haysaw: Obama is now starting to exhibit the 'deer in the headlights' look as things continue to deteriorate. His spending on steroids policies have just barely delayed another financial meltdown, but the meltdown has only been delayed. And the aftermath of all the borrowed money will come back to haunt us. Greece is now having to pay over 60% on new short term paper they try to issue. When interest rates rise here it will eat up a larger and larger portion of our Federal budget, squeezing out discretionary spending and eventually entitlement spending. You give Obama far too much credit. He may be a brilliant campaigner but he is utterly clueless about economics and business. His views are shaped by 60's radicalism and Keynesian folly that government spending solves all problems. Well we're in the Keynesian end game now and Obama is about to find out just how ineffective the government is in 'fixing' a deep recession/depression.
There are those like yourself who worship the ground that Obama struts upon. Frankly I don't see the overwhelming brilliance you all claim he has. I mean the guy sets up two teleprompters to speak to a room full of grade school children, complete with a podium and a small circular Presidential throw rug. I've seen the pictures. I suppose he's brilliant because of his resume. Harvard law review? Yet he never published a single paper while he was the head of the law Review. Highly unusual. He says he was born in Hawaii and has provided a nicely photoshopped birth certificate to that effect, yet his Social Security number indicated that it was given to a person born in Connecticut (the first 5 digits are coded). He went to Occidental College in California on a Fulbright scholarship for foreign students. I could go on and you'll just disagree with my statements. But I can tell you this. He might not even be the Democrat nominee next year, let alone win a second term. As the economy melts down in 2012 there will be tremendous pressure WITHIN the Democrat Party to change captains. I hope that fails because I want Obama on the top of that ticket. I want to win the trifecta: President, Senate and House....and the Republican chances will be better with Obama as the nominee than an energized Democrat party behind Hillary. The Obama magic has worn thin because it was based on pckaging and not substance. Had it not been for the stock market meltdown and John McCain's pathetic response to it the election might have turned out differently. And had that been the case we'd be looking at the opposite of what we see now. We'd have a resurgent Democrat party licking its chops against a weakening Republican.
The things that are going to happen to the economy were baked into the cake for decades. Going off the gold standard in 1971 (Nixon); expanding entitlements with the Great Society (Johnson) which led to the breakdown of family structure; too many foreign entaglements and expanding entitlements yet again (Bush); failure to oversee Fannie and Freddie and the big banks (Clinton)(Bush tried but was rebuffed by a Democrat House led by Barney Frank and Maxine Waters to protect Franklin Raines, a black Clinton stooge who was pulling $20 Million a year at Fannie). The so called community redevelopment act that pressured banks to make risky loans to fulfill racial quotas (Carter). The actions of the Fed under Greenspan that created 2 Asset bubbles with a ten year span (Dot.com bubble and the housing bubble.) In fact Greenspan, more that any other factor, is the cause of most of this financial disaster. When the Fed creates asset bubbles it encourages malinvestment...money flocks to unrpoductive investments because of loose liquidity. When the bubbles burst they have a devestating effect on the entire economy. That's where we're at now. Nothing Obama has tried would have been a solution to our underlying problems, and Obamacare was the worst thing he could have done in terms of job creation. He imposed a tremendous disincentive to hiring and created uncertainty in the business community. And hiring numbers reflect that. The things he could do that would help things run completely opposite to all that he believes and stands for. He's a government interventionist at a time when govenment is a major impediment to financial recovery, We have a government spending a 25% larger share of GDP than our historic average at a time we should be reducing the size and scope of government. We should offer tax incentives for corprations to repatriate earnings from abroad. We should lower our corporate tax rates to match the average rates around the world. Even Russia only taxes corporations at 15% I believe. Our corporate rates are the highest (or close to it) in the industrialized world. It makes a difference. If corporations payed a lower rate with fewer possible deductions we'd have more employment, and those employees would be taxpayers instead of food stamp, welfare and unemployment recipients. We need more taxpayers to get out of this mess. Not higher taxes on anyone. But Obama is incapable of understanding that because he probably never read Hayek, or Milton friedman, or Adam Smith, etc. He was too busy reading Saul Alinsky and other radicals.
So enjoy your last 16 months of President Obama. He'll then be able to hit the international speach circuit and make Millions....he'll need to because Michelle has developed expensive tastes in travel and entertainment and clothes.
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