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Dobbs: Our leaders have squandered our wealth

Discussion in 'Political Zone' started by jterrell, Jan 23, 2008.

  1. jterrell

    jterrell Penguinite

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    http://www.cnn.com/2008/US/01/22/Dobbs.January23/index.html

    NEW YORK (CNN) -- President Bush's assurances that we'll all be "just fine" if he and Congress can work out an economic stimulus package seem a little hollow this morning.

    Much like Federal Reserve Board Chairman Ben Bernanke's assurances last May that the subprime mortgage meltdown would be contained and not affect the broader economy. And it seems Treasury Secretary Henry Paulson has spent most of the past year trying to influence Chinese economic policy rather than setting the direction of U.S. economic policy.

    There is no question that Bush, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid will quickly come up with an economic stimulus package simply because they can no longer ignore our economic and financial crisis. That economic stimulus plan will amount to about 1 percent of our nation's gross domestic product, an estimated $150 billion.

    But all of us should recognize that the stimulus package will be inadequate to drive sustainable growth in our $13 trillion economy. An emergency Fed rate cut and an economic stimulus plan are short-term responses to our complex economic problems, nothing more than bandages for a hemorrhaging economy.

    Bush, Pelosi, Reid and the presidential candidates of both parties have an opportunity now, and I believe an obligation, to adjust the public policy mistakes of the past quarter-century that have led to this crisis. And only through courageous policy decisions will we be able to steer this nation's economy away from the brink of outright disaster.

    We all have to acknowledge that our problems were in part brought on by the failure of our government to regulate the institutions and markets that are now in crisis. The irresponsible fiscal policies of the past decade have led to a national debt that amounts to $9 trillion. The irresponsible so-called free trade policies of Democratic and Republican administrations over the past three decades have produced a trade debt that now amounts to more than $6 trillion, and that debt is rising faster than our national debt. All of which is contributing to the plunge in the value of the U.S. dollar.

    At precisely the point in our history in which this nation has become ever more dependent on foreign producers for everything from clothing to computers to technology to energy, our weakened dollar is making the price of an ever-increasing number of imported goods even more expensive.

    All Americans will soon have to face a bitter and now obvious truth: Our national, political and economic leaders have squandered this nation's wealth, and the price of this profligacy is enormous, and the bill has just come due for all of us.

    Bernanke endorsed the concept of a short-term economic stimulus package, but he cautioned that the money must be spent correctly: "You'd hope that [consumers] would spend it on things that are domestically produced so that the spending power doesn't go elsewhere."

    Just what would you have us spend it on? The truth is that consumers spend most of their money on foreign imports, and any stimulus package probably would be stimulating foreign economies rather than our own. Imports, for example, account for 92 percent of our non-athletic footwear, 92 percent of audio video equipment, 89 percent of our luggage and 73 percent of power tools. In fact, between 1997 and 2006, only five of the 114 industries examined in a U.S. Business and Industry Council report gained market share against import competition.

    And let's be honest and straightforward, as I hope our president and the candidates for president will be: This stimulus will not prevent a recession. It may ease the pain for millions of Americans, but a recession we will have. The question is how deep, how prolonged and how painful will it be. Unfortunately, we're about to find out how committed and capable our national leaders are at mitigating that pain and producing realistic policy decisions for this nation that now stands at the brink.
  2. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    it does get old to see one side from someone *every* time.

    bush is the anti-christ
    hillary can walk on water

    i know before reading what i will read based off past history.
  3. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    Well personally I think both Hillary and Bush are terrible.

    However it does not change the idea that we are not exactly looking good financially. We are in debt up to our eyeballs to a country that really does not have our best interest.
  4. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    can't argue with that. i backed bush as a president as i will hillary if she wins. but once you've proven beyond a shadow of a doubt who you are - it's kinda game over.

    i have no faith in bush these days and the things i hold against other candidates and people i must apply to him - so it's not pretty. that's why i've been saying these days a hillary president would be out of the frying pan and into the fire.
  5. jterrell

    jterrell Penguinite

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    ice,
    I didn't write the article and what exactly does it have to do with Hillary?

    Bill Clinton's NAFTA is complicit in this situation.

    We hemorrhage money period to other countries. We spend more than we make, we send more money out then we bring in, we produce next to nothing here in America.

    This isn't a slam directly on Bush, it is a slam on Reagenomics, Supply side, laissez-faire crap.
  6. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    it has nothing to do with hillary - but everything to do with "jt's world as i see it - let me slam someone w/o trying to understand deeper the 'why's' on some but yet i will allow for people i like'.

    bush is a liar and that's evil.

    hillary is a liar but she's effective. (yet to be proven - you yourself said she's only got a failed healthcare attempt under her belt)
  7. jterrell

    jterrell Penguinite

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    Ice, this is a flat lie. The kind of lie that is supposedly unacceptable....

