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U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say
CNSNews ^

Posted on 06/29/2010 3:44:56 AM PDT by Sub-Driver

U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say Tuesday, June 29, 2010 By Fred Lucas, Staff Writer

Washington (CNSNews.com) – Citing the country’s trade deficit, President Barack Obama and Treasury Secretary Timothy Geithner each asserted last week that the United States cannot continue to lead the world economy.

“We said in Pittsburgh [at] the G20 that it was important for us to rebalance, in part because the U.S. economy for a long period of time was the engine of world economic growth; we were sucking in imports from all across the world financed by huge amounts of consumer debt,” Obama said Thursday during a joint press conference with Russian President Dmitry Medvedev.

“Because of the financial crisis, but also because that debt was fundamentally unsustainable, the United States is not going to be able to serve in that same capacity to that same extent,” the president added.

“We are obviously still a huge part of the world economy. We are still going to be open. We are still going to be importing as well as exporting,” Obama continued. “But the economic realities are such that for us to see sustained global economic growth, all countries are going to have to be moving in some new directions.”

(Excerpt) Read more at cnsnews.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bho44; bhoeconomy; bhofascism; democrats; fail; malaise; miserablefailure; obama
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To: Sub-Driver; All
"U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say....

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21 posted on 06/29/2010 5:05:23 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Sub-Driver

Contrast this with what Reagan said and did. Back in the early 80’s, a lot of ‘experts’ were predicting that the era of American dominance was over, that there was no way we could continue to be the world’s economic engine.

Reagan fought back against that defeatist mindset and proved them all wrong. Obama just throws his hands up in the air and says ‘I quit’.

That’s some leadership skills you got there, Zero.


22 posted on 06/29/2010 5:06:16 AM PDT by reagan_fanatic (Never trust anyone who points their rear end at God while praying.)
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To: reefdiver

In reality it’s not so much as “no we can’t” as it is “We wont let you.”


23 posted on 06/29/2010 5:21:28 AM PDT by gdzla
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from Boots and Sabers
24 posted on 06/29/2010 5:21:46 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spirito Sancto.)
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To: Sub-Driver
...We are still going to be importing as well as exporting,” Obama continued.

GEORGE: Yeah, yeah. She's seeing this guy, Art Vandelay.

SUSAN: So what does he do?

GEORGE: He's an importer-exporter.

SUSAN: What kind of problems are they having?

GEORGE: (not happy delivering Elaine's lie) Well, he uh, he wants to uh, quit the exporting and uh, focus just on the importing. And it's a problem, because she thinks the exporting is as important as the importing.

SUSAN: Are you having an affair with Elaine?

25 posted on 06/29/2010 5:22:51 AM PDT by 6SJ7 (atlasShruggedInd = TRUE)
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To: Sub-Driver

I guess that’s BP’s job now...

sarc


26 posted on 06/29/2010 5:43:45 AM PDT by silverleaf (Those who can make you believe absurdities can make you commit atrocities.)
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To: Toddsterpatriot; Mase; expat_panama
free smileys
27 posted on 06/29/2010 5:46:22 AM PDT by 1rudeboy
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To: Sub-Driver

"U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say Gloat."

MISSION ACCOMPLISHED.

28 posted on 06/29/2010 5:50:22 AM PDT by Gorzaloon (CNN:AP:etc:Today, President Obama's stool was firm and well-formed. One end was slightly pointed. ")
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To: Sub-Driver

Goodbye US Dollar. Hello inflation and patriotic wallpaper.


29 posted on 06/29/2010 6:34:15 AM PDT by businessprofessor
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To: businessprofessor

Internationalista banksters suck!


30 posted on 06/29/2010 6:48:29 AM PDT by norraad ("What light!">Blues Brothers)
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To: Sub-Driver

the hoax global warming failed...

next up globalization; because Obama golfs and spends
our way out of debt and does nothing as oil washes ashore...


31 posted on 06/29/2010 7:02:20 AM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: Sub-Driver

The people of the US can continue if the idiots in government would just get out of the way. More proof Obama and his followers do not believe America is the greatest country ever.

FUBO


32 posted on 06/29/2010 7:05:04 AM PDT by ilovesarah2012
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To: ilovesarah2012

Ozero speaks at G-8....market falls 250 points, so far today.


33 posted on 06/29/2010 7:07:14 AM PDT by Mouton
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To: Sub-Driver

“U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say”

Not as long as you two are in power we can’t.


34 posted on 06/29/2010 7:07:32 AM PDT by RockinRight (I can see November from here!)
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To: Sub-Driver

No, we can’t..... No, we can’t...


35 posted on 06/29/2010 7:14:13 AM PDT by GraceG
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To: Sub-Driver

They’re right. The US Consumer has reached the limit of how much debt they can take on and service.

The export-based economies of China, Japan and Germany need the US consumers to consume. This is why they keep buying our commercial paper and now our sovereign debt - to help keep interest rates low so that the US consumer could keep consuming on debt.

Well, we’re rapidly reaching the end of the road. In aggregate, the US consumer cannot service more debt, especially when the demographics of the baby boomers moving into retirement are taken into consideration.


36 posted on 06/29/2010 7:24:48 AM PDT by NVDave
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To: Chode

These need to be stickerized and pasted everywhere. I see real ones on long stalled projects all over Wilmington DE. I would love to “update” those signs.


37 posted on 06/29/2010 7:26:25 AM PDT by Drill Thrawl (Rahm and George at Doe's when the knife came down)
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To: Sub-Driver
U.S. Can’t Continue As Engine That Drives the Global Economy, Obama and Geithner Say

With the dreamer-in-chief and his gang of RATS in Congress, I believe this is one of the most accurate headlines during this century.
38 posted on 06/29/2010 7:29:02 AM PDT by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: gdzla; reefdiver
In reality it’s not so much as “no we can’t” as it is “We wont let you.”

I was thinking more along the lines of "Yes, we can, but no, you can't."
39 posted on 06/29/2010 7:29:54 AM PDT by Renderofveils (My loathings are simple: stupidity, oppression, crime, cruelty, soft music. - Nabokov)
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To: Sub-Driver

40 posted on 06/29/2010 7:31:00 AM PDT by GalaxieFiveHundred
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