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Footlocker explanation of the US economic situation
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by YankeeJim | July 15, 2011 at 03:47 am
308 views | 2 Recommendations | 16 comments
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Wanted: Leadership to Restore America
Catastrophe or Resolution?
So far we are experiencing the end of American life as we knew it. You see, when mistakes are made of such enormity, they require enormity to solve them. Enormity comes in one size, XXXL. That means XXXL time and cost.
How much time do you have? If you are 55 or older, you have L remaining. L < XXXL. If you are 40-55 years, you have XL remaining. XL is < XXXL. If you are 21 – 39, you have XXL remaining. XXL < XXXL. So, if you are born yesterday, if you work extremely hard, and if your great grandparents can clean up the current mess, by the time you are finished you will breakeven.
See the shoes you are wearing, they are made in China.
“Obama’s hands-on negotiations with lawmakers each day ‘the only option’ as debt crisis deepens
WASHINGTON — President Barack Obama’s decision to haul lawmakers in day by day to negotiate a debt deal comes down to reality: He has no other choice. The president has essentially cleared his agenda to deal with one enormous crisis.
The threat of an unprecedented government default, combined with the shrinking time left to prevent it, has prompted an extraordinary dynamic in a town of divided government and divisive politics. For five straight days, the president and leaders of Congress have gathered in the Cabinet Room to try to work it out.
“It’s absolutely remarkable,” said Allan Lichtman, a presidential historian at American University.
Whether it is working is still in question.
From the White House perspective, Obama’s all-consuming role as direct negotiator with the top House and Senate lawmakers is essential for maximizing leverage, conveying a sense of urgency and finding the votes in Congress so that both chambers will agree to raise the nation’s borrowing limit by Aug. 2.
Without that vote, the government says it will not have the money to pay its existing bills, an outcome big enough potentially to wallop the world economy.
The Republicans who control the House insist the debt limit should not be raised without a corresponding package to slash the deficit. The debate over the size and composition of such a major debt-cutting package has kept Obama and lawmakers in tense talks for days.
So Obama is spending most of his time negotiating, reviewing options with staff, calling lawmakers, making his case in the media.”
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YankeeJim
Arlington, Virginia, United States
Most RecentMost Recommended Comments (16)
at 05:13 on July 15th, 2011
Obama doesn't have to sell his spin to the media. The left-wing media is way ahead making excuses and mitigating the Presidents responsibility in this fiasco. Those nasty evil Republicans standing in the way of the White House's tax and spend government. Those nasty evil Republicans daring to question the supreme leader, abusing their power as the peoples watchdog and demanding that any further spending have an equal amount go towards the nations deficit. Outrageous. When every Democrat knows that when your credit cards are maxed out and you can't pay your bills. You spend even more. That's right girls and boys. It's Democratic Party new math. You can get out of debt by getting even deeper in debt. And as our glorious leaders economic adviser and the nations Sec. of the Treasury Tim Geithner say's, " You don't even have to worry about paying down the interest." Ahhh, isn't it nice to have the government looking after our every need. Nothing to worry about at all. We don't even need jobs anymore. Obama's removed that worry too. And Houses. There's no houses to save for or mortgage to pay. Finally, the world is giving me what it owes me. Now if we could just get rid of those nasty evil Republicans we could dream the dream uninterrupted. Oops. You almost spilled your kool-aid. There's no need to fill your glass to the brim. You can go back for seconds or even thirds. Have you tried the new Obama Berry? De'lish! And with 20% fewer calories. You probably notice there's not much food in the house. Obama say's we don't need to worry about food either. Drink up.
at 05:34 on July 15th, 2011
The President is commander in chief and the CEO. He was elected by the majority of We the People. The credentials of those blocking are very weak by comparison to those held by the executive branch. It is time to listen and work in collaboration to solve problems than spending more time on failed ideology.
at 08:46 on July 15th, 2011
Funny, I have a vague memory that each Congressional Representative was directly elected by a majority of We the People. That is the only credential necessary to be given the respect of that office. I will remind you of that fact. You remind Obama. Then maybe Obama will put aside his Party agenda and place the people and their concerns, communicated through their representatives in Congress, first and foremost. And begin working with both sides of the political spectrum for the best interest of We the People. That is if he has such care for We the People.
at 10:53 on July 15th, 2011
The President proposed a budget. The President put $4 trillion in spending reductions forward. The President asked that wealthy Americans and corporations pay their share.
What have the Republicans offered?
