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Obama Pushes New Export Initiative
By Darlene Superville, Associated Press Writer
Manufacturing.Net - March 11, 2010

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WASHINGTON (AP) -- President Barack Obama sought Thursday to put some detail behind his lofty drive to double U.S. exports over the next five years, calling the effort imperative to putting people back to work. But doubts remain about how many net jobs his trade agenda will create -- and how he will get it done.

In a speech to the Export-Import Bank conference, Obama outlined steps to flesh out his trade initiative. Among them: creating a mini-Cabinet of officials to focus on exports, seeking more financing to support trade efforts, beefing up enforcement of existing trade deals and pushing for the completion of stalled ones.

"We shouldn't assume that our leadership is guaranteed," Obama said. "When other markets are growing, and other nations are competing, we've got to get even better. We need to secure our companies a level playing field. We need to guarantee American workers a fair shake. In other words, we need to up our game."

Obama's trade pitch ties directly to the top concerns of Americans -- the bleeding of jobs from the U.S. He promised in his State of the Union address that doubling trade over the next five years will support 2 million American jobs, a pledge he repeated Thursday. But that's a complicated matter.

Experts say potential jobs from more exports can be negated by job losses resulting from increased reliance on products from abroad. What's more, it is Obama's own Democratic Party, backed by its union supporters, that has led opposition to stalled trade-expansion pacts with South Korea, Colombia and Panama.

When Obama says that doubling exports will "support" 2 million jobs, he means it will create 2 million additional jobs, the White House said. That is based on an assessment of how many jobs are supported by foreign demand for the goods and services that the United States exports.

Obama sought to reframe the debate about trade. He said the average American doesn't see it as a means toward jobs or cheaper goods, but rather as a source of blame for shuttered plants and deteriorating communities.

"You can't blame them for feeling that way," he said. "Other countries haven't always played by the same set of rules. America hasn't always enforced our trade rights, or made sure that the benefits of trade are broadly shared. And we haven't always done enough to help our workers adapt to a changing world."

Still, he added: "We've got to compete in the global marketplace. Because it's never been as important an opportunity for America."

Under Obama's multitiered trade plan, a new mini-Cabinet of leaders from relevant Cabinet agencies, such as the departments of Commerce, State, and Agriculture, will keep export promotion as a priority. Obama also re-established the President's Export Council, a presidential advisory committee on international trade, and named two prominent business leaders to lead it. They are Jim McNerney, president and CEO of The Boeing Co., and Xerox Co. CEO Ursula Burns.

More broadly, Obama is promising to increase financing and advocacy for American businesses to "locate, set up shop and win" in new markets. His plan promises to get tougher in ensuring that U.S. companies have fair access to those markets, and to streamline export procedures without diminishing security.

Business groups and pro-trade Republicans are waiting to see if Obama translates his words into actions, but achieving a doubling of exports, assuming some consistency in the global economy and currency exchange rates, is certainly possible. Exports of goods and services nearly doubled in the 1990s, and nearly doubled again more recently, going from about $1 trillion in 2003 to more than $1.8 trillion in 2008, according to the Census Bureau Foreign Trade Division.

Resistance to free trade deals runs deep among many Democrats, who contend they have contributed to a loss of jobs in this country while not doing enough to protect worker rights and the environment in the partner country. Specifically, there's opposition to trade deals with Colombia because of violence against labor leaders there, Panama because of its status as a tax haven and South Korea because of its restrictions on U.S. beef and auto imports.

Obama must negotiate through all of that, while also showing leadership in the long-stalled, so-called "Doha round" of global trade talks.

"Our success is my by no means guaranteed," he said. "But if we summon a sense of national purpose equal to the seriousness of these times; if we combine our creativity, our innovation, and our eternal optimism; if we come together in common cause as we have so many times before -- then we will succeed."

Associated Press writer Ben Feller contributed to this story.


