“Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.” - The New York Times, Sept. 1999
Fears that some major U.S. banks could be nationalized continued to drag on sentiment on Monday, but stocks came off lows after the White House reiterated that a privately held banking system regulated by the government was still the best way to operate.
Normally, restating confidence in the private sector would be enough to settle the market, but since all of Obama’s “promises” have expiration dates and his administration couldn’t resist touting government regulation, the Street ain’t buying it. The economy is getting worse, and you can’t blame that on George W. Bush.
Fittingly, an MSNBC poll. Remember:
If we ever forget that we’re one nation under God then we will be a nation gone under.
- Ronald Reagan
Someone in the Media Gets It
And that someone … is the esteemed and perspicacious Michelle Caruso-Cabrera of the often infuriatingly clueless CNBC. Not in this case, however.
Writeth Michelle:
Think this through for a second. Your home value, along with all your neighbors, has gone down in the last year. But now your neighbor, who bought above his means and can’t make the payments, because of a reset to the REAL monthly cost of the loan, is suddenly going to get a gift. Well what about you? You did the right thing. . You didn’t buy more than you could afford. But you don’t get a break.
CNBC, certainly mindful of the looming Fairness Doctrine, had someone write an opposing viewpoint and provided a poll to judge who was right.
At the time of this writing, there were 8614 responses. Voters agreed with Caruso-Cabrera at a 78% clip. Thankfully, Obama has a long way to go to convince Americans that his are good ideas.
Slowing Down the Speed-Up
Just a thought - if it was such a “crisis” and “catastrophe” that we had to pass the “stimulus bill” ASAP without even reading it in order to save the country, why is President Obama waiting until tomorrow to affix his signature when it’s been ready since Friday?
It’s just the latest in the typical scare tactics and fearmongering that have become the DNC’s signature.
And, it’s proving once again that “change” is just the same old excrement dressed up with a pretty, well-spoken bow.
Breaking Promises Already
Most of us already know you can’t trust a Democrat’s promises, so while this comes as no surprise we want to point it out anyway, just for the record.
7 Broken Promises in Record Time
1. Make government open and transparent.
2. Make it “impossible” for Congressmen to slip in pork barrel projects.
3. Meetings where laws are written will be more open to the public. (Even Congressional Republicans were shut out from “stimulus” meetings.)
4. No more secrecy.
5. Public will have 5 days to look at a bill.
6. You’ll know what’s in it.
7. We will put every pork barrel project online.
Sending thanks to Sweetness & Light.
“ I think a lot of good can come out of this crisis in terms of alternatives of fossil fuels, better education, a lot of things that we should have been doing before we reached this fiscal crisis. I feel very comfortable that at the end of the day that we all should feel proud that we at least had an opportunity to change the direction that our great country is going. ”
Charlie Rangel (D-NY). At the same time unbelievable, yet so believable. Democrats don’t care about helping people, they only care about their pet projects, and they’ll use the cover of this crisis to do it. Absolutely shameful, an insult to the American people, and again with the “feeling proud” bit. He’s probably never read a single page of the bill. Liberals insist we judge them on their good intentions and never on results. They never get results.
“ I’m not saying this is going to work. At least we all feel as Americans and as legislators that we’re trying to do something. ”
Charlie Rangel (D-NY), accidentally telling the truth about liberals’ never-ending obsession with “feelings”, even though he’s not even sure the thing will actually work. (Yet we’re being told it will and that’s why we need to pass it NOW!)
Stimulus Worse Than Nothing
The non-partisan Congressional Budget Office has released its analysis of President Obama’s “stimulus” bill.
“In contrast to its positive near-term macroeconomic effects, the legislation would reduce output slightly in the long run, CBO estimates, as would other similar proposals.”
Why? The CBO says the drastic increase of government debt would actually “‘crowd out’ private investment.”
What kind of stimulus actually lowers the Gross Domestic Product? A Democrat-designed one, obviously. Crowding out the private sector is exactly what Obama and his cheerleaders want. They want the government – namely, themselves – in charge of as much of American life they can get their incompetent little hands on.
While Democrats insist the bill is one-third tax cuts, the CBO found it was significantly less – just 22%, or $182 billion out of the total $819B, according to the Washington Post.
Clearly the tax cuts do not go far enough to have any real positive effect on the economy, which is purportedly what Obama is supposed to want.
The CBO analysis predicts the GDP will start to decline starting in 2012. Employment would begin to fall at the same time. Read it here.
How many recessions must we weather before everyone realizes liberals’ financial policy just does not work? The sad truth is, we can’t afford very many more.
Obama: Only Government
Review the quotes below. The first was standing beside corporate chief executives in a press conference; the latter one happened in the President’s press conference yesterday.
He can’t have it both ways. Either the people can get us out of it, or only the government even has a chance. Anyone unsure which one he’ll choose?
If Mr. Obama really believes in the people of this great nation, he should withdraw his pork-laden “stimulus” and cut taxes immediately. Relieving the burden on business will loosen cashflow, lead to research and investment, and, ultimately, higher employment.
Do that, Mr. Obama, and you may have all the credit you can claim.
“ In the end, the answer to our economic troubles rests less in my hands or in the hands of our legislators than it does with America’s workers and the businesses that employ them. They are the ones whose efforts and ideas will determine our economic destiny just as they always have. For in the end it’s businesses — large and small — that generate the jobs, provide the salaries, and serve as the foundation on which the American people’s lives and dreams depend. All we can do, those of us here in Washington, is to help create a favorable climate in which workers can prosper, businesses can thrive, and our economy can grow. ”
President Barack Obama, Jan. 28, 2009
