Is there Hope for the Obama Presidency

[FreakinDJ]

Saddled with an impending Failure of the World's Monetary system he acted swiftly and decisively to head off impending doom. The bankers played fast and loose with $Billions of Tax Payer Dollars, and even Congress stepped up to the plate and swiftly passed legislation against CEO compensation.

But that is pretty much where the Luster Ended

Obama pushed legislation to encourage Banks to Refinance Home Loans - so far the industry has thumbed their collective noses at the idea.

They heralded the Stimulus Package as the means to put America Back to Work. If it could it would, but so far Corporate America is holding the purse strings on hiring / investments and doesn't look to be loosening up any time soon. In the lat 4 - 6 months Banks have further restricted lending for consumers and businesses alike

Plenty of Committees held Hearings to try and determine What went wrong / How the Banks Failed / and how to prevent it from happening again. Currently we are still waiting. The Bill that was passed was merely "Window Dressing for the Illiterate". It doesn't even regulate Credit Default Swaps.

HOPE is 1 thing - But it takes STRONG ACTION to lead

[CaliforniaPeggy]

1. I don't know if there's hope...

And strength seems to be lacking.

[peace frog]

5. Agreed

I've lost my religion at this point.

[Botany]

2. Obama has passed 96% of all bills he has worked for.

Bottom Line he has and is kicking ass.

[boston bean]

4. yeah, too bad the bills sucked. I have always said, it's not what he hasn't done,

it is what he has done.

[Botany]

6. look up the bills

n/t

[quiller4]

7. You have got to be kidding.

[boston bean]

10. the healthcare bill he supports sucks! The stimulus wasn't nearly big enough and ended up giving

way to much to the banks.

[paulflorez]

20. Matthew Shepard Hate Crimes Act sucked???

Are you kidding me?

[FreakinDJ]

15. Yep - Devil is in the Details

Like "No Regulation of Credit Default Swaps"

He could - will they could, if both Houses got on Board, move this country in a "Healthy Direction". But given all the Hysteria over Health Care Reform I don't see it happening

[Winterblues]

31. When a person is being raped getting a new dress isn't quite that important.

America is being raped. "Too Big to Fail" Banks and Insurance Companies such as AIG ripped off America over a trillion dollars and no one will be held accountable. That makes me angry. Previous government people committed crimes and war crimes and will not be held accountable. That makes me angry. We are spending trillions on War and Death. That makes me angry..Republicans are very much responsible for the situation America finds itself in, and no one will be held accountable. That makes me angry...

[bigtree]

3. one year in?

sure.

next question.

[undeterred]

8. Hopelessness is more like it.

[undeterred]

9. Hopelessness is more like it.

[C_Lawyer09]

11. I want you to attempt to answer this question

1. Why do you think corporate america is "holding the purse strings on hiring/investments"? and do you think they would rather not hire? If not, why not?

2. Why are banks refusing to lend? What would incease their propensity to lend?

3. What was the event or series of events within the govt. that led to the mortgage securities debacle?

Without contributing to the discussion much, a hint is, another bill will not do the trick, nor will broken answers like Cash for Clunkers, which I saw Senator Reid hailing as a success this morning. While I still consider myself a Democrat, because I don't believe in leaving Americans on the margin bereft of hope, especially those without access to health care, many Democratic leaders are suggesting unworkable ideas/options to "help" the economy.

[FreakinDJ]

16. In Answer to your Questions

Why do you think corporate america is "holding the purse strings on hiring/investments"? and do you think they would rather not hire? If not, why not?

Didn't ShitiBank just move most of the reserves didicated for Small Business loans to other investment reserves?

Why are banks refusing to lend? What would incease their propensity to lend?

Other then "Banking" on the Double Dip theory I can only speculate. All I know is the loans have gotten EVEN more restrictive (less people qualify) in the last 4 - 6 months. Well after the Banks began repaying Tarp funds and charging excessive fees and credit card interest.