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double exports?  3/11/2010 11:26:00 AM
after O(bummer) finishes destroying the private sector there won't be any to export. don't you have to have something to export in order to double it? typical of a "intellectual" all theory, no substance.
Obama Pushes New Export Initiative  3/11/2010 11:31:00 AM
How about he butts out of business and just worries about keep our borders safe while building roads and bridges? The man has no business sense.
Exports by decree  3/11/2010 11:31:00 AM
This seems to be another situation where the administration says, "If I decree it, so it shall be." What policies or incentives will change to make our products more attractive overseas? (Other than Dollar devaluation.)
New Export Initiative...  3/11/2010 11:31:00 AM
The only thing we have here to export to countries whose labor cost is 1/10 of ours is food. Maybe if we keep that here we can feed our homeless and out of work voters!
Obama Export Inititative  3/11/2010 11:32:00 AM
This idea is counterproductive to taxing domestic businesses at higher rate to make them less competitive. Read Healthcare and free union organizing, and cap and trade inititiatives that burden business. Acluistic in the WH. Could use at least one, that's 1 cabinet person with an iota of business background rather than all political socialists for advice. The US economy runs on consumers. With 17 million unemployed private sector workers, that's 17% reduction in consumers. Basing our economy on keeping government jobs, and increasing government jobs doe is a high negative facotr on productivity and consumer freedom to purchase. Teh day of all government workers and no private sector is not Utopia as the WH thinks.
"Obama Pushes"  3/11/2010 11:33:00 AM
Obama can push all he wants, but someday he will learn that pushing on one end of a limp string has little impact on the opposite end. Foreign demand is the only way to increase exports and if the U.S. cost is higher than the manufacturers in foreign countries, then nothing will change. What a load of s#!t -- another waste of taxpayers money!
Export "Initiative"  3/11/2010 11:33:00 AM
This is nothing more than our daily nostrum.
A step in the right direction  3/11/2010 11:39:00 AM
International competition for export advantage is fierce. Governments enact all kinds of rules and policies so as to be more competitive. U.S. is Johnny come lately in this, but better late than never. However, what is more important in the medium to long term is a concerted effort to encourage R&D because we are losing manufacturing battles to Asia.
Obama Pushes Exports  3/11/2010 11:45:00 AM
China and Korea have taken half of our business. How do we sell to them?
Double Trade all rhetoric....  3/11/2010 11:46:00 AM
What are we doubling most manufacturing is over-seas. How about changing the tax incentives for companies to produce here then we can export something. Just another committe spending $100M and producing nothing. Take the $100M, GRANT it to 10 leading business to expand and hire! What a concept!
$134 Million for "Hundreds"?  3/11/2010 11:49:00 AM
Typical Obamacare philosophy. First, we can never increase exports while they support the Unions that cause our costs to be double, and tax the life out of what is left. Then they want $134 MILLION dollars for more goverment workers to tell businesses how to succeed with export? If a CEO ran a company like the administration runs this country, he would be fired immediately.
Obamaeconomics  3/11/2010 11:50:00 AM
Give me a break. Doubling exports over the next five years! Will he also want to give the countries that purchase our exports the money to make those purchases? At every turn Obama wants to increase the size of government. At every turn he wants to increase the deficit. He wants to hire hundreds of "trade experts". Where are they coming from, exporting countries? I'm getting fed up with the mentality of this government. There needs to be a new mindset. A mindset that places fiscal responsibility first and political gain last.
Great Idea...  3/11/2010 11:50:00 AM
Doubling exports, wow, why didn't anyone else thing of that? I'm not sure why we should wait 5 years though...how about snapping his fingers right now and just making it happen...oh wait, is he talking about doubling the export of jobs in the next 5 years...that definitely sounds closer to his agendas...and a new Export Promotion Cabinet...great, how many of his unqualified friends/ex-ACORN workers will be running that show? How many years left with this joker? At least he's going to get "100's" of people new jobs as "experts" to advise our exporters..
more government  3/11/2010 11:54:00 AM
Why does this president always have to create or expand a committee or advisory panel to tell him what to do? Just another example of how much he is trying to grow the government. As the two comments above point out, government has no business mettling in business.
