Obama, G-8: Recovery Takes both Cutting and Growing.....

[MMC]

CAMP DAVID, Md. (AP) — Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

Coping with shaky oil markets, the leaders set the stage for a united release of national oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear program. The leaders said they were ready to take "appropriate action" to meet any shortages.
The mere preparation to release oil reserves could help calm markets and ensure that oil prices, which have been dropping, don't climb again and anger consumers as U.S. elections approach.

A joint summit statement reflected how urgently the countries must contain a financial crisis that could spread from the eurozone to the United States and infect the rest of the global economy. They declared unanimity in ensuring that Greece, which is crippled in debt and politically gridlocked, remains as part of 17-member euro currency union.....snip~

http://news.yahoo.com/obama-g-8-recovery-takes-both-growth-cutting-195148580.html
Associated Press – 2 hrs 35 mins ago<<<<<

Ah.....some more insight into Obama's plan. He has them all agreeing to release national oil reserves if prices should begin to rise. As well all have agreed to keep Greece in the EU Blastzone. Once again I expect Obama will come to us with the dire warning of being on the brink and falling into the abyss again. I figure he will hit us with it around the beginning of Sept.

[MMC]

In their united view, the leaders conceded some points about Merkel's push for austerity, saying budget deficits must close.

But it added that budget cutting should "take into account countries' evolving economic conditions and underpin confidence and economic recovery." That suggested a willingness to let indebted countries take more time to reduce their deficits in line with eurozone rules in order to lessen the deadening impact of cuts on the economy.

It also called for "investments in education and in modern infrastructure," which would involve more government spending. That approach also meshes exactly with Obama's campaign-year strategy for accelerated economic growth, which is to keep spending money on core priorities while taking on the debt through cuts and higher taxes.....snip~

Again we see where Obama will push his policies. Although trying to show the rest of the World that he is being Physically responsible while partying and spending money. Then using the same line, investments in education and modern infrastructure. Thats his plan for growth.

[Peter1469]

There has been almost no austerity. Mr. D posted a chart in another thread.

These neo-Keynesians are going to bankrupt us all.

[MMC]

Looks like they cowed Merkel for a bit.....huh? Obama is working with it all to come out with his campaign. Romney won't be able to do anything but criticize and only slightly if all the G8 were agreeing.

[Captain Obvious]

There has been almost no austerity. Mr. D posted a chart in another thread.

These neo-Keynesians are going to bankrupt us all.

The socialists are promoting growth.

I remember being a CFO at a hospital where the CEO's long-term strategy was to cut the deficit by expanding product lines. That's great if there's a market for those product lines and there wasn't in this case but it is suggested, and I buy into it to a certain degree, that we have been living beyond our means. That's a fairly complex issue to dissect, but fundamentally I think that there needs to be a mix of austerity and growth, not just one or the other.

[Peter1469]

If the Eurozone collapses before the election, Obama is toast.

[Captain Obvious]

If the Eurozone collapses before the election, Obama is toast.

And it's dangling from a thread.

Aside from that, noting good will come from a European economic collapse.

[Conley]

Yeah, I would rather Eurogeddon not happen but it seems inevitable.

[Peter1469]

And it's dangling from a thread.

Aside from that, noting good will come from a European economic collapse.

I think that it will be good if they act accordingly. Once the EZ is gone the member nations can act in their own best economic interests. The problem will be if the EU also collapses. That would be bad. As in war.

[Captain Obvious]

I think that it will be good if they act accordingly. Once the EZ is gone the member nations can act in their own best economic interests. The problem will be if the EU also collapses. That would be bad. As in war.

Here's the thing though, you see it even here with states like California. People in general don't give a shit about living within their means, they want what they want and damn everything else.

You can see these economic disasters from across the solar system - all the way up to the point where it's right upon us, and public sentiment does not change.

It's all inevitable.

[Conley]

Here's the thing though, you see it even here with states like California. People in general don't give a shit about living within their means, they want what they want and damn everything else.

