Obama General Discussion, vol. 4

[Canadiens1131]

A lesson on banking for Philly courtesy of George Bailey in It's A Wonderful Life.

The Savings and Loan was over-leveraged.

Should have been more tightly regulated, INDY

 

[INDY500]

Should have been more tightly regulated, INDY

Again your knee-jerk reaction is a call for bigger more intrusive government.

No government meddling is needed when a simple company policy against nepotism will do the trick.

 

[BVS]

No government meddling is needed when a simple company policy against nepotism will do the trick.

And up until Obama came along companies were doing this. Up until then we could trust companies to regulate themselves, we could trust them not to cut corners, we could trust them to do the right thing. Right?

I miss the good ole days too. The days when corporations were people too...

 

[financeguy]

For an author who has specialised in giving us such graphic pictures of the "other" America, from its underbelly to its dark margins, has Barack Obama's bright new administration led to a change in his inner landscape, I ask, or even the outer landscape – the America he sees around him? "The world of American politics is more contentious than it has ever been in my lifetime," he says, in an explanation that sounds as much a description of his characters as the national psyche. "Obama's campaign was built on vilifying Bush republicans. Anything that starts out with hatred, contempt and vilification... I think America is just so in love with conflict. People could disengage from it in an instant, but we have an addiction to high levels of engagement with it that always keeps us in battles. It's a game we play."

Chuck Palahniuk: 'I shy away from non-consensual violence' - Features - Books - The Independent

 

[Moonlit_Angel]

Again your knee-jerk reaction is a call for bigger more intrusive government.

No government meddling is needed when a simple company policy against nepotism will do the trick.

Yes. That will clearly solve the problem.

Seriously?

 

[INDY500]

Seriously?

It's a movie !!

 

[anitram]

No doubt Mittens and the other Republicans will be lining up soon to thank Obama for the lower gas prices. Analysts are predicting they'll hit less than $3/gallon by the fall.

Since it was his fault that gas prices soared, must be now that it's a stunning achievement.

No?

 

[BVS]

Where is Mrs G?

 

[INDY500]

Average gas prices--January 26, 2009

Average gas prices--January 26, 2009

Regular gasoline/gallon $1.84

Just to put $3.44 in perspective.

 

[corianderstem]

That can't be right, can it? I know time moves fast, but I would swear on my .... uh .... my U2 bootleg collection that gas has not been that cheap since ... god, I can't even remember when it was below $2.50.

And here in the PNW, we're typically well above the national average. That chart says west coast $2.06 and even that seems unbelievable to me.

Do I just have a crappy memory? That was only 3 years ago and that just seems so ... well, wrong!

 

[Irvine511]

I have no idea. I spend most of my time in cabs or on airplanes.

 

[corianderstem]

Google to the rescue. Looks like here at the end of 2008 there were still a few Seattle area gas stations under $2, but by June our average was $2.80ish, so I'm not quite completely crazy!

I honestly thought it had been many more years since it had been below $2. Heh. I don't drive much, and therefore don't spend a lot on gas (plus have a small gas tank), so I just shrug and adjust at the increases. The sticker shock (or lack thereof) doesn't stick with me to pull out of my brain three years later.

 

[Jive Turkey]

It's a movie !!

You're right. No such thing as angels

 

[Jive Turkey]

That can't be right, can it? I know time moves fast, but I would swear on my .... uh .... my U2 bootleg collection that gas has not been that cheap since ... god, I can't even remember when it was below $2.50.

And here in the PNW, we're typically well above the national average. That chart says west coast $2.06 and even that seems unbelievable to me.

Do I just have a crappy memory? That was only 3 years ago and that just seems so ... well, wrong!

I bought my first car 10 years ago. Back then, for premium gasoline, it was 63 cents a litre. Now, I regularly pay around $1.35/litre (as high as $1.50) for premium. What kind of dogshit is that?

 

[ntalwar]

Average gas prices--January 26, 2009



Just to put $3.44 in perspective.

The Dow was also 8000 then (vs. 12.6k now). We were in the midst of a deflationary spiral brought on by the 2008 financial crisis.

 

[BVS]

Just to put $3.44 in perspective.

Your ability with contexts sucks.

 

[Diemen]

Your ability with contexts sucks.

I'm sure there's a better way to respond to his comment so that you're not just flat out insulting him.

 

[anitram]

SCOTUS has ruled:

The Supreme Court upheld the health care law today in a splintered, complex opinion that appears to give President Obama a major victory.

Basically. the justices said that while Congress may have overreached in part with the individual mandate -- the requirement that most Americans buy health insurance or pay a fine -- the provision is held constitutional as a tax.

Chief Justice John Roberts -- a conservative appointed by President George W. Bush -- provided the key vote to preserve the landmark health care law, which figures to be a major issue in Obama's re-election bid against Republican opponent Mitt Romney.

