Don't blame Obama, blame the banks for the slow recovery

Many Americans - perhaps most - are justifiably frustrated at the slow rate of economic recovery. And many are pointing at the administration for the lagging rebound. But is the president really to blame?

In a political year, with mid-term elections just a little more than a week away - it's easy to answer "yes." But I just saw an interview on CNN which points to a different answer.

The interview focused on the so-called "magic number" - the credit rating you have to reach these days in order to qualify for a loan.

The number used to be 680, the expert said. Now, he told CNN, it's 720.

Meaning, despite record low interest rates, it's much more difficult to get a loan. And that obviously translates into less money flowing in the economy.

Combine that with the number of people out of work, and those who are afraid that they may lose there jobs, and you have a populous that is far more prudent with its spending habits.

Less money flowing in the economy translates into a slower recovery.

So, it doesn't really matter who is occupying the Oval Office, or who has the majority in Congress. The facts don't change.

The banks aren't lending money as readily as they used to. People who have resources are pulling back on non-essential spending. And the recovery is lagging.

So don't blame Obama. Blame the banks.

but it's so much easier to blame one guy. You can rant and rant, and make him responsible for racism, miseducation, floods, world hunger, global warming (oops, no, that is not happening, so we can't blame him for it), chinese price dumping, and oh yeah, the recession. And it's his fault that 84% of americans have more than 6 months worth of income in credit card debt. All his fault. He made us do it. And four years ago, it was Bush's fault, that lame sitting duck, he messed it all up, and before him Carter, and anyway. You get the point.

Humans tend to always claim their failures onto someone else, because it's easier. And if someone important tells you so, it kind of must be true, right? For example, Hitler claimed and preached that the yews were responsible for basically everything bad, and people wanted to believe it. That's why it really happened.

well actually, all blame goes to American citizens since they were idiot enough to vote for Bush, knowing beforehand about his oil-addicted-grandfather's history

and all blame goes again on those same idiots who voted for Obama

so basically americans CHOOSE their leaders, and then blame THose same leaders who they selected..

wow bunch of trolls (similarily to most people here) following under some Troll leaders (Aganju, Hjallti and few other selective leaders) while the little hungry trolls in the same club are finding excuses to troll around

LG forum is just an excellent Example of America's corrupted government and corrupted trolls

another dots and boxes troll! hurray!

(btw, I'm not american. lol.)

Jeena is the same person. Jeena just today changed from "simp1e". This is player id#22085 which is the same person as #21964 "Dont blame me_Blame the Program". Some players of this site suspect that this may also be the same person who was banned last summer, "unhappy kid" (see the forum titled "Seems that the 'name changer' is as stupid as was to be expected" for more on this). I also believe that this is the same person. I suppose now I will get called an idiot for my posting. O.K. bring it on!

no comments to ray garrison

and aganju, 1st time i heard a troll saying "troll"s to others

i bet u hear this a lot, but i really find quiet some a fcuking annoying bast4rd

find "u" quiet

just all i needed was YOU to be described by those words, lol

and yes, i am for sure done with LG forum since we got trolls who dont know when to stop, so its really bothersome to keep replying to them

so u can have all the forum to urself Aganju, the King of trolls

I blame the banks, large corporations and the Republicans for killing our economy. Shipping jobs overseas, tightening credit, and being the paid shills for multi-billion dollar coprorations has not served America very well. The same multi-billion dollar corporations have also funded the tea party movement to cast blame on Democrats and big government. I don't know about you, but I would rather my elected officials make the rules and enforce them than to allow the corporations to run our lives anymore than they already do! R

Hi Jeena,

I agree that there is a lot of destructive rhetoric that doesn’t help anyone understand the economy. Placing blame makes people feel helpless and even more frustrated. I try to bring facts so my readers can take effective action to improve their lives.Denial is often a way to avoid addressing serious issues in life. It especially comes in handy when mounting political campaigns.

In fact, it is frequently entwined with omitting facts and advancing half-truths when trying to portray an opponent in a negative light.When Obama came in there was a trillion dollars deficit and a 8 trillion dollars projected deficit. There's your Conservatives for you. Let's not forget Cheyney's "deficit's" don't matter line. He's right as long as Pukes are creating them and then blaming the other side. What a crock! "

Combine all of the above and one can conveniently revise history to serve any purpose." I fully agree that Bush's leadership is responsible for many of the problems that we have today, particularly the two wars that he did not finish- there's really no way that you can defend the man- however, the blame game gets us nowhere, let's learn from our grave mistakes and avoid electing such people in the future. "

This economic crisis is going to take all the resources we have as a country and as a people to really pull out of it. Blaming, point fingers and dividing the country into “us†v.s. “them†doesn’t empower anyone. Worse, it could make the recession last longer.

" Voters need to remember who created the economic mess we are in today. They need to see how dangerous Republicans really are and they need to vote acccordingly in November 2010. "This country became great by pulling together in a crisis. Let’s hope we revert to those true traditional American values and realize we are all, in fact, in this together.

well i dont think so Americans should Blame Obama for Recession because if you look Economy recovering and probabaly it will take time

Obama is not a Magician as he doesnt have magic stick Definitly it will take time Look NoN Farm PyRoll, DJIA about to touch 11,000 all sector is on right way

But still Bumpy Road may ahead but no one can blame Obama

And here's a another question for you government haters. Why didn't you get mad at the Patriot Act that allowed Bush to spy on you? Did you ever read the powers that were handed to Bush and condoned by our right wing Supreme Court? Didn't think so.