New Export Initiative  3/11/2010 11:58:00 AM
Spend $ 134 million to hire how many "experts"?? I'm afraid all we would do is add more Burecrats and add to our Tax burden. If we can reduce / contain our costs in Manufacturing we will find our Foreign Markets on our own.
Somebody help us..  3/11/2010 11:58:00 AM
Does this guy ever stop throwing out sound bites that he has no chance or ability to actually accomplish. If they push thru the Health Care Bill destroys what is left of the Manufacturing sector, the only thing we are going to be exporting is "people" out of this country, looking for work..Maybe if we send a Government or union with each unemployed worker we may be able to Double our export quota..
A step in the right direction  3/11/2010 11:59:00 AM
International competition for export advantage is fierce. Governments enact all kinds of rules and policies so as to be more competitive. U.S. is Johnny come lately in this, but better late than never. However, what is more important in the medium to long term is a concerted effort to encourage R&D because we are losing manufacturing battles to Asia. And I am tired of ditto heads claiming the stimulus destroys the private sector. Unemployment money goes to buying everyday needs which the private sector supplies, therefore growing the private sector. Infra-structure works contract construction companies and pay workers, also goes to increasing the private sector. All these private sector activities would otherwise not happen.
Re: Exports  3/11/2010 12:01:00 PM
There is nothing here to export out of the country because it's already made outside of the U.S. Maybe if Obama had any business people he'd see the problem.
Exports  3/11/2010 12:15:00 PM
This buffoon lacks the intellectual capacity to comprehend the complexity of this topic. Can we please find a president that had a real job and understands international business!
Hello Congress...We don't need more debt or trade czars!  3/11/2010 12:23:00 PM
Spending borrowed money doesn't help, it just makes the daily interest on the debt even more than $1 Billion.Congress is spending progressively more than they take in. Conress is borrowing progressively more than congress can pay back. Congress is punishing job creators with progressively higher taxes. Congress is progressively promising more than it can deliver. Congress is progressively making government larger and freedom smaller. Congress is progressively moving America in the wrong direction.
Export initiative   3/11/2010 12:27:00 PM
Doubling exports in 5 years ? Gee, why didn't I think of that .
Obama the Problem?  3/11/2010 12:28:00 PM
If Obama is the problem with business today, why after eight years of a business friendly George Bush, was the economy in near collapse? Instead of blindly following Rush and Glen Beck you should think for yourselves occasionally. I guess that is why they call you ditto heads.
Yeah, right...  3/11/2010 12:31:00 PM
And as it is in the case of all of the Czars and other Obama advisors, the "mini-Cabinet" will be comprised of radical, left-wing Marxist kooks who will not be chosen for their capability to improve trade in the real-world, but rather their ideology (as with the virtually everyone in the Obama inner circle. Not surprisingly, this initiative includes more funding (higher taxes) all designed to pay stipends to his left-wing supporters and cronies - that is all this is about.
Thanks Mr. Pres.  3/11/2010 12:31:00 PM
Now that we know what to do we will get right on it. Double??? If we could find twice as many customers why not go 3 or 4 times. With all this progress Washington better go on vacation.
More big government! More government Control  3/11/2010 12:32:00 PM
When are the freedom thinking citizens of this nation going to stand up and say NO! No to the policies no to bigger government. No to more taxes. Pull your head out of the sand US! Piece by piece bit by bit, the US is going down the drain. The only thing to export will be jobs. What is truly manufactured in the US anymore? Darn little is the answer. The way out of this is if there's a drought somewhere outside the US and the world beats a path to our bread basket. Otherwise forget it. This is a bunch of bluster!
RE: A step in the right direction...  3/11/2010 12:40:00 PM
You are showing you KoolAid adiction again. Government jobs WILL NOT HELP - period! If we had everyone employed, but all they did was rake leaves from one place to another, we'd be the poorest nation in the world.
Obama the Problem?  3/11/2010 12:44:00 PM
George Bush was a RINO who simply played along with the Democrats in the House and Senate. The KoolAid is getting to you Comrade.
Homeland Vertical Integration  3/11/2010 12:48:00 PM
