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Mike.The reason why they kept blocking Elizabeth Warren is because they are scared of her. They can’t handle her. Sure they can punch President Obama around, but they can’t do her because it doesn’t make the news and it’ll look bad. However, President Obama and every Democrat on now on should reach inside for that inner LBJ and apply some “treatments” on Michelle Bachhman, Glenn Beck, Sean Hannity, WOAI etc. I am glad the Senate is investigating S&P. I don’t hear Paul, Ocker, Bighorn, Jimi Dollar, and other local Paulites/Tea partiers talking about S&P’s role in damaging the economy in 2007?
WriteinI meant you didn't use name- calling or red -baiting( socialist, Marxist, commie etc) in our discussion....
Elizabeth Warren is currently on a vacation because she's exhausted. She wasn't partisan when she came to Washington but republicans have changed her. I would love for her to challenge Scott Brown in Massachusetts; he's beatable. I wouldn't mind her being secretary treasury but she can't get past the nomination where a single senator and can keep her from being nominated. She was the most qualified to be head of the new Consumer Financial Protection Bureau but she was filibustered,so Obama had to go with Richard Cordray,her assistant. Republican senators are using measures like calling a session to order ,just to keep the president from making Cordray a recess appointment because they have threatened to filibuster him. It's amazing because even a majority of likely Republican voters, 63%, support federal oversight of unregulated financial companies.
you said "President Obama should have spent the first two years in creating National Infrastructure Banking system instead of doling out money to banks."...... It was the Bush administration and the last Congress who authorized TARP besides president Obama is not a monarch, so he can't just demand money from the banks.
Mike.There are at least three or four reasons why I didn’t go the route of name calling and red meat baiting. 1) I choose to rise above the stupidity and ignorance of the local hick philosophers.2) I think I have a better plan, a better ideas, and better outlook.3) I am better than them ( and they know it).I am very, very Anti-Wall Street and Anti-Federal Reserve. I also sign a petition to help draft Elizabeth Warren for US. Senator in 2012. I would mind Mrs. Warren to be Secretary of Treasury. You said that you don’t pay attention to local politics. I can respect that; however with Ron Paul gone who from local Tea party/Paulites will pick up the flag? My guess is Debra Medina or Matt Ocker. Back to the topic, if the conservative movement were serious in trying to get my vote, the minority vote especially, than they should play down the tone about President Obama; sound and talk more like William F. Buckley; and stop talking like Glenn Beck, Sean Hannity, and Michael Berry. President Obama should have spent the first two years in creating National Infrastructure Banking system instead of doling out money to banks, who is too scared, too chicken to loan it out. I would advise him to redraw the money from those banks and directly give it to the local governments that need them.
You are a little condescending and definitely suffering with a superiority complex.
You know you can write a blog to express your feelings and thoughts. That's all I'm doing, but I'm aware I don't have a lock on a truth certain,so not everyone will agree.
You were once a liberal and now you seen the light; Hallelujah praise jimmydollar....How many times have I heard those words in my life? Lets see,if I had a dollar for every time I heard a variation of that condescending message; I would have retired 5 years earlier...:-)
Bighorn posted "S&P downgrade. Happy now?"
Is this is to insinuate that I had something to do with it, the president, or the democrats?
From what I heard last night, S&P downgraded us to AA+ but the other two agencies did not, and the people that are doing business still think we still have credit worthiness. The administration said S&P made a $2 trillion dollar mistake in their calculation on their baseline figures. According to the AP S&P "cited "difficulties in bridging the gulf between political parties" as a major reason for the downgrade from U.S.'s top shelf AAA status to AA+, the next level down. The rating agency has essentially lost faith in Washington's ability to work together to address its debt."
Wasn't this one of the credit rating agencies that put a "AAA" stamp of approval on the junk that Wall Street was peddling?
I guess we'll have to see what the markets open up with Monday.
I agree that we haven't done anything great since we put a man on the Moon, but some think investment is just another name for government spending.
In normal times, it takes 218 votes to get a bill passed and 60 votes for it to pass in the senate. The separation of powers can tie a president's hands. You lavish all that praise and credit on a president but you need to go back and look up the makeup of Congress at the time.
