Would we be in this mess if people had stopped drinking the Kool- aid and sat down and thought about how stupid the Bailout was?
Billions given to the Unions and car makers and they are still going bankrupt.
Billions were given to the banks and many of them still went bankrupt or are still headed that way.
Why would America not take a week off and think about the consequences of their actions?
Obama proved he can do more than one thing at a time:
1. Unemployment has risen to 9.4% the highest in 25 years
2. Foreclosures are way up
3. Countries are testing missiles
4. Obama is going on dates with his wife You are right it was a failed publicity stunt but it was by Obama not McCain and the real joke is on the American people. Now what do you have? Billions of dollars that have to be repaid with tax payer money thrown away and the damn companies are still in bankruptcy. The only thing keeping the banks out of bankruptcy is the excessive fees on hard working americans. If Americans stop bouncing checks you will really see the chit hit the fan on the banks. My answer can come from responding to some of the others that have responded.
First to Voice of Reason:
1.) Agreed that this recession and financial problem is a global issue, but if you look at the unemployment rate in the US the unemployment rate is directly tied to the financial bailout.
2.) The trend of foreclosures may have started in the Bush administration however it is from policies started back in the Carter administration. Google "Community Reinvestment Act" this is when the banks were told that they must lend more to riskier borrowers, Clinton upped the ante forcing more than $1 Trillion in loans to risky borrowers. I can go back one more president to Richard Nixon. It was Nixon that decided that the US no longer needed to back the US dollar with gold, this single act started the printing of money that in essence was useless. The financial institutions then began to bundle these bad loans and then resell them as derivatives, (screwing the public) and in the case of Fannie Mae and Freddie Mac accounting methods were manipulated so that the CEO's could collect their bonuses.
Congress was warned in 2004 by republicans of the potential of these two giants failing but they saw otherwise.
http://www.zimbio.com/CEO+Daniel+Mudd/ar...
Had the democrats listened and acted, it is likely that we would not be in this predicament now.
3.) I will not place all of the blame on Obama, it is my opinion that neither Bush nor Obama should have spent a dime, let the financial institutions fail !!
4.) The only issue that I have with Obama taking his wife out is the outrageous cost associated with this date, not just the cost but the cost at this time in our history.
Now, let me respond to Matticus.
1.) True, during times of war (actually at the end of the war) unemployment rises. How many republicans presidents have started these wars ? Uh, Uh Bush!! Typically presidential parties rotate, rarely do you have more than 8 consecutive years with one party, the last time that happened was Regan 8 yrs GHWB 4 years. Regan followed Jimmy Carter, you may not be old enough to remember that this was the beginning of housing prices skyrocketing and mortgage interest rates at 21%, Regan followed Carter.
2.) Please see #2 above that I gave to Voice of reason, listen to the whole thing especially the end where Bill Clinton actually claims some responsibility in this.
3.) While fighting terrorists we followed them into Iraq. But lets just say we were in Afghanistan, Saddam Hussein was known to have used WMD's on his people (remember the Kurds). December 1998 then President Bill Clinton launched an attack on an Iraqi chemical plant to slow or halt the production of WMD's
No WMD found Eh, sorry bud we found 1.77 metric tons of yellow cake. Yellow cake is used in the making of nuclear weapons. All of it was transported to Canada for disposal.
http://www.bizzyblog.com/DOEuranium_jul0...
If that is not enough for you. October 1998 Clinton signs into law House Resolution HR 4655 Iraq Liberation Act.
http://www.iraqwatch.org/government/US/L...
This Act called for the removal of Saddam Hussein from power, when you saw Bush under the mission accomplished this was that mission.
The second part of the Act (or Public Law 105-338) called for implementing a democracy in Iraq, this portion is still a work in progress.
This is what the uneducated liberals are calling an illegal war.
George Bush did in fact deal with Korea, he mentioned N. Korea as one of the Axis of evil. After N.Korea tested their first nuke the UN placed sanctions on them to punish them, George Bush placed financial sanctions on them by freezing their access to international banks.
4.) I agree, Obama takes his wife out big deal. As I stated above the only part that bothers me is the enormous costs associated. Things like fuel, maintenance costs, all of the entourage that he takes (or has to take). You are also correct in that Bush was not any better. I'm not 100% sure that McCain could have or would have made a difference in the bailout.
But one thing is for certain....the current administration is train wreck, If you would have told me last October that Obama and his cabinet of misfits could have surpassed the Bush administration in all around incompetency and stupidity I would have called you a liar!
AND IN ONLY 6 MONTHS! Responding to your points individually:
1) This is a global issue that is affecting more than just America.
2) This trend started in the Bush administration and can really only be changed once the banks are on sound enough footing.
3) This is Obama's fault how?
4) Why is this a problem? FDM has it 100% correct. It was grandstanding and blew up in his face.
Palin is what lost the election for McCain, but this publicity stunt didn't do him any favors either. Um. that was a failed publicity stunt. McCain was in such a hurry to "help"...he stayed in NYC to do a Katie Couric interview AND appear at a political event - THE NEXT MORNING.
Next Didn't Letterman debunk this?
http://www.youtube.com/watch?v=XjkCrfylq... He never "stopped the campaign." He spent a few days in Washington on the telephone. McCain was right!
Palin 2012-All the Way!. I understood then. It was all about creating a smokescreen. AND IT STILL IS! The last 8 months have been just a massive fit of stupidity. In 1980 Reagan said government can't solve our problems, government IS the problem, and he won by a landslide. What happened? We have the government nationalizing the banks and the auto industry, health care is next. But don't call it socialism. If you do there is something wrong with you, you are a racist, gay hating imbecile. Look at how many rants you see on here telling us people who don't agree with what is going on to go away and shut up.
I've often wondered how it came to pass that so many people blindly followed Hitler down that dark and evil path. I'm starting to see it now. Not that I'm saying Obama is going to exterminate 4 million people like Hitler did, but the fanaticism is there none the less. Nothing this guy does is wrong to these people. I even know people I thought were conservatives who have fallen for it all, saying "capitalism has failed." Why can't people see what's happening? 1. Unemployment rates tend to sky rocket under Republican administrations, and in times of war.
2. Foreclosure protection was proposed to the Bush administration years before it was a problem, only when it started noticeable was when Bush took action. Foreclosures are up due to lack of preemptive action, despite warnings.
3. While we invaded a country that was not building WMDs, and did not have anything to do with 9/11 North Korea was building Nukes ever since 2004. Can't blame that one on Obama sir, this is the fault of the last administration. Instead of the Iraq pointless war, we should have dealt with the worthwhile Korean war, but now looks like we have to deal with both. Be the 3rd war in less than a decade, will hurt our economy even more.
4. Obama goes out a few little dates with his wife. Big *** deal. George Bush was the man who took nearly his first year as president as a vacation at his ranch and camp David. No wonder why 9/11 happened, not a single person was in the White House doing their job. | 