What is the USA going to export that Asia or other developing nations are already marketing at lower costs? Most of the “exportable” products have already been outsourced overseas or across our borders. This outsourcing has devastated our domestic infrastructure where it is mostly impossible to "bring back” jobs even if global economies favor it. US factories are old and dilapidated. Large capital investments would be needed to re-create platforms to grow from. Instead of subsidizing exports, President Obama should invest in this “homeland vertical integration” to create “Made in USA” industries that will create jobs and reduce dependency on imports that feed the trade deficit.
Re: Exports  3/11/2010 12:54:00 PM
The only outcome of this FREE trade agreement will be the export of more jobs. Looks as if their shooting for 200,000 jobs on this on act. Also, were going to spend $134 million to make this happen. That's what BO wants that what we get!
Layered Goverment approach  3/11/2010 1:18:00 PM
I'm a little confused why the Commerce, State and Agriculture Cabinets can't make this a priority on their own without another cabinet leading them?
"Private" chickens without heads  3/11/2010 1:18:00 PM
While all the major nations of the world put a lot of effort to ensure their manufacturing have an advantage over the rest of the World by way of policies, rules, and initiatives, the U.S.A. through the last decade had no policy or strategy to fight in the international market. We need our manufacturers to form a coordinated "army" to combat in this international battle, and what we had was a million soldiers running in all kinds of directions without any coordination. These individual fighters, like chickens without heads, got destroyed by the coordinated attack from the Japanese, and from the EU. And when finally somebody was able to gather together knowledgeable people to point out our glaring competitive weakness, we have a million chickens without brains, who call themselves "freedom thinking", saying we should just do nothing and concede our international trade to our competitors. So less and less is manufactured in the U.S.A. Well, we all know that is the problem. Then do something about it. Fund R&D and have a national effort to improve our manufacturing. Don't propose to sit there and do absolutely nothing!
Re:Obama the problem..  3/11/2010 1:25:00 PM
Thanks for a bit of intellect on this forum. As for "Yeah Right" if the presidents of Boeing and Xerox are "left wing commies" I guess we are all in trouble.
Open your eyes people.   3/11/2010 1:25:00 PM
Many things are still manufactured in this country for those of you that obviously don't know any better. We, as a country have become more focused on producing big-ticket, high- technology items such as airplanes airplanes. We need to continue our lead on these items before we lose our edge in those industries as well. It is obvious that the Chinese government is 110% involved in their manufacturing and export initiatives and we need our government to do the same. We need to fight all the trade barriers put up by other countries so we can get our items in. Giving the money to individual businesses can't fix these issues. Only a concerted effort by the government can overcome these issues. It's not a Rebublican vs. Democrat issue, it's an American vs. China issue. Enough with the "Party of NO" already and let's get something done!
re:re: A step in right direction  3/11/2010 1:32:00 PM
Read the original post: " Unemployment money goes to buying everyday needs which the private sector supplies, therefore growing the private sector. Infra-structure works contract construction companies and pay workers, also goes to increasing the private sector. All these private sector activities would otherwise not happen." Does that sound like raking leaves? How about repairing the badly neglected roads, bridges, improving our sagging education, besides growing the food people buy with unemployment benefits? So you are one of those who prefer to "do nothing" and "let them fail" so that the banks would collapse, auto industry would lose 3 million jobs, and state workers would go begging in the streets? And that would be better than what we have now?
"Vertical integration" is an idea  3/11/2010 1:41:00 PM
Now at least one person is coming up with some positive ideas instead of all these do nothing naysayers. Our nation needs more brain-storming like that. By the way, our GDP is 14 Trillion and last year our balance of Trade was only $380 Billion (2.5%). So we do have a lot of things made in the U.S.A. and also a lot of exports, but just not enough to offset imports. Helping exports, which all major nations do but we don't, will make a big difference.
right  3/11/2010 1:47:00 PM