Nothing except not to raise taxes on the elderly and to attack those in need.
at 12:03 on July 15th, 2011
Thats those 'evil' republicans way YJ..lol
.030-06 doesn't seem to realize it was the tax and spend policies of his republican buds that got us into this mess in the first place..That republicans don't mind taxing the hell out of the poor, just not the rich. That spent trillions of dollars then setting aside the cost by kicking the can down the road_A Bush/Cheney mo. That corrupt Republican fiscal policy bankrupted the US Treasury destroying American and Global economic balance. That Obama has been trying to repair and fix that Bush/Republican legacy for two years. A problem that will probably take generations to repair.
at 20:20 on July 15th, 2011
The 1, that has been the banner cry of the left-wing media. And I know you bow to that and eagerly accept their spoon feeding. However, It's not the truth of the matter. The rich didn't cause the global crisis and it didn't start with Bush fiscal policy. The utterly ignorant and slap-dash biased reporting by the media and the instant partisan blame game has smoked screened the truth of the matter. The truth not being anything you want to hear because you are heavily invested in blaming the rich or the industrialist or Republicans, anybody or anything rather than seek the truth. The truth is that there are three forces at work in the world. Free market advocates and Government controlled market advocates and the printing of irredeemable paper money. The confluence of these forces through government action have created the global crisis. In a nut shell, what was to be a free market exchange of product has been so bastardized that it is no longer one thing or the other. It has become a crippled malfunctioning chimera thanks to many governments wanting to control it and do it their way.
Government attempts at regulation to control the market, government attempts at deregulation to correct the market, and governments printing vast amounts of money it hasn't got, has lead to a inflationary credit expansion that also has no real money behind it. In effect what you had was people, everyone, buying everything on credit with out the wherewithal to support that purchase with real market based return. Stocks crashed, housing crashed, businesses crashed, individuals crashed. The whole phony matrix of government manipulation crashed. And then, to make matters worse, the government printed vast amounts of more irredeemable money to bail out their friends in the failed banks and businesses believing if they intervened once again they could fix what they caused by using the very methodology that caused the crash in the first place.
So no, Not Bush's bailout or Obama's bailout, nor any further regulatory mechanisms will repair what has been ideologically crippled by the anti-free market advocates who believe government knows best. Government fubar'd the free market system and can not repair it with a more government controlled market.
Which is why there has been no movement on employment opportunities or job creation from the private sector. The money they have gotten from the Government is not real. It is not supported or backed up by the market. Only the big car manufacturers have been able to trade off the bailout money for real market supported monies. And they have done that outside of US sales. On the home market Banks haven't been able to transform their bailout money into profit returned market supported money because the people have no redeemable property in trade. Same for the housing and mortgage market.
Now there is the effect of another inflationary aspect that has hit the people thanks to government intervention in the free market. People with no money can not support the supply side and demand falls. As the expected demand falls prices rise on the basics. So thanks to government knows best -we have a dollar that ain't, a debt we can't pay down, a government that can't meet it's own obligations, the anti-free market folks like you clamoring for ever more government intervention. And to add insult to injury. China, a nation that was die hard ant-capital only yesterday is the USA's bank and source of real market supported dollars and have sent the US Government an admonishment on their manipulation of the market and their financial practices.
The truly massive fraud that is going on, which exceeds many thousand times over, all the frauds of dishonest businessmen, and which, actually occasions many of those frauds. Is the government’s systematic depreciation of the value of paper money and thereby each and every contract and security that is stated in terms of a fixed number of dollars. What greater accounting scandal and cover up could there be than that the monetary unit, the dollar, in which all accounting is carried on, is itself a fraud, a fraud that has robbed tens of millions of old people of a considerable part of the buying power of their life’s savings, that has destroyed the reliability of fixed-income investments as a vehicle for providing for the future, and threatens the value of all contracts now and in the future.
Man, by the time you wake up to the reality of your insistent cry for more government, and what is no less a government monopoly, you'll be in chains. Enslaved by your own political statism.
at 12:24 on July 16th, 2011
30 06 -- "The rich didn't cause the global crisis and it didn't start with Bush fiscal policy.
Continue reading at NowPublic.com: Footlocker explanation of the US economic situation | NowPublic News Coverage http://my.nowpublic.com/world/footlocker-explanation-us-economic-situation#ixzz1SInq1IEl"
False + False = False
at 01:44 on July 17th, 2011
Yes. If you believe the rich are the cause and it all began with Bush.
at 20:59 on July 15th, 2011
Not true and shame on you for such blatant misrepresentation. Whether you agree with it or not, Republicans have been at the forefront of all attempts to knock out a working deal that addresses both Obama's spending needs and the nations debt/deficit.
at 21:27 on July 15th, 2011
Not sure which above comment is yours .30-06
"thgirty-aught-six" (not verified) at 21:20 on July 15th, 2011
or
"thirty-aught-six" (not verified) at 21:59 on July 15th, 2011
Maybe change your mo to .30-06 if that would help. Lots of copy cats on this site..
If both responses are yours, I'd suggest that the depth of republican responsibility and then denial in this overall situation is what is actually shameful. Do you really want the same people who caused the problem, fixing it..
at 23:03 on July 15th, 2011
@The 1. My apologies. The first a typo I didn't catch and the second post didn't get the YJ I had thought of but apparently didn't type added.
