January 19, 2009 - 4:48pm
But what did he do for the virtual sector of the economy? The most significant event was creation and adoption of UIGEA, the law prohibiting the financial institutions of the US to process payments made to pay the services of online gambling firms.
Starting from the very first day it was clear that such law shouldn’t exist. Having restricted its residents to play in online casinos the government thought that it would stop money flow from the country to offshore courtiers. However such “a successful” project turned to be a complete failure. Instead of stopping cash flow the US started paying various countries to satisfy their claims. So was with the offshore country Antigua and Barbuda which has demanded in court to pay compensation for the business spoiled. According to country’s statement the greater part of the players were from the US. So, now the US is paying $21 million each year. Not a very good economy, isn’t it?
One of the most significant events happened during Bush’s presidency is tightening of conditions for e-payment processors. e-Gold, the first and one of the leading payment processor has been checked for money laundering despite having the offshore registration. After a long suit the owners were finally found guilty. After that day e-Gold owners have reconsidered all their policies and have entered the transparency of transactions.
e-Bullion system can also be named a victim of Bush’s Feds since everything started with the charge in money laundering.
Other leading payment systems have left the American market to escape any prosecutions of the Bush’s team. Among such systems we can name Neteller, Moneybookers, Zuora, Citadel and many others. However, Neteller left the market not voluntarily but due to the restrictions on online gambling.
Actually the 43th president of the US, country with the strongest e-commerce system, has done very little for development of that sector. Actually we cannot remember anything that could stimulate the development of virtual economy.
We hope that the next president will be more attentive to the problems of electronic commerce since it has already became a part of the economy that develops equally with the offline economy and even faster owing to the immediacy of all operations. The problem of the UIGEA has already interested him….
Today was the last day when the doors of the White House opened before George W. Bush. Tomorrow they will open to let in another president, Barack Obama, who will succeed George W. Bush. The eldest son of 41th U.S. President was occupying his post during 8 years that were not very successful, to say the least.
Last week Harris Interactive has conducted its the Harris Poll to find the attitude of Americans towards the latest US Presidents. According to survey results president Bush is leaving office with the lowest positive rating when compared to where 7 other presidents when they left office, starting with Lyndon Johnson in 1969, the first president that the Harris Poll tracked. Even Richard Nixon, who resigned in the wake of impeachment proceedings and Watergate, left office with a rating of 29% positive and 68% negative. At the opposite end of the spectrum, President Bush’s predecessor, Bill Clinton left office with a 65% positive rating, the highest among the eight most recent presidents. The father of current president of the USA, George H.W. Bush bests the son with a 45% positive rating as he left office. After Clinton, Ronald Reagan has the next highest positive rating at 58%. The only other president to leave office with majority positive rating is Lyndon B. Johnson at 53%.
Along with the unpopularity of American president the image of the US has also downed. So, in 18 of 21 countries surveyed around the world, a majority of respondents were found to hold an unfavorable opinion of Bush. Respondents indicated that they judged his administration as "negative" for world security. Another poll conducted in Britain placed Bush at the second biggest "threat to the world peace" right after Bin Laden, and topped North Korean dictator Kim Jong-il. According to the poll taken in November 2006, a majority of Finns also believe that Bush is the second biggest "threat to world peace" right after Bin Laden. Kim Jong-il came 3rd in the poll and Mahmoud Ahmadinejad and Hassan Nasrallah shared 4th position. During the presidency of Bush the popularity of the US has dropped by 50% and in Turkey by 70%.
So, why do Americans and the whole world society consider Bush the worst president in the history of the United States?
According to the reports of the leading economists the economy during the ruling of George W. Bush was the weakest since the Great Depression. What has the national economy gained during the years of presidency of “Junior Bush?” Answering this question Neil Irwin and Dan Eggen in their article Economy Made Few Gains in Bush Years for Washington Post has analyzed what has been achieved during that period.
Statistics gathered have shown that the number of jobs increased just by 2% and the incomes of the population have grew more slowly that in any presidency since the 1960s. By the end of Bush’s presidency the number of jobless people has increased by 2.4 million people and exceeded 8 millions that is the record level reached during the last 25 years.
Among other figures that were formed during the ruling of George W. Bush is the national debt of the US which has grown by $3 trillion and now is about $11 trillions in total. Trade deficit has doubled and now is more than $800 billion.
Bush is a military man and it was a great mistake of becoming a politician. So, according to the financial report Bush has increased a military budget from $323 billion up to $696.
