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Thread: Yawn! Obama sworn in

   
   
       
  1. #1
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    Yawn! Obama sworn in

    25 Sept 2010 - Watch Obama's hidden smile.

    The President of sound bites.

    21st Jan 2009: Do not assess him on what he says. Assess him on what he does. Look at who he is appointing to help him in financial and economic affairs:

    Robert Rubin

    Lawrence Summers: Director of the U.S. National Economic Council.

    Timothy Geithner: U. S. Treasury Secretary.

    Gary Gensler: Chairman of the CFTC

    and Paul Volker
    All of them are linked to the Gold Price Suppression Scheme and are part the Financial Class - the big US Bankers. Except for Paul Volker, they were all responsible to a certain extent for the current economic mess the US is in.

    These appointments clearly shows that Obama is beholden to the big banks and will work to protect them from bankruptcy at the expense of the people.

    The US need to downsize by 50% and start climbing up again. The issue is whether he has the guts to put the US through cold-turkey and clean up their addiction to debt.


    Obama sworn as 44th US President, appeals for 'hope over fear' in address

    WASHINGTON, Jan 21 - Stepping into history as America's first black president, Barack Hussein Obama said in his inaugural address today that the nation must choose "hope over fear, unity of purpose over conflict and discord" to overcome the worst economic crisis since the Great Depression.

    In frigid temperatures, an exuberant crowd of more than a million packed the National Mall and parade route to celebrate Obama's inauguration in a high noon ceremony. Cheering and waving, spectators stretched from the inaugural platform at the US Capitol to the Lincoln Memorial far in the distance.

    With 11 million Americans out of work and trillions of dollars lost in the stock market's tumble, Obama emphasized that his biggest challenge is to repair the tattered economy left behind by outgoing President George W. Bush.

    "Our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed," Obama said in an undisguised shot at Bush administration policies. "Starting today, we must pick ourselves up, dust ourselves off and begin the work of remaking America."


    http://www.themalaysianinsider.com/i...ar-in-address-
    py

  2. #2
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    More Obama gabfest

    Text of President Barack Obama's inaugural address

    Posted by admin
    Wednesday, 21 January 2009 08:50

    Text of President Barack Obama's inaugural address on Tuesday, as delivered.

    ASSOCIATED PRESS

    OBAMA: My fellow citizens:

    I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.

    http://mt.m2day.org/2008/content/view/17110/84/

    ......

    Distracting the Rats from their current troubles while the banks, in collusion with the politicians, continue to rob the people.

    Obama parades to White House after historic oath


    Posted by admin
    Wednesday, 21 January 2009 08:21

    By Terence Hunt, Associated Press

    WASHINGTON — Stepping into history, Barack Hussein Obama grasped the reins of power as America's first black president on Tuesday, declaring the nation must choose "hope over fear, unity of purpose over conflict and discord" to overcome the worst economic crisis since the Great Depression.

    http://mt.m2day.org/2008/content/view/17109/84/
    py

  3. #3
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    Why Timothy Geithner is the wrong man for US Treasury Secretary

    The US Treasury Secretary is a very important post. To appointed a "known" Goldman Sachs man to the post is extremely dangerous for the US.

    http://jessescrossroadscafe.blogspot...omination.html
    py

  4. #4
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    Barack Obama's Inauguration Speech

    http://vodpod.com/watch/1299846-barack-obama-inauguration-speech

    Very well-presented and inspiring speech.

    The task ahead of him is horrendous. He has two choices:

    1. Continue bailing out the banks using tax-payer's money.
    This will prolong the problem and the pain from which it will take the US many years to recover.

    2. Follow the principles of the Austrian Economic Theory.
    Let the banks go bust.
    Stop the gold price manipulation. Allow gold and silver to find its natural level.
    Stop interfering in the financial markets.
    Take a big hit on the chin and start recovering within 2 years time.
    Meanwhile there will be severe economic dislocation with millions thrown out of work.
    There will be a huge drop in living standards. The income level of the Americans have to drop to a level where they can become competitive again. That means a drop in real wages.

    This is the price that has to be paid for decades of living off the rest of the world.
    py

  5. #5
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    Obama's Outlook over the next 2 years - he's in deep poo.

    Obama has what the Cantonese say "Ngam ngam kong tou" (Just arrived in time) ....to catch the poo that hit the fan.

    TIPS FROM AN OBAMA INSIDER ON THE NEXT 2 YEARS
    by Byron W. King

    The Inauguration is over. It’s PRESIDENT Obama now. So let’s get back to work. My plan was to do more portfolio updates. But huh? You didn’t get enough? You still want to talk about Tuesday’s festivities?

    Yes, the Inauguration was historic in many ways. It was definitely a blend of many things. There was classic Americana, with the Stars and Stripes snapping in the stiff breezes. There was the Army’s Old Guard unit marching to fife and drum, along with respectful references to George Washington and the Founding Fathers. Then there were elements of modern culture. We saw the now elderly veterans of the 1960s Civil Rights movement, as well as the more youthful proponents of hard environmentalism whose chief focus is climate change. There was even a “Green Inaugural Ball.”

