02/26/09 Is the new U.S. president a Daily Reckoning reader?
In his first address to a joint session of Congress last night, President Obama said, “That day of reckoning has arrived, and the time to take charge of our future is here.”
Hmmmmn…if you missed it, you can catch the video here on our site. And let us know what you think – is Obama going to be able to make good with all of his promises, or is he just blowing smoke up the country’s collective you-know-what? You can leave your comments in the space provided underneath this post…
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paying for “health Insurance for all” will result in resources stretched thin, quality of service declines, delays in treatment and ever escalating costs. Just what we need. Welcome to British National health
Greetings,
With all due respect, I think Mr. Obama is “just talking.” His “change” is somewhere between the lines of the following quote from Giuseppe Tomasi di Lampedusa’s novel “Il Gattopardo” (“The Leopard”):
“If we wish everything stays the same, then everything has to change.”
Please refer to: http://thepresidentofrussia.blogspot.com/2009/02/what-is-obamas-change-really.html
Mr. Obama’s rhetoric reminds me of the television episode in which Gilligan dreams of being the dictator of a small country. In the dream, Gilligan stands on a balcony and utters to the cheering masses below: “Good people, I promise you this, that, and the other thing!”
Mr. Jhindal’s response struck me like Mister Rogers entertaining a roomful of pre-schoolers.
I am an adult. I have no patience for these fools and their childspeak.
Get the hell out of the way!
I think Obama totally reads Daily Reckoning! How can’t afford not to. He doesn’t have a clue about the economy sadly enough. He’ll need all the help he can get, and then some.
What you described, is exactly what we have now.
Whether one agrees with him or not, at least Obama is trying to address the critical issues of our time. The Republicans, in their time-honored tradition, simply repeat Nancy Reagan’s “Just say NO!” mantra, which makes them essentially useless.
Unfortunately, few people understand that at some point we get diminishing (or even negative) returns when we simply throw more money at perceived problems – this is true of health care, education, defense, drug wars and most of the other issues of the day.
I tried to sit through the address, hoping for some specific pearls of insight about future policy. But all I heard was “mellifluous oratory”, in Addison’s apt phrase, and promises of everything to everyone.
I gave up the ghost when he said Americans are “the hardest working people in the world.”. Hear that, Malaysian sweatshop worker? You are but a work-shy welfare queen compared to the dynamic American soccer mom. And no Indian subsistence farmer can hope to match the untiring work ethic of our prodigious UAW ubermenschen.
Seriously, what thinking person can sit through 10 minutes of this garbage?
We are so screwed.
If love is blind then optimism like this is just plain STUPID.
The American empire is dead…get used to it!
Yeah, he’ll make ‘US’ pay for everyone’s healthcare and do nothing about the INSURANCE companies that will continue to pocket the bulk of the monies paid into the healthcare system. ‘Change we can believe in.’ What a load of crap. He’s changing America right before our eyes and not for the better. Apparently bHo does not heed The Daily Reckoning.
“Day of reckoning” is not the same as “Daily Reckoning”, but close enough. Being not stupid, Obama knows about the reckoning that is almost here; and he knows that he is either contributing to the disaster or is powerless to prevent it, but, hey, “they” want it to happen. Anyway, I have read The Daily Reckoning articles almost every day for over seven years and love them, because you have been and continue to be right on. Thank you for your fearless warnings.
The most important part of the speech is that he talked about taking responsibility for our actions. Many people in our country from top to bottom are mired in the entitlement mentality. That needs to be flushed fast. I don’t know if we’ve been bonked over the heads enough times to get it – but personal responsibility better come into style. Fast.
The U.S. government is spending trillions apparently for two reasons (1) to pay off the national debt via inflated money and (2) to greatly reduce the U.S. living standard – via inflation – in order to compete with the low cost of Chinese labor.
He is blowing smoke up our collective you know whats. He is only going to make things worse.
For all those who complain about Obama’s speech and think it was garbage, who think the country’s screwed, who watch Fox and love Rush…. Please take your gold and silver and leave the country… We’ll manage to pull through without you!
Strange you never complained about eight years of Bush and the Republicans!
The President’s speech was eloquent (as usual), and it undoubtedly played very well to the majority of viewers. But the President and most viewers are pretty well without a clue.
Of course Obama is blowing smoke! For pitty sake, he doesn’t care what he says as long as he keeps his job. He is no different than Clinton in that respect. The big difference is he has no maneuvering on economic issues as the padding Clinton enjoyed is gone.
