08-05-2011 06:21 PM - editado 08-06-2011 11:32 AM
OBAMA LOGRO LA PROEZA QUE NI SIQUIERA PUDO ALCANZAR CARTER, DESTRUIR EL CREDITO DE ESTADOS UNIDOS POR PRIMERA VEZ EN SU HISTORIA
New TV show to air soon:
Even the liberal network nightly news shows, which largely ignored or underplayed the economic and unemployment debacles for most of Obama's 2 1/2 years in office, have begun stepping up their reporting on the economy's precipitous decline.
New CBS News anchor Scott Pelley has been especially aggressive on this story, reporting Wednesday that 15 million workers were now without jobs, more than 20 million if you include workers forced to take only part-time jobs.
Elsewhere, this crisis is ignored, as if it didn't exist, despite rising poverty and homelessness rates and a stampede in food stamp applications.
Democratic leaders, whose minority and lower-income base has been hit hard by the jobless catastrophe, rarely utter a complaint.
Meanwhile, Obama has more excuses for the economy's decline than he has workable ideas to turn it around and get it growing again.
In recent weeks he's blamed the unemployment rate on labor-saving, productivity-increasing initiatives such as ATM machines and airport boarding-pass kiosks. What's next on his list? Salad bars that reduce the need for waiters? Time-saving credit card computers at the gas pump instead of service station attendants?
This week, with his presidency reeling from a volley of disastrous economic data, Obama called in his Cabinet to seek their advice on how to create jobs, delivering still more excuses for the sad state of the economy.
Much of the economy's woes, he said, were caused by turmoil in Europe over its own debt crisis, the earthquake in Japan, and the failure by Congress to pass a stopgap authorization extension for the Federal Aviation Administration, which has put thousands of FAA contractors out of work. He didn't mention that House Republicans approved an extension before leaving town for the August recess, and that Senate Democrats refused to pass it.
At this juncture, it is painfully clear that Obama has no plan and no set of comprehensive growth proposals to pull this economy out of its nosedive. Only more government spending on construction projects, or more green subsidies for renewable energy sources like wind power that have yet to prove they can be economically viable.
So he has taken to the road on a bus tour through the Midwest to talk about jobs, without a plan to create them, or without any idea what it takes to boost capital investment in new private-sector enterprises and small-business start-ups that are the wellspring of job creation.
The White House is lowering expectations that any new policy will make much of a difference during his presidency. "The fact is that there is no magic bullet that lowers our unemployment rate to where it would be ideally," press secretary Jay Carney told reporters Wednesday.
"We knew the road ahead was going to be difficult, that the climb was going to be steep. I have to admit, I didn't know how steep the climb was going to be," Obama told supporters in Chicago Wednesday night.
Translation: He didn't have a clue. He's in over his head.
Publicado: 08-06-2011 06:10 PM
S & P AA+ rating on U.S. Sovereign Debt not Low Enough ( P.Schiff )
OBAMA LEGACY, FIRST TIME EVER TO BE DOWNGRADED US CREDIT RATING!!!
http://www.youtube.com/ ^ | August 05 2011 | Peter Schiff
Peter Schiff lays the smack down :
- New Zealand is better than USA with AA+. NZ dollar at record high. Net public debt at only 10% of GDP. Far more solvent than USA
- Fiscal situation will continue to deteriorate.
- Another round of money printing coming.
- Monday next week? Market rally behind the Euro, flight from USD.
- Japan spent 50 Billion propping up USD.
- Treasury market will come down, increase cost of financing deficit.
- Downward spiral ensues. S&P, Fitch and Moody`s forced to downgrade again.
- Fed and WH ramps up printing more money, faster. Death spiral continues.
- Any GOP who voted to increase spending should be voted out of office.
- S&P must now review corporate debt and downgrade it.
- Get out of all debt denominated in USD and get out of USD.
Something to 'Celebrate'
Jeffrey H. Anderson
The stock market lost all of its 2011 gains on Thursday. Investors lost a staggering $787 billion — the exact same amount of money President Obama’s economic “stimulus” was originally supposed to cost (before its costs were adjusted upward). Unemployment is now at 9.1 percent, up from 7.3 percent when the “stimulus” was being debated. Gas is now $3.70 a gallon, about double what it was on Inauguration Day. It is therefore entirely understandable that the president of the United States would have something to say to the American people — and, accordingly, President Obama issued a proclamation yesterday, hours before Standard & Poor’s downgraded America’s long-term debt.
Dated August 5, 2011, it reads, in part,
I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim the week of August 7 through August 13, 2011, as National Health Center Week. I encourage all Americans to celebrate this week by visiting their local community health center, meeting local health center providers, and exploring the programs they offer to help keep their families healthy.
