Mistake #1: Obama Gave Advice to Merkel During Debt Crisis… Mistake #2: She Took It
Posted by Jim Hoft on Tuesday, May 11, 2010, 9:41 AM
Chancellor Merkel’s first mistake was seeking economic advice from ACORN community organizer Barack Obama. Her second mistake was that she took it.
Barack Obama has tripled the national deficit in the United States in one year. He’s spent more money than any person in history. His socialist plans for America require more irresponsible spending. Barack Obama has seen the unemployment rate nearly double from the rate during the Bush years. And, despite concerns about spending from the public he is determined to spend more, tax more and punish the producers.
Today The New York Times reported that Merkel took economic advice from Barack Obama:
Weeks of hesitant half-steps to address Greece’s debt problems had only worsened market worries about the euro, and were threatening the still-fragile economic recoveries in the United States and Asia. Now, Mr. Obama told Mrs. Merkel that the Europeans needed an overwhelming financial rescue to end speculation that the euro — and European unity — could crumble.
“He was trying to convey that he knew these were politically difficult steps that the leaders there had to take, that he had gone through them as well,” said one senior administration official familiar with the conversation. “And that, from his experience, trying to get out ahead as much as possible was the right way to go.”
That call was part of what a senior Treasury Department official called “one long conversation” with European leaders, who over an extraordinary weekend of late nights and early mornings overcame German resistance and agreed to a wholesale expansion of the bloc’s political and financial mission. Bending the rules, they backed the stability of all 16 countries that use the euro with loan guarantees adding up to nearly $1 trillion.
Today we’re already seeing how well these decisions played out. The market is down over concerns that Europe can meet its debt obligations.
Reuters reported:
Excitement over the euro zone’s mammoth $1 trillion rescue package gave way on Tuesday to doubts whether its weakest economies can meet their end of the bargain and deliver drastic debt cuts, driving the euro and stocks lower.
Today’s lesson: Never seek economic advice from an ACORN organizer.
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Featured Story:
Busted!… Obama Headlined a DEMOCRAT SOCIALISTS OF AMERICA Event in 1996 **FLIER**
Published May 24, 2012 at 8:46 pm - 87 Comments
Betsy Ross commented:
cloward-piven….over-burden government budgets on purpose…..create crisis….blah-blah-blah….nobody cares…nobody wants to believe the obvious…
averagemelon commented:
What a joke. The savior of the world who never even held a damn job thinks he knows how to stop a crisis with our money.
This is beyond conceit and embarrassment.
What happen to all the thinkers?
Kevin P commented:
Isn’t the EU basically socialist? If Obama had to twist their arms to spend MORE – my gosh – where does that put him?
Corporal Vere commented:
Mistake #3: Merkel has Germany getting paid back before the US gets its $35 billion back. The IMF boondoggle is subordinated to the EU crapola.
And, the US taxpayer didn’t even get kissed.
Spider commented:
Just when I thought I heard it all…. another ‘topper’.
Doesn’t anybody realize this all has to be paid for?
Everyone is like GM, now… “we’ve repaid our debt to the American people in full, and early… but didn’t say it was from another pot of money provided by the American people.”
We’re all Grease now!
Militant Conservative commented:
We are looking at a total global collapse of the finacial markets soon. Better have your supplies laid in and a plan B and Plan C. powder is dry.
Flyover Sam commented:
Until I worked thru Luhmann’s systems theory, this stuff was equally maddening to me. Questions like: how can these politicians continue to run the economy into the ground like this? Don’t they know what this is certain to do?
Luhmann’s theories really helped me see that to the political subsystem, they simply do not register the relevance of economic issues; that’s the economic subsystem (which many of us here participate extensively within in our professions). Our language, issues, concerns, forecasts, etc. all fail to resonate within the political. It’s more than a lack of understanding: they simply do not think that way. To them, problems are defined and solutions found through the political system of meaning. Our alarms are nothing more than noise.
Think of it this way: toss out an issue at work on a cross-functional committee with a senior representative from HR, legal, audit, IT, finance, operations, etc. How often have you done this and had HR tell you the problem and the solution was a HR one, legal tell you it was a legal one, and so on? At least all of those folks tend to have a common denominator of corporate/capitalist semiotics.
Obama and the progressives have none of that. The meaning of the economy is what remains after they have exercised their political power. Nothing more, nothing less.
ProLifer commented:
It is all coming down. All we can do is prepare.
Andreas K. commented:
Merkel has been lying to the German people for years.
Yet she’s still the lesser evil. You should see the SPD, Green party and “Die Linke” (lit. “The Left”, they are the renamed SED, the party that once ruled Eastern Germany and butchered thousands.)
templar knight commented:
As usual the US taxpayer is left holding the bag. When are we ever..EVER..going to get someone in Washington who will put the interests of the US taxpayer first? I know, dumb question.
I suppose I have to agree with other commenters here. The entire House of Cards known as the fiat money system of the West and the parasites(socialists) who feed on it are about to come crashing down. Get prepared for a disaster of Biblical proportions!
Skinner commented:
Thanks for the insight Flyover – very well done.
Your outline describes the left view perfectly – one that is drilled into heads from Kindergarten.
I feel like a alien more each day in this stupid country.
ahem commented:
Read Frederic Bastiat’s essay:What is seen and what is not seen:
“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.
Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.”
JPL17 commented:
Today’s lesson: Never seek economic advice from an ACORN organizer.
Unless you need advice on how to keep your landlord from discovering the illegal alien underage girl prostitution ring you’re running from your appartment. On that subject they’re experts!
d_fitz commented:
Barry’s quest to push the USA into the abyss is almost complete. In a couple more years, we won’t have to worry about children being obese, we’ll worry about keeping them fed.
In Barry’s universe, the USA is inherently evil. He’s laying our heads on the chopping block to pay for all the worlds ills.
The Fourteenth Century, here we come.
aprilnovember811 commented:
I said to my husband this morning, that she is going to rue the day, she ever listened to that impostor. Her own country is going to turn on her. Don’t they remember Hitler? Obama is very much like him.
Spider commented:
Is that a Moby?
Don’t need hyperbole to make the points around here.
Bobbi commented:
she has no brains. doesn’t she have any economic advisors?
I thought the Senate was passing glass Steagall reinstatement in the form of the McCain-Cantwell amendment, which means bankruptcy reorganization of the US
John commented:
revenge of the grasshoppers – the ants are well and truly…
can’t wait for winter
bitterclinger commented:
I don’t get it. I see European cartoons that make fun of Teh Lightworker. We hear about Pravda, yes, Pravda! questioning what’s wrong with the US and how we could be so dumb as to follow their lead into communism and dire straits. Then, Angela Merkel, one of Barky’s biggest non-fans asks and takes his financial advice?
Jo commented:
She was afraid of being called a racist.
Truth Seeker commented:
I’ve come up with a new exchange program. We’ll trade any socialist from the U.S. for any European conservative. Let’s start with our President for the new UK president. I’m willing to take that chance at this point.
Truth Seeker commented:
Oops. I meant UK prime minister. My bad!
bobc commented:
One British newspaper said there were rumors of some in her party, of starting a coup!