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Bank of America Corporation Message Board

  • mikestarfish mikestarfish Oct 8, 2013 10:36 PM Flag

    READ THIS!!! OF COURSE IT'S A BUBBLE!!!! 5 Trillion added in 5 years

    Obama is 100% wrong!!! When he took office he talked about America having to make sacrifices and endure some hardship to see it through the economic crisis instead he is just adding to problems for future generations to handle. The national debt was $10.626 trillion on President Bush's last day in office, which coincided with President Obama's first day. The debt is now $16 trillion dollars and now exceeds 100% of the nation's GDP, the total value of goods and services. Both parties know that this is not sustainable. Obama also is spinning the debt ceiliing talks saying extending the ceiling does not mean adding more debt??? #$%$? Are you serious how can you blantantly lie to the country??? All this QE - loose money has just made a giant stock market bubble to replace the housing bubble and is destined to end in a deep depression unless they pump even more money into a flailing economy. Obama has killed capitalism as the US is now a government engineered economy -- that is not capitalism. Let the free market do it's work and find the real value of housing, assets, commodities based on real demand unhindered by governement intervention.

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    • You neglect that the 2009 budget was a Bush budget. The first year of any presidents term has the budget from the former president since the fiscal year for the government runs from Oct 1st. The Bush budget for 2009 had 1.3 trillion in added debt. Therefore add the 1.3 trillion to the 10.626 before you start crediting Obama for debt. 11.9 trillion is where you start the Obama debt. Note that this year the deficit is down to 800 billion a great improvement from the last Bush deficit.
      No the debt is not sustainable. We need to collect more money so we can pay it down. There is only one real way to reduce debt and that is to pay it. To do that you have to collect more taxes than you spend. We can not run a 21st century economy on 1950s tax revenues.
      Our companies are making record profits which are not being spent. There is a lot of cash not going back in to the economy. The stock market is a reflection of those profits not government policy. Obama has not killed capitalism. It is doing quite well as these record profits prove. The economy is not engineered. We have a regulated capitalism because the conditions that Adam Smith set forth for Capitalism to thrive are no longer being met. Mergers and the absence of anti trust action have allowed oligopolies and monopolies to form not so much in this administrations term but over the last 30 years that has severely reduced competition which is a prime requisite for capitalism. The free market was doing it's work when you had the junk bond failures during the Reagan administration and the same thing done during the Bush administration with mortgages and derivatives being the vehicle instead of company bonds. It was deregulation that let this happen. There was no invisible hand to keep these abuses from occurring.

    • Obama promised you change and dope. Well, you (who voted for this ape) got what you asked or aksed? for...

      In other news the PPS is up AH.

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