech on Wall Street this week repeated his call for greater oversight of the U.S. financial system, but opposition to more government regulation in that area of the economy has now risen to 53%.
A new Rasmussen Reports national telephone survey shows that 33% of Americans favor more government regulation of the financial system, while 14% are not sure.

Posted by: Fascist Hyena | September 20, 2009, 9:44 am 9:44 am

Posted by: Fascist Hyena | Sep 20, 2009 9:35:27 AM
***
The more interesting thing is the trendlines via multiple polls and some of the analysis at pollster and/or Nate Silver’s blog. This weeks’s analysis by Charles Franklin is the more intriguing piece when it comes to polls for those who like to be current and knowledgeable, and aren’t just into horse race stuff when that type of thing is irrelevant to the moment. Regarding health care, Franklin writes:
“The details are slightly different. A bump here and a drop there, and the precise estimates of support and opposition differ by as much as 2 points up or down. But the big picture is that opposition ramped up significantly through June or July but has recently slowed or stopped. Support fell less precipitously but has been working back up for a month (despite or perhaps because of the circus coverage in August.) We could pick a chart to fight over the details, but we shouldn’t. It is the big picture of public opinion that is important here. Within a couple of points, opinion is evenly divided. The White House has gained a bit of momentum, but will be challenged to lower the opposition numbers, not just raise the support numbers.”
Also, if you average the polls and don’t just looks at Rasmussen and their poll of likely voters Obama’s approval rating remains above 52%. The horse race posts by Fascist remain irrelevant, and not particularly interesting.

Posted by: Alyson | September 20, 2009, 10:03 am 10:03 am

“”Greed” is a word that tells us nothing, except that the person who utters it is a whining loser. Honorable, hard-working people respond to incentives”
“Greed” is one of the cornerstones of the Republican Party [along with Fear], so we should expect attempts at justification for it. Hard-working people recognize greed when they see it because greed is not honorable–and saying so displays moral character.

Posted by: Skip | September 20, 2009, 10:06 am 10:06 am

“Hard-working people recognize greed when they see it because greed is not honorable–and saying so displays moral character.”
Were it not for self-interest and greed, you wouldn’t be typing your tripe on computers invented by the private sector running operating systems written by the private sector running Internet browsers written by the private sector.

Posted by: Jenn | September 20, 2009, 10:20 am 10:20 am

Frank Luntz, summarizing interviews with 6,400 Americans:
“Washington spends billions to bail out big business and then can’t explain where the money went. Washington spends $800 billion on a stimulus package filled with earmarks and pork projects. And now Washington is trying to create a trillion dollar health care experiment when over 85% of Americans are satisfied with their health care just as it is.”

Posted by: Fascist Hyena | September 20, 2009, 10:29 am 10:29 am

I guess I am sort of greedy, but I will not acquire wealth in a dishonest or corrupt way. A little greed is actually what makes capitalism work. People want to make money, and in doing so, create jobs for others.

Posted by: Huh | September 20, 2009, 10:31 am 10:31 am

Here is the latest Presidential job approval list from Real Clear Politics. Look at the odd man out with the negative spread … and just how far out he is.
Approve / Disapprove / Spread
49% / 50% / -1 Rasmussen Reports
52% / 42% / +10 Gallup
54% / 39% / +15 Fox News
52% / 41% / +11 Democracy Corps (D)
55% / 33% / +22 Pew Research
54% / 43% / +11 USA Today/Gallup
58% / 40% / +18 CNN/Opinion Research
53.4% / 41.1% / +12.3 RCP Average

Posted by: Numeros | September 20, 2009, 11:01 am 11:01 am

You really have to love the Left! They simplify everything so well! They blame everything on the Republicans, President Bush and Vice President Cheney. Yet they praise the Democrats, former President Clinton and former Vice President Gore for the wonderful 1990s. The fact that the Republicans held the majority in both houses of Congress for the last SIX YEARS of the Clinton Administration had no effect. Just like the fact that the Democrats having controlled both houses of Congress for the past two years had no effect on the economy! OH and like the Democratic controlled state legislatures had not effect on our economy!
Well, President Obama may have inherited a falling economy but things have only gotten worse since he took office. And IF his agenda–or more precisely, the agenda of the radical Left-wing of the Democratic controlled Congress–is fully implemented many of you will wake up one morning scratching your head and asking: “How did this happen?”
The government takeover of a good portion of the auto industry will have a huge impact on our economy. Nationalizing the financial industry will have a huge impact on our economy. Nationalizing the student loan program will have a huge impact on our economy. Implementing salary caps on the financial industry, is just a first step towards implementing salary caps elsewhere–and that will have a huge impact on our economy. Nationalizing our healthcare system will have a huge impact on our economy. Implementing Cap & Trade will have a huge impact on our economy. Individually the impact of each will be bad enough. IF THEY ALL come to fruition they will have a devastating effect on our economy–not to mention greatly limit our individual freedoms.
I know you will still try to blame the Republicans. But this time the Republicans don’t have the votes to block, much less pass, any legislation.
I pray that the middle class will wake up before it’s too late. Stop this government takeover by voting the incumbents out of office next year. But you don’t have to wait until next year. Tell your Representatives NOW that you will not vote for them next year unless they stop this government takeover now.

Posted by: James Danley | September 20, 2009, 11:11 am 11:11 am

“Were it not for self-interest and greed, you wouldn’t be typing your tripe on computers…”
One can own a computer without being greedy. Pardon me for throwing a dictionary, but greed is defined as an excess of self-interest. It seems to be a concept that many aren’t aware of or fail to comprehend.

Posted by: Skip | September 20, 2009, 11:38 am 11:38 am

Huh – Just because a State allows birth control doesn’t mean you have to pay for it. Those are 2 different issues.
BTW – Ron Paul is Pro-life and doesn’t support abortions. He supports States’ rights, which is the way it is in our Constitution, and not Federal regulations/control on this issue.

Posted by: neolib | September 20, 2009, 1:50 pm 1:50 pm

True management sees and solves. If the banking industry created this economic problem. be man enough to fire them and bring about the required constitutional change needed. It wasn’t your fault, but if you don’t manage it, it will be. Mr. President.

Posted by: Ron Moss | September 20, 2009, 3:20 pm 3:20 pm

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