What has Obama done???

[PiggyBank]

Quote from RCG Trader:

Okay, fair enuf, but we are still talking about fiscal responsibility on the executive branch, not the legislative branch. Ben did what he had to do a far as QE is concerned. There is no amount of cutting that will get us out of our debt hole, we have simply gone too far. We are technically bankrupt, and the only reason we are not Greece is that fact that no one is going to call in our debt, I get that.

But the OP does give things that Obama could do to bring fiscal accountability without sending us into the abyss any faster than we are already going.

the way I see it.. the only reason (besides not crossing the point of no return) we are not Greece is because we can print our own $$ and they can't print their own Euro's. The member nations of the EU wouldn't agree to lend to Greece because they don't see the ability for Greece to pay them back or ever get out of debt. So the conditions became CUT SPENDING. Here we are printing (and borrowing) but if that money goes into circulation, which it isn't, our purchasing power would get smashed. We are not too deep in the hole, we aren't Greece, but we are headed that way. Our credit has been downgraded and nothing is being done by obama or congress to fix or even alleviate the mounting debt. Obama's plan to get out of the recession was to spend more lol, he also instituted a new entitlement program which we don't know the actual cost of yet.. so don't say he has done anything about the debt or deficit.

Bottom line, we need to cut spending before we become Greece.

 

[Lucrum]

Quote from PiggyBank:

... Our credit has been downgraded and nothing is being done by obama or congress to fix or even alleviate the mounting debt. Obama's plan to get out of the recession was to spend more lol, he also instituted a new entitlement program which we don't know the actual cost of yet.. so don't say he has done anything about the debt or deficit.

Bottom line, we need to cut spending before we become Greece.

+ 16 Trillion...and counting...

 

[Tsing Tao]

Quote from RCG Trader:

Okay, fair enuf, but we are still talking about fiscal responsibility on the executive branch, not the legislative branch. Ben did what he had to do a far as QE is concerned. There is no amount of cutting that will get us out of our debt hole, we have simply gone too far. We are technically bankrupt, and the only reason we are not Greece is that fact that no one is going to call in our debt, I get that.

But the OP does give things that Obama could do to bring fiscal accountability without sending us into the abyss any faster than we are already going.

I'm not going to say that Obama didn't do the things you mentioned in your OP. But they are token achievements that had no effect on anything, either by design, or because they were so insignificant to the massive problem they are trying to combat. It would be like trying to conserve water during a drought by drinking one less glass of water every day, but then being ok with washing your car and watering the lawn again.

 

[Tsing Tao]

Quote from RCG Trader:

Oh, and one more thing.....you are no conservative, and that is a compliment.

I am a fiscal conservative. I am a social liberal. Essentially, I am a libertarian.

 

[Tsing Tao]

Quote from PiggyBank:

the way I see it.. the only reason (besides not crossing the point of no return) we are not Greece is because we can print our own $$ and they can't print their own Euro's. The member nations of the EU wouldn't agree to lend to Greece because they don't see the ability for Greece to pay them back or ever get out of debt. So the conditions became CUT SPENDING. Here we are printing (and borrowing) but if that money goes into circulation, which it isn't, our purchasing power would get smashed.

This is 100% correct.

 

[RCG Trader]

Quote from PiggyBank:

the way I see it.. the only reason (besides not crossing the point of no return) we are not Greece is because we can print our own $$ and they can't print their own Euro's. The member nations of the EU wouldn't agree to lend to Greece because they don't see the ability for Greece to pay them back or ever get out of debt. So the conditions became CUT SPENDING. Here we are printing (and borrowing) but if that money goes into circulation, which it isn't, our purchasing power would get smashed. We are not too deep in the hole, we aren't Greece, but we are headed that way. Our credit has been downgraded and nothing is being done by obama or congress to fix or even alleviate the mounting debt. Obama's plan to get out of the recession was to spend more lol, he also instituted a new entitlement program which we don't know the actual cost of yet.. so don't say he has done anything about the debt or deficit.

