Obama pins economic recovery hopes on Europe's leaders

This is foreboding.

he added, noting that U.S. solutions to the 2008-09 economic and financial crisis should inspire Europe.

Like printing more money and devaluing the dollar? You cant spend more than you produce forever.

The good news is that a lot of the work we did back in 2009 and 2010 have put our financial system on a much more solid footing, Obama said.

US is in significantly more national debt than ever before at $144 Trillion (not a typo, many think its only 14T but there's more hidden debt) They have only delayed and set up for an even larger economic disaster.

Why would Europe want to follow the US example given these points?

Make no mistake there is far worse to come.

romney is right:obama isn't working.

Romney seized on Obama’s “doing fine” description of the private sector jobs situation, calling him “a president that is out of touch.”

Great to see Romney attack that point; proving once and for all The One is delusional.

Mark this date on your calendar as the day Obama lost the election.

RR

Most Americans are slowly realising that they do not live in a democratic society. With only 2 parties likely to win ever, who have 90% of the same ideals there will not be change.

As with Obama coming to power, there was no great change, same old same old. There is no miracle pill for America unless those that know the truth stand up united and demand action and a fair society.

Obama is as much as a puppet as Bush, these words are not his but given to him. The last president to want to effect change and not be a puppet was killed.

European economy has been in trouble and there will be no rainbow to cheer anytime soon with its current political agenda. The quick fix and kicking can down the road is like band-aiding the cancer. Obama's blame game is now aiming at the source of his economic role model, which is a failure one. Beyond all his reasoning, the numbers do not lie, and that is over $14 trillion deficit, almost 9% unemployment, and highest government dependency than ever in history of U.S. If we rely on Hollywood and Obama, America will be forwarding over the cliff to the la la.. land. Gradually, peoples start to see the reality versus empty slogan of Obama's amateur agenda. Keep the rainbow for our children....

Europe needs to look at the US? America has a huge debt, how is that a great example? Also it's not all of Europe that's doing bad, just the countries that have a bigger reputation for corruption at government level.

Until humanity realises that we are all into this together we won't see these problems go away.

What a ridiculous title.

"Until humanity realises that we are all into this together we won't see these problems go away."

Selfishness and greed are our greatest attributes. The problems won't go away until we do I think.

Obama is as much as a puppet as Bush, these words are not his but given to him. The last president to want to effect change and not be a puppet was killed.

so who pulls the strings? let's have some names. surely johnny glitterball has the answer. nationalized health care, obama's signature piece of legislation,which as romney points out obama pursued ahead of fixing the mess he "inherited" , is about to be repealed by the supreme court. are we supposed to believe it was part of a grand plan???

ah yes, state broken people, then I guess suggesting Europe straighten up there act is quite reasonable.

Obama pins economic recovery hopes on Europe's leaders

I'll give him credit, he ain't pinning any economic recovery hope on his policies. Smart man.

Two with feet in mouth: Obama with his comment, and then Romney's rebuttal that the lesson of Wisconsin is that American's don't want policeman, fireman or teachers.

The reason Florida, say, or Arizona are not in the situation Spain and Italy are is precisely thanks to Obama's stimulus, the great majority of which went directly to states to allow them to patch their budgets - and without that, what is rapidly turning into the largest government downsizing in American history would have been much worse.

In fact, it may well be. Stimulus funds are gone, and yet states are still struggling. Obama suggests that Congress should offer another round of aid; the main point of his poorly-phrased comment was precisely this. Romney apparently says no. As for who is out of touch: for people who send their children to private schools and live in gated communities, perhaps teachers and policemen are of little importance. We'll see how American's decide.

More importantly, Obama is on the mark when he says Republicans offer no answers other than tax and spending cuts - in effect, the transfer of community resources to the wealthy. What a scam: would lowering Romney's 13.8% tax bill have caused him to invest in more companies?

Let's hope the American people are intelligent enough to see beyond Republican obfuscation.

This is the begining of a long long 'blame game'! Obama loves blaming Europe, China, the Republicans..etc. But i love to see the Obama, Romney blashing each other, their endless blaming is going to cripple America until this fall! When there were 46 million Americans relying on food stamps to survive and a war of attrition is ongoing....my fellow american friends must sit in front of TV to hear those crooks agruing as an 'entertainment'! The so called democracy and liberty is such a bunch of rubbish!

State Broken people; Sure the anwers to who controls them all is out there in the public domain and has been known for a long time.

Falling back on his repeated warning of “headwinds” from Europe

How many times has Obama blamed his failures on ‘headwinds’? The U.S. economy, the Summer(s) of Recovery, the Middle East, Mr. Bush, rising gas prices, soaring energy costs, the republican Congress, the Arab spring; the list goes on and on.

What was this press conference for anyway? The One hasn't a clue.

RR

So many deranged comments on the topic of American politics - some are fond of tossing around their favorite pet phrase "the One" the way chimpanzees do feces; some pretend American voters have no choice as the parties are the same; some bewail random figures without understanding what they mean and what choices they present.

