Chef Jim Posted November 12, 2009 Share Posted November 12, 2009 We got nuthin' And this is a good thing. It's actually the best thing I've heard him say since taking office. And I really hope what comes from this forum is the private sector saying "and you should continue to do nothing." Jobs will come back, as I've mentioned, they always do. They are the laggingist (?) of the lagging indicators. The economy has to show stronger signs of improvement before people start spending again. People have spent the past year or so spending down their credit cards but we all know that a good majority of them once they've paid them down will just pull them out again. Once that happens and companies see good solid bottom lines for a couple of quarters they will begin hiring. That's the wasy it always goes. Please....don't do anything. Link to comment Share on other sites More sharing options...
Magox Posted November 12, 2009 Share Posted November 12, 2009 We got nuthin' And this is a good thing. It's actually the best thing I've heard him say since taking office. And I really hope what comes from this forum is the private sector saying "and you should continue to do nothing." Jobs will come back, as I've mentioned, they always do. They are the laggingist (?) of the lagging indicators. The economy has to show stronger signs of improvement before people start spending again. People have spent the past year or so spending down their credit cards but we all know that a good majority of them once they've paid them down will just pull them out again. Once that happens and companies see good solid bottom lines for a couple of quarters they will begin hiring. That's the wasy it always goes. Please....don't do anything. I saw his speech today, and I have to tell you, it had to be one of the least substantive speeches regarding the economy, that I've heard in a very long time. Link to comment Share on other sites More sharing options...
Chef Jim Posted November 12, 2009 Author Share Posted November 12, 2009 I saw his speech today, and I have to tell you, it had to be one of the least substantive speeches regarding the economy, that I've heard in a very long time. I saw it too and thought "you made people wait (he was late as usual) for that?" Link to comment Share on other sites More sharing options...
Magox Posted November 12, 2009 Share Posted November 12, 2009 I saw it too and thought "you made people wait (he was late as usual) for that?" Man, he looked dejected. He looked as if he was thinking "Guys, I'm really really trying, I really really don't know why all this spending isn't working." That's what I got out of it Link to comment Share on other sites More sharing options...
GG Posted November 12, 2009 Share Posted November 12, 2009 Didn't see or hear the speech, but let me guess - We will raise taxes, we will raise regulations, we will maintain trade barriers, we will make it easier for unions to form and organize. Why aren't you guys hiring? Is that the gist? Link to comment Share on other sites More sharing options...
IDBillzFan Posted November 12, 2009 Share Posted November 12, 2009 From ABC News: "The jobs conference will include chief executives from around the country, economists, non-profits and representatives from labor unions. The president said he’s open to hearing “any good idea” to stimulate job growth and incentivize employers to start hiring again." Dear President, Let us save you the trouble of having yet another meeting to discuss something for which you have no experience to successfully address. 1) Stop telling people who are earning over $250K (you know...small business owners) that they are going to pay for every goddam liberal program that pops out of your ass. 2) Stop spending, and cancel what's left of the Recovery Act. 3) Cut taxes across the board. Give people their money back. You can not fake your way through this with another failed bill that will only make things look better for a brief moment in time. 4) Stop thinking that having labor union representatives as consultants to job growth is a good idea. That would be a good start. Link to comment Share on other sites More sharing options...
Chef Jim Posted November 12, 2009 Author Share Posted November 12, 2009 Didn't see or hear the speech, but let me guess - We will raise taxes, we will raise regulations, we will maintain trade barriers, we will make it easier for unions to form and organize. Why aren't you guys hiring? Is that the gist? No, literally it was "We've got nuthin'" The shortest speech I've ever seen him make. It was almost like he had too much bran for breakfast and had to go. Link to comment Share on other sites More sharing options...
