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Sunday, March 22, 2009
Paul Jacob :: Townhall.com Columnist
From Oz to Obama
by Paul Jacob
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Many things remain perfectly normal.

For instance, I often lose my car keys and sometimes misplace my cell phone. The University of North Carolina is still good at basketball. My youngest almost always begs for a Slurpee or candy when we drop by 7-11, and my 17-year-old never laughs at my jokes.

But when I read the paper or turn on the radio or TV news, the world has been turned upside down. It’s as if I’ve slipped into a parallel universe.

I feel like Dorothy in The Wizard of Oz, wanting so badly to get back home.

Perhaps I feel this way because government officials — from President Barack Obama to the too-big-to-fail treasury secretary, from finger-pointing congressmen to my county commissioners — resemble “that man behind the curtain.”

I’ve worked hard to put a roof over our heads and two cars in the driveway. To save money for college. To fund retirement so my wife and I can enjoy our golden years. As much as our savings have been socked by the market collapse, I feel we can weather that catastrophe. It’s the government-created catastrophes that have followed and more that will follow that produce my fear.

Years of easy credit, wild lending, and deficit spending are said to be solved only by more of the same. Much more. And if that doesn’t work, even more than that.

What? Electroshock to the frog won't make it leap? Then super-size the stimulus. What? Not a twitch? Then super-dooper-super-size it, man, fast!

If we were suffering from a hangover after a night of heavy drinking and asked our leaders for a prescription, their debate would be between slapping back a half-dozen shots of rum the next morning or downing a whole bottle.

Uh, two bottles? Really?

The world has always been a strange place. Even John Maynard Keynes’s crazy ideas, though obviously misguided, were not totally surreal. The surrealism stems more from the constant repetition that no matter what the problem there can be only one solution: pump money to someone somewhere.

Or everyone everywhere.

Any failure of this brilliant strategy must be a failure of amount, of not pushing a large enough dose.

As a byproduct of the federal government taking over the economy, bailing out financial institutions and car companies and specifically AIG, we are now treated to an Orwellian “two-minute hate” at the AIG bonuses. Before that we were supposed to envy their corporate jets.

The simple solution to corporate excess is to make execs pay for their own excess. Not with tongue lashings added to billions in bailouts, but with going under. That is, with the real-world costs of failure. Had AIG been allowed to fail, these bonuses would not only not be paid by taxpayers, they would not be paid at all.

There are millions more frightening little signs of both the depth of the economic trouble and the ignorance and self-dealing of the political response to it. One was listening to Chinese Premier Wen Jiabao tell reporters, “We have lent a huge amount of money to the U.S., so of course we are concerned about the safety of our assets.”

It’s not that I blame him for worrying. I’m worried, too!

Truth is, I don’t want to be on the hook for trillions to anyone. Not my best friend or a malevolent loan shark. Though, if I had to borrow, I’d prefer my best friend, of course.

But I especially don’t want to borrow these trillions from China. Do you sleep well knowing that the Butchers of Beijing serve as our largest creditor?

We’re told that we need the Chinese rulers — that our standard of living in the greatest bastion of freedom in the history of the world is largely dependent on the friendly lending of these dictators. To whom my children and my grandchildren will be paying taxes to cover interest payments for the rest of their lives.

How to get back home? Well, Thomas Wolfe was right: “You can’t go home again.”

There never was a time when America shone as the fabled free city on a hill. If there really are conservatives out there who haven’t yet realized it: This is not an Obama problem.

Sure, Mr. Obama is actively making it worse — but with a ton of help from politicians and special interests of all stripes. Had Senator John McCain been elected, instead, or had some other usual suspect been rounded up to serve, it would play much the same.

The problem? Government grows like a cancer, destroying freedom and wealth and productivity. It metastasized into virtually every part of our body politic during George W. Bush’s eight years as president, most of it with a Congress in which Republicans controlled both chambers.

Yet, it isn’t just a W. problem, either. It is an age-old problem. Power corrupts — it has indeed corrupted Rs and Ds alike. Unless freedom is fiercely defended, it withers away.

I spend money every month on life insurance. Mainly because my wife tells me to, but also because if something should happen to me, I want my family to be okay. But when I think of my children and my grandchild, I’m not worried that they will suffer for lack of money. I worry they’ll suffer a much worse fate: lack of freedom.