Thirty years ago when I went looking for my first Engineering job, I would look in the local Tribune and see literally hundreds of jobs..."come design power drills with us",,,"come design kitchen appliances with us" etc.etc.etc. and I would interview at vast design,maufacturing,assembly places. We made EVERYTHING. Then the white shirted MBS's became heros and cost reducers and sent it all overseas. First parts, then assemblies, then entire products, then the design itself. I watched vast manufacturing regions Elk Grove, Il, Rockford Il, etc etc turn to FOR LEASE while these MBA's took their golden parachutes. The stories you hear are tragic....all the R&D of twenty years evolving a product by thousands of minds transferred with the stroke of a pen and a fancy Asian dinner. Its overwhelming. Its an indightment of the fabled BS of American MBA schools. This is real history and real tragdey.
Export  3/11/2010 1:55:00 PM
The best export for helping the US would be Obama himself. Now that is change I would vote for.
Obama Pushes New Export Initiative  3/11/2010 3:51:00 PM
Well, with the defecit growing by trillions of dollars over the next few years we can all plan for "hyper" inflation which will drive down the value of the dollar against foriegn currencies thus allowing our goods to be sold on the cheap.
It is still about Jobs  3/11/2010 4:08:00 PM
Okay.. how many imaginary jobs were we forcasting... 2 million (and that is a big maybe). excuse me how many people are out of work? 2 million maybe jobs, does not cut it. We need a program that will add 15 million new jobs. Washington WAKE UP we are hurting out here. Drop this stupid health care thing and get to work on putting America back to work. We are getting fed up, and can't wait for elections to come around.
Attention diverted from cafta problems  3/11/2010 4:11:00 PM
Homeland Vertical Integration has it right. We can double production of things we want to export but they won't be purchased overseas. It looks like an excuse to allow more of our jobs go to central america.
Understanding "fiscal responsibility"  3/11/2010 4:28:00 PM
In the past 50 years, presidents have used fiscal and monetary policies to adjust the business cycles. Tight money was used to fight inflation, and deficit spending was used to stimulate the economy (Reagan Dec 1982, unemployment 10.8%. Subsequently Reagan increased spending and incurred the largest deficit since WW2 ,6.8% of GDP.) These are standard accepted procedures and policies practiced by all the administrations, up through now. THAT IS WHERE THE GOVERNMENT'S FISCAL RESPONSIBILITY LIES, to limit inflation or recession. Some propose that we should cut government outlay and cut deficit in the recession. That means to lay off government workers, and therefore there will be more people with no income, and less people be able to buy goods, and with less demand more factory workers will be laid off, and the recession deepens. That is not fiscal responsibility, that is fiscal stupidity. Why is something that has been long accepted and practiced, for 50 years, sudden gets all these people saying is wrong? Because Ditto heads listen to nonsensical Limbaughs and deposit their brains in permafrost.
Governing Government  3/11/2010 4:29:00 PM
"Under Obama's multitiered trade plan, a new mini-Cabinet of leaders from relevant Cabinet agencies, such as the departments of Commerce, State, and Agriculture, will keep export promotion as a priority." Wow! What a slap in the face to the departments of Commerce, State, and Agriculture. Obama would has us thinking they have not been doing their jobs! Silly us, to think the Government is not working - we simply need more of it! Think of which, we need to elect a President Czar to watch over and guide Obama. Heck, someday I will not have to worry about take home pay - I'll just let Uncle Sam take care of everything. We can all work for the Government. My problems are solved!
Some read "vertical integration" wrongly  3/11/2010 4:40:00 PM
"Vertical Integration" did not say to double produce things we want to export but cannot sell. That would be "supply side" economics. He said to make vertically integrated U.S. products. As to the wise-guy who said Obama will be fired as CEO. The very successful CEO's are the ones who increased profits by shipping our jobs overseas. So that is who you want to run your country? Another wise-guy wants you to work at half minimum wage so that we can export, thanks a lot. The business and MBA types are the ones who ruin this country and brought it to the brink of financial collapse. Keep them the Hell away from Governance!
Doubling Exports? Hmmm....  3/11/2010 4:59:00 PM
They must be mistaken. Judging by the policies of this administration, they must have meant to say that Obama expects to double the export of US JOBS in 5 years.
CEOs of Boeing and Xerox may not be..  3/11/2010 8:46:00 PM
...left wing commies, but others still to be picked will - just watch. This is CERTAINLY the case for all of the Czars. In the case of Boeing and Xerox, thry were appointed as payback for their donations to the Obama campaign (so maybe they are closet Commies).
Fiscal Responsibility and Doubling Exports? Hmmm  3/11/2010 10:57:00 PM
