Monday, March 30, 2009

Europe rebuffs stimulus spending

I am not surprised at Europe and its rebuff, for now, and neither should.

Looking at this in a basic, practical manner Europe rebuffed invading Iraq and in doing so watched from the sidelines as we spent billions of money on a war that damned near killed us financially in this country, along with the unregulated housing/mortgage fiasco.

Europe is not surprised at our demise, though some countries had gotten greedy and got into bed with the mortgage scheme, but it has not derailed Europe as it has derailed the United States.

Obama has a heavy task ahead because he does need these countries to stroke the stimulus, for it to work hand in hand over here. But Europe is shaking its finger at the United States and saying we have lived beyond our means and they are correct.

The last time President Obama went to Europe, he was greeted with raucous applause and 200,000 Europeans choking a Berlin square, chanting "Obama" and "Yes We Can."

President Barack Obama smiles during his prime time news conference in the East Room of the White House in Washington, March 24, 2009.
(Jason Reed/Reuters )This time, as the president heads to London this week to press the Group of 20 nations for a global economic stimulus plan, he's likely to get a warm reception but cold comfort from many European leaders.

European Union chief Mirek Topolanek, the recently ousted leader of the Czech Republic, calls the plan the Obama administration has been pushing "a way to hell."

Germany Chancellor Angela Merkel is also a skeptic.

"We must look at the causes of this crisis," she said. "It happened because we were living beyond our means. ... We cannot repeat this mistake."

That sounds a lot like Obama's Republican critics at home.

Yes, the Republican critics. The reason that Obama's numbers are not in the tank and have held up is because of Republican critics. The same critics that did nothing about the spending under former President George W. Bush, the very same critics that must shoulder some of this blame because Barack Obama did not walk into the White House and all of a sudden the economy was in the tank. We were having homes foreclosed on in 2005 at the clip of 10,000 a day, the former Bush Administration knew this and did nothing about it. The Republicans at this point has lost credibility on any financial matters, their record has spoken for them.

The Europeans gave Obama a great reception last summer, but that was when he was candidate Obama, now as President Obama it is a different story. Expect all the excitement, all the photos of President Obama and the First Lady all over Europe, the video and audio clips, but what is most important of all is behind those hard closed doors. What is being said behind those doors and how every leader will emerge from those doors. That is what this summit is all about.


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