 

[BEAL]

So does this mean Bush elected an activist judge to the supreme court?

 

[deep]

The GOP-led House voted Thursday to hold Attorney General Eric Holder in contempt of Congress for failing to provide key information pertaining to Operation Fast and Furious, making Holder the first sitting Cabinet member to be held in contempt.

The vote was 255-67 with one lawmaker voting not present. Seventeen Democrats broke ranks to vote in favor of contempt, while two Republicans voted against the measure.

The vote was preceded by a heated floor debate.

Read more: House votes to hold Attorney General Holder in contempt of Congress | Fox News

this is pathetic and disgusting ( I could be wrong, but I seriously doubt it.)


17 Dems got down on their knees for the NRA

2 GOP, have backbones (or are retiring or something else)

 

[INDY500]

You're right. No such thing as angels

Actually there are.

and yes, IT'S A TV SHOW.

 

[INDY500]

The Dow was also 8000 then (vs. 12.6k now). We were in the midst of a deflationary spiral brought on by the 2008 financial crisis.

You're very right about that but couldn't a slowing economy also account for the recent drop in gas prices as well? Economic growth, jobs numbers, the Dow and consumer confidence numbers would certainly support that notion. There is certainly no Obama policy to explain it.

 

[mobvok]

Where is Mrs G?

Actually there are.

and yes, IT'S A TV SHOW.

The most disturbing implication I heard of Ben Bernanke's recent press conference was that because they were committed to a 2% inflation rate, when the economy begins to strongly recover/unemployment drops and gas prices, etc. begin to consequently rise simply because of pent up demand, Bernanke would squash it flat in the name of protecting creditors. We need to take care not to think that a 4% or 5% inflation rate for a year or two would be the end of the world.

 

[digitize]

You're very right about that but couldn't a slowing economy also account for the recent drop in gas prices as well? Economic growth, jobs numbers, the Dow and consumer confidence numbers would certainly support that notion. There is certainly no Obama policy to explain it.

Yes, exactly. Obama deserves next to no credit for either soaring or falling gas prices, other than whatever influence you may argue he's had on the economy. Just as Bush deserves next to no credit for the $4.12 average gas price in August of 2008 or the subsequent price crash, other than whatever influence you may argue he had on the economy.

 

[digitize]

The most disturbing implication I heard of Ben Bernanke's recent press conference was that because they were committed to a 2% inflation rate, when the economy begins to strongly recover/unemployment drops and gas prices, etc. begin to consequently rise simply because of pent up demand, Bernanke would squash it flat in the name of protecting creditors. We need to take care not to think that a 4% or 5% inflation rate for a year or two would be the end of the world.

Actually, I'd side with Bernake on that. 4 or 5 percent inflation for a couple of years, if fueled by high growth, isn't the end of the world. But growth that high is very scary in the developed world.

 

[mobvok]

Well, in this case it'd be catch-up, if the Fed allows it. There's a clear gap between the trend we were on and the trend we're on now, which represents lost economic potential given our present population, productivity and resources. Anything above that trend, of course, pull the brakes and sound the alarm and so forth.

The bigger point is, let's not define the "acceptable" level of inflation down to the microscopic levels currently known; as with any tool inflation can be quite useful if used properly and not to excess. The US economy has functioned well historically at the 4-5% range.

 

[Canadiens1131]

The bigger point is, let's not define the "acceptable" level of inflation down to the microscopic levels currently known; as with any tool inflation can be quite useful if used properly and not to excess. The US economy has functioned well historically at the 4-5% range.

Indeed. Like compound interest, it's like a knife: stab yourself in the chest or use it to prepare your dinner; your free choice.

 

[anitram]

The most disturbing implication I heard of Ben Bernanke's recent press conference was that because they were committed to a 2% inflation rate, when the economy begins to strongly recover/unemployment drops and gas prices, etc. begin to consequently rise simply because of pent up demand, Bernanke would squash it flat in the name of protecting creditors. We need to take care not to think that a 4% or 5% inflation rate for a year or two would be the end of the world.

This is a historical artifact. Most of these guys "running" our economy today were educated around or just after the 1970s crisis where inflation was through the roof. If you read Greenspan's book, basically the thing that he repeats ad nauseum is that we have to have a handle on inflation. They were almost indoctrinated into believing that any inflation past the 2-3% base inflation is unacceptable, must be immediately curtailed, or the world will end.

 

[ntalwar]

The Europeans are even more paranoid about inflation - the ECB is extremely hesitant to cut rates (unlike the Fed). They still have memories of the ravages of hyperinflation.

 

[ntalwar]

You're very right about that but couldn't a slowing economy also account for the recent drop in gas prices as well?

Yes - a global slowdown does account for a lot of the recent (non-ag) commodity price decline. China has cancelled many oil and coal shipments as an example. Increased domestic oil and natural gas production is also a factor.