Has it really been 100 days?
Aided by an eagerly compliant Democratic-controlled Congress, a sycophantic media, and a bunch of squishy Republicans, President Obama has taken the country on a radical, mind-boggling leap into collectivism.
Obama -- to use one of his favorite expressions -- doubled down, no, tripled and quadrupled down on Bush's "stimulus" and "rescue" packages, spending trillions of dollars to "bail out" financial institutions, too-big-to-fail businesses, and even deficit-running states. Obama promises to use taxpayer money to rescue "responsible homeowners" -- whatever that means -- from foreclosure, thus artificially propping up prices that shut out renters who would love to buy now-much-cheaper houses.
Obama proposes spending billions (or trillions?) more on "creating or saving" -- whatever that means -- 4 million, 3.5 million or 2.5 million jobs. Pick a number. Given the government's vast business expertise, Obama proposes spending gobs of money to "invest" in green jobs. And he's just warming up. He wants taxpayers to guarantee, presumably to all who request it, a "world-class education" -- whatever that means.
Firmly in charge of much of the domestic car industry, Obama effectively fired the CEO of General Motors. He threatens to fire still more executives in the parts of the financial services industry currently under the management, direction or control of Uncle Sam -- that eminent, well-regarded banker.
Obama blames the financial crisis on "greed" and the "lack of regulatory oversight." Funny thing about greed. Celebrated investor-turned-Obama-supporter/adviser Warren Buffett says, "Be fearful when others are greedy, and be greedy when others are fearful." Apparently, some practice good greed, while others engage in greedy greed.
As for regulation, the SEC already heavily regulates most of the troubled financial institutions. The world's largest insurer, AIG, operated under heavy regulation. The government-sponsored entities Freddie Mac and Fannie Mae -- blamed for irresponsibly buying, packaging and selling bad mortgages -- are regulated by a government agency, called the Office of Federal Housing Enterprise Oversight. Its sole responsibility is to oversee those two agencies. OFHEO, shortly before the government takeover of Freddie and Fannie, gave them two thumbs up.
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