Last week Harris Interactive has conducted its the Harris Poll to find the attitude of Americans towards the latest US Presidents. According to survey results president Bush is leaving office with the lowest positive rating when compared to where 7 other presidents when they left office, starting with Lyndon Johnson in 1969, the first president that the Harris Poll tracked. Even Richard Nixon, who resigned in the wake of impeachment proceedings and Watergate, left office with a rating of 29% positive and 68% negative. At the opposite end of the spectrum, President Bush’s predecessor, Bill Clinton left office with a 65% positive rating, the highest among the eight most recent presidents. The father of current president of the USA, George H.W. Bush bests the son with a 45% positive rating as he left office. After Clinton, Ronald Reagan has the next highest positive rating at 58%. The only other president to leave office with majority positive rating is Lyndon B. Johnson at 53%.
Along with the unpopularity of American president the image of the US has also downed. So, in 18 of 21 countries surveyed around the world, a majority of respondents were found to hold an unfavorable opinion of Bush. Respondents indicated that they judged his administration as "negative" for world security. Another poll conducted in Britain placed Bush at the second biggest "threat to the world peace" right after Bin Laden, and topped North Korean dictator Kim Jong-il. According to the poll taken in November 2006, a majority of Finns also believe that Bush is the second biggest "threat to world peace" right after Bin Laden. Kim Jong-il came 3rd in the poll and Mahmoud Ahmadinejad and Hassan Nasrallah shared 4th position. During the presidency of Bush the popularity of the US has dropped by 50% and in Turkey by 70%.
So, why do Americans and the whole world society consider Bush the worst president in the history of the United States?
According to the reports of the leading economists the economy during the ruling of George W. Bush was the weakest since the Great Depression. What has the national economy gained during the years of presidency of “Junior Bush?” Answering this question Neil Irwin and Dan Eggen in their article Economy Made Few Gains in Bush Years for Washington Post has analyzed what has been achieved during that period.
Statistics gathered have shown that the number of jobs increased just by 2% and the incomes of the population have grew more slowly that in any presidency since the 1960s. By the end of Bush’s presidency the number of jobless people has increased by 2.4 million people and exceeded 8 millions that is the record level reached during the last 25 years.
Among other figures that were formed during the ruling of George W. Bush is the national debt of the US which has grown by $3 trillion and now is about $11 trillions in total. Trade deficit has doubled and now is more than $800 billion.
Bush is a military man and it was a great mistake of becoming a politician. So, according to the financial report Bush has increased a military budget from $323 billion up to $696.
And the best thing he did was protection of the US and prevention of the tragedies alike the one happened on September 11. However, that tragedy was also used to suit someone’s own ends. In the aftermath of September 11 the USA Patriot Act was introduced by the congress and rushed into a law by President Bush on October 26, 2001 without much debate and usual scrutiny. After that day banks started locking the accounts and freezing money in them just guessing that they could be somehow related to terrorists. In other words, that law has untied the sticky hands of men in jackets and helped them to use the law for their own benefit.
But what did he do for the virtual sector of the economy? The most significant event was creation and adoption of UIGEA, the law prohibiting the financial institutions of the US to process payments made to pay the services of online gambling firms.
Starting from the very first day it was clear that such law shouldn’t exist. Having restricted its residents to play in online casinos the government thought that it would stop money flow from the country to offshore courtiers. However such “a successful” project turned to be a complete failure. Instead of stopping cash flow the US started paying various countries to satisfy their claims. So was with the offshore country Antigua and Barbuda which has demanded in court to pay compensation for the business spoiled. According to country’s statement the greater part of the players were from the US. So, now the US is paying $21 million each year. Not a very good economy, isn’t it?
One of the most significant events happened during Bush’s presidency is tightening of conditions for e-payment processors. e-Gold, the first and one of the leading payment processor has been checked for money laundering despite having the offshore registration. After a long suit the owners were finally found guilty. After that day e-Gold owners have reconsidered all their policies and have entered the transparency of transactions.
e-Bullion system can also be named a victim of Bush’s Feds since everything started with the charge in money laundering.
Other leading payment systems have left the American market to escape any prosecutions of the Bush’s team. Among such systems we can name Neteller, Moneybookers, Zuora, Citadel and many others. However, Neteller left the market not voluntarily but due to the restrictions on online gambling.
Actually the 43th president of the US, country with the strongest e-commerce system, has done very little for development of that sector. Actually we cannot remember anything that could stimulate the development of virtual economy.
We hope that the next president will be more attentive to the problems of electronic commerce since it has already became a part of the economy that develops equally with the offline economy and even faster owing to the immediacy of all operations. The problem of the UIGEA has already interested him….