What was the event or series of events within the govt. that led to the mortgage securities debacle

Other then lack of Regulation ....... I've done my homework on the issue, I see no need to rehash current event here. Actually it was more like the "Perfect Storm of Lack of Oversight"

Any way you slice it - America's Working Class, aka, John E TAXPAYER expected a little more bang for his buck out of Obama

[C_Lawyer09]

17. Thanks for your very well organized response

Here is a link from a Libertarian leaning website,http://www.independent.org/blog/?p=4728 Agree or disagree, I think it is good food for thought. Fact is most of the TARP didn't go where it was needed, and in the aftermath politicians are acting shocked that it provided such limited assistance to John E. Taxpayer. Now, in regard to the mortgage backed securities: Before Wall Street was allowed to run amock and unchecked, Henry Cisneros, Andrew Cuomo and others pushed Fannie Mae and Freddie Mac to offer low interest loans that never should have been made. Greenspan and the Fed set interest rates lower than they should have been, creating the housing bubble. Greenspan was a proponent of homeowners=prosperity, when in fact it was part of our systemic economic undoing, which involved several industries. So, yes, there was a perfect storm, but one that could have been easily avoided.

Thing is, a lot of govt. programs (no I'm not bashing social security or medicare)have hugely different consequences and/or results than that which intended. For example, the first version of HCR which penalized small business employers, or those that don't have health care. Another bad consequence would be realized vis a vis the unfunded state mandate when the Fed govt. ceases payment for the program three years after inception. In states that must balance their budget annually, and cannot print money, that would have a terrible effect on education and law enforcement. Don't get me wrong, I'm for help, but not help which doesn't really do anything for the little guy, while it also discourages investment because of the unpredictability factor.

[FreakinDJ]

26. Question is was it a "Unified Effort" to use Housing Bubble Inflation

and Mortgage Backed Securities to fund the War in Iraq and the National Debt.

Bush also failed to appoint Federal Reserve Board members to fill vacancies on the board. Possibly much easier to influence a smaller group of board members. Greenspan also favored RATpubliCON Presidents as he always held interest rates lower during their terms in office. Also SEC oversight was non-existent as Wall St played semantic word games to dodge any form of regulation.

All within Bush's era of "The Ownership Society" and record deficit spending

A lot of people "Cried Foul" when Bush sold $300Billion in Treasury Bonds to fund the Iraq War. But no one said a thing as Wall St. sold $100s of $Billions worth of "Toxic Asset laced Mortgage Backed Securities" to China and the rest of the world. It did however fuel a "Failing Economy", struggling with RATpubliCON policies that exported Millions of Jobs and entire Industries OUT of the Country.

But why "Rehash" this now - We Know what went Wrong

My complaint now and the same complaint many Americans have, as we move forward we are NOT doing enough to prevent this from happening again and Washington has completely forgotten about the American Middle Class.

Since you seem to love history so much why not discuss the period of time, and the roll the American Middle Class played in the most prosperous economic expansion America has ever known - I'll give you a clue - it was before Ronnie RayGuns

[C_Lawyer09]

28. I share your perspective about the forgotten middle class

Very sad. I read that thirty years ago the avg. difference between a worker and CEO's salary was 40x, apparently it is now, or was in 2003, when Huffingtons "Pigs at the Trough" was published, 540x. Diminishing wages and all the exported jobs has created terrible problems. Ironic how Dems always get the rap for deficit spending, when Reagan, BushI and BushII broke the bank. There was a 10% in employment during the Reagan admin. but that was largely due to change of definition, not more actual jobs. For example, the military had not been counted as part of the equation before, either way. There was a law passed that counted them. In regard to your question: Would the largest middle class expansion have happened under or post FDR? My second guess would be around the turn of the century, as the industrial revolution took off. Teddy Roosevelt, Ford, assembly line etc.? If I'm not in the ballpark, please enlighten me.

[FreakinDJ]

29. 1950s - The Most Prosperous/Largest Economic Expansion in

American History and a HUGE part of that was the increasing American Middle Class. Those figures are based on Total American Economic Expansion. Not a "Lop-sided Distortion" based on Wall St. / DJIA gains.

Sociologist also recognize the Decade as having the BEST overall standard of Living for the American people.

