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NeedToUseYou -> RE: Who else feels President Obama is trying to do WAY too much and too quickly! (3/7/2009 5:49:13 PM)
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I personally think Obama is doing to much in the wrong direction.
It seems to me most of the action thus far economically has been directed at supporting the banks, financials, and getting more government jobs going. I don't agree that is a healthy viewpoint.
If I were Obama, and had the mindset that I could "Jump Start" the economy. I would instead of increasing unemployment benefits, giving huge sums to banks, and increasing the size of government, I'd invest heavily in Small business with a heavy preference on non-service oriented jobs. As in take two trillion dollars of government money (taxpayer money), contract the banks to handle the applications, though they would not actually have the 2 trillion + dollars, they'd just handle the process, and set up a credit fund for small to medium sized wholly US owned based businesses. The interest rates would be 2 percent APR.
Seeing the premise is that we have no manufacturing base, it would reason if one wanted to create a new manufacturing base, you'd do that bottom up not by dumping billions at GM, which is going to fail, without giving them 100's of billions more.
I do agree though that building out high speed internet would be a good thing, but that could and would be addressed by business as well, we have a small internet company in salem, IL, that wants to expand right now, they are a 100% fiber, and it's good shit, I had it for about a year, but they need financing to expand the fiber to nearby towns. Anyway, point is you don't have to have the government build out internet necessarily, there are companies that want to build it out, but are hamstrung.
A National High speed rail line would be nice, but I'm not sure, as I've not seen the numbers on the current track utilization. Personally I have always wondered why rail travel was so anemic in this country, and expensive. I've actually looked at Amtrack prices, and they were not that attractive, but I don't understand why that is the situation, since rail travel costs a pittance in fuel/ pound transported.
My primary objection to what Obama is doing, is the focus. I'd have much less of a problem with the man, at this point if the vast majority of the money were going to create productive enterprises that would employ people long term, instead of flushing money at the problem makers. The problem makers being many banks, Financials, huge manufacturing relics, that just don't work anymore, while promising a pittance to those businesses that actually do pay taxes, are sustainable, and could grow, especially with access to cheap cash. I mean seriously, so far it appears he is attacking the symptoms, and very little is directed at the problem.
I don't want another housing bubble, personally. I don't want to sacrifice so AIG doesn't default on its insurance. And personally a Collapse of those EVIL companies would be a good thing, IMO, they hold to much power. Sure, it would suck for a couple of years, but nothing is to stop the government from replacing the credit in the short term, by giving loans to healthy businesses even if the big banks died. As in if 10 trillion in "fake" value disappeared from the financial industry, that means 10 trillion could be created without inducing an inflationary effect elsewhere, via government loan programs for production oriented US businesses.
I just ultimately think Obama is working to save the "bad guys" more than he has worked to help the good guys, (US based real productive activities).
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