Obama Seems to not be in for the whole "Change" thing... - Page 5 - Mercedes-Benz Forum

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post #41 of 54 (permalink) Old 11-26-2008, 02:36 PM
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Originally Posted by TNTRower View Post
So the experience is everyone who served in the Clinton Administration, Bush Administration and career bureaucrats in Washington but Obama is the fresh thinking or vision. Sounds like he is putting himself in the echo chamber.
I think he is picking the best people for the job, given the unmitigated disaster this country is in after years of Republican mismanagement.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #42 of 54 (permalink) Old 11-26-2008, 03:15 PM
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I think he is picking the best people for the job, given the unmitigated disaster this country is in after years of Republican mismanagement.
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post #43 of 54 (permalink) Old 11-26-2008, 08:47 PM
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I'm trying to understand what was so bad about a 14,000 Dow, unemployment rates below 5%, interest rates below 6% for 30 year term, loan money available, lowered tax rates for individuals and corporations, reduced capital gains rate and dividend tax rate, no interior terrorist attacks since 9/11, 401ks and IRAs growing in value, housing values increasing, winding down a successful intervention in Iraq, Rosie ODonnell leaving "The View"....I could go on and on.

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post #44 of 54 (permalink) Old 11-26-2008, 09:35 PM
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This will explain it all...

Watch Monopoly Men... Explains everything... was filmed in 1999.

Monopoly Men (Federal Reserve Fraud) (1999)


Some more interesting triva:

Bailout tally approaches $7 trillion

The government’s commitments to contain the financial crisis now approach $7 trillion.

That figure includes funds to guarantee certain corporate assets and debts, although those funds may never actually be spent. Still, the overall figure reflects the huge liabilities the government is taking on to battle the meltdown.

Among the government efforts announced today are plans to buy up to $600 billion in mortgage-related assets and up to $200 billion in loans for holders of securities backed by various types of consumer debt.

The new plans are the latest in a long list of government moves:

• March 11: The Federal Reserve announces a rescue package to provide up to $200 billion in loans to banks and investment houses and let them put up risky mortgage-backed securities as collateral.

• March 16: The Fed provides a $29 billion loan to JPMorgan Chase & Co. as part of its purchase of investment bank Bear Stearns.

• May 2: The Fed increases the size of its loans to banks and lets them put up less-secure collateral.

• July 11: Federal regulators seize Pasadena, Calif.-based IndyMac, costing the Federal Deposit Insurance Corp. billions to compensate deposit-holders.

• July 30: President Bush signs a housing bill including $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners.

• Sept. 7: The Treasury takes over mortgage giants Fannie Mae and Freddie Mac, putting them into a conservatorship and pledging up to $200 billion to back their assets.

• Sept. 16: The Fed injects $85 billion into the failing American International Group, one of the world’s largest insurance companies.

• Sept. 16: The Fed pumps $70 billion more into the nation’s financial system to help ease credit stresses.

• Sept. 19: The Treasury temporarily guarantees money market funds against losses up to $50 billion.

• Sept. 29: The Fed makes an extra $330 billion available to other central banks, boosting to $620 billion the amount available to the Fed through currency "swap" arrangements, where dollars are traded for foreign currencies. It also triples to $225 billion the amount available for short-term loans to U.S. financial institutions.

• Oct. 3: President Bush signs the $700 billion economic bailout package. Treasury Secretary Henry Paulson says the money will be used to buy distressed mortgage-related securities from banks.

• Oct. 6: The Fed increases a short-term loan program, saying it is boosting short-term lending to banks to $150 billion. It says that by year’s end, $900 billion in potential overall credit will be outstanding. It also says it will begin paying interest on reserves that banks keep with the Fed in hopes of coaxing banks into keeping more money on deposit at the central bank.

• Oct. 7: The Fed says it will start buying unsecured short-term debt, so-called "commercial paper," from companies, and says that up to $1.3 trillion of the debt may qualify for the program.

