It is imperative to chew on what is published whether on line or in various print and media outlets and make up one's mind.
i am one of the guys who has big expectation from the presidency of Obama. however, i have been frustrated by the amount of time the President is spending on giving press conferences and on tv. specially frustrating has been the repetitive usage of words like depression and other adjectives which are creating unnecessary tremor in people's mind. it is creating massive hysteria and not solving the problem facing this country. aboveall, it is creating a feeding frenzy for right wing radio talk hosts like Limbaugh, Savage, Levin and alike to disect and dillute the President's words to the deteriment of their listenrs who number in the millions. we need more action from the new leader and less words, specially those which are creating massive alarm. as a person in the service industry, i am cutely aware of the effect of such grandiose terms as utilised by Prof Obama in my dailly intake. everytime he screams 'the worst economic disasater', ' unprecedented precipe' etc people are running for cover and not spending their money which is hurting my bottomline as well as the economy, in general.
what this Nation needs is a new more exhaustive effort to tackle the fundamental of the economics. so long as the US green bucks is strong is in big demand, we have nothing to fear but fear itself and print as much as possible.
i think mr Geitner was brilliant in the delivery of his speech, yesterday. but it looks like it is the same old game of giving moneies to the banks without an iota of effort to bring those who were responsible for this mayhem to justice. where is the accountability? neither govt officials at the helm of SEC who were supposed to have oversight over folks like Maddo or those at the helm of the massive ponzi scheme like Fuld of Lehman or countless others are facing the sweet music of justice. how about Cox and others at FDIC who let the bankers and financiers off the hook for trillions of dollars the taxpayer has to fork to save their asses.
i think what was needed, back in the Fall of 2008, was for the govt to close all the banks before they give them a cent and examine their books bottoms up, no ifs or butts! folks could have used the numerous check cashing joints or independent atms to get by for a week which by the way is used by millions of americans who never set foot in banks. then and only then, once the govt was sure about the health of the banks based on a stress test should have handed them free money.
recently, the District Attorney of Manhattan stated that there are $ 4 trillion deposits in the Cayman islands compare to some half a billion in all of New York Banks. i wonder if the US should do the rite thing by invading this tiny island which is the hub of the massive scroundel which has engulfed our Country and get our money back. if GW could do it in Irak, i c no reason for us not to takeover this center of Hedge fund capital and examine all the books of these boileroom operations known as off shore banks.
the united states govt seems to have forgotten that it is imperative to counter the chinese in Africa and other resource rich spots. any stimulus package will have to include massive incentive for import export bank of the US to facilitate international trade. there are shovel-ready projects in Africa from the time of Cecil Rhodes. the Cape to Cairo and Djibouti to Douala rail projects will create massive opportunity for folks in the Rust Belt as Caterpillar, John Deer will be supplying the equipments for such a behomoth of project. moreover, if one takes the Douala to Djibouti rail project it will transverse the resourceful Nations of Cameroon,CAR, Congo, Kenya, Southern Sudan and Ethiopia, with its western flang possiblly stretching to Nigeria and its center reaching to Uganda. studies show that such a project will cost 5 to 6 billions of dollars. this will create a good will in the massive muslim population of the region as rail transport will facilitate their annual piligrimage to mecca from points in Djibouti by ferry or even building a bridge over the Bab el Mandab.imagine the US spending a fraction of what it is spending in its war on terror to faciltate a piligrimage to mecca. the public relation aspect alone makes its worth while. may i add that Cameroon, Congo and South Sudan are perhaps the richest source of any raw material, the World over. it wont be palatable for those right wing conservatives to undertake "Marshal PlanII' in Africa but this is self serving and in the strategic interest of the US .
