Do you agree with Obama when he criticized Europe Debt as the source of the bad Economy Or was it Wall Street?

German observers have reacted angrily to the comments, saying that the US is in no position to criticize other countries, given its own $14-trillion pile of national debt and ongoing wrangling over the country's debt ceiling. Others claim that Obama is just trying to distract attention from the US's problems and point out that the US president was in California to raise funds and voter support ahead of his reelection campaign next year.....





The mass-circulation Bild writes:





"Obama's lecture on the euro crisis 鈥?is overbearing, arrogant and absurd. 鈥?In a nutshell, he is claiming that Europe is to blame for the current financial crisis, which is 'scaring the world.' Excuse me?" "The American president seems to have forgotten a few details. The most important trigger of the financial and economic crisis was US banks and their insane real-estate dealings. The US is still piling up debt 鈥?The American congress is crippled by a battle between the right and the left. The banks are gambling just as recklessly as they did before the crisis. The president's scolding is a pathetic attempt to distract attention from his own failures. How embarrassing."





The center-right Frankfurter Allgemeine Zeitung writes:





"Dark clouds have gathered over the American president. The gloomy state of the economy is putting a dampener on Obama's future prospects. The optimism of the past is gone, replaced by a cheap search for a scapegoat." "Obama thinks he has found one. He blames the Europeans for reacting too late to the debt crisis.





The financial daily Handelsblatt writes:





Obama governs a country where, despite billions in state aid, the economy is stagnating, companies refuse to invest despite calls for patriotism, and which gets embroiled in one political trench war after another 鈥?Now this country is dispensing advice, suggestions and finger-pointing.".....In the desperate battle for his re-election he'd rather construct myths, such as claiming that the Europeans alone are responsible for the American mess. Not only is this fundamentally wrong, but -- coming as it does from a friend -- it's downright pitiful and sad."





See: http://www.spiegel.de/international/worl鈥?/a>|||Wall Street. Obama is just another closet-Republican.|||First all these ideas are not the American peoples they are Obamas and a select few socialists that are part of his administration in 2012 America will be rid of Obama and his comrades but do not label America because of a few Mad men .|||So now he his blaming other countries for his miserable failures, lol.... Guess it wasn't nothing but a matter of time before he ran out of Americans to blame....








Vote Republican 2012 !!!!!!!!!!!!!!!|||it was wall street...|||The European debt is just making worse what Wall Street did to the American people in the first place.|||he can't admit the truth, that the problems have been caused by rampant liberalism. there is NO excuse for a person whose job is to keep the trays holding the fasteners for a dashboard filled for the robots to make 6 figures a year, I don't care HOW much overtime he pulls!|||I think the nasty truth is that world capitalism is in crisis.



None of the capitalist businessmen and none of the capitalist politicians has any good solution to the crisis. Therefore they blame each other.



To be sure, the face and the dimensions of our global capitalist emergency keep changing.



Really, big problems for the world economy first emerged in the 1970s, following a remarkable 25-year period of encouraging growth in the capitalist West.



It was in around 1975 that the US, Western Europe and Japan discovered that -- having successfully reindustrialized, following the catastrophic destruction of World War II, the world's leading capitalist powers were beginning to compete with each other. Dangerously, in a zero-sum fight over markets that somebody was going to lose.



Also in the 1970s, Richard Nixon in the US helped to dismantle the old Bretton Woods Agreement by ending the convertibility of US dollars into gold.



Nixon's abandonment of the Bretton Woods ssytem touched off a surge of currency speculation and economic instability in the world. And as this drove down the real value of the dollar, falling real prices for oil inspired the OPEC nations in 1973 to impose their oil boycott on Western friends of Israel -- an act that soon caused a surge in oil prices and hyper-inflation around the world.



The result was that the mid-1970s were marked by "stagflation," falling stock market values, falling capitalist profit rates, stubborning high unemployment.



By about 1979, American business magazines like "Business Week" and "Forbes" were speculating that the world economy might be entering into another global depression. A team of economic experts from the OECD countries, in a 1979 report called "Facing the Future," speculated on the same risk.



And between 1980 and 1982, the world did in fact plunge into severe recession, as the US Federal Reserve Board jacked up short-term interest rates to break the back of US inflation, and in doing so

choked off economic growth in the West along with a sovereign debt crisis in Latin America, Africa and Asia.



The world recession of the 1980s caused chaos in most Third World nations that lasted for a decade, and in the US it led to the Savings %26amp; Loan debacle of 1985 - 1989, a severe real estate recesssion from 1989 through about 1991, and a massive shutdown of American manufacturing facilities after 1987 as US corporations began to move overseas to Asia.



Global capitalism then "recovered" from the horrors of the 1980s mostly by embarking on computer-led industrial growth and the commercialization of the Internet, plus a major turn to purely financial speculation by big investment banks and hedge funds on Wall Street.



Now this temporary capitalist "solution" has led to the near-collapse of the world financial system in 2008, plus the threat of permanent stagnation and permanently high government debts today.



Obama is a capitalist politician; he has no sure cure for this crisis. The Germans and other European leaders who are criticizing him are capitalists, too, and they don't know how to fix things either. The bankers seem to be in charge, seem to be controlling many Western governments -- but the bankers also are close to ruin, because of the bad gambles they've made in the past.



So we get capitalist leaders from some of the richest and most highly industrialized nations in the world pretending to solve a global economic slowdown - with a food fight.



Ho-hum.



This is sad. Not surprising, but very, very sad.



-- democratic socialist|||I don't agree with President Obama on criticizing other countries. Someone on Wall St. needs to be prosecuted. And HE still needs to pass good reforms separating investments from banking.|||Obama has become the Blame President. Nothing is ever his fault. It used to be mainly Bush's fault that nothing that Obama tried was going right. Then it was, alternately, the fault of Rush Limbaugh, conservative talk radio in general, Wall Street bankers, the Tea Party, and "racism." Now he has expanded his blame game to countries on other continents. Apparently he is beyond embarrassment. He has become a laughing stock, a joke, to the rest of the world. In the next 13 months he is apt to run out of earthly scapegoats, and have to resort to extending his blame to interstellar space.