Posted on 03/05/2009 9:28:59 PM PST by pissant
t's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents -- John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance -- President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown.
Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
(Excerpt) Read more at online.wsj.com ...
Hopefully his radicalism doesn’t kill thousands of Americans.
Are you kidding? You don’t a truly comprehensive summation, Mr. Bachert!!! I can’t add a thing!!! Beautiful!!!
The Leftist elite determines who will sit in the White House through its media sock puppets. They botched it with Gore but they won this time.
It is almost certain it will lead to war.
woowee..lol
I agree pissant, it’s really sad.
>Obama is proving that he’s either very stupid or very evil.
Who says the two are mutually exclusive? (After all, isn’t it always the ‘evil villains’ that get the ‘glorious honor’ of being the first killed when their summoned evil god appears to them?)
Article 1, Section 9, paragraph 8:
No title of nobility shall be granted by the United States: and no person holding any office of profit or trust under them,[e.g., a US Senator] shall, without the consent of the Congress, accept of any present, emolument, office, or title, of any kind whatever, from any king, prince, or foreign state.
I imagine there will be protests... then what?
America elected this low-life, lying, scum bag, closet Muslim faggot; now, LET AMERICA GET WHAT SHE DESERVES. Let Hollywood and Wall Street both, go to hell in a handbasket.
You wanted B. Hussein Obama America, now, by damn, you got him; deal with it. Have a nice world-wide Depression.
“Hopefully his radicalism doesn’t kill thousands of Americans.”
In time, it will.
Just because someone’s heart is beating doesn’t mean their alive. He’s been killing peoples futures each day he’s been in office, and will kill millions more before he’s gone.
W was a bad president. He’s the one who opened the door to Obama and what Obama is doing. Hoover gave us FDR. W gave us Obama.
Tell me how the baby boomers (who largely voted for him it seems) are going to survive this? In the last few months they have lost roughly half their retirement savings, and roughly half their equity in their primary residences.
These are people who were planning to retire in the coming years and certainly in the next decade. This is worse than just having less to retire on. As they near retirement, they will contribute less to the markets and draw down more. They will liquidate into every rally over the next decade or more to stash cash for their retirement.
Since boomers outnumber all others, they may end up drawing out of markets more than all others put in. This means stagnant or barely rising markets going forward.
I cannot see how the stock market can recover at all. Maybe housing can be propped up with some aggressive federal lending programs (maybe, if that... though there is the benefit of immigration/population growth to fuel real estate), but imho equity markets are dead money for long term investors. It took some 30 years for the market to recover what it lost during the 1929 crash. I think we’re gonna experience the same.
The Democrats are nothing more than a murderous criminal enterprise. One hopes a few smart conservative lawyers will bring a RICO action, put the DNC out of business and start slapping its leaders and followers in jail.
The banking crisis, triggered by a precipitous selloff of money market funds, gave us Obama.
I'm just doing the job other FReepers won't do.
WSJ saying it like it is, as has been expressed for months on FR. But it's mainstream now and it is a blow right btw the eyes of Obama.
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