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HISTORICAL QUOTE OF THE WEEK - "Always bear in mind that your own resolution to succeed is more important than any other." ABRAHAM LINCOLN

Sunday, February 22, 2009

BARACK OBAMA IGNORES WALL STREET DECLINE TO JUSTIFY TAKE OVER - THE SUNDAY COMMENTARY

The crisis began well before the collapse last Fall. The huge housing and mortgage bubble created by the escalation of bad loans and irresponsible lending practices was destined to collapse and it did just in time for the Presidential election of 2008, helping to put Barack Obama in the White House, the Democrats in almost unstoppable control in Congress and sending a ripple effect throughout the economy that brought on a recession.

The Bush administration tampered with the situation by ,"bailing out," banks and other financial related institutions and the auto makers with a 700 billion dollar package that only added money to a bad situation having little effect on the decline. A panicked reaction to a panicked situation. The old adage about level heads prevailing has yet to kick in concerning the financial decline over recent months and now the Obama administration takes panicked reaction to a new level.

789 billion dollars in pork spending socialist ,"stimulus," that promises little true stimulus to a struggling economy and 275 billion more to prop up home loans that should have never been made in the first place. Loans whose lenders knew better and whose recipients either failed to read what they signed or were in many cases irresponsible enough to jump into a situation way over their means.

200 billion of the ,"housing bailout," is going to Fanny Mae and Freddie Mac, the two government sponsored entities that began this entire debacle in the first place. So Obama is actually using borrowed tax payer money to in essence start the problem all over again.

With every announcement by Obama of more money being borrowed and funneled through the socialist Democrat agenda, Wall Street has reacted with declines that have actually dwarfed the initial crash that took place immediately following the collapse of the housing /mortgage bubble last fall.

In fact since the election of Obama the market has lost more than 18% of its value with most of that happening in the last two months as investors are selling off with almost record declines because nothing that the new administration is doing bolsters the slightest amount of confidence in any of the financial markets. And the prospects for confidence in the markets is at best slim as Obama continues to press an agenda that has no hope of confidence.

Adding to this is the fear of the nationalizing of the Nations banks. Over the past few days Obama has tried to down play this idea but many Senators including RINOS like Lindsay Graham have continued to talk of nationalizing all or part of the nations banks at least on the short term. An idea that I truly believe is dangerous and that Obama in actuality backs.

He is a masterful politician and has yet to stop campaigning as is evidenced by his activity and his campaign type rhetoric daily. The polls show that Americans detest the idea of nationalizing banks so Obama down plays it so that when Congress moves on it and he signs off on it he thinks he comes off looking like he was a reluctant participant.

During the initial stages of the collapse last Fall, the media was constantly following every moment of the Wall Street reaction like a play by play during a sporting event. Every news channel was running a ticker on the screen showing real time market numbers. Bush administration officials were questioned at every turn about market activity and expressed real concern about the decline.

As the declined continued in greater numbers since Obama took office, the media has followed the situation with much less scrutiny and the administration has had almost no reaction to the markets volatility. In fact Obama has not expressed concern at any time of the market declines and the reaction of investors to his agenda.

I believe there are two reason why Obama has had no concern about the huge declines in the market. First much of the decline is due largely, as I mentioned earlier, to the lack of confidence in the socialist style economic agenda that Obama is pursuing. Second, Obama is not concerned about the declines because the more the market falls and the banking industry declines the better he can justify government take over of business and banking which is his ultimate goal.

Obama does not believe in the free market. He believes that only government and government control of the market and the banks can solve the struggling economy. So he pushes an agenda that bolsters no investor confidence, the market and the banks continue to decline and he steps in as the socialist government messiah to save the day.

Bingo, we have nationalized banks, complete regulatory and managing control of struggling companies by an all encompassing Obama administration and government and with the stroke of his pen Obama has instituted total economic socialism in The United States. He justifies it by telling the American people that only he and the government can solve the problem. It will only be temporary but necessary to restore confidence in the economy. But in truth like any government entity it will not end, it will only get worse.

