President Obama: There is no Debt Crisis...

[The Captain]

news.yahoo.com/president-obama-no-debt-crisis-135606679--abc-news-politics.html

"We don't have an immediate crisis in terms of debt," President Obama said in an exclusive interview with George Stephanopoulos for "Good Morning America." "In fact, for the next 10 years, it's gonna be in a sustainable place."

So, what happens if this latest effort to reach a deficit agreement falls through? Once again, the president's answer was, essentially, no big deal.

"Ultimately, it may be that the differences are just too wide" to get a deal, President Obama said. "That won't create a crisis. It just means that we will have missed an opportunity."

WHEW!!! What a relief.  And here I was worried about increased taxes, reduced services, and pushing a punishing burden onto our children.  We have nothing to worry about at all...

"I am prepared to do some tough stuff. Neither side's gonna get 100 percent. That's what the American people are lookin' for. That's what's gonna be good for jobs. That's what's gonna be good for growth," President Obama said. "But ultimately, it may be that the differences are just too wide. It may be that ideologically, if their position is, 'We can't do any revenue,' or, 'We can only do revenue if we gut Medicare or gut Social Security or gut Medicaid' - if that's the position, then we're probably not gonna be able to get a deal."

And can someone please help me understand why he always has to use negatively emotion laden words when he's not getting his way?  I have not seen a single plan that "Guts" Social Security or Medicaid.  The level of fear mongering he lobbies at the Senior Citizens is disgusting.

[zibazinski]

He is so lazy which is why Pelosi and Reid run the country. You can see how well they do it, too! What would he say if he didn't have teleprompter? How about a nice game of golf?

[usaone]

There is no debt crises now. Down the road maybe but not in the next several years.

[Politically_Incorrect12]

Good thing he isn't a Republican President or the media would be all over him about flip-flopping and being out of touch. 

[Deleted]

I think someone needs to explain to Obama what "sustainable" means.

[sesfw]

IMO bho needs to be kicked out of office without his golden parachute. 

[zibazinski]

And his lifetime secret service protection. He's going to need it.

[jkapp]

That's interesting, because he and the other Democrats were complaining about Bush's unsustainable debt and spending five years ago, when the debt was a little over half what it is now.  What a goon...

[Phoenix84]

Well, at least we know he's in denial. 

I guess this goes to show that many politicans don't view the deficit and debt as a problem at all, and don't think that cutting spending in any way is necessary. 

[wyouser]

and if our "not an immediate debt problem" impacts our "dollar as reserve currency status?

[Deleted]

Great, Question!! wyouser.

I don't think it will happen very soon until we lose total confidence of the world.
There are no competing force in the world, so far as currency goes.

[wyouser]

Still, I wonder. China has currency deals with Russia, Japan Korea Germany Brazil Kuwait, Dubai, Saudi Arabia and some others. The ImF has kicked around some format based on a basket of currencies. Japan and India have a currency arrangement. All these alow transactions to be done between countries with out their having to convert their own currencies into dollars first. I think Stanberry has reported Catapillar has initiated bonds denominated in , I think, something baswed on the Chines Yuan as some investors are beginning to balk at bond issues based on dollars.  Our debt and our continued reserve currency status bear watching, I think.

[Deleted]

Debasing of the Dollar happened when we got off gold standard, that's what I think.
When Government free to spend  and borrow when they don't have enough on their hand.  
There's always  consequences of it's action.

Yes, its already happening in some degree. wyouser.

[deziloooooo]

Mar 13, 2013 14:05:14 GMT -5 zibazinski said:

He is so lazy which is why Pelosi and Reid run the country. You can see how well they do it, too! What would he say if he didn't have teleprompter? How about a nice game of golf?

Oooooh...the ole teleprompter  bitch is back...the Golf game too..., LOL.....so original...it would be neat to see something original from time to time...lordy , just can't wait to see when the family takes their next vacation....surprised some one hasn't yet come up with a cost of the trip to the Middle East..the cost of putting a Iron Dome battery at the airport in Israel ...just in case...