Well, people are going to have to make up their mind, do they want the administration to be business friendly or anti-business anti-Wall street? About a couple of years ago, I wrote a blog about getting rid of Timothy Geithner, but I'm not that down on him now. The treasury department had to handle the global financial crisis, recession, bank stress test, and automaker bailouts with a skeleton staff because republicans continually block appointments.
I enjoyed your post because you open the door for some discussions without the usual name-calling and red- baiting. I don't agree with everything you posted, but as I've told you three years ago, we are not joined at the hip...:-)
This blog was never meant to be about local political affiliations. I don't know a thing about local democrats, republicans, or the followers of Ron Paul. My interest is on national politics.
It's extremely hard to unite people that are locked in ideology and many times uninformed. The bully pulpit will not work if only 50% of the people tune in. You're absolutely wrong on your analysis of president Obama trying to make liberalism work. I will continue to say that there's nothing wrong with conservatism, libertarianism, or liberalism. The misuse or overreach is the problem. Today's Republican Party does not resemble that of William F. Buckley and Edwin Burke's conservatism.
It's not my job to take up for Paul Krugman because he's a well distinguished economist that has been awarded the Nobel Memorial prize in economics'. As I've said before you'll have to like his opinions, but he is more than qualified to speak on economics'. You can trust anyone you want but Barney Frank's peers say this man knows this stuff. Christopher Dodd is retired and out of the picture. Joe Biden has been working behind the scenes as only Joe Biden can. In the last battle over the debt ceiling, Mitch McConnell bypassed the president and Harry Reid to strike a deal with Joe Biden. Joe's Biden experience in Congress makes him a asset to president Obama.
I have a different view about China and Saudi Arabia. They have a lot of money in treasury notes and like all good businessmen, they want to see us succeed, so their investment pays off. We're not a paper tiger that can be taken by China or Saudi Arabia effortlessly.
The infrastructure bank I was talking about would repair bridges and tunnels that were built in 1935. It was a long ago that those bridges got a cumulative grade of D by America's civil engineers. It's not a cure all , but nothing says "we're trying "more than jack hammers, barricades, and people working in plain sight.
First, there is no such thing as too much Blue Bell. Second, I don't know why you waste time arguing with this guy. Don't you know that only liberal solutions are the ones that work? It's obvious! Here's the plan. Step 1: borrow, spend, borrow, spend, tax, spend, print, spend. Step 2: Enjoy Utopia!
I used to be just like you except that I was even more liberal than you are if you could imagine that. I hope that one day you wake up.
S&P downgrade. Happy now?
Mike.I do not want to be “big headed” here or think too highly of myself, but I have more vision than the Tea Party and especially its local Paulite wing.The problem with President Obama, among with every president since Nixon, is that (and I hate to say it) is that he and/or his administration lack the vision that would united the majority of the American public. It seems that Obama’s goal is based on ideology and trying to prove a point that liberalism works, when in reality the goal should be based on what would work. Paul Krugman’s problem is that he is a professor at a university and never actively engages in real world economics. Rep. Barney Frank (like former Senator Chris Dodd and yes Vice President Joe Biden) should never be trusted in economics, banking, or in trust-busting issues. Former Senator Alan Simpson (R-WY) is right about Grover Norquist . Norqiust is a nothing but a selfish bully who threatens anyone who doesn’t vote his way. If Grover Norquist thinks he should be the boss of the Money Grabbing wing of the conservative movement, then he should man up and place his place on the ballot for President in 2012. The problem with the debt interest now and the debt interest during the Eisenhower-Nixon Administration is that the holder of that debt cannot be controlled and second the two major holders (China and the Saudis) could threaten our economic or national security. However, I do agree with you that there should be an infrastructure banking system. With this Texas heat and damaging drought, the governments of Texas and the United States should invest in desalination projects. Plus on the energy side of things, research and development with In-Situ Resource is needed. My problem is that baby boomer leadership is not working and lacks vision. It seems that our current national leadership, whether in business, religion, social, or in government, are too busy fighting culture wars. When was the last time, a President challenge the nation to go above the norm? Thomas Jefferson had Lewis and Clark; Lincoln and Grant had anti-slavery groups; FDR had the Hoover Dam and TWA, JFK had Apollo. What is the vision of Reagan, the Bushes, Clinton, and Obama? Nothing if you ask me. Vision is what creates jobs and stability. If I were advising the President, I would ask him to replace the Treasury Secretary Tim Geithner with a someone is either not Wall Street or anti-Wall Street to ensure American markets. I guess I am going far and beyond the topic right now. So I’ll stop.