I’d don Dorothy’s red shoes and click my heels like there were no tomorrow if that would take me to an America where freedom would be better protected and respected. But it won’t.

We have to fight our way — not back, but forward — to a country in which self-dealing politicians control less of our economy and less of our lives. 

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About The Author
Paul Jacob is President of Citizens in Charge. His daily Common Sense commentary appears on the Web, via e-mail, and on radio stations across America.
 
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Geithner's Role In Rise Of China - I

Australia's Keating: Geithner is a Gigantic Fool

A fierce piece on Treasury Secretary Timothy Geithner has come out of Australia. It places pretty much the entire current world meltdown on the shoulders of Geithner.

It begins with an attack on Geithner's handling a decade ago of the Asian Crisis. Geithner was then at the Treasury and stick handled the Indonesia bailout plan.

According to the Sydney Morning Herald's Peter Hartcher:

...in a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, [former Australian Prime Minister]Paul Keating gave a stark...account of Geithner's record in handling the Asian crisis: "Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis."

In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.

According to this scenario, Geithner so mishandled the Indonesia problem that it spooked other Asian countries to never be caught short and thus dependent on the U.S. or the IMF.

Keating continued:

Soeharto's government delivered 21 years of 7 per cent compound growth. It takes a gigantic fool [Geithenr] to mess that up. But the IMF messed it up. The end result was the biggest fall in GDP in the 20th century. That dubious distinction went to Indonesia. And, of course, Soeharto lost power.

This Keating argues is behind China's massive accumulation of Treasury securities. This accumulation, Keating says, lead to China to finance and fuel much of the the artificial boom in the U.S. that is now collapsing.

Geithner's Role In Rise Of China - II
Hartcher writes:

China, in particular, drew hard conclusions from the IMF's mishandling of the Asian crisis. It decided that it would never allow itself to be dependent on the IMF, or the US, or the West generally, for its international solvency. Instead, it would build the biggest war chest the world had ever seen.

With Keating adding:

This has all been noted inside the State Council of China and by the Politburo. And it's one of the reasons, perhaps the principal reason, why convertibility of the renminbi remains off the agenda for China, and it's why through a series of exchange-rate interventions each day that they've built these massive reserves.

Reserves are so large at $US2 trillion as to equal $US2000 for every Chinese person, and when your consider that the average income of Chinese people is $US4000 to $US5000, it's 50 per cent of their annual income. It's a huge thing for a developing country to not spend its wealth on its own development.

The bottom line fundamental cause of the current crisis (and Keating notes this) was the money printing of Alan Greenspan during his tenure at the Fed. That said, it has always been a curious fact as to why China would amass such a huge Treasury portfolio. Without China's huge Treasury accumulation which supported the dollar and prevented it from collapse, it is likely Greenspan's money printing gig would have ended much sooner, with much less structural damage.

The general belief has been that China has propped up the dollar to support its exports, and this most certainly is a very important consideration of the Chinese government. Yet, the Keating thesis has a ring of plausibility to it, and may be a second key reason why the Chinese have been willing to accumulate such a huge Treasury securities position.

http://www.economicpolicyjournal.com/2009/03/australias-kea ting-geithner-is-gigantic.html

http://www.nakedcapitalism.com/2009/03/former-australian-pr ime-minister.html

Congressional Democrats..& the 3 Stooges

"Congress is outraged. Really, really outraged. Unbelievably, incredibly outraged. And there are certainly grounds for anger...

...shocked to find AIG doing what it was allowed to do."
_________________________________________

Congressional Democrats (and the 3 Stooges):
"This is an outrage! We'll pass a new tax to get the taxpayers' money back if we have to! I want the names of all those executives who received bonuses to be released to the American public! This is an outrage being perpetrated upon the American public!!"

Conservative Reporter:
"But Mr. and Ms. Congressperson the provision for the bonuses to be paid out is in the President's "Stealfromus" bill. A bill which you signed into law."

Congressional Democrats (and the 3 Stooges):
"Why...ah...er...ah...This is an outrage against the American people!! We will seize these bonuses to return to the American..." taxpayers. This is outrageous..."

Conservative Reporter:
"But Mr/Ms Democrat Congressperson? Didn't you sign the President's Stealfromus bill?"