[deziloooooo]

Mar 13, 2013 16:30:38 GMT -5 sesfw said:

IMO bho needs to be kicked out of office without his golden parachute. 

Sorry...bho......??   Obama....??

[les63]

This is the first president in my generation that I loathe. I couldn't stand  Clinton but Obama I loathe. Go ahead and bring up disabled kids again and again you faker. Why don't you get off your keister and sponsor a bill that insurance companies in All states cover therapies for special needs kids? God forbid you do that. Gee, do that and I don't have to read threads on people trashing my kid who they say is taking away their typical kids education. Chicago trash. Quit using disabled kids in your arguments in balancing the budget you jerk.

[Virgil Showlion]

They say that if you make a lie outrageous enough, people will believe it. Human nature is to expect a little lying, and a little bending of the truth. Not a lot.

Your nation is bankrupt, Pres. Obama. It has been for nearly four years now.

Yes, it's an ordered dissolution, and yes your creditors are claiming your assets more slowly than one would expect during a bankruptcy, but you're bankrupt nevertheless.

Your debt is growing by double-digit percentages year over year. Even if you didn't add a single penny more, your could barely service the interest payments if interest rates approached the norm of 5%. Your GDP growth is next to nothing, and has been for six years. Your central bank is dumping 90 billion a month into the stock market and MBS purchases simply to prevent your investment banks from imploding. And your employment situation continues to deteriorate, the BLS's feeble attempts at fudging employment metrics notwithstanding.

So smile. Put on that happy face. Make it a nice, big lie. Nobody likes an inconvenient truth, and if Europe's politicians can smile like idiots and pretend Europe is on the fast track to glory, I see no reason why you can't do it too, sir.

[deziloooooo]

Mar 13, 2013 20:47:11 GMT -5 les63 said:

This is the first president in my generation that I loathe. I couldn't stand  Clinton but Obama I loathe. Go ahead and bring up disabled kids again and again you faker. Why don't you get off your keister and sponsor a bill that insurance companies in All states cover therapies for special needs kids? God forbid you do that. Gee, do that and I don't have to read threads on people trashing my kid who they say is taking away their typical kids education. Chicago trash. Quit using disabled kids in your arguments in balancing the budget you jerk.

Not knowing exactly what your referring to..I am assuming you have a child who is disabled ..{ I am sorry to hear that..} and am not happy with the amount of aid that the Federal Government spends on helping those with that kind of problem...

However, being a liberal , which I think most of us can agree Obama is, vs a conservative..and since it's the liberals who are the ones who seem to be the ones pushing programs to help those with problems...as some, many in fact , feel we can't afford..but these liberals push for them anyway...yet your upset with Obama ..who of all of them...the politicals..would be the one who would be the most likely to push for Federal help for your child..unless you think the current leadership and legislators on the right would be the ones who would do so...

I personally feel your barking at the wrong ones here...What ever legislation you would be looking for from the POTUS or the liberal side of the aisle..since it's usually the House who initiates these things..right now the House is controlled by... yep the right..the GOP..and it seems they are not passing or even interested in passing any spending bills of any kind ..in fact is interested in cutting..cutting ..cutting..and it's the bills you want to see passed they are most interested in cutting...anything that doesn't have a weapons system attached to it seems to be verbotem..thus again..methinks your barking at the wrong person...IMHO of course.

[djAdvocate]

Mar 13, 2013 14:05:14 GMT -5 zibazinski said:

He is so lazy which is why Pelosi and Reid run the country. You can see how well they do it, too! What would he say if he didn't have teleprompter? How about a nice game of golf?

the man is not lazy.  period.  i can come up with a list of 10-20 criticisms of him and that one would not be among(st?) them.