    I did not characterize Hillary as having only a failed healthcare plan under her belt, I stated clearly then clarified that is all that gets attacked. No one is attacking her proven record in fighting for children and women's rights for 30+ years. No one is attacking her record as Senator or her legal career or any other area of her very public life. Ignoring my take here is disingenuous and well, lying. Please do stop.

    Especially if you are going to harp on it for others.

    Again, this post isn't about Bush.
    It is about a type of economic theory.
    Further I am not the author, Lou Dobbs is.

    My worldview is very consistent, yours is very fear and loathing in Las Vegas....

    If you want to debate the economics behind this post let's do so. If you are hung up on politicians take that to a thread about those politicians. I'd welcome any examinations of the last two administrations to offer comparisons and contrasts in style and effectiveness.
  8. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    but i thought lying was ok if effective. right? don't you allow hillary to lie and it's ok because she can get things done?

    if i was wrong, that's another matter but many people fail to make that connection.

    your worldview is consistant - my way or you're wrong.

    you're right, i'm not that way.
  9. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    And that is what we have become as voters.

    Willing to look one way or the other for whichever party we follow.

    If we don't follow one of the top two then we either look for the lesser of two evils or we make a personal statement by voting indie or just not voting.

    We have learned to accept that lying, backstabbing, being shady, eating your own and other negative aspects can be lived with because it has become the norm.

    I know I keep harping on it but it truly is pathetic. We deserve much better, but at the same time we deserve what we get because they know the majority will vote for one of them.

    :mad:
  10. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    i'm right there with you on this bp. i know we've not always agreed in the past and sometimes rather - um...loudly? but i'm ashamed at what we have running for office on all sides, not just one. i'm ashamed we take this as 'ok' now and simply play 'i'm a better liar than you' games and it's so disheartening to hear ANYONE defend it.

    i'd have to think many early presidents are turning over in their grave that we as *americans* can't get past that and have allowed our government to become what it is. no telling what they do when they see people defend it.
  11. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    Man I tell you I am in one of those rant and rave moods.:laugh2:

    So here goes another.

    Think of this.

    No one questions that liberals are more for social programs which means in essence it is bigger government giving out money to people.

    Now Clinton flat out told the people when he was running that we needed to raise taxes and it was gonna hurt some but it would make things better as far as the deficit went.

    In a way I think many people seen him as a type of JFK with this maneuver. The old...don't ask what your country can do for you, ask what you can do for your country. It even hearkens back to WWII when the people were asked to sacrifice metal items for the war effort..that women would have to get jobs and so on.

    We did get the deficit in order and we actually got a surplus. Now think of this...how much MORE would we have gained if many of those taxes were not sent out to wasteful government programs. It is staggering to think of the surplus we could have achieved if we would have set that money back for other areas.

    Now the republicans are supposed to be for limited government. For fiscal responsibility yet We had Ronny spending money out the wazoo for the cold war, star wars and such. We have W who spends more money than many liberals. We also have W seemingly wanting more government in control of people instead of smaller government.

    So no matter the label it would appear that both parties are going for more money and bigger government. At the very least we should expect this from liberals as they have never shied away from that premise. I think we should expect differently from conservatives in that area. Yet I doubt many of us do any more.

    Two parties who tell us they have opposite views on spending money and big government...yet they both seem to gravitate towards the same thing.

    How many elections/election years have you heard the tried and true mantras of we need a change and we need to look to the future...yet every time we wind up getting the same results.

    Just irks me...rant rave growl fire burn.:laugh2:
  12. iceberg

    iceberg detoxed...part 2 Zone Supporter

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    JT, lose ya? is it ok to lie if you get what you're after and are "effective"?

    that was something i thought you said so no, i was not lying. was i wrong? apparantely but you didn't ask for clarification did you? you just called me a liar cause we're having this discussion.

    is being wrong a lie now? seems like it's a lie if you want it to be and that's that.

    and again, YOU said it's ok to lie IF effective. if i'm wrong in what you said, by all means...clarify. but it does get old to see your own standards twist to any latest need.

    i can see why you're infatuated with hillary.
  13. jterrell

    jterrell Penguinite

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    BP, the option is obvious: VOTE HILLARY!!!!

    ROFL!

    Seriously, who do you trust? The guy who did balance the budget and was very moderate with his taxes/spending or the party who has SPENT MORE MONEY. Yea, they may toss out a tax cut but that is all so the next guy can cover their spending for them.

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