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Good Captain

Good Captain
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  • President Obama says House Speaker Boehner has decided to walk away from debt limit negotiations. Earlier today, Boehner had suggested talks would continue.  [View news story]

    Obama ostensibly is the President. If you will permit, he is like the Captain of the ship. What happens on board the ship is attributable to the Captain. That's why he gets the cool shoulder boards and the "big bucks". Captains accept their job and the responsibility along w/ the possibilities and dangers and do everything in their power to drive the Ship where it needs to go while distancing it from danger.

    As I seem to recall, Mr. Obama ran for office freely. As the winner of the requisite number electoral votes, he gained the right to assume office but he could have decided against it had he chosen to do so. He assumed the office so he has charge. Discussion over!

    Whether or not he caused this mess in whole or in part is irrelevant, what matters is that we have Chief Executive that is prepared to move Heaven and Earth to drive the Ship (I.e., the country) out of harm's way utilizing all the mechanisms available to him. In doing so, he will find out like Presidents before him, that he will not always get what he wants, but that is his reality. It's becoming increasingly clear that Mr. Obama sorely lacks any real leadership qualities and that like you, he views the Blame game as the most important outcome. Heaven help us!
    Jul 22, 2011. 07:42 PM | 26 Likes Like |Link to Comment
  • Niall Ferguson: U.S. Fiscal Crisis Will Likely Occur Within 2 Years [View article]
    Cetainly, blame can be collectively laid at the feet of all legislators and presidents involved in the runup to the present mess. As the head of the federal government, Presidents Johnson on through Obama all share a degree of responsibility. That said, the two prior commenter's attempt to lay this primarily on the Reagan and Bush Tax cuts strikes me as acts of political gamesmanship rather than any fair and honest analysis of facts.

    As numerous commenters before have said, this is first and foremost a problem of spending, not taxation levels. Both tax cuts were intiated during times in which the economy was falling thereby resulting in less government revenues than their respective budgets called for. In both cases, implementation of the cuts quickly reversed the rate of decline in revenue collections despite the decrease in tax rates because of the stimulative effect that the cuts had on the economy. The budget deficits were then, as they are today, primarily a function of the government's clear inability to control spending.
    Jun 22, 2010. 02:45 PM | 19 Likes Like |Link to Comment
  • President Obama says House Speaker Boehner has decided to walk away from debt limit negotiations. Earlier today, Boehner had suggested talks would continue.  [View news story]
    I agree this is not an issue to be "toyed" with. I think the key difference b/n us lies in what we individually see as the greatest issue confronting the US now. Is getting past this debt ceiling debate the key or is the beginning of a real structural change critical. I believe its the latter.

    Given the irresponsible deficits this Country has generated, we may well require some additional room on the debt ceiling, but if that is the only real outcome of this debate, then we've done nothing more than the EU has done w/ Greece. As a 50 year old citizen, I know what a vague promise of future massive budget cuts amounts to nothing unless its placed in Stone. Spending is
    out of control in this Country and unfortunately, our elected representatives have proven absolutely incapable of acting responsibly.
    Jul 22, 2011. 08:06 PM | 13 Likes Like |Link to Comment
  • Be careful what you wish for: While D.C. politicians harden their positions on spending and taxes, austerity has already taken root in state governments, and it's killing the recovery. Daniel Indiviglio says cuts on the state and local level have knocked $8.8B off GDP and thrown 326,000 people out of work.  [View news story]
    If you are suggesting government is the answer, I will do just what you said and give my head a shake and throw in a good laugh to boot. Government created the whole premise for the sub-prime mess in its "wonderfully" intentioned plans to limit and even eliminate credit checks to open up the "American dream" to all Americans. It's a nice thought but it prepared the way for disaster that ultimately followed.
    Jun 24, 2011. 06:47 PM | 12 Likes Like |Link to Comment
  • Still plenty of believers in this market as the bull starts its third year. Laszlo Birinyi says values will outlast previous increases as investors who missed the first phase play catch-up. Barton Biggs sees another 10%-15% upward move. And the little guy is back, adding $24B in stock mutual funds so far in 2011 after withdrawing $96B last year.  [View news story]
    When the proverbial "little guy" is back in the market, doesn't the general rule of thumb tell investors to begin searching for the exits?
    Mar 9, 2011. 06:30 PM | 12 Likes Like |Link to Comment
  • If something can't go on forever, it will stop. Irritation over public union pay and benefits continues to fester. The reality of strapped governments having to meet these promises is clashing with resistance to further tax hikes. Taxpayers are winning some of these battles, a rare occurrence.  [View news story]
    Per wikipedia:
    " NKVD - Wikipedia, the free encyclopedia
    The People's Commissariat for Internal Affairs (Russian: Народный комиссариат внутренних дел Narodnyy komissariat vnutrennikh del, NKVD)"

