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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: zamboz who wrote (101730)2/28/2009 1:18:05 PM
From: Broken_Clock3 Recommendations  Read Replies (2) of 110194
 
Question: Thank you, Mr. President. In your opening remarks, you talked about that, if your plan works the way you want it to work, it's going to increase consumer spending. But isn't consumer spending, or overspending, how we got into this mess? And if people get money back into their pockets, do you not want them saving it or paying down debt first before they start spending money into the economy?

Obama: Well, first of all, I don't think it's accurate to say that consumer spending got us into this mess. What got us into this mess initially were banks taking exorbitant, wild risks with other people's monies based on shaky assets and because of the enormous leverage, where they had $1 worth of assets and they were betting $30 on that $1, what we had was a crisis in the financial system.

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I think it is very accurate to say consumers overspending got us into this mess. Along with our own gov't. But to admit that would de-legitimize O's plan's to deficit spend out way out of a national deficit. Not only is he smart, he is a crafty liar like 99.9% of all politicians. His answer also legitimizes his current actions to continue bailing out the banksters that provided the monetary heroin for the American consumer.
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