Congressional Democrats (and the 3 Stooges):
"Yes...but..ah..er...This is an outrage!!...If I'd known this was going to happen, I never would have signed it!!"

Conservative Reporter:
"Well how did you not know it was in the bill?"

Congressional Democrats (and the 3 Stooges):
"Why...er...ah...I...er...I never read it..."
_________________________________________

Meanwhile: This just in silly libtard protestors marching on the lavish lawns of Capitol Hill...er...ah..Strike that!!...the lavish homes of Congressional Democrats (and the 3 Stooges...er...ah...Strike that!!...er...ah...AIG executives.

Joel-De Opressor Liber
Quite right. No lynch mobs. Give the traitors a fair trial, then hang the sunsabiches.

They Aren't Going To Pay It Back
At some point the Chinese are going to figure out the US government isn't going to repay the loans. Because we have borrowed so much already and are ramping up the borrowing right now the amount of principal is beyond belief and the interest is staggering. It will be economically impossible to take from the American people enough money to pay this back. To try to do so would sink the economy into the abyss and destroy the source of the payments. Either way you end up in the same place.

This being the case we are left with one of two conclusions. Either everyone in the administration is incredibly stupid and understands nothing of how the economy really works or they understand it perfectly, hate the way it works and want to ruin it and replace it with another construct. Again, either way we end up in the same place.

Oz to Obama
Mr. Jacob:

Thank you for your article dated March 22, 2009 "From Oz to Obama". I could'nt have said it better myself--you have expressed the same fears and feelings I and my friends have. We have simply lost America the beautiful. It is now almost a third world country where democracy is only for those who have the power!

May I quote from your article in a letter to the Editor of my local newspaper?

Myrtle Baldwin



Oh my, Toto!!
I don't think we're in America anymore.

-Ray
NRA Life Member
Soli Deo Gloria!!

THE DEATH KNELL OF KEYNES?
Is Obamanomics the death knell for Keynesianism? The death of Keynes in the year George Bush was born may be an ominous sign of the coming end of Keynesian economics in America.

Click ApolloSpeaks and read my piece: Will the Failure of Obamanomics Cure Us of Keynes?.

Hey, this is'nt funny anymore people
Obama is a Threat to our Country, he is completely Arrogant and Destructive. This guy is on a complete Mission of Destruction here and everybody better wake up. When the CBO states that Obama's Budget is Unsustainable, that should be enough to get everyone's attention...

Rrom Oz to Bailout bobnprog@cox.net
When my wife went to bailrupcty court a few yrs ago. we were ashamed but what the thing that surprised us was the fact that some people were doing it for the 5th or 6th time and were making money doing it. No company should be too big to fail. If they can't run well enough to compete then let them fail. Someone will fill the void quickly and better.

O lives in O Land
He wants private business vilified.

He wants to use ACORN like Brown Shirts to impose mob rule and castigate private citizens.

Cong. doesn't know what it's doing. Keep mailing Reps. to just say NO. They should not have vote the revenge on AIG, but now they should urge the ins. bus. go into Chapter 11 and get away from these idiot *bailouts* that are worth nothing and are only making us serfs of China.
While the Senate was constructing the $787 billion stimulus, Senator Christopher Dodd (D-Conn) specifically added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” — which exempts the very AIG bonuses Dodd and others are now seeking to tax.

The amendment made it into the final version of the bill, and is law.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

One of AIG Financial Products’ largest offices is based in Connecticut. Now, Dodd pretends that he is "shocked, just shocked" by the bonuses. He is the one who put this system into place and protected his buddies in the first place.













No Credibility
The problem here is that you conservatives have frankly no credibility on this issue. The main root causes of this crisis where a lack of government and probusiness conservatives and some Democrat freinds passing lesislation that weaken backing regulations and limited shareholder rights. That give favorable tax breaks to the Masters of the Universe. The belief that capital is king and that what is best for Wall Street is best for us all.

Now the chickens have come home to roost and we all have to swollow some painful medicine in the form of stimulas and bailouts to save the country from the disaster that conservative ideology has created.

Maybe not ever thing Obama and the Dems will do is the right choice, but frankly they would not have to do them if the Republicans and conservatives had not had their way for all of these years. Until Conservatives start taking responsibility for the mess that they created and indicate how their ideology has changed they have xero credibility on this issue. And don't trot out the too much governemnt spending crap, that did not cause this crisis a lack of regulation did.

