I have read the posts here and I am amazed at the numbers of people that are blaming working people just like themselves when they should be blaming those who purposely are wrecking our economy. Wall Street banksters have robbed and are continuing to rob our country.
The $700 billion bailout was just the beginning. Some of the top firms have been given a slush fund by the Feds of another $200 billion. This is in addition to $20 trillion set aside in U.S. government-backed securities in case the banks lose again at their casinos. At the same time they are borrowing at the Fed's discount window at near zero percent interest. They are using this money to bid up the price of commodities just like they did in 2008. The poor and middle-class are bearing the extra cost of food and gasoline. Economists tell me that their speculation is adding at leaste 60% to the cost of commodities.
Then they have the nerve to lobby Congress to prevent the general economy to be helped. No money to provide jobs. No money for Social Security. No money for healthcare. It's all about the national deficit that they helped create.
There will always be a high national deficit when there is high unemployment and a weak economy. The only way to get the deficit down is to spend massive amounts of federal investment in infrastructure to create jobs. Cutting spending will only increase the deficit. The math is quite clear. This is not like your family budget.. this is macroeconomics 101.
Look at Europe. The countries with the highest GDP are the ones who have spent the most to recover. They are now benefiting. The countries that actually reduced spending are suffering the greatest losses.
A GM bankruptcy would be catastrophic for many parts of the country. My hometown of Buffalo, NY, facing economic hard times for decades would be devastated by a GM failure.
In addition to the obvious problems created by a GM bankruptcy lie all of the unintended consequences that can't be readily understood.
I voted for Obama and change. When he appointed his economic team I had to ask where is the change? When we have top macroeconomists around like Paul Krugman, Joseph Stiglitz, Robert Reich or James Galbraith available why has he chosen the Wall Street financial types like Larry Summers and Timothy Geithner who helped create this fiasco?
Obama, like Carter and Clinton before him are really conservative Democrats. They only appear liberal when compared with Republican wingnuts.
When will Democratic presidents remember who took them to the dance?
In defense of teachers
I have read the posts here and I am amazed at the numbers of people that are blaming working people just like themselves when they should be blaming those who purposely are wrecking our economy. Wall Street banksters have robbed and are continuing to rob our country.
The $700 billion bailout was just the beginning. Some of the top firms have been given a slush fund by the Feds of another $200 billion. This is in addition to $20 trillion set aside in U.S. government-backed securities in case the banks lose again at their casinos. At the same time they are borrowing at the Fed's discount window at near zero percent interest. They are using this money to bid up the price of commodities just like they did in 2008. The poor and middle-class are bearing the extra cost of food and gasoline. Economists tell me that their speculation is adding at leaste 60% to the cost of commodities.
Then they have the nerve to lobby Congress to prevent the general economy to be helped. No money to provide jobs. No money for Social Security. No money for healthcare. It's all about the national deficit that they helped create.
There will always be a high national deficit when there is high unemployment and a weak economy. The only way to get the deficit down is to spend massive amounts of federal investment in infrastructure to create jobs. Cutting spending will only increase the deficit. The math is quite clear. This is not like your family budget.. this is macroeconomics 101.
Look at Europe. The countries with the highest GDP are the ones who have spent the most to recover. They are now benefiting. The countries that actually reduced spending are suffering the greatest losses.
May 27, 2011 at 1:45 a.m. permalink suggest removal
President Obama: Painless bankruptcy isn’t a GM option
A GM bankruptcy would be catastrophic for many parts of the country. My hometown of Buffalo, NY, facing economic hard times for decades would be devastated by a GM failure.
In addition to the obvious problems created by a GM bankruptcy lie all of the unintended consequences that can't be readily understood.
I voted for Obama and change. When he appointed his economic team I had to ask where is the change? When we have top macroeconomists around like Paul Krugman, Joseph Stiglitz, Robert Reich or James Galbraith available why has he chosen the Wall Street financial types like Larry Summers and Timothy Geithner who helped create this fiasco?
Obama, like Carter and Clinton before him are really conservative Democrats. They only appear liberal when compared with Republican wingnuts.
When will Democratic presidents remember who took them to the dance?
April 17, 2009 at 2:27 a.m. permalink suggest removal