Bottom line, we need to cut spending before we become Greece.

Okay, so where do we start cutting? Who will do it? Touch Medicare or Medicaid, and you will be surrounded by a hostile congress and you will be a one termer. That is why I take these political arguments lightly. Long ago I saw that no one has the political will. Something really bad is going to have to happen to us before we to decide to balance the books, just my take.

 

[Tsing Tao]

Quote from RCG Trader:

Okay, so where do we start cutting? Who will do it? Touch Medicare or Medicaid, and you will be surrounded by a hostile congress and you will be a one termer. That is why I take these political arguments lightly. Long ago I saw that no one has the political will. Something really bad is going to have to happen to us before we to decide to balance the books, just my take.

You nailed it. Someone must run who is ok with being a 1 term-er because the country needs it. Without it, the system will not change until it destructs. Forced change will occur, it is a mathematical certainty.

 

[RCG Trader]

Quote from Tsing Tao:

I'm not going to say that Obama didn't do the things you mentioned in your OP. But they are token achievements that had no effect on anything, either by design, or because they were so insignificant to the massive problem they are trying to combat. It would be like trying to conserve water during a drought by drinking one less glass of water every day, but then being ok with washing your car and watering the lawn again.

Look, as I told Piggy. Who is going to do this, Mittens? Mittens is a paleo-liberal...you know it, I know it, the GOP knows, the GOP base knows it.

If he becomes President, he will remember what the GOP did to him. They know it. That is why I have said that I won't be mad if Mittens is President. I will even go so far as to say he will not repeal the ACA in toto. He is the Grandfather of it, and he has said he is pround of that, before his handlers got to him. His dad was a paleo-liberal as well.

He is so disjointed however that he cannot win. Which is why I said I will be done at ET if he does win.

But I digress, who will solve this problem Tsing? Piggy? Who has the stones to do it?

 

[RCG Trader]

Quote from RCG Trader:

Look, as I told Piggy. Who is going to do this, Mittens? Mittens is a paleo-liberal...you know it, I know it, the GOP knows, the GOP base knows it.

If he becomes President, he will remember what the GOP did to him. They know it. That is why I have said that I won't be mad if Mittens is President. I will even go so far as to say he will not repeal the ACA in toto. He is the Grandfather of it, and he has said he is pround of that, before his handlers got to him. His dad was a paleo-liberal as well.

He is so disjointed however that he cannot win. Which is why I said I will be done at ET if he does win.

But I digress, who will solve this problem Tsing? Piggy? Who has the stones to do it?

Sorry, you posted before me. We are in agreement then.

 

[Tsing Tao]

Quote from RCG Trader:

Look, as I told Piggy. Who is going to do this, Mittens? Mittens is a paleo-liberal...you know it, I know it, the GOP knows, the GOP base knows it.

If he becomes President, he will remember what the GOP did to him. They know it. That is why I have said that I won't be mad if Mittens is President. I will even go so far as to say he will not repeal the ACA in toto. He is the Grandfather of it, and he has said he is pround of that, before his handlers got to him. His dad was a paleo-liberal as well.

He is so disjointed however that he cannot win. Which is why I said I will be done at ET if he does win.

But I digress, who will solve this problem Tsing? Piggy? Who has the stones to do it?

Ron Paul would, but that isn't going to happen. The reason I side with Romney is because he is smart enough (or claims he is) to know what to do in regards to the Fed. I saw an article that mentioned possible Fed substitutes for Bernanke that Romney would choose from. They were John Taylor (The Taylor Rule), Jim Grant and a few others I don't know a whole lot about, but know they aren't uber doves like Bernanke.

The same article listed possible followups to Bernanke if Obama won and Bernanke didn't accept a third term - they were Larry Summers (OMG really? Have we learned nothing?) and Yellen (wtf, if there is a dove that is worse than Bernanke, it is her) and other lunatics.

So I'm really voting for changes in the Fed, not as much as the stupidity in the White house, which is likely to remain dumb across the board regardless of who gets there.