    So we saw the old and the new. I think that’s a key theme of this administration. How much of each? That’s the big question. So stand by.

    Meanwhile, what else can we discern about the incoming Obama administration? I had a long talk with an old friend who is a self-described “rabid Democrat.” Let me rephrase that. He’s a rabid Democrat in the way that Pittsburgh Steelers team owner Dan Rooney is a rabid football partisan. This friend of mine loves his Democratic Party. Just as Mr. Rooney wants his Steelers to win the Super Bowl, this guy’s focus in life is for his political tribe to do what’s right for the country. This friend of mine is also privy to the inner circles of Democratic politics. He’s just plain plugged in. He’s on a first-name basis with many on Team Obama.

    So what’s on Obama’s plate? “Well, the first thing the new group has to do is stabilize the banking system,” he told me. “Things are still precarious with the banks. Liabilities exceed assets by a large margin. We will probably see more bank failures – small and even some large banks. That would hurt worldwide investor confidence and lead the stock markets down. We could test the old lows of last fall.

    This Democrat insider then got into other issues. “The housing crunch still has more rope to hang out, as well. A lot of the problem is isolated in a few states and regions of states – California, Arizona, southern Florida, the New York City metropolitan area, Massachusetts and a few other places. But it affects a lot of people. We’re dealing with populous, overbuilt places. We are also on the cusp of a lot of failures of government entities, from localities and school districts to counties. We’re going to have a lot of municipal bond defaults. We’re going to see municipal bankruptcies. Some large states are insolvent. California can’t meet payroll.

    And there’s more from this guy. “The next big wave will be that consumer spending dries up. This will lead to a failure of retail businesses all over the country. It’s going to be a huge unwinding. We spent the past 25 years spending more than we could afford. Now we as a nation have to pay some big bills. It’s time to save. It’s a good thing, in the big scheme, for people to save. But it’s going to put a lot of pain into the retail sector of the economy. We’ve overbuilt retail, and everything that goes with it. Too many stores. Too many buildings. Too much inventory. Too much shipping capacity. Too many containerships unloading too much stuff made in China and elsewhere. And a lot of people are going to lose jobs. I mean a lot of people. Everywhere.

    Here’s more from the Democrat insider. “The next two years are going to stink for the economy. Obama will face one financial crisis after another. He’s going to hate Wall Street. He’s going to hate bankers. Every time he turns around, the money people are going to be screwing him. He’ll try to fix one problem, and five more problems will spring up like weeds. (‘Only five?’ I asked.)

    The coming financial issues will test the ability of the legislative branch to act with integrity in the face of a media-driven clamor. States will be lining up to borrow money from the feds just to pay unemployment compensation, let alone to fund Medicaid and road maintenance. It will test the legal system as well. Expect more petty crime and a lot more bankruptcy. But fewer people will get divorced. Who can afford that anymore?

    “And think about the foreign policy issues that the financial crises will cause. Just think in terms that when U.S. prosperity declines, it takes the world down with it. The economic contraction is going to set some societies back by decades. Will people take that lying down? Or will they riot in the streets and burn down the capitol building? Expect a rash of failed states. We’ll be surprised at some of the names that fall off the map. Wow, we might look back and wish for the days when the world hated us just because we invaded Iraq. Now they’ll blame us for stealing their future.

    “The Republicans will make political hay out of it. Unless they are totally incompetent, which you can’t rule out. Democrats will probably lose seats in the House and Senate in the 2010 elections, as well as in state legislatures and governorships. But Obama will be working his own game of building consensus. He’s from a new generation of politician. He’s not nearly as in-your-face confrontational as the Democrats of the 1960s and 1970s era, the Kennedys and Waxmans and Barney Franks. Obama will build coalitions out of whomever he can get on board. You might not like him on issues like gun control or abortion, but you’ll deal with him on tax cuts and energy investment.


    So where do we go from here? Well, here’s my post-Inaugural advice. Build up some cash reserves. Got that? Hold Cash! Cash in the mattress. Cash in the bank. Certificates of deposit. Don’t try to get too fancy. Just save some cash where you can get hold of it in case you need it pronto.

    Next, buy precious metals like gold and silver. Bullion coins or bars are my favorites. But it never hurts to buy a few quality numismatic coins as well. Don’t get spooked out of precious metals if we see a price dip in the near to medium term. The dollar is in serious trouble, and eventually the precious metals will come back. Precious metals are a way of preserving your purchasing power over the long term.

    As for stocks, in the near future, we could see some severe market declines. Initially, this might look like large trading spikes up and down. Unless you are a serious trader, be careful about trying to “play” the swings. Don’t be afraid to sell any stock that makes you nervous. You have to be able to sleep at night.

    Until next we meet,

    Byron W. King
    for The Daily Reckoning
    py

  6. #6
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    Washington feels the whirlwind of change

    What matters is: Does he have the guts to chop the US Federal Reserve and the big banks?

    Washington feels the whirlwind of change

    WASHINGTON, Jan 24 — In his extraordinary first week in the Oval Office, President Barack Obama signalled his intention to return America to its place of moral leadership in the world and then proceeded to do something about it.