Mr. Fiscal, we can reduce the needless government expenses without reducing the redfundant layers of government functionaries. What we need to do is to quit sending money to other countries who basically hate us. How many hundred billions do you suppose the waste in that manner? and, it probably wouldn't be very well noticed if we pulled in several embassies in other countries. While we're at it, let's make ALL government employees contributors to Social Security and Medicare, like the rest of us. Yes, this includes the legislative and executive branches also. And, Mr. Hmmm, I fear that you really are right, which (hopefully) wasn't the intention, but will probably be the result.
Re: Hello Congress...We don't need more debt or trade czars!  3/12/2010 5:49:00 AM
Correction - Conress is borrowing progressively more than WE THE PEOPLE can pay back
New Export Initiative--Soviet style  3/12/2010 7:48:00 AM
Obama's knee jerk response of creating an exports czar is predictable and pathetic. Where are the real solutions grounded in American exceptionalism? This country's manufacturers need a tax policy that encourages job creation and rewards risk takers who turn great ideas into great products that consumers want. A command economy has never worked and Obama's command that we will double exports in five years reminds me of the Soviet five year plans that predictably failed to meet the presidium's goals.
re: Fiscal Responsibility, command economy  3/12/2010 9:01:00 AM
Actually I believe that fiscal responsibility does include streamlining government, but that is a long term project and not something to add on the plate in a recession because job one now is to increase production and foster economics activities. As far as "buying friends" go, China is on a big push to buy friends world wide targeting natural resources. We need to be more calculating, but we already are, since we do ignore genocides when there are no economics / geo-politcal values involved. While we are at that, we should also measure the values of war involvements. As to Soviet style command economy, we are light-years away from that. Witness in the 1980's Japan made a national effort to capture the semiconductors market, and the U.S.A. folded like a broken collapsible umbrella. You cannot argue that our technology was not good then, but a concerted national effort from Japan just rolled over us like a Sherman Tank.
Rewarding risk takers  3/12/2010 9:12:00 AM
Rewarding risk takers who commercialize great ideas is of course great, but having a risk rewarding process that is like a random number generator also rewards financiers who took our money and gambled on them, privatized the gains and socialized the risks. What we need is well targeted, highly focused concerted efforts to win in high value strategic industries, because left to itself, the general trend is to have jobs shipped overseas.
level the playing field  3/12/2010 9:37:00 AM
After 40+ years of the criminal Ayn Rand-Milton Friedman policy of "Free Markets" the failure--as admitted before congressional committees by the criminal practitioner Allen Greenspan-- of the USA economy is no surprise. The implementation of these policy's have become the common wisdom among the economic illiterate as expressed by several in the comments here. Obama's task of tearing down this criminally misguided policy,is a long road to travel and it is populated by the wrong headed stupidity expressed mostly by the Republican Party.
Adam Smith on "free markets".  3/12/2010 11:32:00 AM
Many "free marketeers" refer to Adam Smith, but they miss what Adam Smith said, that "in a well governed society..." as the precondition for free market. If Wall Street Wizards can gamble using our money, pocketed big bonuses when winning, and left us to hold the bag when they lost, we do not have a well governed society. How free is it if some can rob the rest at will? Does a "free" society allow bands of roving bandits rob whenever they please. We need policemen to protect the banks from bank robbers, but more so we need regulations to protect us from being robbed by the banks. Freedom never meant for some privileged few to do whatever they please. If we the public cannot control them via our elected representatives, then our government is defunct.
Obama Pushes New Export Initiative.  3/12/2010 11:51:00 AM
At the end of the Clinton Administration the economy came back robust. Eight years of the Bush administration and his tax cuts reversed all the Clinton gains. If Obama can push and able to get goods and services out of US shores and successfully compete with the Chinese and create markets for US businesses outside the US, maybe some gains will come. Advocating the same answers aka tax cuts that did not work for eight years, and hope they work now is sitting on the threshold of insanity. US agro business, hightech and construction stand to reaps some gains with the right engagement models with foreign counterparts.