As far as blowing smoke—our president is a smoker. Need I say more
‘Bama is a snake oil salesman, and many people are still buying.
You are all wrong! BO is really a capitalist. He is setting the stage for a major IPO in the future. He said in his speech we (the government) need to invest in the future. The government will run everything (socialism). I want a piece of that IPO. The only good thing and with much sangfroid I am so happy that the Wall Street liberals that backed this jerk’s election by throwing him wads of money are getting what they deserve.
Just 50 years after FDR’s New Deal and look where we are! “They” gave the working man the chance to dream big – house, car, and retirement, only to take it away! They stripped us of our god-given rights to enjoy the fruits of our labor.
I don’t even feel safe in my own country! Obama is hoping to bring about a change, but what changes are they making?
Deception and lies = evil, so the change I would need to see must be overwhelming.
I’d love to know the percentage of taxes collected, I mean revenue – lol, that goes to their salaries, pensions and benefits.
I once believed people could make a difference, but I recently picked up the Bible and if people back then could put Jesus, a most kind and loving man, on a cross to die, what chance do we have! It seems when someone comes along who honestly wants to help mankind gov’t. only sees it as a threat and is eliminated.
We were once envied!
I was watching and thought that at anytime The Great Mogambo Guru (TGMG) would come scooting through on ex-VP Cheney’s inauguration wheelchair mumbling something about how “Daily Reckoning” is my trade mark . . . and how President Obama changed “HIS” version to “The Day of Reckoning” so that he could get around paying royalties . . . in GOLD no less. Then later I thought the German’s would love to be at the top of the car industry again since they invented the automobile.
Up to now, most of America especially the politicians, the top 10% were in denial. They know they’re in trouble, but fortunately the middle and poor class are taking the hits. They, the power that be, should be OK. Obama ‘reckoning’ is telling the top 10% their days of reckless fun is over. Come state of the union address in 2010, we will find out the response of the elite class. Are they going to help save the country, or are we going to see civil war. I think a little civil war is good for the country. Puts meat into the reckoning. Beside, Hollywood can make lots of violent movies out of it, and that’s good for the economy.
Obama’s speech is all talk. It was a good speech, but it aint doing nothig for me.
This all gets so dreary. So many crooks, so little time . . .
HI Kate,
I imagine it depends as to what you think about The Ozymandias ‘My Country Tis of Thee’ Parade: Why President Obama Went to Sign Stimulus Bill in Mile High City: Denver; but I could be wrong.
Lara
short fuse is HOT!
Obama didn’t even get “Beginning of the end’ right. It was ‘End of the beginning’ [Churchill/Alamein]
And we won’t reach the end of the beginning until there is a believable monetary system.
This man is a thinker who also knows how to talk. Too many people are blowing words out of their ideologue fantasies and forget who and what kind of leadership got us into this mess.
if obama – economic air head extraordinaire – reads the daily reckoning then it has done him little good.
i do believe that he reads gideon gono.
As a long term, near daily DR reader, I’m appalled at how FEW comments are posted here. Are there so few people who are capable of understanding economics and the real crisis at hand? Rome offered bread and circus to detract it’s citizens from important matters. America offers pizza and football or “Desperate Housewives”! About half the folks I work show a degree of understanding. The other half are “patriotic” and support these Presidential Programs without questions. As a reminder of another “stimulus” program, I keep a 1924 series 50,000,000 Mark German banknote. Around 1915 a 5 Mark silver coin weighed nearly an ounce! The problem with “those who fail to learn the lessons of history are doomed to repeat it” is that those lessons are seldom actually learned. It’s always different this time. Our nation seems to be guided by ill formed opinions, propaganda, and cheer leading. The problems occur when our parasite class, aka “leaders” feel their Ivy League educations and superior intellect will overcome any difficulty. Unfortunately they do not offer “Magic Cures 101″ at either Yale or Harvard. The result is we are led by blind people who cast themselves as having “vision”. Their followers should be better known as nearsighted lemmings.
Al Sledge
Some of Obama’s plans will not work. Reasons 1) Many people in the U.S. may not qualify for itemizing to take advantage of the tax credit. 2) There needs to be in place a plan so homeowners cannot take on a second mortgage without prior permission from the bank or financial institution that originally gave the first loan. 3) There was no mention to encourage people to save their money. It was all about stimulating the economy with credit. 4) A music chip should be given to all borrowers after they sign their documents asking for credit with the following old time song ‘Sixteen Tons’ by Tennessee Ernie Ford which refers to selling your soul to the company store.