    Sometimes the name says it all!
    Jan 2, 2011. 12:55 PM | 11 Likes Like |Link to Comment
  • The Gordian Nightmare of Public Pensions [View article]
    Given human realities, I think the Defined Pension Benefit Plan clearly gives every indication of ultimately being unsustainable. They should be forbidden going forward to ameliorate the problem in the future. Until then, I see very uncomfortable outcomes being the norm (unfortunately).
    Dec 27, 2010. 03:59 PM | 11 Likes Like |Link to Comment
  • The Real Lesson From the Great Depression: Fiscal Policy Works [View article]
    Out of curiousity, on which news services do you recieve your information? Although I didn't attend the recent Beck-led gathering in DC, it appears to me as though your concerns about the Tea Party in general are based on fear than actual facts. Your syllogisms tying Tea Parties to the Nazi movement lack any merit at least from my perspective. Perhaps I am one of the gullible, but absent real facts susbtantiating your concerns, its hard to take your comments seriously.
    Aug 31, 2010. 04:39 PM | 9 Likes Like |Link to Comment
  • The Fantasy Keeps Growing [View article]
    But is it a profitable company Jeff?
    Jul 27, 2012. 04:28 PM | 8 Likes Like |Link to Comment
  • Hydrocarbons, Industrial Metals and the Alternative Energy Fallacy [View article]

    If you've followed John's posts, you'd probably be shocked that John generally views it as imperative that we (the World) better use and deploy our scarce resources. In short, there may be some common ground b/n the two of you if you stop throwing your own pre-conceived notions first, instead of thinking about what your hear. Otherwise I believe you bring more disrepute to yourself and your cause than you can imagine.
    Jun 26, 2011. 03:31 PM | 8 Likes Like |Link to Comment
  • Pres. Obama's budget underestimates federal deficits by $2.3T over the coming decade, according to the Congressional Budget Office. His budgets would produce deficits totaling $9.5T over 10 years rather than his expected $7.2T. Chief reason for the discrepancy: Obama uses rosier economic assumptions.  [View news story]
    I had some issues w/ Bush although likely different than those you probably had w/ him, but unfortunately, the clear trend line since Obama assumed office runs decidedly against Obama being the better president save the clear fact that Obama has a much better Teleprompter than Bush did.
    Mar 18, 2011. 11:20 PM | 8 Likes Like |Link to Comment
  • Judging Treasury's Housing Report [View article]
    I don't share the author's fear that the private sector won't step in. They will. The better question is at what price will they pick up the slack?
    Feb 11, 2011. 10:28 PM | 8 Likes Like |Link to Comment
  • The Output Gap: Welcome to the Balance Sheet Recession [View article]
    The author makes some very interesting points although I tend to agree more w/ MForker's comment above. However, if we attempted to address the author's identified problem (the household debt crisis), isn't the most obvious and quickest solution the reduction of tax rates?
    Sep 9, 2010. 07:07 PM | 8 Likes Like |Link to Comment
  • Here's an interesting twist on the employment picture: Dentists across the country are noticing an increase in new patients coming through the door. Why? More people with health insurance as a result of getting full-time jobs.  [View news story]
    I know what you mean Terry! The year before Obama was elected I came down w/ the flu. Since Obama's election, no flu. This can only reasonably be attributable to Obamacare. Proof it works!
    Mar 2, 2012. 11:47 PM | 7 Likes Like |Link to Comment
  • "The only thing that matters is the price of gas in California and New York," writes Bruce Krasting, and it's blowing out thanks to dependence on Louisiana crude (which tracks the world benchmark). Forget $4, $5 gas may be coming in states that have the majority of cars (and GDP).  [View news story]
    Interesting Lake! What your comment about SPR suggests is that more supply will lower costs. So we do agree on general market principles. Given this, I wish the Administration would accept reality instead of trying to reinvent it, something in which they or anyone else will fail to do.

    Supply can and eventually will place a damper on these things. Unfortunately, this Administration only relies on proven principles when it absolutely and positively has to - release of SPR is a
    perfect example. The problem is that this move is unequivocally not strategic, and its use for this purpose absolutely undermines it's nominal purpose.

    Feb 26, 2012. 09:53 AM | 7 Likes Like |Link to Comment