November 13, 2010 - After a cheery morning of cruising headline news and watching a few videos, LARGE cup of coffe in hand, I came to a startling conclusion. Thank God that President Obama focused on healthcare. If he hadn't we would be in a triple dip deep depression with the world out to upstage us from what little financial strength we have left.
OH wait, it seems like we are in depression, now? With foreclosures at all time high, with people losing homes daily, with government's total inability to cope. Add to that, people getting ready to walkaway from homes en masse, much like is happening in Germany now as a protest. People in America are in personal financial crisis with bankruptcy filings at all time high in the states having highest foreclosure rates. We have banks on the brink of receivership, and banks are in deep trouble due to fraud - with $BILLIONS estimated to settle the score. Social security freezes threaten the health and well being of our seniors. Unemployment remains at huge levels; officially around 10%. With all unreported claims factored in, the unemploymnet rate is closer to a 25% unemployment rate, by some economists estimations.
This week I read: Embarrassment in Seoul - WSJ.com: the ending comments caught my eye -
"The Administration's dubious monetary theories also led it to waste valuable political energy pushing an unlikely deal with China to revalue the yuan (and devalue the dollar). Instead Mr. Obama could have argued for reforms to China's capital account that would do some genuine good. China's exchange rate by itself has not contributed to global imbalances, but China's capital-account regulations have.
In particular, the fact that Beijing sterilizes capital inflows and recycles them into U.S. government debt instead of allowing capital to enter and exit more freely contributes to a global misallocation of resources. Mr. Geithner is too busy focusing on the exchange rate to notice, let alone to respond to Beijing's complaints about U.S. monetary instability by challenging China to liberalize its own capital account.
The world also rejected Mr. Geithner's high-profile call for a 4% limit on a nation's trade surplus or deficit, which would amount to new political controls on trade and capital flows. This contradicts at least three decades of U.S. policy advice against national barriers to the flow of money and goods. We don't like to see U.S. Treasury Secretaries so completely shot down by the rest of the world, except when they are so clearly misguided."
If President Obama had focused more energy and attention on the economy instead of healthcare - we would be in even worse shape. It seems the harder we try, the be-hinder we get. Most people in the United States know that healthcare costs are going to be the next bomb to our economic recovery and not the CURE-ALL the President is hoping for. WE will lose qualified doctors and that is happening already. If Obama and Geithner are so far wrong economically(according to the world) do you think MORE attention to the economy would have been a good thing?