Myrtle
IN third world countries you have the very rich and power and you have everyone else. The Reagan Revolution began us on the path to third world status. As the slaries on wall street and in the executive office began to rise while workers saw their pay remain flat. Conservatives called it a victory. when trickle down economics did not trickle the said the stock market is doing great so conservative policies must be working. And when the walls came crashing in on Wall Street who did conservatives blame, home owners who did not read the fine print of their 80 page mortage contracts. Finally, conservatives told us to get rid of social security and invest all our money with Bear Sterns, and Goldman, etc.

So yes, you are right Bush and Company have helped us become more of a third world country.

It's called mis-direction, JM
00Blaming conservatives for the excess of Bush and weepublicans is downright childish, as most of your posts are. You seem intelligent, yet your indoctrination in Marxim/socialism and anti-capitalism shines through, every time.

You can mis-state and mis-interpret facts again and again, but the truth is a pesky little thing which always has to be covered over by dhimmicrats, because it doesn't suit their purpposes. Liberals have taken the "big lie" to a whole new dimension.

When we got away from traditional values, hammering Reagan until he was minimalized and discredited in the minds of the kool aid drinkers, is when our decline accelerated.

Personally, I DON"T WANT gubmint sticking it's nose into every facet of my life, wielding more and more control, digging ever deeper into my pocket for every new, social engineering fad that any snotty elitist can dream up. That's why my ancestors immigrated here from Ireland, and then abandoned the squalor and corruption of the NE for the freedom of the West.

If statists like you get your way, we will indeed become the USSA. Not on my watch.

So you mean to tell me
that electing a man with a different color skin will not solve all our problems?

Well, I'll be! You mean all those millions of people who decided their (and my) entire futures by way of color coordination might have invested in the wrong criteria?

You mean Oprah's advice was based on shallow evidence? I'm shocked and amazed!!! This is not what thousands of advertisements told us. They said all we had to do was hope for change we could believe in.

I don't believe it! I'M hoping and this is just not working like I was told it would. This is not the hope I had. Oh my, what have we done?

Thanks for the Chains obama-nation
We were saving for our golden years that are here real soon, but, that is mostly gone and will have to work an extra 10 years if we can find someone to hire a couple of old coots.

Find a tax day tea party near you.
http://www.taxdayteaparty.com

Deregulation!!!
If anybody ever spent any time actually getting Facts instead of blabbing there own opinion then we might get somewhere. This Problem started in the early 70's with Congress/Senate which I'm sorry was a Majority Democrat Control, they deregulated the airlines and Lessoned the Rules on Banking and Wallstreet. The Salaries of Ceo's were climbing in the 70's and the finger was being pointed at Profits from Military Contractors I.E.(Vietnam War). The Democrats have had a Majority control over the Congress/Senate from 1960 to today, 41 of 49 years so its trickle down economics from Reagan or Bush "Right" keep your head in the sand Liberals and Democrats if it easier not to admit the truth. It is not Conservative People who spend wildly and risk everything, And Reagan's first Four was spent rebuilding the Military and getting us working and Believing in our selfs again (Patriotic) after the Mess Carter had Put us in, Democrats are the Masters of finger pointing to take the heat off them selfs but the facts are the Democrats have done more Damage to our Economy with there Global Economics,NAFTA, which truly open the doors to the Outsourcing of our Jobs I.E. Clinton, Liberals are so smart they blame conservative people for spending to much Money and for trying to live lavishly and wanting no rules so they can push the poor helpless Liberals in the poor house, thats why Hollywood is the Bastion of Conservatism and always supports conservative Candidates like Obama. I sure glad I'm Conservative, where would I be if I was some Fanatical TightAs*ed Liberal.

The Brownshirts Are Coming!
Click my name and go to my blog and read about Obama's new brownshirt force.

The time to take action against the founding of this force is now, people.

Make sure to let your elected officials know you're against this new development on Obama's part.

Who Fought Regulation of Derivatives?

Alan Greenspan and Larry Summers, when he was Clinton's Treasury Secretary.