[djAdvocate]

Mar 13, 2013 20:47:11 GMT -5 les63 said:

This is the first president in my generation that I loathe.

i loathed Bush.  i can't imagine loathing a president more than i loathed him.  but i suppose that anything is possible.

[djAdvocate]

Mar 13, 2013 21:12:06 GMT -5 Virgil Showlion said:

They say that if you make a lie outrageous enough, people will believe it. Human nature is to expect a little lying, and a little bending of the truth. Not a lot.

Your nation is bankrupt, Pres. Obama. It has been for nearly four years now..

if taking in more than you make = bankruptcy then every nation, and most individuals on this planet have been bankrupt from time to time.

if debt is your standard, then Japan is approximately 2x as bankrupt as the US.

[djAdvocate]

Mar 13, 2013 19:37:50 GMT -5 deziloooooo said:

Mar 13, 2013 14:05:14 GMT -5 zibazinski said:

He is so lazy which is why Pelosi and Reid run the country. You can see how well they do it, too! What would he say if he didn't have teleprompter? How about a nice game of golf?

Oooooh...the ole teleprompter  bitch is back...the Golf game too..., LOL.....so original...it would be neat to see something original from time to time...lordy , just can't wait to see when the family takes their next vacation....surprised some one hasn't yet come up with a cost of the trip to the Middle East..the cost of putting a Iron Dome battery at the airport in Israel ...just in case...

seriously, dez.  posts like that make me more likely to support Obama.  there are legitimate criticisms of him that can be made.  his foreign policy is atrocious, imo.  the domestic surveyance thing is terrible.  and his enhanced use of drone strikes is reprehensible, imo.  but the man is not lazy, he believes that he has this nation's interests at heart, and he cares deeply for the common working individual, imo.  of these three things, only ONE is in common with Bush. 

[djAdvocate]

Mar 13, 2013 17:58:06 GMT -5 @snowbird said:

Debasing of the Dollar happened when we got off gold standard, that's what I think.
When Government free to spend  and borrow when they don't have enough on their hand.  
There's always  consequences of it's action.

Yes, its already happening in some degree. wyouser.

it is one thing to monetize an asset like gold.  it is another to monetize nothing.  that is where we are today.  monetizing nothing.

[djAdvocate]

Mar 13, 2013 16:22:44 GMT -5 @investorbob said:

I think someone needs to explain to Obama what "sustainable" means.

"declining in real terms" is my definition.  does that work for you?

[Deleted]

Mar 14, 2013 11:02:47 GMT -5 djAdvocate said:

Mar 13, 2013 17:58:06 GMT -5 @snowbird said:

Debasing of the Dollar happened when we got off gold standard, that's what I think.
When Government free to spend  and borrow when they don't have enough on their hand.  
There's always  consequences of it's action.

Yes, its already happening in some degree. wyouser.

it is one thing to monetize an asset like gold.  it is another to monetize nothing.  that is where we are today.  monetizing nothing.

Think about the trade deficits, DJP.

The End Of the "Fixed" Dollar

Gold War I - The "London Gold Pool" - 1961 to 1968

By the beginning of the 1960s, the $US 35 = 1 oz. Gold ratio was becoming more and more difficult to sustain. Gold demand was rising and U.S. Gold reserves were falling, both as a result of the ever increasing trade deficits which the U.S. continued to run with the rest of the world. Shortly after President Kennedy was Inaugurated in January 1961, and to combat this situation, newly-appointed Undersecretary of the Treasury Robert Roosa suggested that the U.S. and Europe should pool their Gold resources to prevent the private market price for Gold from exceeding the mandated rate of $US 35 per ounce. Acting on this suggestion, the Central Banks of the U.S., Britain, West Germany, France, Switzerland, Italy, Belgium, the Netherlands, and Luxembourg set up the "London Gold Pool" in early 1961.

