Know Why I (and some others) Have Never Been More Bearish? - NYT Obama Interview

Fantastic article that points to an incredible tank in the U.S. economy, even from these levels.

Save your money. Stay liquid and defensive. A shit storm will intensify the pain for a long, long time.

The stimulus money is a cruel joke; it will hardly created jobs, and has simple led to to false hopes (85% of it went to unemployment insurance, health extension payments for those laid off, and other state and local programs of limited duration):


In the first weeks of Mr. Obama’s tenure, he persuaded Congress to approve $787 billion worth of federal spending to stimulate the economy — $288 billion in tax cuts plus $499 billion to aid states and local governments.

In crucial ways, this spending has already had an effect, say economists. It extended unemployment benefits and food stamps, while cutting by nearly two-thirds the amount that laid-off workers must pay to retain their health insurance.

But whether it revives economic activity remains unknown. The tax cuts are only now being distributed. Only about $75 billion has been dedicated, mostly to public works projects like road-building.

“The moment of truth is coming soon,” says Mr. Zandi. “If we don’t see something real in the data by June, then I get very nervous.”

Be prepared to get very nervous, Mr. Zandi.

http://www.nytimes.com/2009/05/10/business/economy/10boise.html?_r=1&hpw
 
scary. scary. scary.

Karl Max also proposed communism and planning economy as an alternative to the capitalism's boom and bust cycles. How similar this is to Obama's view.

As someone from a former socialist country, I vividly recall the political teaching
at the time: how the capitalists made the profits at the expense of working people, how the greedy capitalists was digging the grave for themselves by over-exploiting the working people.
 
The scary thing is how charming and blase the conversation is as if he were talking about the pro's and con's of his favorite team.

Not the fact that he wants to control every aspect of life to achieve some vision of a just society.

He has the will to make this happen.

He will succeed were FDR failed.
 
Quote from AAAintheBeltway:

The Chrysler strong arm play was just a warm-up. Most of you have no idea just how much money has been poured down the Fannie Mae/Freddi Mac rathole. They are favored democrat slush funds, so there is no media outrage like there was with AIG. (BTW, the answer is $400 billion. that's billion with a capital B. http://www.businessinsider.com/why-...400-billion-fannie-and-freddie-bailout-2009-5 )
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FannieMae & FreddieMac are the vinegar house, or the "black house", if you know what I mean?!

You are witnessing the turning point of the 21st century!
 
I have a good friend who grew up in communist China, he says the whole Obama campaign reminded him of the cultural revolution and Obama scares him.

Different year, different people, same old crap all gussied up at just the right time of opportunity. The urge to control and build power in the name of 'the little guy' has been too sucessful to go away. The economic results are always miserable in the longer time frames, but the political results have been fairly good for the left.
 
Quote from piezoe:

The interview demonstrates again Obama's pragmatic, level-headed thinking and mental sharpness. I am convinced he is the right man to lead the US out of its self-inflicted mess, and I believe he will succeed to a significant extent.

He is following through on virtually all the initiatives he mentioned during his election campaign. I find his integrity, in that regard, refreshing.
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I seriously hope this was a joke.

Hussein OB will lead this country into a civil war. The working class will revolt when they wake up and realize they are working and paying taxes just so Obamas ACORN crew can collect welfare while sitting at home fathering multpile children with multiple partners.
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"A government policy to rob Peter to pay Paul can be assured of the support of Paul."
-- George Bernard Shaw
 
Quote from Clubber Lang:

The working class will revolt
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it's never going to happen, conspiracy and organized group movements are the biggest no no in america, it scares the sh*t out of them, only they are allowed to conspire and no one else, the punishment for an organized crime no matter how small the crime, is many times more severe than the punishment for an unplanned crime

in america stages are set so people don't generate long lasting bonds, and to be willing to sell eachother to the government at no profit, just because a feeling inside them pushes them to do so, the feeling comes from the massive amount of investment put into shaping their personality from early childhood, all those heroic figures in movies who just have to work with cops and let them on everything, all those praises of parents who sold their kids or kids who sold their parents, all those teachers with their one-on-one talks with the students, and with their "you can tell me everything, we are here to help you, I won't tell anyone, I promise" sh*t going on, all that hype around social networking and how cool it is to let everyone and/or disposable online friends know what the f*ck one's doing every moment of his/her pathetic life, this is the core of the system, this is what americans call freedom

obviously this has its own pros, the major pro is that it makes america comparably the best corporate environment, at least for the large corporations

anyhow, no, revolution will never happen in america, never, there is no point in bringing it up, you must be naive to assume otherwise
 
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