Obama's Legacy Could Be an America of Aristocrats and Peons, Shocking New Research Reveals

[JDPriestly]

194. If the rich paid their fair share of taxes, raising the debt ceiling

would not be so important.

FDR penalized the bankers and stockbrokers, the gamblers who had led the country to bankruptcy. Obama rewarded them.

That is not because Obama is a terrible person but because he does not understand economics or budgeting or money. He has a good character but did not have the understanding when it comes to economics to even choose the right advisers. Larry Summers? Robert Rubin? The very guys who should have been watching America's money and didn't: Geithner and Bernanke. Relying on the advice of those misguided (if not worse) and incompetent people was Obama's huge mistake.

FDR challenged the bankers and stockbrokers to answer for their miscalculations, greed and crimes. Obama has just let things go.

FDR instituted programs that helped little folks. Obama has shown a willingness to destroy or diminish the effectiveness of some of the very programs that FDR put in place like Social Security.

Obama is privatizing. FDR improved the public sector. (Obama did a tiny bit for the public sector but not nearly what needed to be done.)

I'm sorry. Obama is very good when it comes to foreign affairs, but when it comes to the economy, Obama is not listening to the best and brightest.

And Glass Steagall? Still not reinstated. The banking laws that were passed are far too weak. Just watch what is happening to Bank of America.

Here:

. . . .

“The Dow,” as it is often called, is intended to represent the core of America’s economy. “As the Dow goes, so goes America” is the theory. It is one of the most watched indices of all markets, with many people tracking how much it goes up, or down, every trading day. So being a component of the DJIA is a pretty big deal.

Alcoa , HP, Bank of America lost relevance

. . . .

Bank of America (BAC) was one of the 2 leaders in financial services when it entered the DJIA. It was a powerhouse in all things banking. But, as the mortgage market disintegrated B of A rapidly fell into trouble. It’s shotgun wedding with Merrill Lynch to save the investment bank from failure made the B of A bigger, but not stronger. Thousands of branches and terminals make the name well known, but its value obscure.

Now racked with concerns about any part of the institution having long-term success against larger, and better capitalized, banks in America and offshore has left B of A with a lot of branches and terminals, but no market leadership. What innovations B of A may have had in lending or derivatives are now considered headaches most people either don’t understand, or largely despise.

http://www.forbes.com/sites/adamhartung/2013/09/12/out-with-a-whimper-alcoa-hp-b-of-a-and-the-djia/

In my opinion (and I am not an economist), I would be wary of the rising prices for housing. If wages are not rising, an increase in housing values suggests a possible bubble. Think about it. Housing is the thing that ordinary people buy and invest in usually before anything else. Housing values should match middle class, ordinary people's income levels. Right now, the wealth of the middle class is not increasing. If that is the case, how can middle class people pay more for housing? They just can't.

So when you hear about the housing market demand increasing, watch the prices. If there begins to look like that market is booming a bit and prices are rising but wages are not rising, we have a problem.

The Obama economy is not healthy at this point. Not at all.

I hope that we Democrats can get behind Elizabeth Warren for 2016. I have the impression that she understands these things. And she has the humility and experience and intelligence to pick truly trustworthy, competent people to advise her on areas in which she does not personally have expertise.