The Pool came unstuck when the French, under Charles de Gaulle, reneged and began to send the Dollars earned by exporting to the U.S. back and demanding Gold rather than Treasury debt paper in return. Under the terms of the Bretton Woods Agreement signed in 1944, France was legally entitled to do this. The drain on U.S. Gold became acute, and the London Gold Pool folded in April 1968. But the demand for U.S. Gold did not abate.

By the end of the 1960s, the U.S. faced the stark choice of eliminating their trade deficits or revaluing the Dollar downwards against Gold to reflect the actual situation. President Nixon decided to do neither. Instead, he repudiated the international obligation of the U.S. to redeem its Dollar in Gold just as President Roosevelt had repudiated the domestic obligation in 1933. On August 15, 1971, Mr Nixon closed the "Gold Window". The last link between Gold and the Dollar was gone. The result was inevitable. In February 1973, the world's currencies "floated". By the end of 1974, Gold had soared from $35 to $195 an ounce.

[Mkitty is pro kitty]

Good thing he isn't a Republican President or the media would be all over him about flip-flopping and being out of touch.

No, if he were a Republican President, his puppet-master Vice-President would tell us "deficits don't matter" and Congress would rubber stamp anything he wanted.

[b2r]

President Barack Obama Confesses - I'm Lazy

[djAdvocate]

child of single mom and black dad becomes president.  yeah, that has lazy written all over it. 

[The Captain]

Mar 14, 2013 11:29:34 GMT -5 djAdvocate said:

child of single mom and black dad becomes president.  yeah, that has lazy written all over it. 

Umm, let's be a little more realistic.

The black dad was really pretty much absent from Obama's life (who by the way was alread married and had one kid before he married Obama's mom).  He was basically out of Obama's life before he was 1yo.  Obama's musings and reflections are on a man whom (by all accounts) never really had much to do with any of the three families he started. 

The mom remarried after about 3.5 years of her divorce.  She was a "single mom" until Obama was around 6.  He spent time overseas with his mom and stepdad living a life of privledge in a weathier neighborhood during some significant formative years (6-10).  He then mostly lived with his grandparents in Hawaii (at his mother's request to get a good education) and attended a private college preparatory school (his grandmother was a bank VP and paid part, he got a partial scholarship) from 5th grade through high school. 

He's pretty honest about partying hard the first few years of college.  He's only worked in industry for about 10 (half of that in various forms of public organzining) years having either been in school, taught school, or been in politics the rest of his life.

I don't deny that he is a now a hard worker.  I take exception to the attempt to paint his life as one of hardship, when in fact, it was more privildged than most Americans.  I will also say he is far from being in touch with the "normal" working man.

[Virgil Showlion]

Mar 14, 2013 13:04:11 GMT -5 The Captain said:

Mar 14, 2013 11:29:34 GMT -5 djAdvocate said:

child of single mom and black dad becomes president.  yeah, that has lazy written all over it. 

Umm, let's be a little more realistic.

The black dad was really pretty much absent from Obama's life (who by the way was alread married and had one kid before he married Obama's mom).  He was basically out of Obama's life before he was 1yo.  Obama's musings and reflections are on a man whom (by all accounts) never really had much to do with any of the three families he started. 

The mom remarried after about 3.5 years of her divorce.  She was a "single mom" until Obama was around 6.  He spent time overseas with his mom and stepdad living a life of privledge in a weathier neighborhood during some significant formative years (6-10).  He then mostly lived with his grandparents in Hawaii (at his mother's request to get a good education) and attended a private college preparatory school (his grandmother was a bank VP and paid part, he got a partial scholarship) from 5th grade through high school. 

He's pretty honest about partying hard the first few years of college.  He's only worked in industry for about 10 (half of that in various forms of public organzining) years having either been in school, taught school, or been in politics the rest of his life.

I don't deny that he is a now a hard worker.  I take exception to the attempt to paint his life as one of hardship, when in fact, it was more privildged than most Americans.  I will also say he is far from being in touch with the "normal" working man.

thecaptain: 1, DJ: 0

Round 2

FIGHT!