Six months ago the Dems were criticizing the the expensive Bush stimulus efforts, chiding the Bush administration for running up the public debt. Now, they are ramming the same thing through-times three, with much pork, saying the wealthy will pay for it. I have news for the President. Capital will flee to more friendly shores and leave us all equally poor. Isn’t socialism great.
The reason Obama will “fail” has nothing to do with him personally. It is all about how far the American ruling class (the corporate elite who run medicine, real estate development, insurance, private education etc etc) will allow public funding to go. 800 billion seems like an awful lot, but really it has not yet truly threatened to break through the line in the sand beyond which the elite will allow public spending to go.
At some point (as in France, 1789, or Russia, 1917, or indeed America, 1776), the masses will rise up and say “we’ve had enough”…until that moment arrives, the elite are safe. But if the people take to the streets to riot against the obscene bonuses paid to Wall St Pied Pipers who have led us into the bubble until it spattered all around us, then and only then should the capitalist elite begin to worry.
He may be a reader but he’s certainly not a practitioner.
He’s a politician, he’s blowing his smoke as hope and hocus-pocus as change.
He may be able to hoax and poke all the country’s collective you-know-what some of the time, and some of the country’s collective you-know-what all the time, but he cannot fool all of the country’s collective you-know-what all the time.
Mr Obama is the brightest US-President ever, the best orator ever, entering the greatest financial mess ever…
Ergo…he’s using his talents to buy time, but I’m scared that he’s not a magician, as only such can go on stimulating the economy and lower the deficits at the same time, in the beginning of a long Kondratieff-winter.
Obama is starting to look desperate, was his repeated use of the word ‘confidence’ some kind of CIA brain washing experiment, if so it did not seem to be working, his not a 100 days old and already you get the feeling that his idea’s will end in failure.
Upfront – my apologies as I am not an educated man, nor do I appreciate the finer complexities of both economics and finacial markets – so my thoughts are broad and a little jumbled – but I think they reflect the growing mood of the frightened and concerned middle voice.
The problem with politicians is quite simple they are no better than estate agents or second hand car salesmen (their suits are more expensive / expenses bigger). I have watched as an outsider the various “Oversight hearings” – the biggest oversight is the lack of real intelligence, knowledge, understanding and creative rationalisation (it is truly an embarrasement and instead of instlling confidence makes one shudder in despair) – quite frankly as an African “looking in” I would have expected more from the leaders of America’s political leadership – they are no different from the self interest / lack of insight and real undertanding of new world challenges demonstrated by African leadership – they are a little more eloquent – but the lack of real understanding of todays complex world however is consistent. The analogy that can be drawn is that ALL POLITICIANS around the world have no idea how to manage “the glass when it is half fill” – instead their meddling almost inevitably results in the faster outflow of the remaining half. Only when the glass is emptied can real change begin -ala Zimbabwe.
Another thought is when politicians are either in oppossition or in Mr Obama’s case on the election trail – words, thoughts, ideas, expectations etc are easy – there is no real accountability and there is very limited real understanding of the “inner” mechanisms, obligations to both foreign Goverments and big Corporates – once in power however the “handcuffs” are fitted and the flexibility, accountabilities and the huge pressures of vested “interest Groups” curtail THE REAL CHANGE. I feel incredibly sorry for Mr Obama, I truly believe he is a man of honour, I believe he genuiely wants to ensure positive change but unfortunately your democracy will frustrate any “real” change.Perhaps Capitalism no longer serves the needs of our world – particularly if such a system of democracy enables people, such as those in your Congress and Senate to be elected to such high office and who clearly have limited vision, intellect and capacity to deal adequately with the challenges of today (as clearly apparent in your “Oversight hearings”)-perhaps then a “benevolent dictatorship” within which absolute accountability rests may indeed serve the “half glass scenario” we are currently faced with better? We as the people should also take some accountability for we ultimately elect these “jokers” – perhaps to have a vote you need to pass some “test” to ensure you really understand who and why you are voting for someone – not just because he looks good in a suit and on TV. It is unbelievable that Mugabe despite all he has and continues to do to his people that a siginificant portion of the population would still vote for him in an election – sure there is intimidation but there is sufficient support for him at ground level – he controls the media – he makes empty promises – he masterly redirects blame (sound fimilar?) – all of which ensures there are enough who believe he is the only way forward – it is tragic – but it is not so different in other parts of the world – the only differentce is in Zimbabwe’s case the half fill glass inherited by Mugabe is now empty – so real change is near. How much longer will Europe’s and America’s half filled glass last? Given the speed with “things” are changing in our world – added to which is the now well understood inter connectivity – not for long if real fundamental socio-political and economic/financial changes is not made soon – not a “bandage job” – real siginificant, material and substantial change.
