China Gets Edgy about US Deficit Spending: the Commander and Thief says the Financial Crisis is “Not So Bad”

In an astonishing display of incompetence, ineptitude, disingenuousness, condescension, arrogance and all around bad taste, the President of the United States of America said that the continuing economic crisis is “not so bad”.  Here’s an experiment: Go directly to your retirement account statement, open it, look at the bottom line and decide for yourself if the President is lying or not!  Let’s see, 45% of the world’s wealth has been destroyed in recent days, people are hording ammunition for their guns, businesses (JOBS) are leaving the United States, and it’s insane tax policy, and there aren’t enough printing presses and green ink in the world to print all the money Congress is spending.  Maybe Barak Obama should tell the jittery Chinese Government “it’s not so bad” and see if they’ll withdraw their demand for guarantees if they lend us any more money?  I can’t help but wonder why anti depressant use and the demand for sleeping pills is going through the roof when it’s clear to our Neo-Socialist Commander and Thief that: it’s not so bad?  Maybe the G20 nations, who just get a busy signal, or an answer machine, when they call the United State Treasury, should take a chill pill and not worry so much about completely revamping the world economic system (and American Leadership of the planetary economy) because our Neo-Socialist Messiah says “it’s not so bad?”

                                                            

Wasn’t it just yesterday that Bill Clinton was suggesting a more upbeat tone to our Presidents comments on the economy?  Isn’t it abundantly clear that Wall Street is registering near panic about his socialist policies and the unsustainable, unforgivable, unbelievable amounts of money the Democrats are stealing from us all to spend on pure political corruption and vote buying?  Where’s the doom and gloom President who assured us that if his bills in congress were not passed we’d see a financial Armageddon that we may never fully recover from?  Now that he’s got billions for ACORN, funding to fight pig odor in Iowa, and the right to use human embryos for spare parts, apparently the world according to Obama is just peachy now!  Barak Obama has found his optimism but he may well have lost his mind because his not so bad crack is probably true for him eating up $100 a pound imported beef that we’re paying for but in the real world everyone’s job is on the chopping block!  Here’s a few clips from Bloomberg:

 

WASHINGTON — President Obama is embracing a mantle of confidence-builder in chief. Whether he is meeting with his own economic advisers or worried business leaders, his message is meant to be calm and reassuring — even in the wake of more bad economic news.

Obama will have another opportunity to assert his optimism after he meets Friday with Paul Volcker, the former Federal Reserve chairman who now guides the president’s economic recovery advisory board. Volcker was preparing to brief Obama and his economic team on how the $787 billion stimulus package is working.

Speaking to a gathering of the nation’s CEOs on Thursday, Obama defended his plans for pulling the economy out of a downward spiral, saying that his long-term view gives him reason to maintain optimism despite an uptick in unemployment and falling economic indicators.

“I’ve never bought into these Malthusian, woe, Chicken Little, the earth is falling. I tend to be pretty optimistic,” said Obama, once a long-shot candidate for the White House. “I wouldn’t be here if I weren’t pretty optimistic.”

The president boldly declared that the national crisis is “not as bad as we think” and that he has seen public opinion seesaw without logic.

“A smidgen of good news and suddenly everything is doing great. A little bit of bad news and ‘Ooohh, we’re down on the dumps,”‘ he said. “And I am obviously an object of this constantly varying assessment.”

Obama disagreed with the choices.

“I don’t think things are ever as good as they say, or ever as bad as they say,” he added. “Things two years ago were not as good as we thought because there were a lot of underlying weaknesses in the economy. They’re not as bad as we think they are now.”

 

Apparently the Chinese didn’t get the memo that the economy is not as bad as we think because they admit to being worried about the security of the American Debt they’ve bought. Heres a few more clips from a different Bloomberg article so you can decide for yourself if you think the Chinese are being naughty or if Barak Obama’s new found optimism might be a lie at worst or an astonishingly stupid thing to have said at best.

 

March 13 (Bloomberg) — China, the U.S. government’s largest creditor, is “worried” about its holdings of Treasuries and wants assurances that the investment is safe, Premier Wen Jiabao said.

“We have lent a huge amount of money to the United States,” Wen said at a press briefing in Beijing today after the annual meeting of the legislature. “I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets.”

U.S. President Barack Obama is relying on China to sustain buying of Treasuries as his administration sells record amounts of debt to fund a $787 billion economic-stimulus package. Chinese investors have lost money on the securities so far this year, after increasing their holdings 46 percent to $696 billion in 2008, according to Treasury Department data.

“China’s purchases of American debt have been one of the few bolts keeping the wheels on the global economy,” said Phil Deans, a professor of international affairs at Temple University in Tokyo. “If China stops buying where does Obama’s borrowing to fund his stimulus come from?”

Treasuries declined, causing the yield on the 10-year U.S. note to rise six basis points to 2.92 percent at 4:51 p.m. in Hong Kong, according to BGCantor Market Data. The securities handed investors a loss of 2.7 percent in yuan terms this year, according to Merrill Lynch & Co.’s U.S. Treasury Master index. The dollar fell 0.2 percent to $1.2938 per euro.

“Of course we are concerned about the safety of our assets,” said Wen. “To be honest, I am a little bit worried.”

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