While these actions can help to get us out of crisis, we cannot settle for a return to the status quo. We must put an end to the reckless speculation and spending beyond our means; to the bad credit, overleveraged banks and absence of oversight that condemns us to bubbles that inevitably bust. Only co-ordinated international action can prevent the irresponsible risk-taking that caused this crisis. That is why I am committed to seizing this opportunity to advance comprehensive reforms of our regulatory and supervisory framework.This is my favorite paragraph from President Obama's OpEd. running in today's Times of London in advance of the G20. Apparently, a Trillion $ budget proposal and the bail out bonanza don't qualify as "spending beyond our means." The "absence of oversight" probably doesn't refer to the Democrat party throwing up obstacles to each attempt to reel in Fannie Mae and Freddy Mac. That "bubble" he refers to probably has nothing to do with the toxic assets created by forced sub-prime loans crammed down the banking industries throats by dangling profits. The teleprompter must have written this piece...the bastard.
The world responds:
No, Mr Obama, the crisis was not caused by 'irresponsible risk-taking'. It can be traced DIRECTLY to your Party's Community Reinvestment Act that forced banks to lend money to people based not on their ability to repay but on the colour of their skin. Do you have the moral courage to repeal the CRA?Bob the Builder meets Barry the Meddler...
BaiDaLong, Beijing, China
The only Pesident elected on a slogan taken from a childrens' programme. Bob the Builder - Can we build it? Animated machines - Yes we can!
The Obaminable Shownman who refuse to prove his credentials. Hopey-hopey, Changey-changey.