• Oct. 8: The Fed cuts its benchmark interest rate a half percentage point, to 1.5 percent. It follows a one-quarter point cut on April 30 and a three-quarter-point reduction on March 18.

• Oct. 8: The Fed agrees to lend AIG $37.8 billion more, bringing total to about $123 billion.

• Oct. 14: The Treasury says it will use $250 billion of the $700 billion bailout to inject capital into the banks, with $125 billion provided to nine of the largest: Bank of America Corp., which received $15 billion; Bank of New York Mellon Corp., $3 billion; Citigroup Inc., $25 billion; Goldman Sachs Group Inc., $10 billion; JPMorgan Chase & Co., $25 billion; Merrill Lynch & Co. Inc., $10 billion; Morgan Stanley, $10 billion; State Street Corp., $2 billion; and Wells Fargo & Co., $25 billion. The $10 billion for Merrill has been deferred until its purchase by Bank of America closes.

• Oct. 14: The FDIC says it will temporarily guarantee up to a total of $1.4 trillion in loans between banks.

• Oct. 21: The Fed says it will provide up to $540 billion in financing to provide liquidity for money market mutual funds.

• Oct. 29: The Fed cuts its benchmark interest rate to 1 percent, matching the low point reached in 2003. The rate hasn’t been lower since 1958.

• Nov. 10: The Treasury and Fed replace the two previous loans provided to AIG with a new $150 billion aid package that includes an infusion of $40 billion from the government’s bailout fund.

• Nov. 12: Paulson says the government will no longer buy distressed mortgage-related assets, formerly the centerpiece of the bailout, and instead will concentrate on injecting capital into banks.

• Nov. 17: Treasury says it has provided $33.6 billion in capital to another 21 banks, with the largest stake being $6.6 billion to Minneapolis, Minn.-based U.S. Bancorp. So far, the government has invested $158.6 billion in 30 banks.

• Nov. 23: The Treasury says it will invest another $20 billion in Citigroup Inc., on top of $25 billion provided Oct. 14. The Treasury, Fed and FDIC also pledge to backstop large losses Citigroup might absorb on $306 billion in real estate-related assets.

Citigroup will assume the first $29 billion in losses, and after that the government will absorb 90 percent of losses and the company 10 percent. In return, the government will receive $7 billion in preferred shares and warrants for more than 250 million additional shares.

• Nov. 25: The Fed says it will purchase up to $600 billion more in mortgage-related assets and will lend up to $200 billion to the holders of securities backed by various types of consumer loans.

The Fed will buy up to $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. The central bank also will buy $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors.

The program on consumer debt will be supported by $20 billion of credit protection from the $700 billion bailout package enacted last month.


Tuesday, November 25, 2008
By Associated Press
WASHINGTON -
Article URL: Bailout tally approaches $7 trillion - BostonHerald.com
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post #45 of 54 (permalink) Old 11-26-2008, 09:40 PM
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post #46 of 54 (permalink) Old 11-26-2008, 09:41 PM
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Originally Posted by bottomline1 View Post
I'm trying to understand what was so bad about a 14,000 Dow, unemployment rates below 5%, interest rates below 6% for 30 year term, loan money available, lowered tax rates for individuals and corporations, reduced capital gains rate and dividend tax rate, no interior terrorist attacks since 9/11, 401ks and IRAs growing in value, housing values increasing, winding down a successful intervention in Iraq, Rosie ODonnell leaving "The View"....I could go on and on.
+1
My family and everybody I know is better off than they were 8 years ago!

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post #47 of 54 (permalink) Old 11-26-2008, 09:47 PM
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+1
My family and everybody I know is better off than they were 8 years ago!
You must not know too many people.
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post #48 of 54 (permalink) Old 11-26-2008, 10:04 PM
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Originally Posted by McBear
As FTL said, you might ought to have read the speeches, gone to the website and what CHANGE is would have been abundantly clear.

First change that I see is the stopping and reversal of NeoConservative policies, trickledown economic doctrine and restoration of the regulations that are on the books today.