Our future is dpendent upon finding sustainable long term solutions to a dynamic set of ever increasing variables (it is not just housing or credit – these are symptons of a much deeper cause) – the current global leadership seem increasingly unable to deal with these issues or articulate / understand them. We live in hope and fear on so many fronts – we need an integrated plan that may require material shifts to monetary policy, fiscal policy, socio-political order, value systems, consciousness, ethnics, manufacturing( the forgotten employment focus of the West), agriculuture, envoronment etc – the world has enough energy to supply the worlds needs FREE – we have enough food / capability to provide the worlds needs FREE. Perhaps what the world really needs is a realignment of our consciousness that aligns itself to a wider need for global co-creation – which would suggest a rapid evolution towards a “resource based” economy – realignment of manufacturing across the world so every country has the capacity to create employment – a single currency – energy and food to the world free – re-establish role models where a School Teacher is both as valued and respected as a Prof of Physics – where the people that day in and day out ensure your garbage is removed is as appreciated and respected for his invaluable service to the community as the local Doctor is – our current “role models” are all about money – a drug lord is envied and may become even more envied particularly by the younger generation because he has money and women – how screwed up is that?
Significant change at every level is needed (not just more liquidity for those that messed it all up anyway); that materially reorders our political-social world, our environment and financial world – the glass is half fill, but if we do not have such significant change now it will slowly continue to empty. The consequences are unimagable – social unrest, roiting, ethnic cleansing, complete failure of the social order, environmental disasters (more and more frequently) and the collapse of the “high street” finacial systems. All the collective leadership of our global village is doing is finding ways to protect vested interest and slow the leakage from the glass – the solutions are all short term with massive medium term significant downsides. I live in hope, but remain concerned for the future of my children – I hope leadership will emerge soon that will be able to show the courage, creative vision and executional will to create a future in which we can all enjoy the simple everyday values of life – it is not that complex if a real and clearly identified outcome is defined and understood – but unfortunately it may need the glass to empty some more – I hope quickly so that the new order / new consciousness can emerge and ensure for all a better more sustainable quality of the “simple life”!
It was a speech about the audacity of spending in the guise of hope. He says we were going to spend now and then later we will cut back. Great on painting a bright future but short on the plan of how to get there. US has got to go back to making things the rest of the world wants. This means reduce the size of government cut wasteful spending and investing in manufacturing. Go back to a manufacturing based economy.
Obama is still campaigning…just another empty suit politician spewing hot air…and he does do it so well.
BHO is just a place holder… or should I say the guy left with the bag.
More important question
What happened to the DR MESSAGE BOARD ???
Vegas Bob needs to wake up and smell the coffee. This president is just blowing smoke and it seems no one especially all you bleeding butt liberals will never admit that this Democratic Congress is responsible for this horrific mess we are in. And what does Nancy Reagan have to do with these problems or anything else for that matter? Time to accept the blame people!
Obama is just another politician unable to tell the truth and is blowing smoke. Who can trust a man who appoints an income tax evader to Secretary of the Treasury and almost succeeded in appointing another crook to his cabinet.
Obama is an ernest man who has little grasp of the huge mess he has stepped into. His measures (budget) are like generals fighting the last war.
Same-old will not work. When this becomes apparent, the question is how radical he will become.
I’m from Flawduh so I’ll just drift off topic and say this neo-capitalism stuff is easy.
1) Bail-outs are investments.
2) Throwing retards out the 100th floor window is financial protectionism.
3) Increasing spending is slashing spending.
Look up #3 if you don’t believe me. It’s in AP news: “Obama promises to slash spending by 2 trillion.”
What is he smoking? I gotta get some for my fellow employees here.
Obama has been blowing smoke since before the election and still it.
And the US taxpayer will suffer because of it.
I have been saying for some time let the auto manufactures go down – smaller, leaner and more profitable companies will emerge – they might even make cars that people would like to buy!
Let the poorly managed banks fail as well – leaner, more savvy banks will emerge from the ashes.
Everytime Big Government intervenes they screw things up so badly that the inevitable happen anyway – Just ask George Soros.
He does not want to revive the economy ,but build new foundations. THAT is in contradiction with his efforts to REVIVE BANKS ……..
