WASHINGTON (Reuters) - President Barack Obama said on Monday he inherited many of the country's problems with high debt and deficits when he entered the White House, sounding a theme likely to dominate his 2012 re-election campaign.

Speaking at a Democratic fundraiser, where families paid $15,000 to get a picture with him, Obama defended his economic record and noted that problems in Europe were affecting the United States.

"We do have a serious problem in terms of debt and deficit, and much of it I inherited," Obama said. The financial crisis, he said, made the problem worse.

Democrats and Republicans agreed to a deal to raise the debt ceiling and cut government spending last week, but credit rating agency Standard & Poor's downgraded the United States, contributing to a steep fall in stock markets on Monday.

Obama noted that the United States had seen 17 months of consecutive private-sector job growth, rising corporate profits and stabilized credit markets under his watch.

"What's absolutely true, even before these last couple days in the stock market, is that recovery wasn't happening fast enough," he said. "When you have problems in Europe and in Spain and in Italy and in Greece, those problems wash over into our shores," he said.

"When you have problems in Europe and in Spain and in Italy and in Greece, those problems wash over into our shores," he said.

WTF, does this guy even realize that Spain, Italy and Greece are all part of Europe? GWB must be having a good laugh right now.:rotf2:

He is just looking to pass the blame for the next election... He has no intention on fixing anything,,,,,only to get ready to fun for office...

I saw his speech yesterday with the same old, same old blame game
and speaking in generalities. The market went down 100 pts while he
spoke and proceeded to fall another 200 right after his excuses.

You would think as President of the US and leader of the free world
he would speak to instill confidence in the people.

He is not a leader and has no plan.

WTF, does this guy even realize that Spain, Italy and Greece are all part of Europe?

LOL, they must not teach that in Havad. :D

I saw his speech yesterday with the same old, same old blame game
and speaking in generalities. The market went down 100 pts while he
spoke and proceeded to fall another 200 right after his excuses.

You would think as President of the US and leader of the free world
he would speak to instill confidence in the people.

He is not a leader and has no plan.
Anyone in the market that makes their investment decisions based on a 10 minute speech by the President is an idiot. It doesn't matter if he came out saying that the sky is falling or that they have a proven method to fix every issue.

Fools make important decisions based on Rhetoric. Unfortunately, that's exactly how 90% of Washington made their way to office.

Anyone in the market that makes their investment decisions based on a 10 minute speech by the President is an idiot. It doesn't matter if he came out saying that the sky is falling or that they have a proven method to fix every issue.


I agree with your first statement but disagree on the second.

If you have a tried and true inspirational leader that people trusted
and spouted a sound plan to fix the economy the instituional buyers would see
it as an opportunity to buy, not sell. It's all about confidence.

Problem is our President doesn't have a plan, unless it's a secret one that
he plans to reveal at the just right time. :)

I agree with your first statement but disagree on the second.

If you have a tried and true inspirational leader that people trusted
and spouted a sound plan to fix the economy the instituional buyers would see
it as an opportunity to buy, not sell. It's all about confidence.

Problem is our President doesn't have a plan, unless it's a secret one that
he plans to reveal at the just right time. :)
It's not like this crap economy is a surprise or just started. If he had a sound plan to fix the economy, we would already know everything about it and a reactionary speech to the tattered markets wouldn't reveal any new, ground-breaking information.

A completely different situation where I would agree that an inspirational leader is when there is an acute incident that a quick response is needed for. For instance, the Lehman Brother's and Enron bankruptcies or a terrorist attack.

Dealing with the stock market depends on utilizing data and an intelligent analysis of that data. A single BS expected speech by the President (regardless of who he is) does not provide any qualitative or quantitatively useful information.

[QUOTE=JohnnyD;878671 A single BS expected speech by the President (regardless of who he is) does not provide any qualitative or quantitatively useful information.[/QUOTE]

JD, I couldn't have summed up his speech betta. :)

JD, I couldn't have summed up his speech betta. :)
Your taking my words out of context. Nothing I said was directly about Obama's speech, specifically.

Dealing with the stock market depends on utilizing data and an intelligent analysis of that data. A single BS expected speech by the President (regardless of who he is) does not provide any qualitative or quantitatively useful information.

Your taking my words out of context. Nothing I said was directly about Obama's speech, specifically.

Don't worry, he's having some context issues recently :uhuh:

-spence

You can't lead when you garner not one iota of respect from your colleagues. All those peckerheads jumped on this guys bandwagon to get anyone elected president as opposed to a republican. Most people at least get better as time goes on in some respects. Barry has be going backwards now for months and months. Even if he did inherit the problems, most of which he didn't, he doesn't have a clue about how to approach them. He is a #^&#^&#^&#^&ing loser and so aren't the people who voted for him.

Don't worry, he's having some context issues recently :uhuh:

-spence


Johnny D - smacked down by Mr. Context

Your taking my words out of context. Nothing I said was directly about Obama's speech, specifically.

huh?


If he had a sound plan to fix the economy, we would already know everything about it and a reactionary speech to the tattered markets wouldn't reveal any new, ground-breaking information.

Dealing with the stock market depends on utilizing data and an intelligent analysis of that data. A single BS expected speech by the President (regardless of who he is) does not provide any qualitative or quantitatively useful information. .

did I miss something?..was there another President with no plan to fix the economy who gave a reactionary (and quite arrogant and uninspiring) speech recently regarding the tattered markets containing all the expected BS that provided no useful information that you may have been or may not have been either specifically or directly referring to?

Johnny D - smacked down by Mr. Context
Was actually talking about Justplugit :jump1:

Things move pretty quick around here, please try to pay attention.

-spence

Dealing with the stock market depends on utilizing data and an intelligent analysis of that data. A single BS expected speech by the President (regardless of who he is) does not provide any qualitative or quantitatively useful information.


Sorry JD, but i couldn't resist being that was such a perfect discription
of Obama's speech.

In any event we prolly won't hear from him for the 10 days he's
on vacation on the Vineyard as the world crisis continues.
Prolly gonna work on his "razor sharp" jobs creation program. :huh:

Don't worry, he's having some context issues recently :uhuh:

-spence

Pot calling the kettle black. :hihi:

Was actually talking about Justplugit :jump1:

Things move pretty quick around here, please try to pay attention.

-spence

Ooops, must make note to myself to take more time and not do a drive-by.

Having said that, you are the Queen of Context ;) .