The proclamation also notes that the “stimulus” and Obamacare have funneled “new money” into these centers, with Obamacare having “provided for the Health Centers Advanced Primary Care Practice demonstration project, which will use community health centers to test the impact of team-based treatment approaches on the care of elderly patients.”
So, as we “celebrate” this week, we would also do well to remember Obamacare’s contribution to it.
Publicado: 08-08-2011 02:26 PM
Dollar to Be ‘Discarded’ by World: China Rating Agency
7 Aug 2011 |
By: Ee Sing Wong
ANSWER: HE PLANNED
The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.
The United States “should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”
Chairman, Dagong Global Credit Rating
In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”
Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.
However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.
“It has been around for quite a while, but I do not know of anyone assigning risk assessment to thir portfolio according to Dagong,” said Steen Jakobsen, chief economist at Saxo Bank. “However, clearly the rating industry could do with some competition and deviance from firm beliefs.”
But Guan’s observation—made just before S&P slashed its ratings on the world’s biggest economy—now seems strangely prescient.
“I think the most pressing issue facing the U.S. at the moment is to reflect on the crisis which happened in relation with the debt ceiling,” Guan said. “They should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”
His sentiment is also reflected in a strongly worded editorial published by China’s official Xinhua news agency on Saturday that is widely seen as a thinly-veiled criticism of U.S. fiscal and economic policies from Beijing.
The editorial called for “international supervision over the issue of U.S. dollars” and the introduction of “a new, stable and secured global reserve currency.”
It also noted that as its largest creditor, Beijing has every right “to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets.”
¿Sabía usted que el último déficit del presupuesto anual de Bush fue $450 billones y el primero y segundo déficit de Obama fueron $1.6 y $1.7 trillones!!! es decir un 400% de aumento cada año? ¿y que la deuda acumulada por Bush y todos los otros presidentes desde la fundación de U.S. pasó de $10 trillones al tomar el poder Obama a $14.5 trillones (un aumento del 40% en 2 1/2 años!!!) proyectando elevarla a $17 trillones antes de terminar su primer y único periodo presidencial?
Publicado: 08-08-2011 10:52 PM
IBD Editorials ^ | August 8, 2011 | Staff
Leadership: If the president meant to calm the markets on Monday, he failed utterly — and no wonder. All he did was make it clear he’s completely out of ideas on how to get the economy moving again.
After his televised remarks, the Dow industrial average continued to fall, finishing 5.5% lower. The Nasdaq plummeted 6.9%.
Why should it have been any different? In his brief statement, the only thing President Obama demonstrated was a cluelessness about the country’s current mess — of which the debt downgrade is just the latest example — and an even weaker grasp on how to fix it.
Obama put forward just four “growth” ideas, not one of which will accelerate the snail-paced recovery.
• Raise taxes on the rich. We haven’t polled every Keynesian economist alive today, but we’re pretty sure few would agree with Obama that raising taxes on the most productive parts of the economy will turbocharge growth. Yet there was Obama once again insisting on it, this time dressed up as “tax reform.”
• Spend more on roads. Last year, the White House boasted about the “Summer of Recovery” — saying job growth would accelerate because stimulus-sponsored road projects were kicking into high gear. Didn’t happen. In fact, we lost 329,000 jobs between June and September 2010. Why does Obama think a repeat will do any better?
• Extend unemployment benefits. If this were an economy-boosting idea, we’d be in the pink right now, since we’ve had several extensions over the past two years. Plus, there’s the fact that every credible economic study has shown that extending unemployment benefits mainly exacerbates joblessness, encouraging the unemployed to hold off taking that next job.
• Extend the temporary payroll tax cut. The results of this Obama chestnut are in: GDP growth in the first six months was almost flat, despite the alleged economic benefits of the existing temporary payroll tax cut.
It’s not as if there aren’t solid economy-boosting ideas out there. We’ve listed several in these pages, among them: cut corporate taxes, rein in the administration’s out-of-control regulators, kill ObamaCare, sign the pending free-trade deals, enact tort reform.
The only thing lacking now is a president who is willing to admit that his policies aren’t working and who is open to trying something different.
Publicado: 08-11-2011 09:37 AM
Obama Lost Credibility Before We Lost Our Credit
By Daniel Flynn On August 10, 2011 In Daily Mailer,FrontPage
Words are a lot like money. When misused, they lose their value.When you spend money you don’t have, you lose credibility. When you use words that don’t match your actions, you lose credibility. It’s not just America’s credit that has been downgraded, but the credibility of the federal government’s leaders—and their cheerleaders in a courtier press—has been downgraded as well. Voters give President Barack Obama poor marks—43 percent approval rating in Gallup’s most recent survey—because he says one thing and does another. The results of this two-faced presidency have been disastrous.
