That 'hubris' is all it was and what is happening is a 'deflation' of a balloon that was 'more than just a housing bubble.' The 'adjustment' the USA and global markets are 'feeling' isn't simply a transition through a 'bad time' to return to 'good times.'
What occurred during seven years of Republican spending in the USA while they expanded the debt and annually raised the USA debt ceiling was an artifical economy based in unnecessary construction through priorities that supported a political agenda void of benevolence toward global economic stability.
The Bush Years will be measured in GOVERNMENT WASTE including the time it has taken to defeat al Qaeda.
That 'waste' was never viewed by global partners as such, but, as a ? perhaps ? new way of market strategy. It wasn't a market strategy at all, it was pure unadulterated politics. It was GROSS mismanagement by the Executive Branch of the USA Government at every turn regardless to topic. Power brokers. The Bush Years are laced with power brokers, not, good government.
If one wanted to 'analyze' the years going forward from the time Former President Clinton took office there would be a far different outcome and far more stability had Bush/Cheney not conned the Executive Branch away from Former Vice President Gore.
This 'market CRASH' (and when the Stock Exchange fell 50% in one year, that my friends, is a crash, not a recession.) occurred due to "W"rongful spending, "W"rongful priorities and I apologize for the fear that gripped this country for so long that 'enabled' such tragic outcomes to global stability.
Americans have decidedly taken their country back and what that means to the global markets and growing number of USA allies, is that the USA has a lot of work to do, including being vigilant to prevent another September 11th.
I would hope every nation that has stood by in strength and compassion during this decade will come to understand the vast responsibility the USA has toward all of them and doling out funds 'willy-nilly' when those funds are desperately needed to return stability to the USA while we change our 'polluting' ways is irresponsible. It is irresponsible to our own citizens and to global citizens.
It is not protectionism. It is inclusion. It is all in the 'eye of the beholder' and there is no room for greed anywhere. Different from a Republican administration and Congress, every USA penny needs to be conserved and distributed prudently. For every 'return' on investment by American citizens that literally used their own paychecks to elect our new President, there will be vast more return to the global stability and market places.
The arguement that 'international competition' will bring 'the best value' to the USA for its economic stimulus is INVALID. We, as Americans can determine what a 'fair paycheck' looks like and how that impacts the 'cost' of rebuilding our infrastructure. With proper 'bidding' from American companies for government contracts their won't be any need for international competition to insure 'fair prices' for 'raw materials.'
I do not anticipate 'free wheeling' market competition as there was with Bush. Bush's 'Rule of Law' was a joke and he simply removed all laws and regulations that insured fair and honest market practices. There won't be any more 'fraud' to cause global instability. The 'one' place terrorist networks seek to 'hurt' nations and societies is 'within' their market strategies. We as a world intent on peace and benevolence can't allow that to happen and we need to have 'regulatory' infrastructure that promotes prosperity even in the face of possible tragedy.
What occurred under Bush and Paulson was complete exploitation of markets while ignoring the dangers of economic collapse and how that opens up the possibility of terrorist infiltration. As an example the 'mess' that is Pakistan and its lack of a cohesive market strategy is all too clear.
While a 'strong USA' seems a little scary to a world still traumatized by the last eight years, there is nothing to say 'a USA gaining strength enough' to be a 'strong partner' isn't in the best interest of the global community.
NOW, is the time for nations to take inventory of the 'best strategy' to consent to in all venues, including the extreme and present dangers of a warming planet.
NOW, is the time to 'summit' and create 'that world' of perfect balance.
NOW, is when the USA's people have offered up their favorite son ready to make agreements and sign treaties. Let us not waste what the citizens of the USA have started.
China shows recovery signs, US job loss slows
(Agencies)Updated: 2009-02-05 08:11
BEIJING/LONDON -- Improved manufacturing data from China on Wednesday suggested its downturn may be bottoming out and US employment figures were not quite as bad as forecast, but crisis-hit Russia's sovereign debt rating was cut.
US data showed another steep drop in private sector employment but the rate of job losses slowed in January for the first time since September last year. ADP Employer Services said private employers cut 522,000 jobs in January -- slightly fewer than forecast -- after a revised 659,000 jobs were lost in December.
This marked the first slowdown for four months but analysts were cautious before wider US payrolls data on Friday. "I wouldn't put too much meaning into this report. Overall, aside from the the job losses, consumption all over the world is down. That's troubling," said Win Thin, senior currency strategist at Brown Brothers Harriman in New York...
