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It's dropping like a rock and there is no end in site. Even though consumer spending increased slightly it will drop with the number of unemployed increasing by the day. I thought it was funny that the Obama administration now knows more about finance than the guru Warren Buffett. Buffett stated the economy will continue to suffer for the rest of 09 into 2010. The Obama administration said that was rediculous and defended the stimulus package as the reason why. The stimulus package won't even really kick in untill 2010 and later. What are they talking about? I'm not saying I'm pro or anti Obama, but how can the administration make a comment like this? Buffett is paid to make and find ways to make money. It makes me laugh when the government all of the sudden becomes more of an expert than the experts. Has any congressman or woman ever built a car or know the R&D that goes into auto production? Most likely not, but they are quick to tell the car companies how to do it(Toyota and Honda included). If you think the govenment can do a better job of managing your money than you can, give your paycheck to them and see what happens. I'm not picking on this adminisration, I'm talking about every one of them.
The market also reacts to the decisions made on a daily basis and it's obvious they have no faith in the government right now. AIG lost more money than any company in history this last quarter after all the money that was given and now the administration wants to pour more money into this company. What ever happened to capitalism? Let a company suceed or fail. It looks like it would have been cheaper now to just have let them go under. We are just pouring gas on a fire hoping that the liquid will put the fire out. The problems were never fixed with AIG, but they gave the money to them anyway.
The US isn't the only country experiencing problems. We may attempt to solve some of ours but we have no control over what happens in other countries. The stock market looks at the WORLD, not just the USA and it doesn't like what it sees. Europe and Asia are collapsing faster than us. I guess every conservative is going to blame Obama for that too?! Get real.
I don't support any bailouts and I'd just as soon see things fail like nature intended. But that's going to happen no matter what Obama does. We're being primed for a one government world and that can't be accomplished with a lone superpower or economic giant hogging center stage. Before it's all gone, the rich are going to get the delicious pie and the rest of us will be left with the rusty tin.
The US isn't the only country experiencing problems. We may attempt to solve some of ours but we have no control over what happens in other countries. The stock market looks at the WORLD, not just the USA and it doesn't like what it sees. Europe and Asia are collapsing faster than us. I guess every conservative is going to blame Obama for that too?! Get real.
I don't support any bailouts and I'd just as soon see things fail like nature intended. But that's going to happen no matter what Obama does. We're being primed for a one government world and that can't be accomplished with a lone superpower or economic giant hogging center stage. The rich are getting the pie and we're getting the rusty tin.
I agree with the first part of your post: it's insane to blame Obama for the tanking of the world economy. But they will, anyway.
But the second part of your response I don't agree with: "Nature" has nothing to do with the markets. Letting the markets hit bottom would cause massive global economic and social collapse. It's not an option.
The stimulus package won't even really kick in untill 2010 and later. What are they talking about? I'm not saying I'm pro or anti Obama, but how can the administration make a comment like this?
Would you mind sharing the comment with the rest of us?
Gee, Obama wasn't able to rectify 8 years of destructive ultra-Conservative Republican government, in his first month in office - what else do you want - water into wine?
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