Barack Obama’s Economic Illiteracy
Barack Obama is demonstrating just how little he understands basic economics. He believes growing the government at a rapid rate is what causes prosperity, declaring America must “spend our way out of this recession.” He also in recent weeks scolded “fat cat bankers,” telling them they need to loan more money out in order to get our economy going again. Obama’s economic illiteracy is plunging our country into economic ruin.
From bailouts, to company takeovers, healthcare reform and stimulus bills: if it involves greater taxpayer involvement Obama supports it.
When Obama reported that the Treasury had received back $200 billion in TARP funds, he declared that he planned to spend that money on a second stimulus while paying down the debt. This is patently untrue. America will not be paying down any debt. The Senate is moving to raise the debt ceiling by over $1.8 Trillion. Actually, we will be borrowing a record sum, as Obama mortgages our future to “spend us out of this recession.”
The problem with his policy is that it doesn’t work. Government spending has never created prosperity. Every dollar the government spends must be taken from someone else. Government engages in wealth transfer not wealth creation. Borrowing money and running sizable deficits is transferring wealth from the future generation, which faces paying off Obama’s credit card. The bill must be paid someday. Obama is robbing future generations in order to support his binge spending.
Obama’s first Stimulus was nothing more than a slush fund of money, used by Democrats to support their liberal pet projects. $6 Million worth of stimulus money lined the pockets of Democratic pollster Mark Penn who used it to create three jobs. $18 Million from the stimulus went to fund Obama’s recovery website, which reported on jobs saved and stimulus money spent in Congressional districts that do not exist. With that kind of success rate it should surprise no one that Obama’s approval rating has plummeted to 45%. American voters understand government spending is not the recipe for recovery.
Recently, Obama met with leading bankers, individuals he referred to as “fat cats.” In his meeting Obama pushed these banks to lend more and loosen up their capital requirements on loans. Nobody is arguing that these banks need or deserve the outrageous bonuses they have been pocketing after Obama bailed them out with the taxpayers’ dime, but the idea that they need to lend more is nearly ludicrous.
The reason the housing market collapsed in the first place was because Congress pushed Fannie Mae, and Freddie Mac to loan nearly half of their assets to families with incomes below the national median. Coupled with the Community Reinvestment Act, which forced banks to make imprudent loans, overzealous lending created an artificial housing bubble that collapsed. After the CRA was expanded in 1995, bank loans going to low- and moderate-income families increased by 80%. These were the same banks that were later attacked for being predatory for taking undue risks. They were making poor loans, but it was at the behest of a federal government that was trying to artificially increase home ownership amongst people not equipped for the responsibilities of home ownership.
Fast forward back to today, Obama is now encouraging banks to make more loans, asking banks to take more risk. This is the same Obama who has criticized banks for making risky loans in the past. By creating business climate uncertainty Obama is not helping our country to stabilize. Obama’s conflicting messages are confusing. Which “Obama” are banks suppose to listen to; the one who demonizes risky behavior, or the one who demonizes banks for sitting on their assets?
Obama’s meeting with bank leaders was simply political theatre as was his recent “jobs” summit. Jobs aren’t created by bureaucrats sitting around talking. They are created when people are free to innovate and create without undue fear of erratic government behavior. If the government would cut back on its’ wild spending, cut taxes and promote a stable regulatory environment, the private sector would start creating new jobs.
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NO HE’S NOT ILLITERATE. HE IS DOING EXACTLY WHAT HE HAS SET OUT TO DO. AND THE ONES WHO HOLD THE PUPPET STRINGS ARE TELLING HIM HOW TO DO IT
HE IS A BLUE-LIPPED HALF-BREED WHO ALONG WITH HIS UGLY WIFE HATES
AMERICA SO MUCH HE IS DOING EVERYTHING IN HIS MARXIST POWER TO DESTROY AMERICA
ALONG WITH HIS IDIOT COHORTS PELOSI, REID AND THE REST OF THE SOCIALIST MEMBERS OF CONGRESS.
WAKE UP AMERICA!!!!!!!
americans that can see the truth even when obama's lips are moving and the teleprompter has had the windex treatment to wipe away the lie from his lips so he won't accidentally repeat them?