Obama said regarding Europe:

There is a path out of this challenge. These decisions are in the hands of Europe's leaders; they understand the urgent need to act. There are specific steps they can take right now to prevent the situation from getting worse. One of those steps is taking clear action as soon as possible to inject capital into weak banks.

That is: The world is facing some serious economic sh!t not seen since the Great Depression, and the answer is not austerity, as the Republicans and European conservatives advocate, and it is not to force standstill, as the Republicans have forced the Congress to do when presented with programs that would clearly aid the United States.

Europe's path out of their mess is looking increasingly difficult to chart; success is not assured, and failure would be disastrous. But if they fail, they will have the American Republican Party as a partner in their failure, for what is required in Europe is precisely what the Republicans proscribe at home.

Pin the tail on the donkey. Obama, the Socialist community organiser, has followed the Keynesian policies to the letter and thus the lamest recovery. You can't really blame him, though: he was schooled by the same. Diocletian policies will of course lead to ruination. Krugman embodies the same.

Romney will likely do a little better, but only marginally so, as he is also a proponent of big government. Meanwhile, the masses are mesmerized and preoccupied with nonsense like American Idol and Dancing With The Stars.

"the lamest recovery" Is that like the grooviest recession leading up to it?

"Diocletian" All right, wait here while I go get the sex manual glossary.

"preoccupied with nonsense" Hey, us JT regulars are the same, except we are more interested in K-Pop bands that merge into supergroups. Go see the entertainment section for a few chuckles and lighten up on the Socialist this and the ruination that.

Diocletian! - Another pretty word leaving one wondering at its meaning; it is not a common name-derived adjective. Do you intend to imply that Obama intends to divide America into administrative units or that he intends to persecute the Christians, as Diocletian did? Or are you emphasizing their equal proletariat roots? Krugman has words for those who toss around words with no meaning.

Also, words that you probably do understand such as "socialist" (capitalization unnecessary, BTW - it is neither a religion nor a party) and "Keynesian" you use without ground: Obama is not a socialist, and - for example - the Reagan administration puts his "Keynesian policies" to shame. No doubt he would have done better on the latter if given the chance; he was not, however, and to compare a man's intentions against the results he was able to achieve is unfair. He is a Keynesian ran against a do-nothing Congressional Republican majority. Too bad.

Romney would do far worse. A small business owner quoted somewhere recently said, "Drive more business to my door and I'll invest in more staff and equipment. Give me a tax cut and I'll take my wife to the Bahamas." With Romney as president, apparently only the Bahamas would benefit.

What's more, if you insist on tossing around "Diocletian" (in the same reckless way, it must be said, as our Austrian economics friends on this page do), you must remember that Diocletian presided over the division of the Roman empire into four administrative areas; this is similar to the dissolution facing the Euro and is in direct opposition to what the American republican system has worked to prevent.

Less advantageous areas of America benefit regularly by a transfer of federal dollars from more advantageous areas. During recessions, states unable to balance their budgets benefit from the fact that the federal government does not have to (see: stimulus). The clear advantages states enjoy from belonging to such a system are the gravity that pulls our Republic together.

Remove these, and the danger that America as a political union will spin apart increases. What is "Diocletian" in American politics is the Republican Party.

Remember when the leftists were lining up to call Mr. McCain out of touch when he said the fundamentals of the economy were strong in 2008, then reversed himself?

Now the allegedly savvy and intelligent Obama has done the same thing - first saying that the private sector is doing fine, then changing his mind.

Hilarious.

RR

I see Romney is actually leading Obama in a poll in Michigan 46-45%. How is this possible? Didn't Obama save Michigan with his GM bailout?

Now the allegedly savvy and intelligent Obama has done the same thing - first saying that the private sector is doing fine, then changing his mind.

Must be all the campaign donations to Obama from the 1% of Hollywood and celebrities along with his billionaires and multi-millionaires buddies that are doing fine. It is the middle class and upper middle class that are not doing fine. The working class are definitely not doing fine living paycheck to paycheck.

For Obama to blame local government and state government for not hiring goes to show he is out of touch with reality. Local and state government can not hired people due to the lack of property taxes that homeowners and businessess pay. The economy is not doing fine so people don't own homes and opened up businesses.

The spin doctors in the White House employ are feverishly spinning here in the States but there aren't many ways to interpret this gaffe. Saying the private sector is "doing fine" is going to come across to many Americans as either callous or out of touch. His going off teleprompter at a faux news conference gives middle class voters another glimpse into Obama's confused way of thinking.

Even the flip side of his statement can't be spun in his favor. Wisconsinites just rejected a call for more from government and other unions.

Things are not going well for the liberals Dear Leader. This does not come as a surprise. Sycophants can cover for him up to a point but sooner or later the house of cards comes tumbling down. That is what the entire world is now witnessing: Obama's implosion.

RR

Why would Europe want to follow the US example given these points?

This is the reason Obama is doing this. We are globally linked. If Euro goes down, so is everyone else. This is bigger than Lehman, and the ripple effect to others is enourmous.

romney is right:obama isn't working.

I am lost what you are saying here. He is working 24/7 while Romney is just focusing on campaign.

