This latest Kabuki theater over AIG bonuses only makes it worse. Then-Senator Obama, Senator Dodd and Congressman Barny Frank all voted for the bill that had Dodd's provision in it authorizing those bonuses, but nevermind. Manufactured outrage plays well with the ignorant boobs who vote for these charlatans.
President Obama had this to say when a reporter asked him if he was a socialist as his critics charge:
"I did think it might be useful to point out that it wasn’t under me that we started buying a bunch of shares of banks. It wasn’t on my watch. And it wasn’t on my watch that we passed a massive new entitlement -– the prescription drug plan -- without a source of funding."Touche', Mr President, even if it did take you two hours of consulting with advisers to craft this riposte.
The Bush White House ("I had to destroy capitalism to save it," or something like that) started the multi-trillion-dollar run on the treasury. The Wall Street banksters needed to restock their portfolios, so they called their buddy Dirty Hank, a Wall Street investment bankster himself. They then carried out their brazen plan to loot the treasury in broad daylight.
Grab a Plunger!
I got so tired of hearing about the "bad debt" clogging the system. I kept thinking of toilets and plungers... These financial instruments were clogging the system because they were now worth 20 cents on the dollar. In free-market capitalism, the owner sucks it up or goes under. In our Wall Street welfare queen system, nobody was willing to settle for that when Uncle Sucker raised the possibility that he would buy it for the ridiculous price of a dollar on the dollar.
If you were holding these assets, wouldn't you sit on them if you believed the government would bail you out by paying an above-market price?
But what if the US government came out and said in effect "tough luck, we're not bailing anybody out," what would you do? You'd sell for 20 cents on the dollar. You'd make some meager but productive lemonade out of those lemons, which would spur some economic activity and plunger those those turds down that were clogging the system.
President Bush and a band of cowardly Republicans got the bailout bandwagon rolling, providing a golden opportunity to President Obama and the liberal Democrats to usher in a new age of redistributionist liberalism that would make FDR blush. They've grabed it with gusto. They will blame Republicans, Reagan, and Bush all the way to a permanent majority, harvesting votes from an entitlement class addicted to government handouts. At least they seem willing to entertain the masses with some liberal agitprop.
We missed a real chance to learn a once-in-a-lifetime lesson. Unfortunately, all we learned was that when you dirty your diaper Uncle Sam will change it for you, at the expense of those who have learned to care for themselves.
http://www.nytimes.com/2009/02/27/business/economy/27policy.html?_r=2&hp
http://www.latimes.com/news/nationworld/nation/la-na-obama-budget-assess27-2009feb27,0,5874116.story
http://online.wsj.com/public/article_print/SB120511125873823431.html
http://washingtontimes.com/weblogs/joe-curl/2009/Mar/08/obama-makes-oval-office-call-reporters/
3 comments:
I really don't understand his prescription drug plan remark. The federal agencies CMS and SSA both received additional appropriations to handle this program.
I don't understand most of what he and his congressional accomplices say.
Then again we could look at it as a perfect strategy to make liberals finally reveal their hand of wanting full blown socialism and wealth redistribution.
Seems to be working like a charm if these first two months are any indication.
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