I’d like to add a quote from the lecture by Dmitry Orlov “Social Collapse Best Practices”
(http://cluborlov.blogspot.com/2009/02/social-collapse-best-practices.html)
said about
It seems to me he nailed IT:
“Starting from the very general, what are the current macroeconomic
objectives, if you listen to the hot air coming out of Washington at the
moment? First: growth, of course! Getting the economy going. We learned
nothing from the last huge spike in commodity prices, so let’s just try it
again. That calls for economic stimulus, a.k.a. printing money. Let’s see
how high the prices go up this time. Maybe this time around we will
achieve
hyperinflation. Second: Stabilizing financial institutions: getting banks
lending – that’s important too. You see, we are just not in enough debt
yet, that’s our problem. We need more debt, and quickly! Third: jobs! We
need to create jobs. Low-wage jobs, of course, to replace all the
high-wage manufacturing jobs we’ve been shedding for decades now, and
replacing them with low-wage service sector jobs, mainly ones without any
job security or benefits. Right now, a lot of people could slow down the
rate at which they are sinking further into debt if they quit their jobs.
That is, their job is a net loss for them as individuals as well as for
the economy as a whole. But, of course, we need much more of that, and
quickly!”
I work in the public sector. I meet the unwashed dessins every day. Universal health care will destroy this country. There is a huge % of the population that does not care for them selves at all. If a hospital bills you $4 for one acetaminphen
http://www.jsonline.com/features/29447709.html
Then there is not enough $ in the US of A to keep everyone healthy.
I don’t know what Obama reads, but certainly not the Constitution. He stepped outside the bounds of the Constitution his first day in office. The Constitution says (Art. VI Sec. 2) that the Constitution is the “Supreme Law of the Land.” One who steps outside the bounds of the Constitution is, then, an outlaw.
We must get the outlaws out of government office.
Throwing money into a black hole, then raising taxes on those with capital is a real winner.
You can’t change anything by trying to fix the current system. The current system doesn’t work, that’s the whole problem and until that is addressed (Ron Paul had the right ideas), nothing Obama says or does will change anything.
What I find more important is that the links you provide on the DR website are all working which more often than not isn’t the case since the facelift. It is also more difficult to find stuff than it was before and it needs more clicks and page reloads to get where you want. But hey, the logo has some nice colouring now…
What I find more important is that the links you provide on the DR website are NOT all working which more often than not is the case since the facelift. It is also more difficult to find stuff than it was before and it needs more clicks and page reloads to get where you want. But hey, the logo has some nice colouring now…
How did we get here? We got here by having the majority of the sheoples who with a 3rd grader’s understanding of economics..or the english language for that matter, voting bHo into office and re-electing Nancy, Barney, Ted, et al. What pisses me off is that by the time I get to vote here in Texas my choices have been defined by the translucent skinned blue blood idiots in Iowa! Ron Paul has the right ideas but no one has the guts to put him in charge including or especially the liberal DemoRATS in House and Senate. Of course you fine people who read the DR excluded.
“Paying for “health Insurance for all” will result in resources stretched thin, quality of service declines, delays in treatment”
As opposed to “just flat out bankrupting & unaffordable” now? The “ever increasing costs” bit is pure fearmongering. Tell it to the Euopeans…
That’s the part about all this that cracks me up; socialized medicine has been a “qualified success,” and capitalist medicine a “raging failure” for decades now…but people want to act like the sky is falling. Do you seriously never travel or read the news beyond your local 3-county fishwrap?
Is it just me, or are some people bitter about Obama being elected President??? Weird…. Anyway, can you not wrap your pea-sized brains around the fundamental unsustainability of a nation that invests all of its resources into military wars of aggression while its people are bankrupted and relegated back to 3rd world living conditions???
Obama just got the job. He knows it’s a shambles; he knows Americans expect a miracle; and he is man enough to take it on; stand in front of the people; give them the bad news; little by little, day by day – so the ones with the pea sized brains can take it in – all this knowing that the really small brains will pin it on him while ignoring history.
Maybe he does read the Daily Reckoning as he is no ordinary dude. Now that he is Chief Pooba, checking out the looted treasury he must decide what to do and what to tell the dumb f%$#@!’s that pay the taxes.
Maybe the Reckoning should engage in Obama advice. Can you take the Empire of Debt; sift through the debris; and prevent the fall of the American Empire?
At least the man is a listener and currently has the ear.
You’ve heard of hot air…..good speakers are always full of this…particularly when they appeal to the needy and less able to comprehend mans’ pursuit of power.
I believe in judging the action rather than the words……cause they can be empty, particularly when they soothe………the public is mesmerized….I have been through a war and more…….I say, “show me the money”