With only 2 parties likely to win ever, who have 90% of the same ideals there will not be change.

Two party system works. Look at China and Russia with one party system. Look at Japan with too many parties..

Obama's blame game is now aiming at the source of his economic role model, which is a failure one. Beyond all his reasoning, the numbers do not lie, and that is over $14 trillion deficit, almost 9% unemployment,

Pin the tail on the donkey. Obama, the Socialist community organiser, has followed the Keynesian policies

He inherited all problems caused by Bush. There are two elements of Bush's failing fiscal policies I need to explore to you. Bush went to TWO wars with credit cards. Second, Bush gave a hugh tax break to a 1% of the riches in US hoping to stimulate economy (supply side economy). Do you know what they have done? They have been shifting jobs overseas and kept money. It did not stimulate domestic US economy. When consumer spending, Investment spending are not fully utilized, sometime Government spending will do the tricks..

first saying that the private sector is doing fine, then changing his mind.

People misinterpreted his comment wrong. As I listed above, C + I + G spending will do the tricks.

Obama pins economic recovery hopes on Europe's leaders

Leading from behind again I see. This is typical of "The Worst President In American History". Never takes responsibility on himself and so it's always someone else's fault.

I think this is the week that President Obama lost re-election. The actual increase in the unemployment rate when he has been promising for three years that any day now there will be a recovery. This is what, the third recovery Summer in a row without a recovery! The huge labor loss in Wisconsin and Obama stood on the sideline and did nothing to help his allies. In a few weeks the central part of his health care reform debacle will be rejected by the Supreme Court. So therefore he spent the first two years in office in a futile effort to create an historic legacy for himself while the country's economy was flailing and unemployment remained painfully high.

Obama doesn't have a clue what he is doing. As Clinton said, he is an "amateur".

Obama, and his apologist posters here, idolize FDR and his socialist economic policies. Those policies failed then, and are failing still.

Compared alongside American political icons, Diocletian seems the Franklin Delano Roosevelt. Immersed from the very start of his reign in exigent economic circumstances, and forced to choose between the constrictive moorings of repression and the dangerous, expansive seas of greater liberty, he doubled down on power, attempting to annul the relationship between supply and demand and reduce the gregarious, enterprising spirit of man to points on a graph or constants in an equation. It is certifiably true that Krugman doesn't "defend" Diocletian's economic policies; rather, those advocated by him match those tried by Diocletian almost precisely. The Nobel Prize economist calls vociferously for higher taxes, which was a specific policy objective of the Roman emperor. He goads policy makers to create more money and target higher levels of inflation – which Diocletian did, with clearly adverse outcomes. Diocletian's massive buildup in both state-funded construction projects and a broadened state officialdom correspond neatly with Krugman's specification of greatly amplified state-employment initiatives. funded construction projects and a broadened state officialdom correspond neatly with Krugman's specification of greatly amplified state-employment initiatives. But the inept tax, inflation, and price-fixing approaches of Roman emperors can, in part, be excused by virtue of their having had little history to consult alongside a limited number of economic theories, all of which were grounded in pantheistic theology. With 2,000 years of recorded history between the 3rd-century calamities of the Roman Empire and the present day – plus a handful of recent, well-documented economic crackups perusable amid a wide range of discredited economic theories – what excuses can Krugman offer? Empire and the present day – plus a handful of recent, well- documented economic crackups perusable amid a wide range of discredited economic theories – what excuses can Krugman offer?

And what new excuses will Obama pull out of his hat next?

Laguna, the use of Saul Alinsky - inspired tactics aimed at silencing those who oppose your and your socialist leader ' s agenda reveal the nature of your position and doesn't dissuade anyone.

Reagan talked a good rhetoric, but his actions fell short. You'll note that I don't support Romney. Obama has long been a socialist, as his membership in the far-left New Party through the 90's evidences, and as his current policies all clearly prove, all of which are wealth-redistributive at the core.

The federalism to which you refer is one which Hamiltonians supported, Jeffersonians opposed, and Lincoln forced onto the nation during his dictatorial regime. Consent of the governed was lost during that time.

Herve, your argument on this topic is going no where. Would you please define socialism (your own definition) for me? What is it? Do you call Japan, UK, Canada, France, Italy, Germany, Australia and USA in capitalism or socialism?

@global, Exerpts from Wikipedia: Socialism:"There are many variations of socialism and as such there is no single definition encapsulating all of socialism. They differ in the type of social ownership they advocate, the degree to which they rely on markets versus planning, how management is to be organised within economic enterprises, and the role of the state in constructing socialism." "...democratic socialism seeks to propagate the ideals of socialism within the context of a democratic system. "

So, the nations you listed, though officially various forms of government, are effectively democratic socialism.

@Herve, very good answer. There is no pure capitalism among these countries. I am reluctant to call it as democratic socialism. They are somewhat between Capitalism and Socialism when we consider Social Security including unemployment and disability benefits, medicare, medicare, Nenkin (Japanese social security), national health insurance benefit (Japan, Germany, France, Canada and Australia). There are interesting materials to read how Democracy and Capitalism go together.