    By his second day in office

    Tuesday: One of the new President’s first acts was to suspend the Guantanamo Bay military tribunals for 120 days.

    Wednesday: Circulates plan to shut Guantanamo in a year. Orders pay freeze for senior

    White House staff. Orders restrictions on lobbyists. Opens government agencies to public scrutiny. Chairs economic and security briefings. Hosts “open house” at White House with Michelle Obama. Telephones Middle East leaders.

    Thursday: Orders the closure of Guantanamo in a year and a prisoner review. Also closes secret CIA prison network. Bans torture and rendition. Names the Middle East and Aghanistan/Pakistan envoys at event also attended by the Secretary of State, Hillary Clinton. Tours the White House press room.

    Friday: Lifts abortion funding restrictions. Meets Congress leaders on economic rescue package. Telephones Gordon Brown. — The Independent

    http://www.themalaysianinsider.com/i...wind-of-change
    py

  7. #7
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    Obama details recovery plan

    Obama details recovery plan

    WASHINGTON, Jan 25 – President Obama pressed aggressively for his massive economic recovery plan yesterday, laying out the most detailed benchmarks to date of a stimulus package that would cost at least $820 billion and warning that the nation’s economy could become dramatically worse without major federal investment.

    With Congress preparing to take up the stimulus bill this week, Obama described what he would do with a recovery package aimed at saving or creating as many as four million jobs.........

    The White House released a four-page report yesterday outlining spending priorities and accountability measures for the recovery package.

    Obama wants to double renewable energy capacity within three years, creating enough additional capacity to power six million homes, and he plans to leverage $100 billion to finance private-sector clean-energy initiatives.

    His plan also calls for an expansion of the child tax credit, which would provide a new tax cut to the families of more than 6 million children and increase the existing credit for the families of more than 10 million children......

    A bonus for businesses that would allow them to carry back their losses into taxes filed for the previous five years, which would produce a windfall..........

    The White House said it plans to spend at least 75 per cent of the stimulus package in the first 18 months after passage...

    ....... laying more than 3,000 miles of electric transmission lines; installing 40 million “smart” utility meters, which help control energy use, in US homes; and weatherproofing at least two million homes and 75 per cent of federal buildings.

    Major infrastructure investments include enhancing security at 90 major ports and modernising the nation’s water system by launching 1,300 wastewater projects, 380 drinking-water projects, and 1,000 rural water and sewer system projects.

    “This is not just a short-term programme to boost employment,” Obama said. “It’s one that will invest in our most important priorities – like energy and education, health care and a new infrastructure – that are necessary to keep us strong and competitive in the 21st century.”

    Education: renovating 10,000 schools and funding the shortfall in Pell Grants, which would increase college affordability for 7 million students.

    Providing access to quality pre-kindergarten programmes to an additional 350,000 children. Inject quick investments into programmes across priority areas identified during his presidential campaign and transition..........

    Plan for greater transparency, saying the proposal would include no earmarks and would be subject to oversight by an independent review panel. The administration said it would launch a web site, www.recovery.gov, which would tell citizens how the recovery funds are being spent.

    http://www.themalaysianinsider.com/i...recovery-plan-
    py

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    US Senate confirms Geithner as treasury secretary

    US Senate confirms Geithner as treasury secretary

    WASHINGTON, Jan 27 New York Federal Reserve Bank President Timothy Geithner won confirmation Monday as President Barack Obama's treasury secretary despite personal tax lapses that turned more than a third of the Senate against him. Obama immediately put him to work fixing an economy in "dangerous jeopardy."

    http://www.themalaysianinsider.com/i...sury-secretary
    py

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    The Goldman Sachs Merry-Go-Round

    Below are Goldman Sachs top executives migrating to control the financial sectors of the Govt:

    Timothy Geithner from Federal Reserve Bank of New York to US Treasury Secretary
    William C. Dudley from Goldman Sachs to Federal Reserve Bank of New York

    http://www.newyorkfed.org/aboutthefe...rt/dudley.html
    py

  10. #10
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    Dr Schoon predicts Obama is likely to fail

    Dr Schoon takes us back through history to understand the effect of the 1929 Depression. He talks about the Glass Steagall Act which was subsequently enacted to protect the financial system

    http://en.wikipedia.org/wiki/Glass-Steagall_Act, and
    http://www.investopedia.com/articles/03/071603.asp

    This safeguard was removed in 1999 and allowed the banks to merge with the commercial banks and insurance companies. This allowed them to draw on the savers deposits to undertake risky financial gambles. The collapse of the housing market triggered the financial troubles today.

    He goes on to say that the very people who were party to the financial excesses are now appointed by Obama to advice him on economics and finance. Therefore it is likely he will fail.

    Check out his cartoon of the Economy, the Titanic and the Life Rafts of Gold and Silver. That is what we call a mental model.

    He concludes by saying that the only protection for us is gold and silver.

    http://www.drschoon.com/articles%5CE...dAndSilver.pdf
    py

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