Second I see more respect for EVERY American, not just the ones that fit in a subset's ideologue of what is good or right.

But the most important is how we deal with this economic mess as a single team. That is going to be the most important change. That is already starting as we have seen Obama not ice out Lieberman or Gates when building his new teams as he would have every right to do.
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Hmm...

Well since I am the uneducated buffoon that FTL likes to call me please educate me. What is the change we will see?

So let me get this straight. Obama will bring in all the old personalities that brought us the economic boom in the 90's right? The Government was responsible for the economic successes and the booming economy of the 90's? More specifically the Clinton Administration.

This is what you are saying yes?
Well, the government had some say in the growth of the 1990s. The Rubin/Reich team put together an economic package that allowed solid growth of the economy without deficit spending. That package also began to reduce the National Debt that was incurred by the trickle down of Reagan/Bush1. So, in those respects, that would be considered economic success. The Clinton team also kept spending from the Republican congress in check as he vetoed 37 different measures.

I don't give credit to Clinton for the Dot.Com boom, or its ultimate bust as it was a play within the confines of all the laws and was regulated pretty well. But the solid foundation of the underlying economy, and the research monies that were provided by the federal government sure had a lot to do with the push in the technology which did make that boom possible.

Back to your question, which you keep avoiding. Just wander back to the very post you quoted from it should answer your questions.

You seem to think that "all the old personalities" are the only folks in play. That is not true. They will make up some of the most experienced people but as they take their orders from a new leader they will modify their work to formulate policy from within those confines.

Just as if a new CO comes into your Company with a completely different philosophy and mission. The platoons and squads [all experienced under past leaders] are expected to follow orders and execute the mission of the new CO. From your most experienced Gunny to the shavetails they are expected to follow the direction of that new CO. I remember what the results were when the phrase "we used to do this like..." was uttered.

That is how an organization is run. You pull the most experienced folks that you can find to work on a problem. And on a problem as big as this economic mess, there are only a handful of people on the planet who have experience. You already see what happened when inexperienced Henry Paulson, as skilled as he was at his previous job was given the current task.

McBear,
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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #49 of 54 (permalink) Old 11-26-2008, 10:17 PM
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Originally Posted by bottomline1 View Post
I'm trying to understand what was so bad about a 14,000 Dow, unemployment rates below 5%, interest rates below 6% for 30 year term, loan money available, lowered tax rates for individuals and corporations, reduced capital gains rate and dividend tax rate, no interior terrorist attacks since 9/11, 401ks and IRAs growing in value, housing values increasing, winding down a successful intervention in Iraq, Rosie ODonnell leaving "The View"....I could go on and on.
If they had only been built on a solid foundation I would agree with you. But the 14K Dow was a bubble, as was the housing values.

Unemployment rates were a false number as so many middle class jobs were replaced with lower paying jobs during that time when so many well paying jobs were offshored.

We are paying dearly for that low interest readily available loan money right now. Factor in that cost prior to touting the "good" value of the previous number.

As for terrorists attacks, we have only had three in our nation's history. One at the beginning of each of the last two administrations and OK City. Trending does not say we are safer or not as there are not enough data points to know.

So much of that which you list is icing. Looks good, tastes good but is nothing but confectionery. And what was beneath the icing was a hollowed out cake.

Hindsight is 20/20. So even you should be able to look at all of those elements and see that they were not connected to a strong foundation economy and that we, as a country have been paying for it through debt and will be paying for it for at least a generation. That is what was so bad.


Can't say about Rosie though, I am not a View aficianado. But hey, who am I to question your TV habits.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #50 of 54 (permalink) Old 11-27-2008, 10:16 PM
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What about you coming up with your "favorite" political/economic period and justifying it with some numbers? You are so good at negativizing the ones I listed, but I'll wager that you gained a lot during those years.

BTW What is a strong foundation. Cite an example or two and the elements that make it up.

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God Bless the America we're trying to create.
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