The truth that Obarry is a Muslim and the speech he gave showed his loyality?When the Fort Hood "TERRORISTS ATTACK" happend and Obama refused to called it what it was.the Major said something, he said "I am Muslim FRIST?" Obama in in his speech said a similar statement, "If anything evil comes against Islam he would support Islam? We are at war and the jihadist are within our country and our very Goverment,and if you don't want to submit to Islam or be put to death which is the "ONLY OPTION jihadist Islam " will allow",we must stop these extremists and Obama and his socialists,communustic menions who are using the Cloven /piven theory .This is a socialists,whose name is either Barrack obama II or Barry Soetoro,or any other names linked to the 31 different Social security numbers that has been used or attempted to be used by Obama?
if all you well knowing big shots in washington know just how screwed up this half breed why dont the government do something about in sted of talk,talk,talk..this man is going to scuttle our country..I fought in two wars only to havethis prick throw away our freedom…the GOP is not doing swuat and thedems are just sitting around sucking thier thumbs hopeing we will give up..Its time for a real action if not in the strees then in conress..GOD helpAMERICA
Floyd, the plan is to collapse the U. S. economy as quickly as possible, then declare Marshall Law and confiscate all weapons from American citizens. He has an army of Acorn and union thugs, the news media (except Fox) are in his pocket and both houses of congress. He has surrounded himself with like-minded American haters.
WE ARE TOTALLY SCREWED!
Obama has already committed impeachable offenses by lying to other countries about the US so the impeach movement should get started.
An independent……………….
obama is definitely a terrorist, tearing us down from the inside ! —-and off to a very succesful start !
now that everyone can see what this man really represents, what are we waiting for ?
remember the expression "he who hesitates is lost" ? talking about it is not getting the job done !
it is time for the TRUE leaders of this country to step-up and take whatever actions necessary to salage our country's future ! ——-waiting for 2012 would be a big mistake !
I agree on impeachment, but if this happened who would you get? I think he is almost as bad.
Obama is wound up every morning (programed) and sent out to various states where theirs problems. A big crowed is put together by Democrats, with mostly Democrats attending. The news media is also alerted so they can film the croweds cheering to make the rest of the country believe that his administrartions ideas are popular. When he really gets into something thats unpopular ,He and Michelle has to visit some school and talk to the children and of course all the news media is their reporting how wonderfull they are. They got the idea of school visits from Bill and Hillary when they used to get into trouble ,they would always visit a school. In the meantime the Country has huge problems (the economy and unemployment). It' all that Obama is interested in is pushing his Socialist agenda. He will get up and make a speech on economy and unemployment when the going gets to rough for his staff. When he does speaks theirs a lot of half truth and lies. HE NEEDS TO BE IMPEACH ED NOW>
He's either very dumb or very deliberate in trying to take us down. I think he's dumb like a fox and far more dangerous.
Must see video on Obama and Muslim Nation! I am surprised this is still on youtube actually. Didn't think it would last this long. Please, let's get him out! SCARY stuff!
http://www.youtube.com/watch_popup?v=tCAffMSWSzY#…
/He didn't grow up an American so doesn't understand what needs to be done. He just hates us because his mother was a hippie from America and he'll never be rid of his troubled childhood, so he'll never stop making our lives miserable by assaulting us by erasing all the good things we have that he didn't have. IT'S AS SIMPLE AS THAT. So please, let;s just get off that kick and use that money we gave you to get the impeachment process going. Thanks.
americans that can see the truth even when obama's lips are moving and the teleprompter has had the windex treatment to wipe away the lie from his lips so he won't accidentally repeat them?
The truth that Obarry is a Muslim and the speech he gave showed his loyality?When the Fort Hood "TERRORISTS ATTACK" happend and Obama refused to called it what it was.the Major said something, he said "I am Muslim FRIST?" Obama in in his speech said a similar statement, "If anything evil comes against Islam he would support Islam? We are at war and the jihadist are within our country and our very Goverment,and if you don't want to submit to Islam or be put to death which is the "ONLY OPTION jihadist Islam " will allow",we must stop these extremists and Obama and his socialists,communustic menions who are using the Cloven /piven theory .This is a socialists,whose name is either Barrack obama II or Barry Soetoro,or any other names linked to the 31 different Social security numbers that has been used or attempted to be used by Obama?
I would say Amen to all of the above comments that I read. O (I can't even type his name) is rotten to the core and is the most corrupt person on the planet. He, Harry and Pelosi should all be impeached AS SOON AS POSSIBLE. He should never have been elected and should now be thrown out of office because he is illegal. He is ruining our country at a very rapid rate. WE, THE PEOPLE, need to take back our country. I'm scared to death. I read that they (the Obamas) are actually the couple who sneaked into the White House without credentials. They have committed treason against our country and they need to be GONE, GONE, GONE, NOW, NOW, NOW. I could write more, but my blood pressure won't allow it.
I choose to say that I agree 100% with "Rudy'.s" paragraph of yesterday, because he has said, in the same language, and in the same attitude, that I would have used the exact same letter. Thanks to him, and thanks to you all for listening to us. Art Ashfield.