Magox Posted November 12, 2009 Share Posted November 12, 2009 Looks like he's got some explaining to do in Asia http://www.bloomberg.com/apps/news?pid=206...id=a1S_5nNfZ9WM Barack Obama sure has lots to discuss on his maiden voyage to Asia as U.S. president. Yet all this is just conversation compared with the real issue on Asia’s mind: a wobbly dollar that’s putting the region’s money at risk. Think of this trip as a visit to America’s banker, and an unpleasant one. Asia wants assurances that the U.S. can repay its fast-mounting debt and prevent a dollar crash. The reality dawning on Asia is that Obama can’t offer them such a pledge -- not with U.S. borrowing so out of control. Dollar anxiety is reaching a fever pitch. It’s sucking the life out of key issues pertaining to the future, and it’s time to do something about it. Asia needs a plan to scrap its dollar addiction, and it can start in Singapore this week. Let’s dispense with the fiction that the annual Asia- Pacific Economic Cooperation group summit will achieve much. Trade frictions are rising, the U.S. is mired in recession, Japan is experiencing deflation and big pacts on climate change or denuclearizing North Korea are non-starters. In 2009, Asia’s currency-reserve arms race is mostly about risk. The wisdom of amassing huge dollar stockpiles was once clear enough. It was about walling off economies in times of turmoil and not having to go hat-in-hand to the International Monetary Fund. Now Asia is trapped. The IMF crystallized the problem recently when it said the dollar is still overvalued. Considering the U.S.’s debt load, near-zero interest rates and rising unemployment, the currency is clearly too strong. A weaker dollar makes sense and it’s what the global economy needs. Asia must deal with it. Asia doesn’t have a policy infrastructure to oversee such an effort. Japanese Prime Minister Yukio Hatoyama’s desire for an Asian version of the European Union is great -- it’s just a decade or more away. APEC is still an opportunity to pave the way for Asia to repatriate trillions of dollars and stop being America’s financier. It won’t be easy and, chances are, Treasury Secretary Timothy Geithner would respond coolly. Yet the money could be used to deepen Asian bond markets and finance better roads, bridges, ports and power grids. It could fund vitally needed improvements in education and health care. Just as Asia needs to stop parking its savings in the U.S., the biggest economy must learn to live without Asia’s money. It would force the U.S. to live within its means. Ya right Yes, this is a farfetched idea. And there’s no widely accepted way to go about the process. The point is that we need to get radical if we are going to reduce financial imbalances. In Asia, that means letting currencies strengthen and the dollar weaken. Few things would do more to stabilize markets than this shift playing out in a smooth way. We can wait until the dollar collapses and Asian central banks rush for the exits. Or we can devise a transparent process to avoid such a scenario. It may not happen without an Asian version of the “Plaza Accord,” the 1985 agreement to weaken the U.S. dollar against the yen. Why would South Korea or Thailand wean themselves off dollars if China won’t? Mere talk of Asia selling its Treasury holdings could spook markets. Then again, so could signs Asian central banks are increasingly buying real assets, such as gold or other commodities. In that sense, the process of Asia diversifying away from the dollar is already getting under way. That also goes for rumblings in China, Russia and the Gulf states about finding a new reserve currency. One of the most common suggestions is to expand the use of the International Monetary Fund’s so-called special drawing rights. Perhaps Asian central banks could talk with the IMF about creating some kind of currency-reserve sales rights managed through the lender. The mechanism here is almost less important than the stated goal. This issue will require a lot of brainstorming to pull off without roiling markets. Global imbalances will continue to fester unless drastic measures are taken. When Obama arrives in Tokyo tomorrow, he can expect to get an earful about the dollar. He should expect the same in Singapore, Beijing and Seoul. Such chatter will take place behind closed doors, and officials will try to claim currencies weren’t discussed. But, come on -- no issue is more germane to Asia’s outlook, both economically and fiscally. It’s time to do something about it. Link to comment Share on other sites More sharing options...
IDBillzFan Posted November 12, 2009 Share Posted November 12, 2009 The reality dawning on Asia is that Obama can’t offer them such a pledge -- not with U.S. borrowing so out of control. I know this is irrelevant, but after reading this, all I can see is Obama on the phone yelling "No, no. Asian Dawn. Asian Dawn." Link to comment Share on other sites More sharing options...
BillsFan-4-Ever Posted November 12, 2009 Share Posted November 12, 2009 the markets are up for companies, banks and entrepreneurs where are the jobs from the people cashing in ?? Link to comment Share on other sites More sharing options...
IDBillzFan Posted November 12, 2009 Share Posted November 12, 2009 the markets are up. where are the jobs form the people cashing in ?? That's awesome. Link to comment Share on other sites More sharing options...
Chef Jim Posted November 12, 2009 Author Share Posted November 12, 2009 That's awesome. If by awesome you mean incoherently stupid I'm with ya. Link to comment Share on other sites More sharing options...
KD in CA Posted November 12, 2009 Share Posted November 12, 2009 the markets are up for companies, banks and entrepreneurs where are the jobs from the people cashing in ?? Uhhhhh.....please tell me this post was satire. Link to comment Share on other sites More sharing options...
Magox Posted November 12, 2009 Share Posted November 12, 2009 Uhhhhh.....please tell me this post was satire. hold on, let me conduct a poll of 150,000 respondents, and then I'll get back to you Link to comment Share on other sites More sharing options...
