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You are correct dragon . The unprecedented levels of government debt are going to have two more negative effects upon the economy . The government's need to borrow ever larger amounts of money to finance its boondoggles will not only suck capital out of private markets where it could help to finance real growth , it will also drive up interest rates despite government's trying to keep them near zero , making everything more expensive . The huge level of government debt will also drive the value of the dollar down , as we are already beginning to see . Since we now import virtually everything that we use , a much weaker dollar will drive the price of all imports sky high , sucking all available cash out of the pockets of the American consumer that has not already been sucked out by the higher taxes that will be necessary to fund at least part of this government waste .

Let's not forget that the credit market dried up under the previous administration, the banking industry fell apart because of greed, all while the adminstration told us the "fundamentals of the economy were sound" up to a few days before we were told Wall Street was burning down, the banks were failing, and we were screwed if we didn't give them Billions!

The credit market has actually freed up some, and we don't need to go back to the days of borrowing 120% on homes that could depreciate tomorrow.

This is an opportunity to rebuild America! In order to have sound financial institutions, we must have a sound country, with an infrasture that is not falling apart and healthy citizens.

It is really sad to me that so many Americans seem to be fearful of everything, and have hope in nothing, they are ready to sit on their fronts porches, guns loaded, protecting whatever it is that that value most.

Had we had that attitude in 1776, we would not be celebrating our Independence today.

Happy fourth!

If we had been led by Bush and then Obama in 1776 , there never would have been a USA .

"If we had been led by Bush and then Obama in 1776 , there never would have been a USA . "
by Dirck

on those years there were not federal income tax

that is one of the taxes used to make the midle class poorer, and avoid the whealthy to pay taxesd

Will repeat what Charles wrote, Obama said it would get worse befor it got better, I dont know know why he has left so many foxes in the chicken house, congress sucks big time. its hard to watch CSPAN. how do we elect so many idiots? Obama is only one man, he just cant know every thing or do every thing I do belive he is trying to do the next right thing with all his heart and effort. I dont think bush wanted to skrew the country but i do belive he put no heart or effort into doing any thing to benefit us. I Will give Obama a chance.

If we had been led by Bush and then Obama in 1776 , there never would have been a USA .

posted by Dirck

But you have nothing personal against these men? What you suggest is that these men would have been bad for the country in any time. That the circumstances have nothing to do with how they would have govern. How is that not personal?

In 1776 we were led by slave owners, womanizers, adulterers, thieves and privateers. Today we call them founding fathers, and we honour them as great men. Perhaps they may not have been a USA as we know it. Perhaps it would still belong to the Indians.

I have no ill will toward our President but I think his understanding of the place of government in the lives of people is just plain wrong.

posted by Dragon70816

I believe if you read my last post in which I gave excerpts of the Presidents Jan 08, 2009 speech, you would note that he said exactly the same thing about governments role in peoples lives.

Dragon, it was the lack of oversight that got us into this mess. We took care of the rich, big tax cuts for the wealthy. Even though there were numerous reports about Madof, they were ignored, had someone being doing a bit oversigtht we might not save seen the ponzi schemes, the shenanigans of City Banks, and their likes.

What do you suggest? That we do nothing?

I don't mind paying my taxes, but I much prefer they go to infrasture and health care than starting pre-emptive wars of agression.

We saw contractors get rich, misuse, actually misplace millions of dollars, while our soldiers died in a bloody massacre, earning a pittance compared to what these theiving contractors did!

I support our President, that does not mean that I agree with everything he does, but I continue to believe that we will come out of this. We've done it before and we will again.

Charles the only thing that I have against Bush and Obama is that I think that they are incompetent leaders , that is not personal , that is a job performance rating .I find it very interesting that you are willing to slander and disparage the leaders of 1776 who actually accomplished so much and set this country up on the right track , and yet you jump to the defense of our current political hacks who have not done a single positive thing for this country every time anyone points out their failures .