Can Obama Lead Us Out of the Coming Depression?

I agree that we are in for a very difficult time. This could be as bad as the Great Depression. What most people don't know is that subprime loans were just the first to fail. In about 2-3 months, prime loans will start to fail.

 

Obama will march us into a depression!

 

I pretty much agree but will add that his selection of treasury secretary and other cabinet post will make a big impact. We know Obama isn't an economic expert so he will need someone who is. What's even scarier is even the economic experts don't agree on a path to recovery.

Hank Paulson has no clue what he's doing so I hope the new treasury secretary decides we don't need to use that $700 Billion. That would be big if they decide to leave that money on the table.

 

We're not there...?

 

But it's not of his making. It's already started.

 

Nope Frank and company set us in that direction by fighting against regulation of Fannie Mae:

http://www.youtube.com/watch?v=_MGT_cSi7Rs


And if Obama initiates his mythical global warming policies he will drive us straight into a depression.

 

All the technical baloney and all blaming the politicians boils down to one fact. The origin of this mess is the many citizens of this country that think they are entitled to immediate lifestyle and wealth they cannot afford without saving, working, or using Biblical principles to manage money. Its like that commercial by Wentworth, where they shout, "I want my money, and I want it now." That is the standard for today. You know, maybe the Bible teaching us to care for others helps us as much as it does them. Its all about things, and not spiritual. You cannot build an economy on debt. The way to solve this problem is to take our eyes off ourselves, turn them to the Lord, and start worrying about something besides our self gratification.

 

By he time he takes the oath it will already be well set in. How can he them march us into it?

 

It takes time and space to turn a battleship around. It took time to to get the economy on the messy path it is on now and it will take time to turn it around. It isn't going to happen in a day, a week, or maybe even a year ... or maybe even longer than I will live. Obama did not set us on this course. I hope and pray and others can change it. But it will take co-opeation by both parties and I am not optimistic about that happening.

 

IMbama doesn't care about the economy or taxes except as a means to his ends of his particular vision of socialism for this country.

He will use the economic down turn as an opportunity to do away with 401k's and private pensions and put everyone into a government program.

He will use the economic down turn as an opportunity to do away with medical insurance and put everyone into a government program.

 

He can't, and posters like Old Regular know it. They just look for anything negative and find a way to blame it on Obama. If McCain had won, they would blame it on Clinton or some other democrat. After all, everything wrong with the United States is the fault of some democrat. :laugh:

 

I agree. The State of North Carolina is in serious trouble. Even the public Universities, Community Colleges, and Public Schools are being hurt by the economic crunch. It is really bad and I don't see it getting better just because Obama takes office.

What angers me is that the federal government, along with most state governments, will cut funds meant to help the people but will not cut their own funds. Need evidence? I bet you they spend millions on the inauguration for Obama and the various governors. They will throw money down the drain and then call on us to make sacrifices. If the public schools and community colleges, which are so important to local economies, have to suffer from major funding cuts then the fancy inauguration parties should be canceled. They should reduce things to a simple swearing in ceremony and speech. Then the new president, and governors, should get to work. I wonder if they will do that? I am not holding my breath.

 

We are not in a depression. That is foolish.

 

We will see, won't we?

Did you happen to read the entire sentence, including, 'by the time he takes the oath?'

 

Since when did you become an economist?

 

Excellent post. For someone who has lost their job, it is a depression now. Government statistics (what a joke) do not define the hardship those without work are experiencing.

 

No we're not in a depression yet! Just ask some of the real old timers - not very many left - who lived through it. But socialism - Obama's "great" ideas - will take us further and faster in that direction.

 

Based on your personal definition people have been in a depression every year of this country's existence. It doesn't help to take a broad economic definition and paint individual circumstances. People who lost jobs this year are no worse off than those who lost them two years ago or 10 years ago. It is always a difficult situation. And every year we hear of layoffs. This year is not special in that regard.

 

We need to permanently shut down vast portions of the federal, state, and local governments to cut taxes and release the funds to the private sector. Government doesn't create wealth - it consumes it - and it produces no goods and services of any real value that can not be more effectively done outside of government. It's business should be limited to only the very basics of enforcing justice and defending liberty against enemies. Even in these areas our government fails to do what is right and instead meddles in every aspect of our daily lives while tripping all over fundamental and Biblical principles of justice. Government is largely responsible for the present economic crisis through its social re-engineering ideas and its efforts to help now are worse than letting it take its natural course. Politicians use the fear of economic collapse and a string of empty promises to lure people into giving up their liberty and making them wards of the state.