Obama Says U.S. Can’t Afford ‘Bubble-and-Bust’ Cycles

[alansmithee]

http://news.yahoo.com/s/bloomberg/20090312/pl_bloomberg/arahxwms43r4

Here are just a few highlights:

March 12 (Bloomberg) – President Barack Obama warned a group of chief executive officers that the U.S. can’t continue with “endless cycles of bubble and bust” and must build a new foundation for future economic growth.

Obama blamed the crisis on “reckless speculation and spending beyond our means; on bad credit and inflated home prices and overleveraged banks.”

‘Illusion of Prosperity’

“Such activity isn’t the creation of lasting wealth,” he said. “It’s the illusion of prosperity, and it hurts us all in the end.”

He likened the initiatives outlined in his $3.55 trillion fiscal 2010 budget plan to projects by past presidents to build a transcontinental railroad, the interstate highway system and the space program.

Such plans aren’t intended to supplant private enterprise, Obama said. Rather, they are designed “to spur commerce and industry,” he said.

He promised his plans for revamping financial regulations won’t “strangle” the flow of private capital and that he’ll seek “global coordination” on a new framework when he meets with other leaders of the Group of 20 nations April 2 in London.

And I’m curious, are there any libertarians here (or anyone for that matter) who is sympathetic to the Obama administration?

[nameless]

I like how he mentioned “spending beyond our means” and then proceeded to talk about the $3.55 trillion fiscal 2010 budget plan. A+.

[krazy_kaju]

News: U.S. Can’t Support Obama

[tsmereka]

Problem: Reckless spending

Solution: More spending

[eliotn]

“Obama Says U.S. Can’t Afford ‘Bubble-and-Bust’ Cycles”

LOL. If that is the case, the FED can’t afford to print more money/order other people to print more money.

[Solomon]

@Taras Smereka

Problem: Reckless spending

Solution: More spending

Ahh, but in the solution it’s the state that’s doing the spending. You see, it’s different because the state obviously knows how to make better use of money than the people who own it.

[alansmithee]

iAnd if you thought that was bad:

http://news.yahoo.com/s/ap/20090313/ap_on_go_pr_wh/obama_economy

Turning more upbeat, President Barack Obama said Friday his administration is working to create a “post-bubble” model for solid economic growth once the recession ends. He said that means the days of overheated housing markets and “people maxing out on their credit cards” are over. But first, Obama said, “We’ve got to get through this difficult period.”

[Nitroadict]

@alansmithee

iAnd if you thought that was bad:

http://news.yahoo.com/s/ap/20090313/ap_on_go_pr_wh/obama_economy

Turning more upbeat, President Barack Obama said Friday his administration is working to create a “post-bubble” model for solid economic growth once the recession ends. He said that means the days of overheated housing markets and “people maxing out on their credit cards” are over. But first, Obama said, “We’ve got to get through this difficult period.”

For the post-bubble model will require many soldiers on each street corner, to ensure the evil credit card’s doth not enslave mankind, despite mankind creating the Credits in the first place.

So say we all.