I can see you didn't really read my first post but, in answer to your question. Yes. I do want those who created the problem to solve it, because the private sector can not fix the governments manipulation and purposeful deterioration of the free market system that made this country great. It must be resolved by the government and a full retraction from further instances of market manipulation that only benefits their cronyism, their lobbyist, and was the instigator of this entire crisis. I include both Democrat and Republican with out any partisan bias in sharing equal responsibility. Both Party's equally have manipulated or attempted to control the free market through regulation or deregulation, and both have manipulated the dollar, and printed vast amounts of unbacked dollars to achieve the false impression that it is they who control the economic engine of the nation. This false belief that government knows best has fubar'd the free market system of investment capital.
The worst result of all this manipulation and conniving by government to control the free market system is that no one has profited by their fraudulent actions. Not the government, not the investor, not the Banking system, not the countries treasury, and most definitely not the taxpayer. Who must now pick up the tab for this failed ideological exercise of government knows best and with it's fingers on the scale all will be fair and just B.S.
at 12:25 on July 16th, 2011
Schizo 30-06 skipped his pills.
at 01:16 on July 17th, 2011
And that trite little bon mot is the extent of your investigation into the global inflationary credit collapse. Pity really, since several economist have written on governments manipulation of the free market system and the cornerstone of capitalism, private capital investment, and that manipulations negative impact on the global workforce and production. I suggest starting with Prof. George Reisman's, Capitalism. Reisman was Prof. Emeritus of Economics @ Pepperdine. Or if that's too daunting for you try his work, The Government against the Economy. Both highly acclaimed and regarded by economist around the world.
at 04:46 on July 17th, 2011
back to this again????????????????? is that the answer to save the economy? accuse people not rocking your gang colours of being schizophrenic?
How about a clear rebuttal of 30's argument? rather than insults or just claiming its false?
I don't know if he is in fact correct, however surely reasoned debate is better than just claiming "all republicans are nuts."
at 12:03 on July 15th, 2011
A FEW THOUGHTS ON POTENTIAL REFORM "TRIBAL ALTERNATIVES"......................................................................................................................................"For entertainment purposes only" Although they are no more insane than our current system."...........................................................................................If we cant take care of our own people, and if we cant pay our bills" then we certainly cannot afford the continuation of war. The answer is relatively simple. Call for the resignation of our current leaders in both parties, replace them with members of communities on County level and form Tribal councils from Townships. Run the Nation from the bottom up and create a National Council of Tribal Leaders who will be elected from Among the County Tribes to address issues that are World related. This will eliminate the need for the New World Order...................................................................................................................................The new Government that is created from the bottom up will be paid a salary that is commensurate of a person who is middle class earner and possesses a knowledge of life at the bottom. This is necessary to ensure that all aspects of the Governments operations consider the impact of decisions at every level. It should be considered an Honor and Privilege to Govern, and the penalties for fraud should be harsh and swift. ...........................Our military" with all its technology and mountains of money have not brought the Taliban to its knees" precisely because they function at a tribal level with loose connecting arms that have the ability to sway with the breeze, yet somehow have managed to survive countless wars and conflicts. Dollar for Dollar they are kicking our ass.Cut all black budget spending for the Military, Order the Troops to return at once and bring with them as much equipment and infrastructure as feasible. Re-organize the Military structure for a defensive posture, and create "military free zones" within the heartland for the purpose creating civilian infrastructure that has the means and purpose of competitive growth through higher education for our young people, and jobs that are more closely aligned with a resource based economy........................................ End the war on drugs and the privatization of our prison systems to put and end to wasted lives and money. Divert the money from these failed systems to rehabilitation and vocational services with a down to earth view of needs and expectations. ..................... Hells angels, or similar cash and carry systems could create "wealth and order" in problem areas with greater "speed and efficiency" with no help at all from our citizenry or government, and are well known for their ability to police themselves, with minimal impact on the systems that create and mature their wealth. The violence in Mexico related to drug cartel infighting and ambitions for expansion would stop at our border under this program. As long as their efforts do not conflict with peace and prosperity within our borders, then we would not need to take action to curtail them.............................................................These are but a few ideas that could be discussed, considered and all of us should have some input by instituting a Populace Vote for major issues. Local Vote for Local issues with Tribal liaisons to work at the High Council to present conflicting issues with answers that take all levels in to account before imposing action .......................................The need for these changes occurred long ago and must be instituted now. It is not the average citizen that needs to be eradicated, it is the arrogant lying politicians and fraudulent money traders that should be hunted down and placed in correctional facility's. A failure to institute a system that respects all culture, all color and recognizes the need for people to have basic rights and freedoms will result in a perpetuation of war, war crimes and destruction on a scale that is never been witnessed before. Our technology will assure that no nation is unscathed and there will be no winner. Even the "Bilderberg and Rothchilds" know that without the ability to breath nothing else matters.The Bible has a warning for the Elites who seek to harm us: It goes something like this....It would be better to hang a millstone around your neck and throw yourself into the ocean, than to harm one of my little ones.
at 13:38 on July 15th, 2011
I like the Hells Angels cash and carry system.