I didn't put you into any group; I said your austerity example rivals the GOP's "cuts only" mindset. They have a goal of making government small enough to drown in a bathtub. They are doing exactly what they criticized Rahm Emanuel of doing. They are taking advantage of the crisis. You used one word that will never be in their vocabulary, “vision." I apologize for not making myself clear.
I disagree with you about not trading with 3 of our top 15 trading partners we have. China is number two behind Canada, but we export ~$600 billion to China and about $5 to Saudi Arabia and Venezuela apiece. That would be $610 billion not coming to our country. Even thou we don't trade with Russia or Nigeria that much;I don't see anything wrong with it...At one time Germany and Japan were our enemies.
Those on the right will only talk about spending, but as I said yesterday 1% of growth equals $2.5 trillion over 10 years in revenues. The tea party Congress will tie the president's hands for the next year and 1/2... Liberals like Bernie Sanders, Paul Krugman, Barney Frank and others have given up because they see the handwriting on the wall. The tea party is a one-trick pony that is well financed by people like Grover Norquist.
Your talking long term visions and goals, and I respect that. Yields on the treasury (interest) have never been lower since the Eisenhower administration and the markets still want more of our debt. We should take advantage of that to start a private sector run infrastructure bank because the cost of debt compared to unemployment is incredibly low. We would pay $25 billion a year interest for every $1trillion borrowed. Not doing that, (if unemployment is ~ 10 million) we would lose $250 million each year. The right thinks we gain $1 trillion every year but not borrowing..That's nonsense; we could use the 3:1:1 ration and be OK..That's $3 in spending cuts, $1 in revenues, and $1 infrastructure stimulus.
Our job numbers improved, but they are still terrible. We had 117,000 added jobs, but we need 200,000 jobs a month just to get out of this mess by the year 2017.
I will never see the debt paid off before I leave this earth, but you are young. Your age group should be worrying about growth. Right now we need to be worried about our long-term structural debt but president Bush, nor President Obama has ever asked us for anything because it's political correct not to raise our taxes, reform the entitlements, cut defense spending, or ask the American people to be part of a shared sacrifice.
Mike .I am shocked that you put me in the same league with the Paulites and the” Teapublicans”. What I had said is a goal and a vision.We did not need the F-22 or the F-35 fighter jets when the F-15’s, F-16’s, and F/A18’s are doing very well against other nations. My mixed tax idea is to replace the current income tax system. The income tax reduces the tariffs. Look at the charts with the levels between tariffs and the income tax. Whenever income taxes rise, tariff decrease thus helping globalism, unfair trade, and jobs going overseas. I would increase NASA’s budget by three times from the defense budget for In-Situ Resource (ie: Lunar Heluim-4). That is for another blog. You are right we do need more trading partners, but we do not need is China, Russia, the Saudis, Nigeria, and Venezuela. We need Eastern Europe, Vietnam, Israel, South Korea, and the like.
BigJDoubling down or even quadrupling down on your same old message won't make any more financial sense than it did when you first posted it and it certainly will not be considered by congress.Do you realize massive cuts ...work exactly the same as tax increases in a fragile economy..They create layoffs and make the economy worse...What do you think made the stock market fall by 500 points.That's why EVEN the Tea Party agreed to delay the cuts to next year.The European market affects ours because we are in a global market.
We are not going to become a protectionist country ;we need more trading partners.
I think you have made your point...Enough please.
Everyone knows that we have to gradually cut spending...e.g. CBO said the $111 billion cuts would be irresponsible....You are with the GOP on cutting spending. Only..A USA TODAY/Gallup poll stated that ONLY 17% said deal effect on the economy will make it better,33% will have no effect,and 41% said it will make it worse.