Don't believe it? Read these New York Times articles.

http://www.nytimes.com/2008/10/09/business/economy/09greens pan.html

http://www.nytimes.com/2009/03/22/opinion/22rich.html?_r=1& ref=opinion

Con Artists and Charismatic Men
Odinga was charismatic and look at the torture, rape, killings, starvation, slavery, and devastation to the people in Africa as he brought "change" to his people. Islamic terrorist leaders are charismatic or they couldn't lead people into believing that if they strap a bomb on their bodies and blow themselves up as well as innocent people that they're committing a great act for the cause. King Henry the VIII was charismatic and beheaded his wife and he was a pedophile who got rid of his wives for his personal agenda. Jim Jones was charismatic and caused innocent men, women and kids to drink the (poisoned) kool-aid for his cause. Hitler was charismatic and millions cheered him on and were Hitlertized and then had to do as they were told and enslaved and slaughtered millions of Jews, Catholics, elderly, and physically and mentally handicapped. Politicans who want to "change" America while they bankrupt America by printing trillions of dollars that can't be paid back are irresponsible and people must demand to know what is their agenda and where are the books and the accounting for the trillions of dollars published for the American people to analyze and the financial planners? Remember, they alread cooked the book during the housing crisis; they can't account for trillions of dollars missing on government books; and they gave billions to AIG without accountability - so why would America let the printing presses continue to print without limits, boundaries, and published financial accountability signed by the U.S. President and everyone of his cabinet members before voting on such a black hole?

Moe,Larry,and Curly
At first I thought comparing the idiots in congress to the Three Stooges was unfair to the Stooges. Then I heard Chris Dodd say "I was a victim of circumstance,nyuk,nyuk,nyuk"

Geithner's Grab Bag Of Slogans
The New York Times got the obligatory leak from the nearly-empty halls of Treasury for today’s scoop on the plan from Tim Geithner and Barack Obama on how to fix the economy. To no one’s great surprise, it involves more regulation and intervention by the government, but the only thing clear about it is that Geithner and Obama still don’t have specifics.

The one clear message that comes from this report is that the Obama administration still has no plan. It has a few concepts, some of them contradictory, but no clear commitment to any details at all. Which again begs the question: just what has Tim Geithner been doing with his time at Treasury?

http://hotair.com/archives/2009/03/22/the-geithner-plan-sti ll-a-contradictory-bag-of-slogans/

http://www.nytimes.com/2009/03/22/us/politics/22regulate.ht ml

The Obama Gong Show
Even before it is officially launched, experts have warned that Treasury Secretary Tim Geithner's expected plan falls far short of what is needed to ease the financial crisis, with one Nobel prize-winning economist calling it an "awful mess".
The plan builds on the outline Mr Geithner provided last month, which was roundly slammed for lacking vital detail.

Leading US economist Paul Krugman said the scheme would potentially socialise losses and privatise any gains in the financial system, leaving taxpayers worse off. "This plan will produce big gains for banks that didn't actually need any help; it will, however, do little to reassure the public about banks that are seriously undercapitalised," he said.

"And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won't be able to come back to Congress for a plan that might actually work. What an awful mess."

http://www.telegraph.co.uk/finance/financetopics/financialc risis/5029122/Tim-Geithners-new-trillion-dollar-US-plan-is- not-enough-experts-warn.html

Will somebody rid us of the turbulent TOXIC PRIEST at Treasury? The WHOLE WORLD is laughing at us and the economy is no laughing matter.

If Obama can't get it together enough to focus on jobs 1, 2, and 3, i.e., THE ECONOMY, he needs to resign ASAP.

But, it's just beginning...
Not unlike a disease, the problem of politicians inebriated by their own self-importance, spending our money to cure an unrelated illness, is that it's never resolved quickly.

Let's face it, America elected an arch liberal without any executive experience, one who is determined to emulate the failed socialist policies of Western Europe. We're just the sheep he's itching to fleece, convinced it's in our best interest.

And, members of congress, mostly Democrats, but some Republicans as well, are supine and passive, revanchist with pent up liberal demand.

It's pathetic on every front, from economic to moral to foreign affairs. They just don't know what they're doing.

