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View Full Version : Obama Obama Blames “Europe, Earthquake And Gas Prices” For Economic Mess


HonestChieffan
06-05-2011, 02:54 PM
He left out failed policy, his need to golf, and sunspots. Golfer-in-Chief takes zero responsibility. POS.

(Daily Mail) – The Dow Jones industrial average and the Standard & Poor’s 500 index are both headed for a fifth straight week of losses – the longest losing streak for the Dow since July 2004.

The slump follows jobs data published on Friday showing employers added only 54,000 new workers in May, the fewest in eight months and well below what analysts were expecting.

The news comes as President Barack Obama today blamed high gasoline prices, the Japanese earthquake and Europe’s financial crisis for economic ‘headwinds’ at home.

As inspiration for a broader recovery, he’s citing the American auto industry’s resurgence.

‘We’re a people who don’t give up, who do big things, who shape our own destiny,’ the president said in his weekly radio and Internet address Saturday.

Like his words to Chrysler workers, Obama’s address did not mention the bleak unemployment numbers announced Friday for the month of May. The Bureau of Labor Statistics said the economy last month created only a net 54,000 jobs and unemployment inched up to 9.1 percent.

‘We’re facing some tough headwinds,’ Obama said.

‘Lately, it’s high gas prices, the earthquake in Japan and unease about the European fiscal situation. That will happen from time to time.’

http://www.dailymail.co.uk/news/article-1394389/Jobs-data-forces-DOW-longest-weekly-losing-streak-2004-Obama-heads-Ohio-defend-economic-policies-jobless-total-hits-new-high.html

chiefqueen
06-05-2011, 08:07 PM
So developed European countries like Greece routunly go into default on their debt?

FAX
06-05-2011, 08:11 PM
The important thing now is for us to believe everything the politicians tell us without question or hesitation.

FAX THE PATRIOTIC

banyon
06-05-2011, 08:11 PM
Lately, it’s high gas prices, the earthquake in Japan and unease about the European fiscal situation.

Uh, what's so controversial about saying this?

That's pretty much what everyone on Wall Street is saying isn't it?

CrazyPhuD
06-05-2011, 08:36 PM
You know there might be some truth to the gas price issue, but you know why gas prices are high? Because oil is high because we shit on the dollar......

chiefforlife
06-05-2011, 08:44 PM
I had no idea golf had such an impact on the economy...

banyon
06-05-2011, 09:01 PM
You know there might be some truth to the gas price issue, but you know why gas prices are high? Because oil is high because we shit on the dollar......

The dollar is a part of the problem, but speculation is perhaps the larger component:

http://worthwhile.typepad.com/worthwhile_canadian_initi/images/2007/11/21/p_oil_currencies2_2.png

http://worthwhile.typepad.com/worthwhile_canadian_initi/images/2008/03/24/p_oil_currencies3.png

http://www.reuters.com/article/2011/05/12/us-congress-oil-speculation-idUSTRE74B4NQ20110512

(Reuters) - The head of Exxon Mobil (XOM.N) stopped short of blaming speculators for the run-up in oil prices, but he told Congress on Thursday that based only on the fundamentals of supply and demand, the price of oil should be in the range of $60 to $70 a barrel.

"When we look at it, it's going to be somewhere in the $60 to $70 range if you said: 'If I had access to the next marketable barrel, what would it cost?" Exxon's CEO and Chairman Rex Tillerson told the Senate Finance Committee in response to a question about the influence of speculators on high oil prices.

acesn8s
06-08-2011, 05:10 AM
I know the unemployment numbers are bad, but did anybody think about the 50,000 jobs McDonald's created? That means only 4,000 jobs were created.