Obama and his chronies are NOTHING, NOT BUSINESS ORIENTED NOR LEADERS, IT IS A BIG PROBLEM, AND HE IS SURROUNDED BY A TEAM WHO IS SETTING A GAME PLAN WHICH HAS BEEN IN THE WORKS THAT WILLTAKE US DOWN A ROAD WHERE WE AMERICANS HAVE NEVER BEEN. EUROPEANS AND RUSSIANS HAVE BEEEN THERE ARE STILL THERE. WAKE UP AMERICA AND STOP OBAMA AND TEAM. CUT GOVT, SPENDING, DEFICIT,CREATE JOBS, JOBS, JOBS, CREATE THE FREE MARKET WHICH WE MUST HAVE.
None of BHO's actions are a surprise. He is a Markist , Muslim-trained person sitting in OUR White House. His agenda is much bigger than Health Care. He can't stand America and its Constitution. He would love to fold the U.S. into a World Government with him sitting on top. How about his decision to send our soldiers into Afgan. but "be respectful of Islam". Maybe they are supposed to ask the terrorists if its ok to shoot them when exposed. American is on the way to the sewer – think elections in 2010 to start the reversal. I am disgusted as an American.
What the Democrats are doing in congress is dispicable and it will destroy our country as we know it, because money and greed is what fuels these politicians. If they are afraid they wil not get the votes, they bribe the congressman or congesswoman ( Louisana Purchase- 600.000.000 )…. Senator from Nebraska, that was the 60th vote…. 45 million. Obama will go to whatever means it takes to get his agenda passed and socialize our country at the same time. People , let’s hear from you NOW!!
It would appear there may be "intelligent design" behind what they are doing – With Fannie May & F. Mack being backed by Gov't. dollars, they will surely end up w/much of the discounted housing that cannot sell – The previous owners loose what ever they spent to get into them, the Gov't. picks them up for pennies on the dollar & puts people in them as tennants. Also, the more they shuffle these huge amounts of money back & forth, in & out of the banking industry, the more they can rake off – He stated that City Bank & Wells Fargo were paying back their bail out money to the Am. taxpayers. I have not seen any come this way yet!!
i am sitting here stunned as I read the wonderful comments from fellow citizens who are ready and willing to speak out. Speaking out is just the first step. We need to organize so that we get rid of this cancer at the head of our government. This list of contributors represents but a tiny group of both liberals and conservatives who are becoming increasingly angry and outspoken about the terrible plight of our wonderful USA.
SO WHAT COMES NEXT?? WHO'S GOING TO LEAD THIS MUCH-DESERVED REVOLT??? AND WHO WILL BE WILLING TO FOLLOW???
We "don't need no stinkin' health plan"
If we don't take care of our terrorist situation fairly soon…………………….we won't need a helaht plan because there
won't be anybody around to use it.
we the people of the united states of america call for impeachment against barrack hussein obama lets stand together as a nation and call for impeachment against obama
I NEVER VOTED FOR OBAMA AS HE IS NOT EVEN AN AMERICAN HE HAD NO SECURITY CLEARANCE WAS BORN IN A ANOTHER COUNTRY HE IS NOT BLACK OR WHITE OR RED . HE HAS MARXIST VIEWS OF OUR COUNTRY . OBAMA HAS NEVER SERVED IN OUR MILITARY HE IS SIMPLY BEING TOLD WHAT AND HOW TO DO IT. I SIMPLY HAVE NO USE FOR THE SON OF A BICH. BRAD DUZAN PLEASE SUPPORT IMPEACHMENT OF HIM.BEFORE ITS TO LATE.
It's truly amazing to me that he got elected, or did he? ACORN members all over the country have been indicted for alleged voter fraud. The President Elect ran on a platform of transparency and doing the peoples business in the open and in the sunshine. He had never done that before when in Congress in Illinois. In my opinion, he was, is, and will remain a liar. He is interested in a new world order, taking your money, and turning the United States into a piece of the largest globally taxed entity in the U.N and under their jurisdiction. I personally don't believe he is eligible to serve as President and I have never been as terrified as I am right now about the future of the U.S. as independent Republic.
And on what we shall stop?
I to you am very obliged.
This Obama has 3 more years to try and destroy our system of government. I really don't think he has enough sense to do it all by himself but he has employed so many radicals to assist him and if we the people don't try everything we can to impeach all of these people we are in really BIG trouble!…..the health care fiasco is big trouble, more power for the gov…..hiring more people in the IRS to control us….wow….isn't this something how come so many can't see this?…..beats the hell outta me. I'm 72 years old and this is the most troubling times in history with this usurper in power……….WAKE UP AMERICANS
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