See my post from Friday, "Obama: False Competence or Poor Judgment?" at:

http://www.clearcommentary.com

Phil Mella

At Lawrence Livermore Laboratories...
...during carefully controlled and recorded experiments, discovered a, before unknown element, the Obama moron. Surrounding the Obama moron are one neutron, 25 assistant neutrons, 88 deputy neutrons, and 198 assistant deputy neutrons, giving it an atomic mass of 312. These 312 particles are held together by the gravitational force of the Obama moron, which are surrounded by vast quantities of lepton-like particles called peons.

Venezuela's President Hugo Chavez said on Sunday upon learning of the Obama moron, "Obama was at best an 'ignoramus'"!

http://www.reuters.com/article/topNews/idUSTRE52L19G2009032 2?feedType=RSS&feedName=topNews&rpc=22&sp=true

Joe Biden, speaking of the Obama moron, said over the weekend, the Obama moron...send[s] his greetings...the element...can’t be here tonight...[it's] getting ready for Easter...think[ing] the holiday is about him."

http://www.politico.com/playbook/

Since the Obama moron has no electrons, it is inert; however, it can be detected, because it impedes every reaction with which it comes into contact. A tiny amount of the Obama moron can cause a reaction that would normally take a second, to take from 4 days to 4 years to complete. This impeding process has been dubbed "democratic porkutron." More news on this new discovery can be seen on PMSNBC.

Obama
I would say both -- false competence and poor judgment.

JM
JM you really need to wake up. Yes, the gap between rich and poor grew during the bush years but guess what? Millions of people moved from poor to middle and upper middle class leaving behind the ones who refused to become educated, work, or save. Now we are all on the road to becoming poor because of nobama and his thugs--

AS I SEE IT
The mistake many make is assuming that the retard clown that has been installed in the white house is actually trying to improve this economy.

This devoted marxist is doing what he is doing to deliberately cripple this economy, he refers to in in his book, and the methods employed are outlined by saul alinsky in his book, so lets all get off this notion that the messiah wants to do anything but install a marxist regime in this country.

The sweetness and light website has two stories detailing what is called the "cloware-piven strategy". Check those out here http://sweetness-light.com/archive/cloward-piven-acorn-and -aig-protests
and here http://sweetness-light.com/archive/the-many-tentacles-of-c loward-piven

Either we understand and react to this subversion of our government and way of life, or we accept our fate as subjects of a hugo chavez type ruler, I for one choose to resist this take-over by this corrupt inept marxist.

The time for revolution is quickly approaching fellow Americans, as we prepare for the inevitible clash between good and evil we can only hope a true patriot finds the strength, means, and opportunity to put an end to this evil caliphate.

Organized management is a union
Presently the way that many corp boards and management function is very much like Unions. They have secret ballots on issues affecting millions of people. They are paid very well, success or failure, whatever. They have to have special security, kidnap insurance, and large cushions of cash - just in case.
But on second thought, the union leaders are far more practical and accountable. Union bosses have to face their constuencies and are elected. Management and boards of directors are so interlaced across the business world. Work for one, and on the board of another. Tic Tac.
Someone please offer a defense for this management necessity and also please remind of me of how great capitalism is and that we can not live in America without it. Please refresh my Econ 101 and Bus 101, for I do not recall this present particular form being in it. Oh thats right, these guys are MBA. Special and gifted geniuses. MBA = my bank account. Those who perch a the top of the food chain are worse thatn the blood suckers at the bottom. Together they are in for themselves. But I understand the have nots. They are honest.

frankie
wrong oh so wrong. Yes we were taught that the way that the system works is that if one works hard and lives long enough the reward would come just in time for the last years of employment and then the retired would live modestly and in dignity. uh uh. No No.
The last ten to fifteen, the cream has been taken off the top of the money pile and redistributed to the - top of the management pile. Wherever the manager handled money, he kept some for himself and his buds.
If a worker handled something with a handle, he lost. Manufacturing, construction, engineering.
It started with the big lie that the best and only jobs in the future were in the service industry. That was 1996. The governments promotion of the service industry was the biggest pile of crap ever foisted on the American people. That is why the fasted growing sector in the US is in Gov't, all conbined. Next is Medicine - mostly administrative and support - service. the middle class has been moved largely to the 25 %. A paycheck from the bottom. And that is who elected Obama. Blame them? Cant as long as citizens have the vote.
The 25% cant do much worse.

Chavez: Obama Is An Ignoramus!
Venezuela's President Hugo Chavez said on Sunday his U.S. counterpart Barack Obama was at best an "ignoramus" for saying the socialist leader exported terrorism and obstructed progress in Latin America.

