Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (105704)	3/9/2009 11:18:18 AM
From: Mary Cluney	Read Replies (1) \| Respond to of 540901

<<<In my mind it was too easy lending and reduced taxes at a time both should have gone the other way.>>> I think the Obama administration is ahead of you and Michael. I think they know what got us here. a. Low interest rates for too long (thanks to Alan Greenspan) b. Enormous budget deficts caused by wasteful and unnecessary spending like in Iraq. There was an absence of spending that created wealth. c. Huge tax cuts to people making far too much money and spending tax savings on outrageously conspicuous life style spending. The disparity between the wealthiest and the rest of the people became troublesome. d. Totally unregulated financial markets creating derivatives and other exotic financial instruments to hide risk - creating a legalized ponzi scheme that created toxic and troubled assets that spread around the world. I think they know what got us here. They have laid out a plan to try to get us out of this mess, but I don't think people like you, Michael, and others have any understanding of what they are trying to do. I don't necessarily believe that the Obama administration can guarantee success. I think they are making the best educated guess. I think you, Michael, and the others have a right to be worried. I can understand your anger, but I think you need to find out a little more before dispensing and expressing your anger. I think you have every right to be critical of the Obama administration but first of all you have to convince yourself that there is something that you know that they (the Obama administration's economic team headed by Obama, Volcker, Summers, Geithner, and Warren Buffett) doe not know and that your plan addresses those issues. Otherwise, I am afraid all your anger and concern are wasted and counter productive. Please don't misunderstand me. I am saying all this with the utmost respect for you, Michael, and all the others. But all the others include a lot of crazies.