Are you kidding me?The GOP would choke if anyone brought up another tax and it would not get pass the house....
What if you can cut 15-30% across the board for eight years? I had. If you can cut 15% from the 2011 budget, you would save at least 1.05 trillion dollars. What if you can have a value (sales) tax on goods and services ranging 2% in food, 4% in clothing, and 25% in luxury items? What if you can have an income tax only for those making 300,000 dollars a year?What if you can remove the WTO and many Free Trade and practice Fair Trade?What if you can place tariffs on unfavorable nations???
Good point,I never thought of that..I wonder if KAVU will interview them?
One more try, I take it the Victoria Airport Commission can now take a breath... until the end of September anyway.
I bet the Victoria Airport Commission paused to take a breath with that announcement, they don't have to worry until the end of September.
Meaning the "rural-airport subsidies" part, which I do believe the local airport receives.
Well at least congress did something right........According to the Wall Strret Joural. "The Senate and House leaders reached a deal to fund the Federal Aviation Administration, ending a 12-day standoff that furloughed 4,000 FAA workers and idled thousands more construction workers, Senate Majority Leader Harry Reid said Thursday.""The deal would allow the FAA to operate through mid-September. It sets up a battle later this summer over rural-airport subsidies and union rules. "
I could have sworn I heard 90,000 private sector jobs were stopped, but that came from the liberal bias MSNBC..:-)...Doesn't matter I posted 90,000 and I apologize for my error.
DaleI agree a lot with the generally accepted principles you outlined, but it has been very little to do with what has happened since September of 2008. Prior to that, consumers were saving less than 1% and maximizing their credit cards. Today, they're saving at about 5 %( that’s money not used for consumption), but their credit cards have a high balance. They are paying for a mortgage that is overvalued, paying more of their benefits, and they are doing all this while their wages remain stagnant. Our economy is based on ~60% consumer spending. They are not spending, creating a huge demand problem. I've heard CEO after CEO say that technology and overtime is enough to meet their demand for now.
I don't see where the debt ceiling bill accomplished anything, but I'm pretty sure that 1% growth is better than draconian cuts in this sluggish economy. I believe it takes a 2.5% rate of growth (we are at 1.3%) just to sustain what we had in December. We are in a global economy, meaning Europe's financial woes affect ours.
I'm trying to make a simple point, and it will take another blog to explain what I'm trying to say. There are too many variables, but as I always say," put 10 economists in one room, ask them a question but don't be surprised if you get 10 different answers." It's like an adviser to FDR once said" put that program in place, and if it doesn't work, replace it with another one." The idea behind that was not to get stuck on ideology or the views of a few...Do something!
I've been hearing this complaint of coming inflation every since the Obama Administration put out their stimulus plan. The Federal chairman doesn't see any real inflation. The interest rates are still low. I've seen charts of our devalued money, since I was a little boy. We have a lot of assumptions out there but no real solutions.
I'll repeat for the fourth time, the jobs have to come from the private sector but until demand picks, unemployment will remain high. There's no appetite for a WPA project, and even if there was then, GOP controlled house would not appropriate the money for it. I would bet my last dollar if we took a little field trip to check on infrastructure, the date of completion of several bridges and tunnels would be around1935.... Bill Clinton was lucky because he had the Dot. Com boom, and he had the good sense not to interfere, but he now realizes that it was just a bubble and that he was ill advised by Larry Summers to allow the financial derivatives to operate under the radar. He should have never repealed Glass Steagall...... It's not all the government's fault, the private sector companies and consumers all took part.
Synopsis: Grassroots Republicans are not Paulites, they are folks afraid today would eventually arrive. A huge debt is like too much Blue Bell, neither is good. A devalued dollar will kill the countries standard of living. Things will only get worse. Sorry for being so wordy. My old technical writing prof always told me to write less.
The explanation: I do not think I can categorize myself as a Ron Paulite. So let us dispense with that.
My note about Republican Platform and balance budgets. The Republican Platforms going back into the 60s (all) have balancing the budget as common planks. The thoughts were written by Grassroots Republicans and not the leaders. (The Platform is a way for the "leaders" to get us little people to buy-in to their leadership.)