You can see these economic disasters from across the solar system - all the way up to the point where it's right upon us, and public sentiment does not change.

It's all inevitable.

How is that a California thing?

[Peter1469]

But at least with their own currencies they can try to inflate their way out of their problems. They can't do that inside the EZ.

[Captain Obvious]

How is that a California thing?

Are yinz guys operating at a surplus? Or break-even?

[Conley]

Are yinz guys operating at a surplus? Or break-even?

Do you think that's because people are buying too much stuff? I don't. That's not unique to this state...there are certain other things that are, like the proximity of Mexico, illegals, high corporate tax rates pushing businesses out of state and a few other reasons our economy is in the gutter. The problem you describe is IMO endemic to the U.S. You see it in Texas, NY, anywhere you go even the glorious state of PA (well, maybe not the Quakers :grin:).

[Captain Obvious]

Do you think that's because people are buying too much stuff? I don't. That's not unique to this state...there are certain other things that are, like the proximity of Mexico, illegals, high corporate tax rates pushing businesses out of state and a few other reasons our economy is in the gutter. The problem you describe is IMO endemic to the U.S. You see it in Texas, NY, anywhere you go even the glorious state of PA (well, maybe not the Quakers :grin:).

I think it's rampant, including PA. Some states are closer to the brink than others though.

Harrisburg, the capital of PA was considering bankruptcy recently, still is I think.

[a777pilot]

CAMP DAVID, Md. (AP) — Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.



LOL!

Translation: Tax more and spend even more.

Idiots.

[Peter1469]

Spot on.

[MMC]

Do you think that's because people are buying too much stuff? I don't. That's not unique to this state...there are certain other things that are, like the proximity of Mexico, illegals, high corporate tax rates pushing businesses out of state and a few other reasons our economy is in the gutter. The problem you describe is IMO endemic to the U.S. You see it in Texas, NY, anywhere you go even the glorious state of PA (well, maybe not the Quakers :grin:).


How can you not include a democratically led state government for over 50yrs? Illinois, Chicago is the same way, as well as being a haven for illegals. Both California and Illinois would luv to be able to file for bankruptcy. Course they would like to break even. But it is about the spending and not paying their bills. Corruption and red tape. Plus playing Savant while gaming the system to stay in power.

It is time to take away over 1/4th of this nations economy from Democrats. It starts with California, Illinois, and NY. Concentrated efforts even when no elections are up and coming. To show these American People living in Major Urban Cities that they will never improve under any Democratically led Politics. That is to say their cost of living and the way that they live. Will not improve, nor will they better themselves as they will bear the Burden moreso than others in their states.

[Shoot the Goose]

Obama's solution is to raise taxes on the rich. That's it. Just like the French plan. Just like the plan for all those voting against austerity in Europe.

"Spend and Grow".

Worked so well for Greece. And Spain. And Italy.

Yeah, that's the ticket. :rollseyes:

[Shoot the Goose]

How can you not include a democratically led state government for over 50yrs? Illinois, Chicago is the same way, as well as being a haven for illegals. Both California and Illinois would luv to be able to file for bankruptcy. Course they would like to break even. But it is about the spending and not paying their bills. Corruption and red tape. Plus playing Savant while gaming the system to stay in power.

It is time to take away over 1/4th of this nations economy from Democrats. It starts with California, Illinois, and NY. Concentrated efforts even when no elections are up and coming. To show these American People living in Major Urban Cities that they will never improve under any Democratically led Politics. That is to say their cost of living and the way that they live. Will not improve, nor will they better themselves as they will bear the Burden moreso than others in their states.

I don't see how you can "take away" such as CA and NY and IL from Democrats. They are going to get what they vote for. The liberals that dominate those cesspools are not going to become Conservatives.

