Archive for the ‘Politics’ Category

Economist: US collapse driven by ‘fraud’

Saturday, April 18th, 2009

Economist: US collapse driven by ‘fraud’; Geithner covering up bank insolvency.
In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance.

But worse still, said Black, Timothy Geithner, President Barack Obama’s Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America’s financial insolvency from its citizens.
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Obama’s New Tack: Blaming Bush

Monday, March 16th, 2009

In his inaugural address, President Obama proclaimed “an end to the petty grievances and false promises, the recriminations and worn-out dogmas that for far too long have strangled our politics.”
It hasn’t taken long for the recriminations to return — or for the Obama administration to begin talking about the unwelcome “inheritance” of its predecessor.

Over the past month, Obama has reminded the public at every turn that he is facing problems “inherited” from the Bush administration, using increasingly bracing language to describe the challenges his administration is up against. The “deepening economic crisis” that the president described six days after taking office became “a big mess” in remarks this month to graduating police cadets in Columbus, Ohio.

“By any measure,” he said during a March 4 event calling for government-contracting reform, “my administration has inherited a fiscal disaster.”

Obama’s more frequent and acid reminders that former president George W. Bush left behind a trillion-dollar budget deficit, a 14-month recession and a broken financial system have come at the same time Republicans have ramped up criticism that the current president’s policies are compounding the nation’s economic problems.

Obama had initially been content to leave partisan defense strategy to his proxies, but as the fiscal picture has continued to darken, he has appeared more willing to risk his image as a politician who is above petty partisanship to personally remind the public of Bush’s legacy.

His approval ratings remain strong — above 60 percent, according to the most recent Gallup poll — but have dropped from their highs almost entirely because of falling support among Republicans since he took office.
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Democrats to Obama: Hurry up and fix the economy

Thursday, March 12th, 2009

Some Democrats are increasingly concerned about President Obama’s $787 billion financial fix for the ailing economy, and are demanding greater transparency on further spending.
With the White House seemingly comparing the nation’s economy to a house on fire, some congressional Democrats are asking, where’s the fire truck?

One New Hampshire congresswoman said as much to Treasury Secretary Tim Geithner on Capitol Hill recently.

“I said, hurry, please hurry, because people are waiting and they are hurting, and they need the help now,” Rep. Carol Shea-Porter, D-New Hampshire, said.

She’s one of a growing number of nervous Democrats on edge or at odds with some of the Obama’s administration’s plans on the economy. Some are taking aim at the president’s budget proposals that would curb popular tax deductions for wealthier Americans. Video Watch more on why some Democrats are nervous
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