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Obama on US Debt

Obama: Too much debt could fuel double-dip recession – Reuters.com

Our Debt as it Stands Now – TreasuryDirect.gov

“‘It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,’ [President Obama] said.

Hello … The Democrats are the one’s with these outrageous policies, bailouts, massive government spending, health care expenditures, the very one’s looking to expand our debt way beyond where it is now. On top of that, President Obama himself has been a huge backer of these policies, fighting tooth and nail, as well as campaigning, to make sure they are passed.

Is he back-peddling now on all the spending? I mean I hope he is, don’t get me wrong, because we need to reverse this stuff or the economy is going to get even worse. I would applaud him for doing so. It just makes you wonder what the Chinese are saying to him on his trip behind the scenes, or if he’s just talking out of the other side of his mouth. And I wonder if what they are saying to him will make any impact, if they are making economic threats of some nature. Interesting development … just trying to make sense of all of this, because, well, it doesn’t.

Update:

Senate Health Bill Totals $849 Billion, CBO Estimates – FOXNews

Russia Today with Gerald Celente on the Economy

Gerald Celente discusses the current status of our economy with Russia Today. In posting this, it is not an attempt at fear-mongering, but simply to point out what needs to be heard so we elect leaders who know what they’re doing to get us out of this. Frankly, even most Republicans don’t seem to understand what to do either. As one guy said recently on a blog I read, “First we need to elect competent leaders who know how the machine of politics and economics works, and then we’ll talk about issues.”

Government Action Creating Larger Moral Hazard Than Before Crisis

Ambrose Evans-Pritchard on the Real Cause of the Crisis

Germany declares economic war

“… Banks did not cause this global crisis. Governments around the world caused the crisis by forcing down the price of credit (Greenspan, Bank of Japan, and ECB on short rates: China et al on long rates, by flooding the global bond market) far too low for many years, encouraging debt. Banks were the instruments, not the cause. That is an elementary point that many people … still fail to understand.” – Ambrose Evans-Pritchard

The Global Illicit Economy

Peter Schiff on Warren Buffett’s Assessment

Uncharted Waters

I’m just not sure why the FOMC (Federal Open Market Committee), after having been wrong on multiple assessments of the economy in the not so distant past, would be so quick to say we’re now on the fast -track to recovery when the stats and the history of past crises does not lend us that kind of optimistic conclusion. From Ambrose Evans-Pritchard (Archive):

Peter Schiff was Right and Saw it All Coming

Quite keen insight. He was laughed at by most of the people on these shows … “A prophet is not without honor except in his hometown and in his own household.” No one wanted to hear it. And articles like this really should make you take a step back and listen: Fiscal ruin of the Western world beckons … I’m starting to wonder if people really understand how bad off things really are.

Update 8.1.2009: and this prophetic warning from a proven trends forecaster does not bode well for the US … The Collapse of `09.

Why Isn’t the Stimulus Working? It Doesn’t Get at the $40-$70 Trillion of Leveraged Debt – Taleb

http://www.cnbc.com/id/31706523

How To Respond To The Economic Crisis

While there is a plethora of bad news that continues coming out concerning the economy, and the fog of  economic uncertainty (and in some cases dire certainty) continues to creep in amongst communities all over the country, something we believers need to make sure we’re doing is responding to these trials in a way that glorifies God. And using this as an opportunity to share the Gospel to those who don’t know Him.

Though things may certainly not get as bad as many of the top economists and investment advisers in the country are saying it will get, certainly people are already being impacted by job losses, monetary loss, all kinds of loss. Yet, it is in these very times that God’s power shines its brightest in our lives. The Gospel works great power in weakness. “My grace is sufficient for you, for my power is made perfect in weakness.” (2 Corinthians 12:9)

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