Who are the market people? Keynesians like Krugman and Stiglitz who deride the refocusing of economic strategy from spurring growth towards austerity? Or the guys flooding to TLT because their finance teachers taught them that if anything was sacred in finance, US treasury bonds were? The tea party had their chance at a reasonable dialogue, instead they tried to shove through cuts to entitlement programs with zero tax raises ever, and legislating balancing the budget when the only idea they have is to cut welfare spending in a f**king running recessionary-like environment.
I love that any criticisms of the President equate to 'tea-partier', politics or anything. Its just a statement that Obama has had opportunities that I don't believe he's capitalized on. He's just not seen as an Inspirational figure in the economic sense. I think S&P was just trying to make themselves relevant after making over 16,000 securites AAA from 2000-2008 now their downgrading the US and Berkshire Hathaway (on negative?). The market has greater faith in the US as treasury yields are lower than they were a few days ago, but I think Obama's inexperience is showing.
The Tea Partiers are wrong about cutting spending just as the democrats are wrong about raising taxes. See government policy in 1937 to understand how cutting a recovery too soon can be disasterous.
Inexperience? Are you high? This is 1930s economics, and you and the other half of the country are saying that Hoover was right.
What the hell are you talking about? When the hell did I side with the Tea Party and Hoover?? You band of idiots jump on anyone that says anything against the President as a Anti-Government, militia, cut all spending, loon. That is a weakness when you assume any criticism has to be racial, or extremist in nature. It debases your ideas. I think his lack of experience is making him want to please everyone and not standing up for what he believes in. He just seems tentative, and is not inspiring the American People is what i've said.
I think you're judging way too much from one speech. He's definitely inexperienced but this speech in no way was a representation of that. I doubt any president could do much more. I think in general there is way too much mythology about the power of a president to somehow lift the spirits of a nation with a speech. We live in an era of 24 hour news where even if you heard something positive from the president, you'll hear something negative 5 seconds later. This isnt the 30s when you'd hear a fireside chat and that's all the news you heard. Furthermore, Obama wasn't even talking about the largest issue with the economy. It's not the downgrade (which is exemplified by the fact that people bought more treasuries today) It's the fact that the Eurozone is on the brink of failure. If the ECB's attempts to stabilize the market fail, they're out of options. You cant bailout Spain and Italy which leaves them with very few choices at this point. And if either of those collapse, you're talking about the potential of a domino effect across Europe. Additionally, people are pulling their money out of Europe and putting them into the US because there simply isn't a better option. So unless you think President Obama should somehow be saving Europe right now you're assigning blame for no reason.
I agree. Why he didn't mention these issues and also mentions "Tax reform that will ask those that can afford it to pay their fair share" in this speech is really not the right time. I agree with his statements about extending the Payroll tax cut.
a bumpersticker worthy of the Obama 2012 campaign. Spoiler btw, why the (financial) world burns, Obama is fundraising tonight, $15k/plate.
Funny thing: Apparenly the one thing people are buying today: U.S. bonds. So I guess the worry really isn't about whether the U.S. government would pay its debt, but rather about whether any other form of investment would get you a positive return.
And yet over the last few months your party constantly and consistently threatened default and downplayed the effects of not only a default but also of a downgrade. Now that the deal is done and we are reaping what you sowed for us, it's time for you to pretend it was all Obama's fault. Did you even read the release by S&P? Here are some excerpts: Yes, they talk a little about entitlements and other things, but they keep coming back to Republicans in justifying the downgrade.
How come when he had both houses of congress he didn't enact the necessary budget cuts and tax increases to prevent this? The fact that he is blaming the evil Tea Party shows that he missed his opportunity when he had 2 years of total Democratic control. If he knows that we can solve these problems, why did the Senate never pass a budget, why did they not let the Bush era tax cuts expire, and why did they not build in future cuts to balance the budget?
He didn't and you know this. Remember the blue dog 'democrats'. They were DINOs and thus everything was filibustered.
you have been paying attention to this right? Analysis: Republicans setting filibuster record and this is a year old article
You are picking from a list of crappy choices for the least crapy one. We will see if the yield keeps going down, 10 yr is at 2.3%, how much lower can it go.
