Even Though We Got Here By Too Much Lending, Guess What? We Are Going to Lend Our Way Out of It!

This is all nuts. An excerpt from 60 Minutes interview tonight:

President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.” His remarks came in a ’60 Minutes’ interview in which he was pressed by an incredulous Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy. “You’re sitting here. And you’re – you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he’s sitting there just making jokes about money.’ How do you deal with – I mean: explain…” Kroft asks at one point. “Are you punch drunk?” Kroft says. “No, no. There’s gotta be a little gallows humor to get you through the day,” Obama says, with a laugh.

I would not want his job, and there are no easy answers right now, but there is something weird going on.

10 thoughts on “Even Though We Got Here By Too Much Lending, Guess What? We Are Going to Lend Our Way Out of It!

  1. An interesting read. I’ll tell you this. I know a lot of people that are scared. They are planting gardens and buying guns. And its not Obama, per se. The rules are changing everyday. How can you plan anything when business people wake up everyday and look to D.C.? People see that government won’t enforce the borders and won’t fix education. The educational system doesn’t teach children that we are a unique country based on eternal truths. If government won’t do the things it supposedly can do, but wastes time on trivialities, people become exasperated. I think we have reached the tipping point… where more people vote who don’t pay taxes than do pay taxes. Hopefully the things that made previous generations great run deep in us and we will pull out of it.

  2. True, Robert, this is about DC in general. Too many people looking for a daddy and a mommy. Sad that’s where we are.

  3. It´s no wonder the FED is spending trillions of dollars to bail out banks. Look at their website, the FED is not a government institution, it is a private institution that is owned completely by private US banks.

  4. Watch this movie, note: 2 hours long but worth watching.

    Of course you must have more liberal views to comprehend some things. 😉

  5. The year 2012 has been foretold by several of the earlier civilizations as the year that life as we know it will forever be changed. It is also the last year of Obama’s presidency. If there is a perfect storm brewing, and it most certainly seems to be the case, I wonder if those early civilizations knew something that we just can’t fathom. I also wonder if all those who voted for ‘change we can believe in’ are happy with what we are getting.

  6. The article attributed to David Kaiser is fraudulent. While compelling, it was not written by David Kaiser, PhD.
    Dr. Kaiser has made note of this fraud on his blog site at: http://historyunfolding.blogspot.com/.
    I believe in the greatness of this country and its founding principles. While the article is one man’s (fraudulent) opinion, it is an opinion nonetheless. But to attribute a fraudulent opinion to a respected historian totally discredits any argument that can be made in support of it. I’ve taught my children not to always believe what they read, see or hear unless they check the facts. As Ronald Reagan used to say, “Trust, but verify.”

  7. I think to focus on Obama chuckling once or twice in a television interview is a bit of an over-reaction. I think most clear-thinking people will see there is no maliciousness meant by it. This seems to be his natural style – and I find it interesting that Steve Kroft is not able to sense this.

    Besides, is it going to help the situation if we all put up our really, really, really serious faces when we discuss this? We are not talking life and death here, are we? Let us not forget there is more to life than just the economy.

  8. Etienne, my concern is that he seems nervous when he is usually very confident. My real concern is that may feel the problem is much worse than he is letting on. I don’t feel like we know everything. This is not blaming him, I simply think something is odd.

  9. I hope Im not the only one that sees the irony in a guy who posts fraudulent letters calling others blubbering boobs…

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