If those who bought his bill of goods during the campaign had actually listened or taken the slightest interest in investigating anything about his past and those whose teachings he followed then this socialistic approach to governing would have been well known BEFORE he was ever elected and we likely would not be facing this take over at the hands of Barack Obama.

But 52 million Americans did not listen and only fell for the messianic hype. The media who was equally worshipping and to a certain extent still are, refused to investigate anything about Obama and now we face the largest take over by government in our history and what has happened in the last month is only the beginning of the Obama agenda and the Obama take over.



Ken Taylor

8 Comments:

Blogger MDConservative said...

This is no "stimulus" bill it is a spending bill. I don't touch the economic stuff much..but when I read through this stuff I could not believe the oversight aspect. If I may...

http://ci-report.blogspot.com/2009/02/oversight-stimulus-me-no-understand_16.html

Also, more recently the Obama Administration decided that missile defense needs to get rid of $2 billion because that is obviously what is messing up the budget right?

http://ci-report.blogspot.com/2009/02/missile-defense-not-president-obama-is.html

12:21 PM, February 22, 2009  
Blogger Rick Beagle said...

I don't mean to alarm you, but the defense budget is going to take a hit in the buttocks. Now, this may alarm you a bit, but as a vet let me assure you if some brass would pull their heads out of the collective rear ends, no system need be scuttled. The pentagon, God bless them, is probably the most deserving entity for a budget reality check. Most liberal and conservative sites report waste in the military at somewhere between 25-33%.

Have you seen the size of the military budget? That my friends, is truly a lot of pork. I suspect there is going to be some significant cuts and of course the usual howls from the faithful.

Trust me when I say this, the military commanders, their pet projects and OMG, those contractors are about to get a rightfully deserved economic pounding. IMHO some of those contractors deserve some jail time - that little electrocution and personal armor plating issues pisses me off in the worst way.

Hopefully they stand tall and do what needs to be done, but historically, they will cry like the whiny kids they are. The brave men and women of our military deserve better.

But what do I know.
Rick Beagle

PS As for your hate of Obama, bleh stfu, he is the POTUS, and we got more problems than your nonsensical rhetoric. As for Wall Street, I'm of the mind that if they protest too much, means we are moving in the right direction. Make those pigs squeal more, trust me, they will get over it.

8:53 PM, February 22, 2009  
Blogger TAO said...

Reality is Wall Street is declining because no one on Wall Street or corporate America has stood up and told the truth. Has Citibank or Bank of America acknowledged that they are insolvent? Nope.

They get a little bailout money and they go off and buy more insolvent institutions just adding to their insolvency because they knew at the end of the day they will be nationalized and bailed out and at the end of the day they will eventually emerge bigger and stronger...thanks to the US taxpayers not to the fact that they are well run firms.

Wall Street deserves to tank because they have not done a thing to deserve any other fate. They fudge the numbers, hide the truth, and manipulate the data....

Then they clamor about the wonders of buy and hold to your 401K investing public while they are dumping their shares.

If you are going to constantly dump on Obama for having to attempt to salvage a DOA economy then please go ahead and dish the economy and the stupidity of our economic policies over the last 20 years.

Its not just government that is the issue on this one....what has passed as capitalism in this country for the last 20 years ain't much to be proud of...

7:37 AM, February 23, 2009  
Blogger Rob said...

You think Wall Street falling on a single day here or there is because of Obama's proposals? Please Ken, that is an embarrassingly naive position to try to push.

Let me make a prediction. Obama came to office with the Dow at 8000. In four years, the Dow will be at least 2000 points higher.

By comparison, when Bush came to office the Dow was at 10,500. He left after 8 years with a 2500 point drop.

Obama will cut the annual budget deficit to less than $600 billion in four years. Bush left office with a projected 2009 budget deficit of $1.3 trillion. Eight years ago, Bush inherited a $240 billion budget SURPLUS from Clinton.

As Obama's economic policies improve the middle class and rebuilds America, Wall Street will take notice and the market will turn around.

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