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Talk:Barack Hussein Obama/update (view source)
Revision as of 03:26, May 7, 2011
, 03:26, May 7, 2011using economic section from the original article - although i hesitate to use youtube links as references
====Economic plan====
====Economic plan====
{{see also|Obamunism}}
{{see also|Obamunism}}
Critics of the Obama administration have coined the word "[[Obamunism]]" to describe Barack Obama's [[socialism|socialistic]] and "[[fascism]] light" [[economic planning]] policies ([[Benito Mussolini]] defined fascism as the wedding of state and corporate powers. Accordingly, trend forecaster [[Gerald Celente]] labels [[Obama administration corporate bailouts|Obama's corporate bailouts]] as being "fascism light" in nature).<ref>http://www.thebigmoney.com/articles/daily-intel/2009/07/20/obamunism-inc</ref><ref>http://www.smallbusinessadvocate.com/small-business-interviews/gerald-celente-6944</ref> Obamunism can also refer to Obama's [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]].<ref>http://seekingalpha.com/article/120883-monetary-policynot-obama-s-stimulusis-what-needs-watching</ref><ref>http://www.nypost.com/seven/05172009/postopinion/editorials/bams_wise_words_169731.htm</ref><ref>http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/</ref> In February of 2010, Jim Rogers, the world renowned investor, said concerning the [[Obama administration]]'s [[monetary policy]], that the [[European Union]], [[China|Chinese]], and [[Australia|Australian]] central bankers are more competent and honest than the [[Federal Reserve]].<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref> Furthermore, Mr. Rogers asserted that Federal Reserve Chairman [[Ben Bernanke]], whom President Obama re-appointed to be the Chairman of the Federal Reserve, is "throwing gasoline on a fire" via his [[inflation|inflationary]] policies which are debasing the United States dollar.<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref> Under President Obama the American government's share of the national gross domestic product has significantly increased.<ref>http://www.youtube.com/watch?v=kABRyZdQXGw&eurl=http%3A%2F%2Fwww.breakingnews.com%2Fvideo%2Fdick-morris-obamas-waterloo&feature=player_embedded</ref>
[[Wall Street]] firms and banks that were bailed out were among Obama's biggest campaign supporters.<ref>http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638</ref> Therefore, the Obama administration bailouts of corrupt, unproductive, and reckless Wall Street firms was hardly surprising, although it certainly was not helpful in making the United States economy more productive and prosperous. A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref> Proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>http://www.youtube.com/watch?v=czcUmnsprQI</ref>
Top trend forecaster [[Gerald Celente]] predicts that the corrupt economic policies of the Obama administration will lead to a second [[Great Depression|great depression]] (Celente predicted the 1987 US stock market crash, the dot.com crash, the US 2008/2009 recession, and the collapse of the USSR in the early 1990s) and may lead to a "second [[American Revolution]]" (Celente predicted the [[Tea Party Movement|tax protests]] that are now occurring in America).<ref>http://www.youtube.com/watch?v=8MMX3SKzrfU&feature=channel_page</ref><ref>http://www.youtube.com/watch?v=sy9bfw1ebgw&feature=response_watch</ref> Celente also asserts that the costly and inefficient temporary short term methods that the Obama administration is using to alleviate economic problems in the short term (which is causing massive increases in [[Obama administration deficit spending]]) is only making matters worse and will not prevent the worse economic depression in United States history from occurring.<ref>http://www.youtube.com/watch?v=_C8K7rWkGGw</ref><ref>http://www.youtube.com/watch?v=1LBffdIW0XA&feature=response_watch</ref>
The Obama administration has been sharply criticized for [[Obama administration deficit spending|its massive deficit spending]] and [[Obama administration monetary policy|its reckless monetary policy]] via vast increases in the [[money supply]].<ref>http://seekingalpha.com/article/120883-monetary-policynot-obama-s-stimulusis-what-needs-watching</ref><ref>http://www.nypost.com/seven/05172009/postopinion/editorials/bams_wise_words_169731.htm</ref><ref>http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/</ref> Celente predicts that if a "second American Revolution" occurs in a peaceful and productive manner, it may include a [[Third Party System|third party movement]] of governance that will advocate a more [[free market]] [[capitalism]] approach to the American economy and a more strict interpretation of the [[United States Constitution|United States constitution]] as far as the authors' [[original intent]].<ref>http://www.youtube.com/watch?v=8MMX3SKzrfU&feature=channel_page</ref><ref>http://www.youtube.com/watch?v=sy9bfw1ebgw&feature=response_watch</ref>
=====Stimulus=====
=====Stimulus=====
{{main article|American Recovery and Reinvestment Act of 2009}}
{{main article|American Recovery and Reinvestment Act of 2009}}