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Obama names economic team

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Published Date: 25 November 2008
Barack Obama, the US president-elect, yesterday named Timothy Geithner as treasury secretary and Lawrence Summers as director of the National Economic Council.
They will be at the centre of efforts to fight the worst financial crisis to hit the United States since the Great Depression.

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  • Last Updated: 24 November 2008 10:10 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Barack Obama
 
1

,

25/11/2008 01:41:15
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2

First Virginian,

USA 25/11/2008 02:22:12
George Washington has some good advice for Obama's economic team:

"As a very important source of strength and security, cherish public credit."

"One method of preserving it is to use it as sparingly as possible, avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it, avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertion in time of peace to discharge the debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear."

"The execution of these maxims belongs to your representatives, but it is necessary that public opinion should co-operate."

(from Washington's "Farewell Address" of 1796)

Obama and the Democrats are going to have a difficult time convincing all of their supporters that they should co-operate and not expect to feed at the government's trough as they were promised.
3

Wally,

By The Rivers Of Babylon (USA) 25/11/2008 03:46:46
Virginian is right in #2.

Prior to 1763 the 13 colonies created their own money. The money was simply printed up usually with no precious metal backing at all. Then the money was used to pay the expenses of the 13 colonies' governments as well as lent out to citizens for the sake of business development or home construction. The citizens paid the money back without interest. As this system raised money for the governments of the colonies taxation was unneccessary and very rare. The king of england destroyed this system in 1763 and decided that he wanted to personally collect the profits from money creation. Benjamin Franklin said that this had devestated forward progress of the economy by 1764. He said that this was the reason for the revolution.

Since 1913 the US government has given money-creation authority to a private bank that is partly owned by city of london interests as well as other europeans and americans. it is a far greater burden on us than the king's money creation system of franklin's day that inspired the revolution.
4

,

25/11/2008 05:47:49
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5

,

25/11/2008 06:39:23
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6

seillean a mhirdenibha,

Williamsburg 25/11/2008 10:57:42
2&3 Of course, no one is feeding at the Republican trough. Not the military contractors in Iraq (one contractor for every five military personell, the highest in any war ever.) Not the massive price supports for wealthy farmers (it doesn't amount to a hill of corn for the small farmers). We could go on, but why bother. Meanwhile, my taxes have not gone down under the Bushies--seeing as how those of us working for wages don't make enough money to get a tax cut. Nooo-everything has been so rosy under Bush and we're all sooo much safer here in the US. Meanwhile, Obama is planning to return the tax structure to what it was under--Ronald Regan. Oh my!
7

Bele's bane,

Scotland 25/11/2008 13:46:07
I hope that Obama and his team are successful in obtaing permission from the Knesset to put their plans for economic revival into operation.
8

First Virginian,

USA 25/11/2008 16:07:50
#6 seillean...

Quote:

"...military contractors in Iraq...wealthy farmers...seeing as how those of us working for wages don't make enough money to get a tax cut."

Answer:

Clintonian Obama is the one who decided that you don't make enough money to get a tax cut.

It is Obama's idea that "wealthy" business owners who provide jobs for people like you will be overtaxed to spread your wealth to nontaxpayers.

Obama is big government who is taking money out of the pockets of those who work and earn it and will "spread the wealth" to those who have not worked and earned it.

Military contractors in Iraq are wage earners that have to undergo far more danger than you do.

How many "wealthy farmers" do you know?

Those "massive price supports" are taxpayers' money that big government uses to keep American farmers from not growing crops. Then foreign countries such as Mexico can flood our market with their produce.

Then we have the Democrats with Barney Frank heading the pack still in business with Fannie Mae and Freddie Mac.

Instead of Barney Frank and the rest of the Fannie Mae and Freddie Mac crooks being on trial they are actually still at their jobs reworking the NINJA mortgages that caused this global economic mess.

How fair it that...the wealthy perpetrators of the economic meltdown are still at their desks drawing a hefty wage and pension benefits from the taxpayers?

9

First Virginian,

USA 25/11/2008 16:12:30
#8-correction

"...to keep American farmers from growing crops." rather than "from NOT growing crops."
10

Wally,

By The Rivers Of Babylon (USA) 25/11/2008 18:17:04
Seillean in #6:

I appreciate your comments. However, I wish to tell you that I'm not shilling for the republicans. I generally reject the 2-party fraud.

I only spoke about how the money-creation system we had prior to 1763 was far superior to what we have today. The money-creation system today is extraordinarilly expensive to the ordinary person and extraordinarilly profitable to those that run it. Prior to 1763 the 13 colonies made the profits from money creation and this caused them to be independent of the need for tax revenue. We built wealth & prosperity for the ordinary person very rapidly from 1700 to 1763 as a result of this. This enabled us to win that war.

The money creation system we have today was signed into law by President Wilson in 1913. Wilson was a democrat. Wilson said later that he'd made a collossal mistake and had enabled fascism in our country. but the congress that approved it was mostly republican. Regardless only a small minority of the members actually voted on that bill as only a small minority were present when it was voted on. Ever since 1913 both parties have accepted it. The last president who opposed it was Kennedy. Kennedy circumvented the system and created money exactly as the 13 colonies did prior to 1763. He also signed an executive order stripping the federal reserve of some power. As you know he was murdered. The last significant congressional leader who opposed it was McFadden in the 1930's. He was murdered also.

You should seek Sheldon Emry's essay 'Billions for bankers, debts for people'. You should also read the book called 'creature from jekyll island' about the federal reserve.

My impression is that Republicans have sure screwed things up when they were in power. But Democrats helped them. and there is no sign of real change whatsoever.

I'm giving you info that is rare and taboo. If you want to mistake me as a republican shill, then you've been deceived. The leadership & politi
11

Wally,

Psalm 137 (USA) 25/11/2008 18:17:41
The leadership & politicians of both parties overwhelmingly disagree with me. But the rebels in both parties as well as all the 3'rd parties in our country agree with me. So did the founding fathers. Thomas Jefferson, George Washington & Ben Franklin all 3 spoke strongly against the types of schemes we have now. Ron Paul, Cynthia McKinney, Ralph Nader, leaders of the Constitution Party all agree with me.

Some ideas matter. Don't blame me if the mass media, the public schools and the universities conspire to keep you ignorant of these ideas. I don't need to be called a republican shill just because I've shown you these things.
12

2dogs in D.C.,

25/11/2008 21:25:08
Gen.George Washington has been dead for a while. Time and circumstance have moved on. The economy has changed just a bit.In other words, that was then this is,most definitly,now.

 

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