They are our own little "Greece", in that they do not have their own currency, and cannot monetize their debt, which Greece will once it is out of the EZ, btw. However, such as CA will cut spending, but also raise taxes. especially on the producers, and thereby just digging their hole deeper as producers continue to exit. Meanwhile, their pension obligations will not get smaller, and the state will continue to crush. As you know, Illinois is going all to shit, and one can only imagine the looming battle between the Chicago-area bottomless pit, and the rest of the state.

God forbid they actually vote in a Conservative or two. Just as soon as they see even a little improvement, it'll be back to their teat-sucking ways again. Just like France is going.

What we must avoid, at all costs, is bailing out these states. We have to let the capitalism within state government tax-and-spend dynamics work its magic, pick winners and losers, and let the losers lose. Then no more free stuff.

[Captain Obvious]

How can you not include a democratically led state government for over 50yrs? Illinois, Chicago is the same way, as well as being a haven for illegals. Both California and Illinois would luv to be able to file for bankruptcy. Course they would like to break even. But it is about the spending and not paying their bills. Corruption and red tape. Plus playing Savant while gaming the system to stay in power.

It is time to take away over 1/4th of this nations economy from Democrats. It starts with California, Illinois, and NY. Concentrated efforts even when no elections are up and coming. To show these American People living in Major Urban Cities that they will never improve under any Democratically led Politics. That is to say their cost of living and the way that they live. Will not improve, nor will they better themselves as they will bear the Burden moreso than others in their states.

Agreed, but it's not a democrat/republican thing so much, it's part complacency and part freeloader thing.

People vote (or don't vote) these reps into office. Some don't bother taking interest, some take interest to vote into office those who will provide them with gubmint handouts. It's truly a flaw in a democratic system, user error.

[MMC]

What pensions.....they already discovered that the Demos never paid into the City workers pension. So it is in the whole. Plus it is the Demos themselves that are coming down on the Unions. Moreover taking the money from casinos before they are even built. Going after Teachers Unions too.

This is how you begin taking it away from the failed leadership and politics that has been in power for over half of a century. With Chicago Illinois it more like 85 yrs. Even tho they redistricted this time the Demos plan didn't work as they liked. As it put Demos up against Demos. In the Mean Time We got Kirk who won Obama's Senator Seat. Plus a couple of others.

They are driving not only buisnesses away but people. People are taxed to the utmost. One of the Highest forclosure rates to top it off. Moreover Chicago by itself affects the Politics of the Surrounding states as well. Including their economics. Like with NW Indiana, where they were forced to raise the State tax to 7% due to the City of Chicago and Cook County Illinois raising theirs to 10%. Sin Taxes are one of the highest in the Nation as well as the Cost of living.

While it may be different with L.A. the same can be said of NY. Affecting those States around NY City too.

[Shoot the Goose]

What pensions.....they already discovered that the Demos never paid into the City workers pension. So it is in the whole. Plus it is the Demos themselves that are coming down on the Unions. Moreover taking the money from casinos before they are even built. Going after Teachers Unions too.

This is how you begin taking it away from the failed leadership and politics that has been in power for over half of a century. With Chicago Illinois it more like 85 yrs. Even tho they redistricted this time the Demos plan didn't work as they liked. As it put Demos up against Demos. In the Mean Time We got Kirk who won Obama's Senator Seat. Plus a couple of others.

They are driving not only buisnesses away but people. People are taxed to the utmost. One of the Highest forclosure rates to top it off. Moreover Chicago by itself affects the Politics of the Surrounding states as well. Including their economics. Like with NW Indiana, where they were forced to raise the State tax to 7% due to the City of Chicago and Cook County Illinois raising theirs to 10%. Sin Taxes are one of the highest in the Nation as well as the Cost of living.

While it may be different with L.A. the same can be said of NY. Affecting those States around NY City too.

Illinois raised taxes. They did not hit the Unions. They still have billions in unpaid vendor bills, in essance turning all that into a loan from contractors to state government.