Debt (like calories) in moderation can be a good thing. Too much of both creates obesity. Our debt as you stated is at 100% GDP. The debt is America's chronic obesity. It is killing the economy.
Who are the grassroot republicans? These are the guys who generally do not donate to Republican politicians. They will attend the precinct convention and maybe the county convention and contribute to the Party Platform. The Grassroot guys have certain beliefs which rankle politicals and country club republicans. The Grassroots believe in saving some and not spending everything. They vote for republicans only because they see the RINOs as the lesser of two evils. Locally, they were attracted to Paul, because he was against Big Government and Big Spending.
Do I think default would be an option? No. But continued spending of another $2 tril is not an option either. The politicans started the "2.4 tril over 10 years" terminology as a way to say "wow, look how much we spent or saved". You and I know the next Congress is not bound by that 10 year projection. "$2.4 Tr saved" means nothing was cut currently from the Obama latest two budgets.
The current deal postpones hard decisions to a point no decision will be made. By then, the dollar's value plummets. When that event occurs, inflation must kick in and your standard of live takes the nose dive too.
Inflation results in fewer people being employed. Fewer workers results in less inflated money available to chase goods and services. The result: more layoffs.
I don't think you're confused because you're too smart for that. I think it's purely ideological.
I firmly believe in clean air and clean water because even if you don't believe in climate change, most climate scientists agree that carbon dioxide is a heat-trapping gas and a pollutant. I go back to my example that I have posted several times. I don't need studies. I remember the Beijing Olympics where the Chinese were wearing mask because of carbon dioxide emissions. Republican legislators at the state and federal level are not funding EPA as they used to, and we will suffer for that.
I remember 11 men being killed, and the worst environmental incident in a lifetime caused by British Petroleum putting a serious dent on gulf coast fishing. Those are also jobs. I remember the congressional hearings where multinational oil executives admitted they did know how to stop or prevent another deep well explosion. I remember looking as their outdated safety manuals, so I don't think they should be given unfettered access.
I must be reading the wrong literature because I see record profits for Wall Street and even greater bonuses for hedge fund managers, after a weak Dodd/Frank was passed. I think Congress should have brought back the Glass–Steagall Act, which was repealed by republican Phil Gramm and signed into law by Bill Clinton. Wall Street is still dealing in speculative derivatives, so to say that Dodd/Frank crippled the financial district is completely false and is easy to disprove.
I didn't know who Steve Wynn was, but I did look him up, but that just goes to prove that the democratic party is not monolithic. On the other side, Warren Buffett, Eric Schmidt(CEO of Google) and Bill Gates have praised the president, but I don't know what party they belong to. That doesn't mean that president Obama has done everything right(obviously not) but in scorekeeping ,it's understandable that conservatives will never approve what he does. It's the same way on the other side.
I continued to believe that we have a world demand problem, and government doesn't have many(or any) options to counter that. We can have the ideological food fights all day long, but the Fortune 500 firms are sitting on $2 trillion in reserves. Outsourcing continues, trade. policies haven't been voted on, and the FAA hasn't been given their authority to continue because the GOP controlled house is on a five-week vacation.We don't a monarchy.The NYT ran a story this morning about a lady buying $1500 shoes, which go to emphasize that the luxury item industry is not discounting their products because they don't have to. The wealthy are doing fine right now, but I have never seen so much disparity between the wealthy and the middle class in my lifetime. Yes, there is a Nationwide republican effort to shut down the unions because they contribute to the democratic party.
Have a good day
DaleI'm sorry for not responding sooner but I don't usually post after 5:30 PM on weekdays.
It's probably my lack of reading comprehension but I don't really understand the meaning behind your post. When you say grassroots republicans; do you mean , local GOP,Tea Party or Ron Paulites? If it's the latter then it's really Ayn Rand libertarians. Ron Paul recently said "“While it is good to see serious debate about our debt crisis, I cannot support the reported deal on raising the nation’s debt ceiling. I have never voted to raise the debt ceiling, and I never will.".... Since you are a follower, do you think we should have defaulted? I know all the talking points of what could and could not have been paid.