I've never seen the argument made but would certainly be interested if there is merit in the question: "How does Economic Expansion of Middle Class/Working Class Americans strengthens America's Overall economic performance in perspective to the World Economy"

Certainly won't find those answers amongst Friedman's school of thought. Of course back then we also had Tax Laws and Regulations that fueled REAL Capitalism and investment rather then Robber Baron Pillaging of America's Wealth

[C_Lawyer09]

30. Thanks, I think I'll do some reading on that

Though I'm certainly not a dyed in the wool libertarian, I believe some of Murray Rothbard, Hayeks, and Von Mises ideas have some merit. Mainly because they acknowledge the differences between different types of business, and factor in costs specific to that business. I used to also be much more in favor of govt. sponsored programs, until I began doing so much reading and papers within the International Relations realm. I definitely believe in small business friendly decisions as close to the local level as possible, and regulation that reigns in mega-banks and multi-national corporations that find ways of squirming out of their rightful portion of the tax burden. Especially when they are able to leverage a good infrastructure to their advantage without helping to support it. Amen to the fact that are dissapearing working class is killing so many aspects of our economy, but especially job production. Do you think that repealing NAFTA, CAFTA, could bring those lost jobs back? Thanks for the food for thought.

[scarletwoman]

12. I don't fucking care about the Obama presidency! I want to know if there's hope for the People!

We are being fucked over by the plutocracy nine ways to Sunday and the fucking Dems can barely be bothered to even notice.

The Ruling Class can take a flying leap.

[rhett o rick]

23. I am with you all the way. We need to kick the bastards out of Washington the DC. nt

[FreakinDJ]

27. The "Complicit" Hate Speech media call it DRIP in 1994

DRIP - Don't Re-elect Incumbent Politicians

Of course we all know how well that went for the Working Class - NAFTA, and the Repeal of the Glassman Steagall Act.

But yes you are absolutely correct - "Plutocracy is Anesthesia for the Masses" while the Wealthy Ruling Elite and Multinational Corporations "Rape and Plunder" America

[sendero]

13. The farce here..

. is that the only possible solution to the crisis was to funnel taxpayer cash to the banksters.

THAT IS PATENTLY FALSE and anyone at Obama's level is expected to know that.

This bullshit about "stopped the collapse" is nothing but horsepuckey fed to those who don't know and who apparently don't want to.

Americans by and large do not understand the details but they get the big picture.

The banks are making money off of our savings (ZIRP) and paying themselves like drunker sailors. It's wrong, it's unbelievable that a Dem president would preside over such an injustice and now the electorate has sent a message.

One that Obama has almost no time to understand and do something about. And no, I'm not talking about that ridiculous $90 billion over 10 years banker tax that is like catching a bank robber and taking back 5% of the money.

[dgibby]

14. Well, if Robert Gibbs performance on the Ed Show tonight

is any indication, I'd have to say no. He wouldn't listen, answer Ed's questions, talked over Ed, generally acted like an arrogant douche bag. I think if that's the way the Obama WH is going to conduct business, then they're headed for defeat.

If Obama is as smart as everyone thinks he is, he'll make Gibbs go back on Ed's show and apologize to Ed and the Democratic Wing of the Democratic Party.

[Yurovsky]

19. Yeah, I saw it....

how does Gibbs keep his job? Grow a damn pair and come out swinging. Hell, make Big Eddy the WH Press Secretary. At least he's not chickenshit of the rightwingnuts.

[leftstreet]

18. If he takes it to the people. He gets on the TV, says 'Medicare For All'

Game over for the Republicans for several election cycles

[paulflorez]

22. That might energize the Dem base

but he will bleed every last indie left in him. The general attitude of the American public is that they don't trust the government. It was like that before 2009. Look at DU, nothing but mistrust!

The Dems need to do something that will energize the base and make indies reconsider them. Medicare For All/Single Payer is not popular enough for them to survive it: http://www.rasmussenreports.com/public_content/politics/current_events/healthcare/december_2009/34_favor_single_payer_health_care_system

[rhett o rick]

24. Yeah, when pigs fly. nt

[ibegurpard]

21. I'm hopeful

I think that they now understand that people are not happy with their performance so far.
It remains to be seen what lesson they learn from this.

[Stinky The Clown]

25. How about asking if there is hope for the American people.