As Warren Buffett said: "There's a class war in America and the billionaires are winning." I would add "thanks to the corporate sops in both parties, but ESPECIALLY and by a LARGE margin, the Republican party." Ever read the Powell memo?

GOP loyalists, educate yourself as to who's your real handler.

" Stop the name calling, and the blaming of one individual or another, anyone, and everyone who can use a pen and paper in DC area is the blame, Presidents can't make decisions by thier selves, need congress to approve, dissapprove any and all decisions, republicans, and democrats need to stop all this political bu-- s--t, and start working together instead of pulling apart, this is year 2010 what happened to all the change that was supposed to happen last election, and still hasn't been fully done, again cutu the crap, put blame on everyone connected, or don't blame anyone. "

Jeena, I think Aganju just maded a very well educated observation...

That is the oldest excuse to make for anyone, every president inherited the president before him the problems that exist.

Presidents Obama from Bush from Clinton and so on down the line.

It's all in the matter where to blame, and who to blame

Problem is Banks Politics itself, if one party would work with other party instead of blocking, and puling apart everything this country would be better off, but between worrying about politics, power, money things are never going to change

Somewhere everyone lost site we are all Americans, not black, white, hispanic/puertoricans etc. but Americans and it's time to fix that, need to stop all this political b--- s--- and the blaming, and put this country back on it's feet.

Stop the hatred between all cultures, and live together.

" patriot

not at all, just an attempt to point out the obvious .. "as obvious as your inability to stay on topic of the chat we're having regarding your posting about if the i's was so blatantly one sided' and my counter as to the nature of opinion.

but I am not at all surprised by that, when your argument is devoid of substance, another is needed, replete with imagined conspiracy and developed innuendo..aka...changing the subject,... which is what you did.

but it's all good,... avoiding a conversation is but another form of opinion..... lazy and weak... but 'opinion' nevertheless. "They have finally got me laughing so hard I pulled a muscle. Congress, the same group who got us into this mess, are deriding the President for not being able to fix the problems they spent the last several years producing and doing nothing to stop the downslide. I say write them, call them and tell them how incredibly stupid they are to think they could fool us and then vote them all out. I'm starting with Kyl, McCain and Hayworth. Wasn't the big bank bailout Bush put together supposed to infuse the banks with the cash necessary for them to begin making loans to all the small business that then could start hiring? That backfired, the banks hung onto the cash for solvency, gave all their employees grand bonuses and vacations in Europe.

lol Wakai Yushi...sorry but ur msgs r 2 long for me to read them.....so yea didnt read it unless u wanna summarize it in few sentences..

Wall Street is deliberately refusing to fund regional banks that would give small businesses loans and stimulate the economy. The only other way to do this is through direct government involvement, but the Republicans are blocking any and all attempts to assist small business. They are deliberately trying to sabotage economic recovery to discredit the President and the Democratic majority.Don't blame the americas consumer for holding back economic recovery...Up to a point, blaming Obama for the sluggish recovery is also unfair. Millions of Americans were overborrowed. Paying down debts was bound to crimp the $10 trillion of consumer spending. Could anyone have realistically neutralized that? Nope. The right’s sweeping indictment of Obama is wildly exaggerated.central banking that gives rise to the booms that lead to tremendous industrial euphorias. As these abate, revenues diminish and calls for increased taxes arise. As local economies fail, people grow angry and demand that the government act through increased regulation to punish wrongdoers and recalibrate marketplaces. It is central banking that ultimately hollows out economies by causing small businesses to fail and generating consolidation that favors grossly inefficient, corrupt and powerful multinationals that are controlled of course by the Western power elite rather than by local or regional entrepreneurs.But to blame Obama for what is occurring today around the world and especially in the West, is to be somewhat misleading in our opinion. In fact, "That's what the U.S. needs now. Not major cuts in current spending, but a credible plan So it's not spending cuts that will bring the US back, but tax cuts, he seems to be saying – and encouraging business growth. But taxes and regulation are only two legs of a three-legged stool and to leave one leg strikes as providing an incomplete explanation as to how Western economies work and why they fail.

Mercantilist central banking, in our humble opinion, lies at the heart of every problem that Western democracies face. The huge pools of money available to central bankers and their highly placed colleagues in private industry ensure that the worst elements of governance receive the most funding and are the most highly cultivated.

http://www.edwardjayepstein.com/archived/moneyclub.htm

Conclusion: .The endless warring, constant economic crises and ongoing destruction of civil society can all be laid at the doorstep of modern central banking with much justification, as we regularly try to show. Compared to the mechanism and practice of central banking, taxes and regulation are lesser issues and ought to receive less emphasis in the larger context, not more – even by one so sophisticated about economic issues as Meltzer.

In addition, the Senate Republicans have been hard at work, abusing the power of the filibuster in an attempt to undermine efforts to sustain the economic recovery. In their collective mindset, if they can continue to block legislation so that the economy stagnates and Americans continue to struggle for their financial survival, it's good news for the GOP

True. Bush got us into this mess, now the tea party is trying to rewrite history. They proclaim everything Obama does as a disaster, say the country is destroyed, then wonder why consumer confidence is so low. Then, businesses don't hire because consumer confidence is in the tank. Businesses don't hire, the tea party blames Obama, the consumer is told our country has been destroyed, and consumer confidence edges down yet again. Businesses see consumer confidence down again, and decide to wait a couple more months before hiring anyone, and this is how you mess up a recovery.

FEW SENTENCES:

Republicans celebrate victory

http://www.wapa.tv/noticias/primera-plana/republicanos-celebran-victoria/20101103094734

Bernie Madoff is the true reason for the U.S. economic troubles, and the world's. He "made off" with the money.