The Conservative Cave
Current Events => Breaking News => Topic started by: NHSparky on March 06, 2009, 08:11:07 AM
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Obama's Radicalism Is Killing the Dow
A financial crisis is the worst time to change the foundations of American capitalism.
By MICHAEL J. BOSKIN
LINK (http://online.wsj.com/article/SB123629969453946717.html)
<excerpt>
It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents -- John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance -- President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown.
Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
To be fair, specific parts of the president's budget are admirable and deserve support: increased means-testing in agriculture and medical payments; permanent indexing of the alternative minimum tax and other tax reductions; recognizing the need for further financial rescue and likely losses thereon; and bringing spending into the budget that was previously in supplemental appropriations, such as funding for the wars in Iraq and Afghanistan.
The specific problems, however, far outweigh the positives. First are the quite optimistic forecasts, despite the higher taxes and government micromanagement that will harm the economy. The budget projects a much shallower recession and stronger recovery than private forecasters or the nonpartisan Congressional Budget Office are projecting. It implies a vast amount of additional spending and higher taxes, above and beyond even these record levels. For example, it calls for a down payment on universal health care, with the additional "resources" needed "TBD" (to be determined).
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Hammer. Nail. Head. And yet the libs will continue to blame Bush until, well, forever. There's a poster on one of my other boards who is actually trying to blame REAGAN for part of this mess. Their depravity knows no bounds.
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Urkelnomics?
(http://img.photobucket.com/albums/v604/woncothesane/urkelnomics.jpg)
h/t to Malkin (http://michellemalkin.com/2009/03/05/the-steve-urkel-ization-of-the-economy/)
On edit:
Having read the entire article now there is even more craptastic stuff to behold.
Moreover, the president's energy proposals radically underestimate the time frame for bringing alternatives plausibly to scale. His own Energy Department estimates we will need a lot more oil and gas in the meantime, necessitating $11 trillion in capital investment to avoid permanently higher prices.
I had a vague understanding of his thoughts on energy but had not seen many estimates. Seeing them from the Obama Energy Department one can tell right away it's madness even before making an educated guess that those numbers would be on the low end.
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Obama is driving
and the stock market is diving.
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Obama is driving
and the stock market is diving.
I'm not so sure that having the stock market circling the drain isn't exactly what the radical Marxist occupying the Oval Office wants. After all, without capital investment in private businesses, a large portion of the economy dries up. In desperation, how many of those starving businesses will grasp at Uncle Sugar's straw, and badda bing, badda boom, next thing you know they become nationalized entities - where the STATE owns the MEANS OF PRODUCTION.
Welcome to the United Soviet Socialist States of Amerika, comrades.
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I'm not so sure that having the stock market circling the drain isn't exactly what the radical Marxist occupying the Oval Office wants. After all, without capital investment in private businesses, a large portion of the economy dries up. In desperation, how many of those starving businesses will grasp at Uncle Sugar's straw, and badda bing, badda boom, next thing you know they become nationalized entities - where the STATE owns the MEANS OF PRODUCTION.
Welcome to the United Soviet Socialist States of Amerika, comrades.
Been my thoughts all along too.
Plus, when everyones 401K, IRA, ROTH, etc. is destroyed, who they gonna call....
I'll bet Bill Ayers and company are having multiple orgasms.
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Right now, this is EXACTLY what the idiot Obama wants. I say idiot because anyone who thinks socialism/communism is a conplete and utter IDIOT! :tongue: :thatsright: :censored: :evillaugh:
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Really? Well thank you....
(http://newmedia.funnyjunk.com/pictures/2zgg1vk.jpg)
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On the local boards on which I post, it's amazing how in denial the liberals really are about "Teh Wun" and what he's doing. To them, it's still all Bush's fault and will be for their entire miserable existence.
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Really? Well thank you....
(http://newmedia.funnyjunk.com/pictures/2zgg1vk.jpg)
Heh. Nice one Rebel!
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Really? Well thank you....
(http://newmedia.funnyjunk.com/pictures/2zgg1vk.jpg)
I don't get it..........Lt. Obvious?
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I don't get it..........Lt. Obvious?
ROFLMAO. Oh well.
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Leave it to the squids to **** up a good joke.
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Cpt. Obvious. :tongue:
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Half a trillion for the FDIC now?
http://online.wsj.com/article/SB123630125365247061.html
On the local boards on which I post, it's amazing how in denial the liberals really are about "Teh Wun" and what he's doing. To them, it's still all Bush's fault and will be for their entire miserable existence.
They don't like to take responsibility for anything and never will. These same people are *leading* the government.
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"the messiah" is going to finish what osama bin-laden started!
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I'm not so sure that having the stock market circling the drain isn't exactly what the radical Marxist occupying the Oval Office wants. After all, without capital investment in private businesses, a large portion of the economy dries up. In desperation, how many of those starving businesses will grasp at Uncle Sugar's straw, and badda bing, badda boom, next thing you know they become nationalized entities - where the STATE owns the MEANS OF PRODUCTION.
It is actually part of the MO of these people. It is what started the end of the NEP in Russia in the mid 20s, and it got really ridiculous in post war Hungary. I think it is what is driving Mugabes policies right now, but Zimbabwe still has yet to reach the inflation levels of Hungary. Of course,
The government already has a large equity stake in all the major banks, thanks to TARP1, but only in terms of preferred stock, which is, for now, not voting stock. That is going to change soon when the next major bailout storm comes.