I'm concerned like everyone else about the debt being 100% of GDP because it is not something that can be turned around using conventional methods. I believe we have a world wide demand problem. You will have to elaborate more on the value of a currency unless you're gonna get into the gold standard and getting rid of the fed. I've done my time(30 years) arguing with Ron Paulites about the Austrailian monetary system because we're never going to adapt that.
MikeI am confused by our President when he talks about creating jobs and uses his power to eliminate jobs as follows:ObamaCareEPA on carbon dioxideEPA on air quality at drilling sitesBoeing plant in North CarolinaFAA funding being held up by change in labor union votingRaising the mileage/gal rate to 54.5 milesRequiring private health insurers to provide benefits without reimbursementDodd/Frank Act cripples the financial communityThese are some of the most recent regulations and the list since Jan 2009 is much longer. These are all job killers and the words of our leader do not match his actions.Steve Wynn, a past supporter of the Democratic Party, says this President has thrown a "wet blanket" over the business community in this country.
Mike,Earlier you noted, "it didn't happen overnight and the gloom and doom should have been there..." For the last forty years grassroots Republicans knew this day would arrive. (Perhaps our leaders chose re-election over good fiscal policy, that is their fault and the voters for not holding their feet to the fire.) My point is that it appears you are just a mite concerned about the countries' money woes. This problem is not about jobs or economic recovery. The problem is the value of our currency and what we are able to purchase with it. Less workers means less money floating for Chinese goods and US services. Less of both means a continual spiral to a lower standard of living. That problem wil affect new retirees too.
Hey,I posted this blog over 4 hours,I haven't edited ,but it had 33 mnutes ago as the time I posted.
Yes,I know Ronald Reagan passed a deficit reduction plan of which 82% came from tax increases in 1990 Bush I 's plan had 38% tax increases in 1993 Clinton had 62% tax increases, Obama asked for 25% and got 0%...That's part of the problem,we needed to be paying for it all along....Taxes as % of GDP has been at it's lowest in 50 years....Reagan was not led astray,he made a speech supporting his decision...Btw What did all his defense spending do for the debt?
China has a lot invested in T-bills,so they have an incentive for us to succeed and buy their junk...Yes,the dollar is still better than the Euro and our reputation is cracked not broken....if we are not consuming while our dollar is a weaken state,how much will we consume if we have a strong dollar?What country will buy our goods with us having a strong dollar...I know the Swiss Mark is looking good but that's not permanent.
A clock is always right twice a day,so Ron Paul's gloom & doom happened about 15 times since he made the prediction in the 80s....We are not getting rid of the fed or go with his other goofy plans.
Mike, some of us have been crying about the deficit since 1984. It was in that year that President Reagan sold out a balanced budget to Tip O'Neil and a fellow named Albert Fisher. Somewhere along the line the deficit crossed a trillion dollars. Boy, those were the days.
Clinton, man, in hind sight I wish I could vote for him for a first time. Bush the Younger seemed to never see a dollar he could not spend. A $500 billion deficit really looked bad back then.
Ron Paul's warnings don't look so crazy now, do they? We are devaluing the dollar. We are inflating the debt. Given China's and Russia's warning today, do you think folks will be lining up to purchase more of our greenback's? You know the ones backed by the full faith and credit of the United States Treasury? HAHAHAHAHAH
I agree completly with your post but I'm at loss when it comes to jobs....I think we are at a point where only world demand will make us grow. That's why I mentioned the trade agreements that have not been voted on.....The appetite for another stimulus is not there and I agree if we can find a way to get the spending curve started in a dowward spiral,find some new revenues for infrastructure,education,and growth projects. .....Perhaps,the voters will give the congress a earful while they are on their 5 week vacation.
It's not that I'm dismissing the $14.3 trillion debt but it's like you say,it didn't happen overnight and the gloom and doom should have been there when we were at $7 trillion in debt.
I enjoyed the read - I sometimes wonder which is worse - Congress in session doing nothing or Congress in recess doing nothing.
One thing you and I agree on is that we have to figure out how to jump start the economy so that jobs are both created and maintained. Get people employeed and revenue increases. But we do need some help from the guys in Washington so that we stop spending money we don't have at a slower rate.
We won't get out of this mess overnight - but until we start somewhere it will continue to get worse.