As for them "coming down on the Unions" ... while IL is not yet at the brink, we see how Dems reacted in Wisconsin when someone did try to "come down on the Unions". The liberals are the same everywhere. When they aren't, and change, then they are no longer Liberals. ;)

[MMC]

Emanuel already went after Chicago Public School Teachers and their Unions. Moreover he has dumped on the City Workers Unions, He also wants to get a Gun Registry Fee passed for like $65 dollars per piece with a $5 dollar fee for each weapon. Emanuel is a another one that calls himself a Democratic Socialist.

Moreover the putz has never had the pulse of the Chicago people anyways. All one need do is take a look at who his brother is to know what elbows are being rubbed out West.

[Shoot the Goose]

Emanuel already went after Chicago Public School Teachers and their Unions. Moreover he has dumped on the City Workers Unions, He also wants to get a Gun Registry Fee passed for like $65 dollars per piece with a $5 dollar fee for each weapon. Emanuel is a another one that calls himself a Democratic Socialist.

Moreover the putz has never had the pulse of the Chicago people anyways. All one need do is take a look at who his brother is to know what elbows are being rubbed out West.

Rhambo did, but the sweeping legislation passed by the Dem Legislature didn't touch the Unions or Government salaries. It raised taxes, as I am sure you are familiar. The complete opposite of what Walker did in Wisconsin.

Now Wisconsin is getting better, while Illinois still gets worse.

[Peter1469]

Obama's solution is to raise taxes on the rich. That's it. Just like the French plan. Just like the plan for all those voting against austerity in Europe.

"Spend and Grow".

Worked so well for Greece. And Spain. And Italy.

Yeah, that's the ticket. :rollseyes:


Raise taxes on the rich and collect enough revenue to continue current spending levels for 4 months. What next?

[Shoot the Goose]

Raise taxes on the rich and collect enough revenue to continue current spending levels for 4 months. What next?

Hey. Don't start worring about that cliff too far in advance :)

[Professor Peabody]

CAMP DAVID, Md. (AP) — Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.

Coping with shaky oil markets, the leaders set the stage for a united release of national oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear program. The leaders said they were ready to take "appropriate action" to meet any shortages.
The mere preparation to release oil reserves could help calm markets and ensure that oil prices, which have been dropping, don't climb again and anger consumers as U.S. elections approach.

A joint summit statement reflected how urgently the countries must contain a financial crisis that could spread from the eurozone to the United States and infect the rest of the global economy. They declared unanimity in ensuring that Greece, which is crippled in debt and politically gridlocked, remains as part of 17-member euro currency union.....snip~

http://news.yahoo.com/obama-g-8-recovery-takes-both-growth-cutting-195148580.html
Associated Press – 2 hrs 35 mins ago<<<<<

Ah.....some more insight into Obama's plan. He has them all agreeing to release national oil reserves if prices should begin to rise. As well all have agreed to keep Greece in the EU Blastzone. Once again I expect Obama will come to us with the dire warning of being on the brink and falling into the abyss again. I figure he will hit us with it around the beginning of Sept.


He has them all agreeing to release national oil reserves if prices should begin to rise.

I find it very interesting that Libs say adding supply won't lower the price of gas out of one side of their mouths, then claim Obama releasing national oil reserves will. Can anyone explain how that works?

[MMC]

I find it very interesting tha6t Libs say adding supply won't lower the price of gas out of one side of their mouths, then claim Obama releasing national oil reserves will. Can anyone explain how that works?

Thinking how a Democrat thinks......no telling. But then this morning Fitch downgraded Japan. Which afterwards they then said the EU was getting ready to be hit with a hard recession. Which could affect the Global Economy enough to push the US back into recession. Doesnt look like they will be able to contain that financial crisis they were talking about.

Which to me was all double talk. As the EU has been in recession, some in depression. Yet they would think by keeping gas prices low. That this will make it appears as if things isn't so bad.


Works with Obama's strategy to keep the issues focused upon other matters.

[Mainecoons]

You don't promote growth by diverting capital to parasitical, inefficient, counter-productive government.