"He goes and accuses me of exporting terrorism: the least I can say is that he's a poor ignoramus; he should read and study a little to understand reality," said Chavez, who heads a group of left-wing Latin American leaders opposed to the U.S. influence in the region.

Chavez said Obama's comments had made him change his mind about sending a new ambassador to Washington, after he withdrew the previous envoy in a dispute last year with the Bush administration in which he also expelled the U.S. ambassador to Venezuela.

"When I saw Obama saying what he said, I put the decision back in the drawer; let's wait and see," Chavez said on his weekly television show, adding he had wanted to send a new ambassador to improve relations with the United States after the departure of George W. Bush as president.

"My, what ignorance; the real obstacle to development in Latin America has been the empire that you today preside over," said Chavez, who is a fierce critic of U.S. foreign policy.

What will Bill Ayres, Sean Penn, Danny Glover, Harry Belafonte, Morgan Freeman, and the rest of the Chavez lovers say?

Denise Reply # 1
These are chewy morsals of opinion but somehow there isnt much to swallow except for the idea that Geithner is in the stew.

If this is what gets you to hit the keys I get it but the Chinese are much more than a Geithner puppet.

Looking past the G-mans influence is the notion that Geithner is the puppet and American finance is the master. Good job Denise - keep following the money. It starts in the states and always winds up back here in the states. So the real question is: where's the money now?
That is the question that will break this gov't in half.

No$

Thanks.

I am a lawyer, but was a double major in economics and finance at Harvard. I also have a MBA. While I certainly do not consider myself an expert on monetary policy, I know enough to say that something is wrong. In all of my years of study, I have never seen such reckless fiscal and monetary policy. Geithner is in way over his head. Obama doesn't know squat about economics. When people like Paul Krugman start criticizing the Administration's approach to current economic conditions, we have to believe that things are not going well at 1600 Pennsylvania Avenue.

If you get a chance, read the international financial papers. You will see that Obama and Geithner are laughingstocks. Also, if you are interested, I have numerous posts on Eileen McCann's thread that explain, in detail, the actions of the Federal Reserve.

Have a great evening.

"Are You Punch Drunk?"
President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.”

His remarks came in a “60 Minutes” interview in which he was pressed by an incredulous Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy.

“You're sitting here. And you're— you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money—’ How do you deal with— I mean: explain. . .” Kroft asks at one point.

“Are you punch-drunk?” Kroft says.

“No, no. There's gotta be a little gallows humor to get you through the day,” Obama says, with a laugh.

The interview is Obama’s most detailed explanation yet of his view of the world economic crisis, and he makes clear that he’s afraid the nation hasn’t seen the worst of it – even invoking the possibility of a “depression” if a series of financial institutions collapse all at once.

Denise
I am glad to read a report of the '60 Minutes' interview. Frankly, I did not watch it because I could not stand to look at or listen to Obama. Thanks.

Summers

I know what you mean, as I certainly could not stomach watching him on 60 Minutes. I don't like the program anyway... too liberal for me.

It does say a lot about the man, doesn't it? He's laughing while saying we may be on the verge of a depression. Actually, I agree with him on that point, but not for the same reasons. He uses the term "depression" to scare people. I believe that a depression is very possible because the Federal Reserve wouldn't have printed $1T last week in an effort to jump start inflation.

It's a shame that he's laughing while Americans are losing their jobs, homes, and life savings.

I hope that you are feeling well.

Some predictions, pt 1
For all intents and purposes Obama is on a course to become a lame duck president. Moderate democrats will have to jump ship effectively neutering Obama, making him powerless to use his executive powers. Someone(s) in the shadows will rein Obama in and take over for him. Obama will be reduced to a figurehead serving out the reminder of his term. The left-wing of the democrat party will attempt to push more liberal spending bills as quickly as possible until their wings are clips, too.

Why do I come to this conclusion? While on the Jay Leno Show Obama revealed what he thinks about economics and what he thinks are the solution to our current economic problems. This reveals how much in LaLa Land Obama really is.

Leno asked Obama about the wisdom of Congress passing tax legislation to punish a person or group of people because they didn't like them. Obama dodged the question, never answering the Leno directly. Obama talked about America getting back to our values.