linton embraced Ayn Rand-Milton Friedman...  3/12/2010 12:16:00 PM
...policy and in fact refused to regulated mortgage backed securities derivatives despite the urging of his own CFTC chief. This is not a Bush problem. It was Dodd and Frank and other Democrats that got rich on Fannie and Freddie. The Democrats busted the housing blubble and then covered it up (well, or tried to cover it up).
Re: Clinton Admin left a robust economy  3/12/2010 12:31:00 PM
Clinton left a down economy. Bush inherited a recession and then got unemployment down to 5%. NOt that I am saying Bush did a good job, just saying there is a recession/depression every 5 to 7 years. Peak to peak or bottom to bottom the economy has a cycle. So far neither party in power has actually prevented a down ecomomy.
The Bush tax cuts had NO effect...  3/12/2010 12:45:00 PM
...on the situation we are in now - period! The end of the Clinton dark ages appeared good but that's because HE set us up for this meltdown. Clinton doubled down on the Community Reinvestment Act (initially Carter) then CLINTON deregulated banking in order to hide risks of the bad loans. Let me say that again, THE REPUBLICANS DIDN'T DEREGULATE THE BANKS - CLINTON DID!!!
More lying nonsense blaming on Clinton  3/12/2010 2:56:00 PM
Here are the Facts: Mortgage backed derivatives only got big in the 2000's. It was Gramm (R. Texas) 1999 bribed by Enron to pass the no regulation Act that was veto proof with Republican Congress. Oct 15, 2002 Bush made speech that he wanted 5.5 million more minority homes by end of decade, (hoping to add billions to the economy), charging Mel Martinez of HUD to make it happen and TOLD Fannie and Freddie to commit to supplying the funds. It is all in his speech and I will quote it if I have to. Carter targeted 12%, Clinton 15% and Bush targeted 28%, more than doubling Carter. Housing Bubble was due to irrational exuberance of banks greedy for big commissions and balloon payments and home owners to make big bucks, that happened without proper oversight during Bush's watch, not enforcing laws that mandated income verification. Republicans controlled congress 1994 to 2006 that was when the damage was done.
Turning the trade deficit  3/12/2010 4:36:00 PM
I'm glad to see some business leaders being asked for input. Their advice is going to be needed. This may be a simplistic arguement, but here goes. 1. We do have exports, not everything is made overseas. 2. A large multinational company produces 60% of their revenue from overseas (that's where 90% of the population is) yet the company is only producing 40% of their product overseas - they are a NET POSITIVE EXPORTER. 3. The company want to be net nuetral - tax implications. Solve the tax implication problem before we lose more domestic production. 4. The company also has substantial cash off shore. If they bring it back they'll only get 75 cents on the dollar, due to taxes. So where will this money probably get invested? Overseas. Solve the tax issue and allow US companies to bring profits back to the US and invest the money in production.
doubling exports  3/12/2010 7:07:00 PM
This cannot be done without common sense. With free trade, there is no chance. Our wages and cost of living are too high by a factor of 10 or so compared to some asian countries. Huge defense spending (should be called offense spending), lavish media spending and entertainment, uncontrolled medical expenses etc are adding to the cost of living. The 100 million dollar atheletes and 300 million dollar talk show hostesses all add to our cost of living due to advertising supporting them. Reducing all these will allow us to maintain a good life style at lower incomes and our wages differentials will decrease. It will help if a 25% (or whatever it takes) tarrif is slapped on all imports. Don't worry too much about retaliation. We can mostly export goods that other countries have no alternatives for them. These tarrifs can be used to pay for social security and other expenses and reducing personal income taxes for the working class. There should be consficatory income taxes for people making excessive incomes (1 million$ and above). The multimillion dollar CEOs have great incentive to export jobs for short term gain without worrying about their future or the future of the country. Trickle down theory is crap. There is no real talent higher up. A million dollar is enough incentive for the really talented people. Fixing the exchange rates alone with other countries will not give us any broad advantage because the wage differntial will still remain large and we will end up paying a lot more and getting even less.
NO nonsense in blaming Clinton   3/13/2010 12:03:00 AM
