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Barack, Do You Hear What David Cameron Is Saying?

Posted by Larry Doyle on May 12, 2010 2:07 PM |

Does anybody believe Barack Obama, or anybody in his cabinet, when it comes to fiscal discipline? I mean, really. I have no doubt that Barack and team know what is coming in November so they are working feverishly to get programs passed now.

How do you think the crowd in Washington is feeling today listening to the winds whip across the Atlantic from the UK? What is in those winds? Let’s review a Bloomberg report, U.K Coalition Government Plans Deficit Cuts, Bank Bonus Curbs:

Prime Minister David Cameron’s Conservative Party and his Liberal Democrat partners put cutting Britain’s record budget deficit and tighter banking regulation at the heart of their coalition agreement.

Some of the savings will be used “to support jobs, for example through the canceling of some backdated demands for business rates,” according to the text of the deal released today by the parties.

Yes, Barack, jobs. America wants focus on jobs, too.

The coalition also promised “robust action to tackle unacceptable bonuses in the financial-services sector,” without specifying what it would do, adding that the measures would be “effective in reducing risk.”

Wall Street paid record bonuses in 2009. American taxpayer dollars went in the back doors of the banks and right out the front door in the form of bonuses.

An independent commission will bring forward proposals within a year for the separation of retail and investment banking.

There is your Volcker Rule. Bloomberg further reports, King Welcomes Cameron Deficit Plans, Warns on Growth:

Bank of England Governor Mervyn King welcomed Prime Minister David Cameron’s plans to cut the U.K.’s budget deficit as the euro region’s fiscal crisis threatens the country’s economic recovery.

King, who was briefed on the new government’s plans today, has spent more than a year urging U.K. politicians to take faster action on the country’s record deficit and said Greece’s fiscal crisis shows what can happen when budgets run out of control.

The U. S. and U.K.’s debt clock is ticking, ticking, ticking. The voters in the U.K. just threw Gordon Brown out. Barack, are you listening??


  • Mike

    Now that we are on the brink of extinction, fiscal discipline is the cool thing to do.

  • TeakWoodKite

    I do not believe him, never have and never will.

    It is interesting to note LD, that from your Post on gold, the five year trend, does an “about face” in November of 08.
    What forces were driving it downward from a peak in Jan of 07?

    The market voted with it’s feet when he was “elected”.

    • LD


      I am certainly nio apologist for Barack, but I think the gold selloff in fall 2008 was in sympathy with the meltdown in all markets. That meltdown was precipitated by the failure of Lehman.

  • Obama should stop, look and listen to what is happening around him. He should follow the example of Cameron in initiating reforms in the budget. If he doesn’t make the move now, most probably America will end up like Greece.

  • ourdad55

    If all of you would watch Glenn Beck you would learn there are people here in America including Obama whose 1st goal is to bankrupt the “rich” countries which is considered to be us and the Euro countries. Please quit hoping for Obama to do the right thing. For God’s sake every day someyhing new pops up. Last weekend the precursor of government interference with our rights to the internet while speaking at a commencement. This week no one from the news media including NBC have been allowed to interview his appointment to the supreme justice. Instead they have their own little in house at the White House “news department” where a member of the staff conducted an interview that was released. We are getting into bad trouble so please regardless if you are Democrat or Republican watch Beck and stand up and fight. Not with violence but getting hold of your representatives and telling them to start putting a stop to anything that costs money. They want to spend us into a non-recoverable debt. These folks believe as a rich country we need to be brought down while at the same time committing an untold amount to Greece and Europe.

  • Sean

    We’ll-see if Cameron’s able to actually follow-through, what with the hung-parliament and all. Japan’s new government talked-tough too, until it was actually time to govern; then all of a sudden they started singing a different tune. Sounds alot like our very own Republican Party doesn’t it? It’s probably too-late in the game for governments to positively affect change at this point anyway. Methinks the fiat money & unpayable debt crisis endgame is simply playing-out now; Euro will-be history by the end of this year, etc. Better own some farmland and gold now while we still can. Good luck & God Bless!

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