Posts Tagged ‘US Government

21
Jun
16

Is Obama the Worst US President in History?

 

In his final year of US Presidency, let’s take a look at Barrack Obama’s legacy. What will he be remembered for? What direction has he steered America? Here are some points on results that Obama’s administration has results:

  • Raised the US Federal Debt from $6.3 trillion to $19.3 trillion
  • Unprecedented 65 million people globally displaced
  • Record global citizens killed from terrorism
  • A Record 94,610,000 Americans Not in Labor Force
  • Record gap between the rich and poor
  • The top 1% control over 50% of the nation’s wealth
  • CEO pay to average workers has soared to record high
  • 22% of children live in poverty in the United States
  • Record mass shootings in the US under his watch
  • Suicide is the fifth leading cause of death of children ages 5-14
  • More people die from drugs than from car accidents
  • More than one in four blacks live in poverty
  • The jobless rate for blacks is twice that of whites
  • The median income for black households is less than 60% that of white ones
  • Racial tensions in the US have been stoked under his watch
  • The middle class in the US is disappearing
  • More than ½ a million people are homeless in the US
  • More than 25 percent of U.S. students fail to graduate high school in four years
  • record losses in manufacturing jobs and record trade deficits

These few stats alone are up-hauling from a President who has claimed to have savedthe country from the Great Recession. Obama’s passing the buck mentality and deflecting responsibility exemplify signs of poor leadership. Only time will tell but Obama will most likely go down in history as one of the worst US Presidents.

 

24
Oct
11

Is Bernanke a liar?

Federal Reserve Bank Chairman Ben Bernanke has made some very famous calls only to change his opinion and stance afterwards. In 2005 Ben Bernanke said “home-price increases, largely reflect strong economic fundamentals.” This was shortly before the top and collapse in the US housing market that ensued. In 20007 Ben Bernanke also stated “…we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” After the 2008 crisis initially caused by the subprime crisis he later said that no one could have forseen the impact of the subprime spillover. Imagine that, the head of the US Central Bank not knowing the actual exposure, risks and over-valuations of  lending products in the US banking system.

Bernanke also released a Fed report stating that high price of oil was the cause for the 2008 slowdown shortly after the crash. With the recent increase in the prices of oil, Bernanke changed his stance to recently say that the increasing price of oil has no impact on the economy. In 2006, Bernanke also stated “I have confidence, therefore, that however events play out in the short term, in the longer term the economy will grow at a healthy pace, raising living standards in the process. ” Again, a prediction wrong as the US living standards have dropped substantially with record poverty levels.

Bernanke has stated many times that the Fed’s dual purpose is to maintain price stability and keep unemployment low. But recently price inflation has been increasing (along with underlying commodities) while average wages have decreased (back to the living standards thing again) and actual unemployment has not improved. When a person of that power and level in government is paid to make such inaccurate predictions and moves, how is that possible? If we made such mistakes in our daily jobs we would probably not be around for very long.

With such missed calls, is Bernanke the PH.D really as bright as people perceive him to be or has he been placed at such a high position because the less bright someone is, the easier it is to control decisions from the outside (the powers that be of Wall Street)?  Who has benefited from his decisions while in power? What are his interests after he finishes his role as Federal Reserve Chairman? Will he follow his predecessor (Alan Greenspan) and hit the road to a role on Wall Street lined with the favours he’s handed out in his current decision making role? Does Bernanke constantly contradict himself or simply does he not want to tell the truth?