Wikinvest Wire

Obamanomics meets the 2009 economy

Monday, November 17, 2008

From Tom Tolles at the Washington Post (nice job with the President-Elect's ears):
IMAGELast night on 60 Minutes, President-Elect Obama noted, "I think what is interesting is we have a consensus of conservative and Republican economists and liberal economists... we have to do whatever it takes to get the economy moving again -- spend money now and we shouldn't worry about the deficit short-term"

8 comments:

getyourselfconnected said...

"I think what is interesting is we have a consensus of conservative and Republican economists and liberal economists... we have to do whatever it takes to get economy moving again -- spend money now and we shouldn't worry about the deficit short-term"

I'm sorry but when was the point that anyone worried about deficits on a time frame? Let's hope thos conservative republican economists get off the Krugman-Keyes massive stimulus line of thinking.

Anonymous said...

Tell me what good would 'worrying about the deficit' do?

Think about that before you answer.

Anthony J. Alfidi said...

For the past thirty years we've been "not worrying about the deficit short-term," and the long term is about to catch up with us. :(

Corrigan said...

The last time we had a consensus between economists we had 700 billion of government waste.

If there's really a concensus..they should carefully review what they think they should do...and then do the exact opposite.

NicholsOnGold said...

The following is from my November 12th post on NicholsOnGold.com:

The United States Treasury and the Federal Reserve are throwing a trillion dollars, more or less, into the banking system. And, there’s surely much more to come.

It’s not only the U.S. monetary authorities pumping up the money supply. Their counterparts in every major economy - including the United Kingdom and the Euro zone, China, Russia, Japan and on and on - are doing likewise.

We have never - in the history of money - seen such an expansion in its supply without, after a period of time, a rapid deterioration in its value, in other words, without a rapid increase in the overall price level. More than any other factor influencing the gold market, it is the inevitable rise in price inflation that will propel gold skyward in the next few years.

Anonymous said...

Great. Hope 'n' change. Meaning, do the same things we've always done and hope the outcome changes.

Nostradamus, apparently said...

nicholsongold has it right from my perspective. Paper currencies will devalue due to the incredible excess supply being created.

As currencies devalue, prices inflate. With no gold standard this seems inevitable since there is literally nothing to stop central banks from "printing" more and more paper money to pay off the incredible debt levels.

Surely, no one truly believes that 'wealth' can be created that easily. If you came to a Monopoly game with your own Monopoly money printing press, the other players would leave the game.

That's the case right now. America's dollar is the 'reserve' currency and it thus has the printing press. The other players will eventually leave the game.

The problem I have with gold as an investment is that the timing has to be right. You have to buy low and sell high and, as with all investments, that's hard to get right since there is so much b.s. going on.

If a total collapse happens, gold won't do you much good since people will want food, clothing and shelter first.

If a total collapse doesn't happen and you don't get out of gold at the right time, I suspect THE MAN will rig the game so you don't come out as a billionaire for all your foresight.

I am cynical enough to believe THE MAN will simply take your gold in some way and leave you holding the bag, as usual.

The recent actions by Paulson simply confirm this cynicism for me. Remember, he wanted unfettered control of $700 billion with NO REVIEW WHATSOEVER. And, today, he's completely changed his mind. That doesn't make me comfortable at all. Sadly, Obama's people won't be any better.

Again, if you can time it right, gold is like any other investment. You can make a lot of money when things are this volatile. As always, though, you can also LOSE a lot of money that way.

Anonymous said...

Bailout 2008, a poem by David Jeffrey

Like a bloodied warrior,
laying broken and torn.

Like a dying soldier, hopeless and forlorn.

But the blood, it be green,
the color of money.

And the soldier is an economy,
and it is anything but funny.

Broken are it's people and shattered are their dreams.

Thanks to the ultra rich and their full proof schemes.

It is a tragedy with more pain to come.

Finance will be Hell, and their wills will be done.

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