I don't believe in his jobs program, because he's addressing the symptoms, not the root causes. The root causes of the 2008 collapse have still not been addressed. The fact is that these too big too fail banks should have been taken over and dismantled. Instead, we bailed them out to the tune of trillions and they are all about to collapse again. They are insolvent, but we've suspended mark to market accounting to PRETEND that they are solvent. This has all been one giant game of musical chairs and now the music has stopped.
Why do you think the stock markets are collapsing again? The big money knows that it's time to hide, because the music has stopped.
BTW, I haven't been lurking here so have missed the conversations. I've been on the financial threads and other places, mostly talking about the economy. I've seen this collapse coming since Feb and got out of stocks back then. I'm surprised it's taken so long, but all of this was inevitable.
If Obama wants to take some steps to fixing our economy, he needs to do what the Executive Branch is supposed to do. He needs to EXECUTE the laws on the books: prosecute the banksters, break them up and force bankruptcy for the insolvent banks, and prosecute Bernanke for the overreach of the Federal Reserve and for their collusion in underhanded dealings with Wall Street. That would be a great start.
As long as we don't govern by the law and we let crony capitalism rule, then Americans and American businesses won't have confidence in the macro economic backdrop. That leads to the vicious cycle, which we are right now in the middle of. |
