Well, at least with those anti-American negativists. With the USA in very deep trouble, affecting the whole world economy, the new team in Washington is facing a tremendous challenge to repair the damage done by the previous team.
I am fed up with all the nonsense and the fact we would not be allowed to express our opinion.
All is well? See this:
“US economic contraction worst since ’82” (SCMP & Agencies)
The world’s biggest economy shrank 3.8% in the fourth quarter of last year – the most in almost three decades and confirmation that the US is in a recession. US President Barack Obama seized on the figures as a “continuing disaster” for American families and further proof that more action was warranted on his US$819 billion economic recovery plan.
and:
“Meltdown prophet warns that much worse is still to come” (Bloomberg in Davos)
At the World Economic Forum two years ago, economist Nouriel Roubini warned that record profits and bonuses were obscuring a “hard landing” to come.
American International Group vice-chairman Jacob Frenkel countered: “I really disagree.”
No more. “Roubini was intellectually courageous, and he called the shots correctly,” said Mr Frenkel, whose AIG survives only on the basis of more than US$100 billion of government loans. “He gained credibility, and he deserves it.”
Even as he wins plaudits for his prescience, Mr Roubini says worse lies ahead. Banks face bigger credit losses than they realise, more financial firms will require state takeovers and the world economy will keep shrinking throughout this year. “The consensus is catching up with me, but it’s still behind,” Mr Roubini said. “I don’t know what some people are smoking.”
He remains pessimistic and sees banks writing down at least US$3.6 trillion, compared with the US$1.1 trillion disclosed so far.
Some neocons stick to fraudulent and cheap attacks. Some now say it’s all because of Soros. On what planet do those people live? Obviously they are just as bad as Red Guards in old China or the regime in North Korea. Only listen to the voice of the party, don’t think, don’t do your homework. The new president is a Muslim, a communist, whatever. He will destroy the U.S., blablabla. Went to check those blogs where people spit out all their attacks. Disheartening. Simply speaking, many people are not ready to have somebody at the helm who dares to THINK and consult others.
At least some people keep our faith up in the USA. About the U.S. stimulus plan, attacked by those negativists, I could not express it better than Paul Krugman:
“Bad Faith Economics”
See attached the pdf version if you can’t find it.
Yes China is full of problems and we have plenty of brainless people too, spitting out nonsense. But overall the central government has a pretty correct analytical view, though sometimes they are clumsy in handling details. Idem for their stimulus plan. Not perfect, not enough, but not that bad either.
I will keep away as from now from those neocon polemics unless China’s economy is concerned. I just needed to get it off the chest. Others things to do.