You're a liar to omit Larry Summers role in the mortgage meltdown. Summers would not allow the CFTC to regulate derivatives. You left convienently left out most of te story. And yes, this started with Carter and was DOUBLED down on by Clinton. It made the crinimal Democrats (Progressive Communists) Chris Dodd and Barney Frank rich. Dobb and Franks both lied to joint Senate Banking committee hearings about the stability of Fannie and Freddie in 2006) so Bush wasn't able to shutdown the scam. Watch the Frontline (a liberal production) that DAMNS Clinton for all of this debacle. The structural problems in our economy is virtually ALL about entitlement programs - and entitlement programs are ALL ideas from Prgressives (Communists) - that's simply A FACT!
re: NO nonsense in blaming in clinton  3/15/2010 10:08:00 AM
Totally unbelievable ditto head ignores all the concrete evidence supplied in Bush's speech in Oct 15, 2002 to make housing a national target and bade HUD and Fannie and Freddie to make low income ownership available. It is all on record. Carter targeted 12% and Clinton 15%, Bush 22% in 2005 and targeted 28% for 2008 but housing tanked before 2008. And concrete evidence of Enron bribed Gramm Act of 1999 to deregulate. What Fannie and Freddie did was upon Bush's command to supply the funds, and they did not lie because they did not think there was any instability just like Merrill Lynch and AIG did not think they were in trouble BECAUSE ALL BANKERS ARE GREEDY AND STUPID. They told you that past performance is no guarantee for future returns, but they themselves use "sophisticated" computer programs to predict the future based SOLELY ON PAST PERFORMANCE! They did not realize that computers don't "think". Garbage in, garbage out. They did not LIE, they just trusted STUPID FINANCIAL ANALYSTS! Bush did not slow down the "SCAM", he wanted Fannie and Freddie to fund mortgages because it would "add billions to the economy". So those of you with stone hearts and fossilized brains want to blame "entitlement" programs and want millions of people who lost their jobs due to no fault of their own to starve, and for the old and sick to have no help subsisting on dog food and with no medical care? Look around the World and see if any of the "developed countries" share your barbaric feelings towards your fellow human beings! I hope you do not consider yourselves to be "religious" because your beliefs are opposite to all the major religions in the World. Or may be your military training taught you to dehumanize your enemies, so once you made the unemployed and social security recipients your "enemy", the old,sick, and jobless are no longer human beings in your hearts of stone?
Cold or not - entitlements ARE UNSUSTAINABLE...  3/15/2010 4:39:00 PM
...and they are bringing down our country - period. If you think otherwise YOU HAVE a FOSSILIZED BRAIN! Obamacare, in addition to adding to the Progressive Movement's (another name for Communist) is design to hide the FAILURE of Medicare and stretch the time before bankruptcy of Medicare - although bankruptcy will occur anyway. Social Security is soon to be bankrupt. The house bubble bursting is a result of the HUD entitlement. These are just FACTS!
Re: Cold or not, look around the world  3/15/2010 9:07:00 PM
I do grant that the Clinton Team is just as guilty as Bush Team in deregulation, but they are all driven by Greed, which is the new religion of the land. Medicare runs at 94% efficiency, compared to 80% to 88% of HMOs, but some people prefer to be robbed by HMOs to fund their executive bonuses. For the same cost, Medicare is much more sustainable than HMOs. Social security would have been solvent for a long long time if they where not robbed to put into general funds. All the advanced nations in the world manage to provide universal care at a fraction of the cost of the U.S.A. which ranks 27th in the world. These are clear facts, just allow your eyes to see beyond the two coasts. You do not have to give up your soul in order to keep you lifestyle on earth: you just have to learn to be smart, as a Nation. Unfortunately many Americans prefer to remain stupid. And the housing bubble, even as Bush pushed for 28% minority ownership, only about 10% of sub-prime were from low income housing for first time buyers. (and the CRA was nowhere near being at fault) Over 50% were refinances, and higher than average incomes people who speculate on real estate and got burnt account for much of the rest of the sub-primes, and THESE ARE THE FACTS. As for communism, Bush pushed for affordable drugs and drug companies won big. Obama push for health reform and HMOs are not going to lose anything because in both cases they have Congress in their pockets. Calling something which is still far to the right of all the major capitalist countries in the world "communism" just shows a lack of knowledge about political systems of the world.
Liberals ?  3/18/2010 6:49:00 PM
Environmentalist....Eco-mentalist, Liberals... There is nothing more dangerous than the illusion of knowledge.


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