Standard and Poor’s downgrading the federal government’s “AAA” rating to “AA+” merely confirms what everyone already knew: the federal government has become reckless in budgetary matters. The reactions of the powerful to S&P’s acknowledgment of the obvious shows that those rash with other people’s money are also rash with their own words.
“I think S&P has shown really terrible judgment and they’ve handled themselves very poorly,” Treasury Secretary Timothy Geithner emoted to CNBC regarding S&P’s credit-rating reassessment of the United States. “And they’ve shown a stunning lack of knowledge about basic U.S. fiscal budget math. And I think they drew exactly the wrong conclusion from this budget agreement.” The hapless Treasury Secretary’s words ring more true when applied to him. After all, he foresaw “no risk” of a credit downgrade in April and penned the much-mocked “Welcome to the Recovery” New York Times op-ed one year ago, boasting that “the actions we took at its [the recession’s] height to stimulate the economy helped arrest the freefall, preventing an even deeper collapse and putting the economy on the road to recovery.” With consumer spending down, unemployment above nine percent, and the annual economic growth rate below one percent thus far for 2011, the op-ed now reads as a weak attempt to Jedi-Mind-Trick the American people into an economic expansion. You can’t hope your way to prosperity.
Publicado: 08-11-2011 09:38 AM
The day before the Dow Jones Industrial Average dropped 635 points, Paul Krugman wrote in the New York Times that “there is no reason to take Friday’s downgrade of America seriously.” It’s such advice from the former Enron advisor that makes it so hard to take Paul Krugman seriously. “And please, let’s not have the usual declarations that both sides are at fault,” he wrote Sunday. “Our problems are almost entirely one-sided—specifically, they’re caused by the rise of an extremist right that is prepared to create repeated crises rather than give an inch on its demands.” This comes from the Princetonian pundit who would have had the government spend more—on a second, bigger stimulus and a single-payer (state-funded) health care program.
The president sent party lackeys—his chief advisor David Axelrod and his Democratic-presidential-nominee predecessor John Kerry—on Sunday’s talk shows armed with the message that S&P stripping the U.S. of its “AAA” rating was really a “Tea-Party downgrade.” But the Tea Party didn’t support the bailouts, the health-care bill, or the stimulus package that busted the budget. The president did. From dismissing the recommendations of his own deficit-reduction commission to refusing to submit a plan during the debt-ceiling negotiations, the president has been absent without leave when it comes to keeping budgets on budget.
One would be tempted to include his party’s failure to pass a budget last year when they controlled both houses of Congress and the presidency as another instance of dereliction of duty resulting in off-kilter ledgers. But given the trillion-dollar-plus deficits they had posted prior to this fiscal year, no budget may have been preferable to another round of nuthouse bookkeeping in which spending wildly outpaces revenue.
The president’s use of surrogates to attack Standard and Poor’s, Republicans, and the Tea Party is another means of dodging ownership. The credit downgrade happened on Obama’s watch after he presided over deficits in excess of a trillion dollars in each year of his presidency. Monday’s call from the president for targeted tax cuts and new unemployment-insurance spending demonstrates the degree to which his debt-ceiling-negotiation rhetoric was posturing.
The child-in-chief demands more power but accepts no responsibility. There is a natural corrective that tends to restore accountability. People who don’t take responsibility get responsibility taken away.
Daniel J. Flynn is the author of Blue Collar Intellectuals: When the Enlightened and the Everyman Elevated America, forthcoming this fall from ISI Books. He writes a Monday column for Human Events and blogs at www.flynnfiles.com
Publicado: 08-11-2011 04:13 PM
BUSH TAX CUTS PRODUCED THE HIGHEST 2 YEAR REVENUE INCREASE
by John Gizzi
"The Office of Management and Budget (OMB) shows that the Bush tax cuts in 2004-06 produced the highest two-year tax revenue increase in the preceding 40 years."
The White House yesterday stepped up its longstanding effort to generate support for repeal of the Bush tax cuts on the highest American wage-earners. At the regular briefing for reporters at the White House yesterday, Press Secretary Jay Carney again denounced what he called “historically large tax cuts that were unpaid for and have contributed mightily to the debt that we have now.”
But the President’s top spokesman also went a step further. When HUMAN EVENTS cited figures from the Office of Management and Budget (OMB) showing that the Bush tax cuts in 2004-06 produced the highest two-year tax revenue increase in the preceding 40 years, Carney dismissed the OMB statistics as “a very convenient slice of a figure.”
According to the Office of Management and Budget, Historical Tables, Budget of the United States Government, Fiscal Year 2007 (Washington, D.C.: U.S. Government Printing Office, 2006, pp. 25-26, Table 1.3, Jan. 16, 2007), with final 2006 revenue figures added in, there was an inflation-adjusted 20% tax revenue increase between 2004 and ’06, and this represents the largest two-year revenue surge since 1965-67.