IOUSA movie producers and David Walker now endorse Obama's "Fiscal Responsibility"

[qh4dotcom]

From an e-mail I just received



Today, Pete Peterson and Dave Walker are in Washington meeting with President Obama and Vice President Biden at the President's bipartisan Fiscal Responsibility Summit. Pete and Dave are pleased to join 130 economic experts and congressional leaders from the left, right and center to discuss—and begin finding solutions for—America's fiscal crisis. The event marks what hopefully will be the start of policy-makers and experts from across the spectrum working together to strengthen our post-stimulus economy and find long-term fixes for a federal burden already topping $56 trillion.

Thank President Obama for looking ahead on our nation's finances.

Unfortunately, not everyone is embracing the bipartisan spirit of the president's Fiscal Responsibility Summit. Opponents have already declared President Obama's summit a failure before it began, launching attacks via statements, press conferences, and coordinated PR campaigns.

The American people rejected this very same partisan divisiveness in the last election, and it's time to let President Obama know we reject it again today. Please sign the petition in support of the president's bipartisan Fiscal Responsibility Summit. Help give President Obama the credit he deserves for trying to tackle a tough issue, and for reaching across the aisle.

Add your name to the petition and send the president a thank-you note. Each signature will send a letter to President Obama, letting him know Americans appreciate that he is working to fix a crisis of this magnitude in both the short-term and the long-term.

Sign the petition to show your support for the President's Fiscal Responsibility Summit and for the bipartisan spirit in which it was convened.

Looks like they forgot about the $787 billion porkulus bill Obama eagerly signed into law, Obama's bailouts and all the trillion dollar deficits Obama has promised.

[emazur]

Best I can tell from this email, I don't see Walker and Peterson endorsing Obama's bailout or stimulus, but are just attending a supposedly bipartisan Fiscal Responsibility Summit. I don't know who else is attending, but if it truly is bipartisan then there should be many individuals who oppose the bailouts and stimulus

[TastyWheat]

Has anyone crunched the numbers here? I don't think Obama's scalpel can cut the budget in half no matter how sharp it is.

[Ex Post Facto]

As the ex-treasury secretary said today...the 11 trillion debt isn't the problem it's the 45 trillion in unfunded obligations that is the issue.

[tremendoustie]

Wow, that's great, I support Obama's fiscal responsibility too. Question: Are we sure it exists, and is it planning on making an appearance this decade?

[lynnf]

Wow, that's great, I support Obama's fiscal responsibility too. Question: Are we sure it exists, and is it planning on making an appearance this decade?


the only way to do it is to cook the books, and since government is in the business of lies, I'm betting that is how they will do it. again.


lynn

[LibertyEagle]

Guys, why are you expecting anything good from Peterson? The man was the President of the Council on Foreign Relations for decades. Go check him out; he's one of the dirtiest guys around.

[angelatc]

"Fiscal Responsibility" - 1984.

[RevolutionSD]

From an e-mail I just received



Looks like they forgot about the $787 billion porkulus bill Obama eagerly signed into law, Obama's bailouts and all the trillion dollar deficits Obama has promised.

Not surprising. These guys are part of the establishment elite. That movie exposed nothing.

[qh4dotcom]

Not surprising. These guys are part of the establishment elite. That movie exposed nothing.

I paid $12.50 and drove 30 miles to go see the movie....it was worth it.

Too bad now the producers jumped on the Obama bandwagon

[mrchubbs]

They aren't asking you to support the stimulus bill...

just the summit and the "bipartisan" nature of the effort to bring people together to discuss it.

That being said, I despise the word "bipartisan".... it assumes there are only two parties. It should be "non-partisan" or "trans-partisan".


Enjoy.

[Liberty Rebellion]

I paid $12.50 and drove 30 miles to go see the movie....it was worth it.

Too bad now the producers jumped on the Obama bandwagon

Well, I don't think Addison Wiggins (he wrote the book)was on the band wagon. Maybe all the other producers were, but here's what Addison wrote today on the 5 Minute Forecast:



Larry Summers fell asleep at the podium yesterday during the president’s Fiscal Responsibility Summit. That about sums it up, doesn’t it? The president’s chief economic adviser… asleep at the wheel. We only wish the Financial Times had the cajones to publish a picture.

One potentially productive policy posture the president pretended to propose: PAYGO.

“The PAYGO approach is based on a very simple concept,” explained President Obama at yesterday’s Fiscal Reponciblity Summit. “You don’t spend what you don’t have. So if we want to spend, we’ll need to find somewhere else to cut.”

Amen and hallelujah!

A similuar policy enacted from 1991-2002 helped cut the federal deficit from 4.5% of GDP to a surplus of up to 2.4% of GDP… depending, of course, on whose numbers you choose to believe. A Republican Congress let the PAYGO rules lapse in 2002 during the run up to “shock and awe” in Iraq.

You can’t fight a war with PAYGO in place, because you don’t know how much the carnage is going to cost. PAYGO also has a terrific record of stiffling growth and raising taxes. But it forces Congress to balance its annual budget and address the national debt.

(If they’d simultaneously promise to roll back the 1969 “unified budget” rules and not allow anyone to borrow from Social Security… then we’d be getting somewhere.)

Obama might actually be serious, too. His Web site claims that the junior senator “voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.” Of course, he waited until AFTER he signed the biggest spending progam in American history to champion the issue again. Huh.

Alas, even if the man with the bully pulpit is serious, there are some stiff winds blowing…

Despite a $150 billion government backstop, AIG likely lost $60 billion in the fourth quarter of 2008. AIG execs marched to Washington yesterday, tin cups in hand. They told lawmakers that the company faces the biggest quarterly loss in American history… unless more money is pumped into the AIG coffer. Aside from additional funding, AIG is rumored to be asking the government to convert its preferred holdings to common shares. That would, in effect, completely nullify any “advantage” taxpayers had in this quasi-nationalization. AIG will report its official fourth-quarter earnings Monday.
Almost simultaneously, the Obama administration confirmed rumors yesterday that the government is in talks to accrue a 40% stake in Citigroup. Part of that deal would convert preferred shares to common, again making the taxpayer the likely loser.
And last, the Treasury announced needs to appoint a special adviser to handle the GM and Chrysler debacle. Those two companies recently came knocking for an additional, but not unexpected, $22 billion.
Heh,… A pay-as-you-go government? Not anytime soon…

http://www.agorafinancial.com/5min/