keepthefaith Posted November 12, 2009 Share Posted November 12, 2009 Looks like he's got some explaining to do in Asia http://www.bloomberg.com/apps/news?pid=206...id=a1S_5nNfZ9WM Barack Obama sure has lots to discuss on his maiden voyage to Asia as U.S. president. Yet all this is just conversation compared with the real issue on Asia’s mind: a wobbly dollar that’s putting the region’s money at risk. Think of this trip as a visit to America’s banker, and an unpleasant one. Asia wants assurances that the U.S. can repay its fast-mounting debt and prevent a dollar crash. The reality dawning on Asia is that Obama can’t offer them such a pledge -- not with U.S. borrowing so out of control. Dollar anxiety is reaching a fever pitch. It’s sucking the life out of key issues pertaining to the future, and it’s time to do something about it. Asia needs a plan to scrap its dollar addiction, and it can start in Singapore this week. Let’s dispense with the fiction that the annual Asia- Pacific Economic Cooperation group summit will achieve much. Trade frictions are rising, the U.S. is mired in recession, Japan is experiencing deflation and big pacts on climate change or denuclearizing North Korea are non-starters. In 2009, Asia’s currency-reserve arms race is mostly about risk. The wisdom of amassing huge dollar stockpiles was once clear enough. It was about walling off economies in times of turmoil and not having to go hat-in-hand to the International Monetary Fund. Now Asia is trapped. The IMF crystallized the problem recently when it said the dollar is still overvalued. Considering the U.S.’s debt load, near-zero interest rates and rising unemployment, the currency is clearly too strong. A weaker dollar makes sense and it’s what the global economy needs. Asia must deal with it. Asia doesn’t have a policy infrastructure to oversee such an effort. Japanese Prime Minister Yukio Hatoyama’s desire for an Asian version of the European Union is great -- it’s just a decade or more away. APEC is still an opportunity to pave the way for Asia to repatriate trillions of dollars and stop being America’s financier. It won’t be easy and, chances are, Treasury Secretary Timothy Geithner would respond coolly. Yet the money could be used to deepen Asian bond markets and finance better roads, bridges, ports and power grids. It could fund vitally needed improvements in education and health care. Just as Asia needs to stop parking its savings in the U.S., the biggest economy must learn to live without Asia’s money. It would force the U.S. to live within its means. Ya right Yes, this is a farfetched idea. And there’s no widely accepted way to go about the process. The point is that we need to get radical if we are going to reduce financial imbalances. In Asia, that means letting currencies strengthen and the dollar weaken. Few things would do more to stabilize markets than this shift playing out in a smooth way. We can wait until the dollar collapses and Asian central banks rush for the exits. Or we can devise a transparent process to avoid such a scenario. It may not happen without an Asian version of the “Plaza Accord,” the 1985 agreement to weaken the U.S. dollar against the yen. Why would South Korea or Thailand wean themselves off dollars if China won’t? Mere talk of Asia selling its Treasury holdings could spook markets. Then again, so could signs Asian central banks are increasingly buying real assets, such as gold or other commodities. In that sense, the process of Asia diversifying away from the dollar is already getting under way. That also goes for rumblings in China, Russia and the Gulf states about finding a new reserve currency. One of the most common suggestions is to expand the use of the International Monetary Fund’s so-called special drawing rights. Perhaps Asian central banks could talk with the IMF about creating some kind of currency-reserve sales rights managed through the lender. The mechanism here is almost less important than the stated goal. This issue will require a lot of brainstorming to pull off without roiling markets. Global imbalances will continue to fester unless drastic measures are taken. When Obama arrives in Tokyo tomorrow, he can expect to get an earful about the dollar. He should expect the same in Singapore, Beijing and Seoul. Such chatter will take place behind closed doors, and officials will try to claim currencies weren’t discussed. But, come on -- no issue is more germane to Asia’s outlook, both economically and fiscally. It’s time to do something about it. So Americans screaming about too much spending will be saved by the Chinese if they tell Barack no more cash. Maybe we can get Acorn to register the Chinese people so they can vote in our elections. Acorn needs cash and the Republicans need more votes. Link to comment Share on other sites More sharing options...
Magox Posted November 12, 2009 Share Posted November 12, 2009 So Americans screaming about too much spending will be saved by the Chinese if they tell Barack no more cash. Maybe we can get Acorn to register the Chinese people so they can vote in our elections. Acorn needs cash and the Republicans need more votes. You know how you can entice Acorn and its voters? Free ice cream Link to comment Share on other sites More sharing options...
Chef Jim Posted November 12, 2009 Author Share Posted November 12, 2009 You know how you can entice Acorn and its voters? Free ice cream What's your point? That'd work wonders for me. Link to comment Share on other sites More sharing options...
GG Posted November 12, 2009 Share Posted November 12, 2009 What's your point? That'd work wonders for me. Yeah, but then imagine free ice cream that tastes just as good, but doesn't make you fat. Link to comment Share on other sites More sharing options...
Chef Jim Posted November 12, 2009 Author Share Posted November 12, 2009 Yeah, but then imagine free ice cream that tastes just as good, but doesn't make you fat. Well then I know you're with ACORN because you're full of ****. Link to comment Share on other sites More sharing options...
GG Posted November 12, 2009 Share Posted November 12, 2009 Well then I know you're with ACORN because you're full of ****. No. I'm just trying to rationalize the healthcare bill. Link to comment Share on other sites More sharing options...
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