Some predictions, pt 2
Then, the show broke for commercials. When the show resumed Obama danced around the question a little more. Then, went into his "budget campaign mode" and said something to this affect, his massive spending bills and budgets will place our economy on a permanently sound footing ensuring future unlimited economic growth. This will be accomplished by spending trillions on health care, green-renewable energy research and paying for everyone's college education.

Can someone tell me how paying for everyone's health care, spending massive amounts on green-renewable energy (whatever that is) and paying for everyone's college education creates wealth?

How do these three things, (universal health care, green energy(?), and paying for universal college) produce capital that not only pays for themselves, but produce extra capital to pay down the massive debt of $10 trillion? Our nation's collective wealth is only $15 trillion. How do these three things in Obama's economic plan create wealth?

If this is an example of how Obama believes wealth is created what is the most likely outcome from Obama's economic policies?

HOW ABOUT PUMPING MONEY TO THE PEOPLE?
JUST STOP TAKING IT FROM US AND ALL WILL BE WELL.

THOSE WHO DON'T WORK, LIKE ALWAYS, WILL NOT EAT.

MAYBE FAMILIES WILL BE MORE WILLING TO HELP EACH OTHER IF THE GOV'MENT DIDN'T TAKE THE PLACE OF FAMILIES.

TAX REVOLT COMING...NO DOUBT!

ROWDY BOOTS

Mon Dieu, Un Autre Faux Pas!!!

Le Figaro reports that Obama sent the former leader of France, Jaques Chirac, a "very nice" letter, which included this idiotic comment:

"I am certain that we will be able to work together, in the coming four years, in a spirit of peace and friendship to build a safer world."

This is a clear snub to Sarkozy and his pro-War on Terror policies (or at least, more pro-WOT than his predecessor). It's also slightly ridiculous for Bambi to claim to be looking forward to working with an out-of-power French leader, especially when he has made no visible effort to work with France's current one.

The actual President of France, Nicolas Sarkozy, who has been trying for months to get a sit-down with President Obama is not amused.

Is this snub revenge for Sarkozy calling Obama's foreign policy "utterly immature" during the campaign?

What is his problem? He keeps p!ssing off countries and their press!

Making a List:

1. Canada: NAFTA fiasco.
2. Poland: missile shield "misunderstanding".
3. UK: Churchhill bust return.
4. Russia: "overcharge" button.
5. UK: insulting gifts to the Browns.
6. France: not realizing that Chirac has been out of power for two years.
7. Brazil: Misspelling the president's name.
8. Mexico: NAFTA
9. India: Thinking Kashmir is Pah-kee-stan.


http://ace.mu.nu/archives/284732.php

http://gatewaypundit.blogspot.com/2009/03/obama-upsets-sark ozy-with-letter-to.html

doing more of the same
Albert Einstein said " Thinking that doing more of the same will lead to a different outcome is a sign of insanity" What is different about this? During the campaign we were told we could not have more of the same as the former administrations. This is just more of more of the same.

Serfdom by the neo-Tories to China and F


This nation was founded upon many principles, one of which is "No taxation without Representation" The opposition to the Stamp Act, for example, was based upon the perceived illegality of forcing citizens to pay taxes to a foreign government, or entity, like the British East India Tea Company, without adequate representation. Taxes and revenues were to be collected and given to the representative authority to be spent upon services needed for the common good. Unfortunately there existed a system where people could be bought and sold because the future proceeds of their labor could be expected and expropriated by the owners of that indentured or enslaved person. When the privately-owned Federal Reserve Bank , the Chinese government and corporations and other foreign entities purchase Treasury notes to fund our ostensible bailout it means Congress and the Administration have sold to foreigners and private individuals the proceeds, profits and wages you and your children will be earning for the next couple of years. In short, you will be coerced under the duress of the IRS to work for these foreign or privately-owned banks, and foreign governments who were sold Treasury Bills by the US Treasury. Now, because of Congress, your labor and industry will be expropriated. You will be forced to work a portion of your time to pay the new owners of these T Bills.. You are now legally a temporary slave forced to repay foreign creditors who financed the so called stimulus package to the tune of Trillions of dollars worth of your future efforts, wages, income and revenue. Your new masters are now Ben Bernanke and Premier Wen .

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