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Obama's Radicalism Is Killing the Dow
Wall Street Journal ^ | 3/5/09 | Michael Boskin

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 ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: bho44; bhodjia; dowjones; economy; first100days; jonestown; larrysinclairslover; obama; obamabots; obamatrons; wallstreet
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To: NavyCanDo
My bumper sticker:

Everything Obama says comes with an expiration date.

41 posted on 03/06/2009 12:21:22 AM PST by TheThinker (Shame and guilt mongering is the Left's favorite tool of control.)
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To: Moonman62

W was an average to an above average president. Time will tell us which one. He was a below average communicator and this worked to Obama’s benefit. Obama was inevitable, though. I think it’s better to face him now than later.


42 posted on 03/06/2009 12:28:06 AM PST by TheThinker (Shame and guilt mongering is the Left's favorite tool of control.)
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To: pissant

It’s nice to make comparisons to Carter and Clinton but the sobering truth is that there is no precedent for what this president is trying to do to our country.

No precedent in American history, anyway.


43 posted on 03/06/2009 12:51:15 AM PST by beagleone
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To: pissant
Photobucket
44 posted on 03/06/2009 1:06:47 AM PST by Tex Pete (Obama for Change: from our pockets, our piggy banks, and our couch cushions!)
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To: Moonman62
Moonman, we, the People, voted Obama President. We, the People, have to take responsibility for not knowing who the Speaker of the House is, what parties control the Senate and House, etc.

We, the People, are dumber than rocks for allowing Democrats to rule the cities. We, the People, are dumber than rocks for allowing the Government to rob our paychecks each and every week. Moonman, it is we, the people who are to blame. Until we, the People, wake the heck up, we will continue to get the leadership we, the People deserve.

(Just so you know, I am using the royal "we" because I didn't vote for Bamabi.)

45 posted on 03/06/2009 5:05:27 AM PST by Chgogal (Don't look at me, Comrade. You elected them! Hail to our very own President Mugabe!)
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To: Chgogal
Jimmy Carter had a habit for blaming the People for his failures.

The GOP lost because of poor leadership and bad polices. Yes, the Democrats are bad, too, which means the GOP has to be really bad to in order to lose. It's the GOP leadership that needs to wake up and listen to the people, and believe in the people and the country the way Reagan did.

I don't want the GOP to be the minority party for 50 years the way they were after Hoover. I want them to wake up, stop trying to match the corruption and laziness of the Democrats, and go back to being the party of great ideas that make America great.

46 posted on 03/06/2009 5:34:28 AM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Chgogal

He’s definitely in a class by himself. In part because he found the barn door wide open.


47 posted on 03/06/2009 5:52:29 AM PST by Huck ("He that lives on hope will die fasting"- Ben Franklin, Poor Richard's Almanac)
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To: pissant
A similar effect will exacerbate tax flight from states like California and New York, which rely on steeply progressive income taxes collecting a large fraction of revenue from a small fraction of their residents. This attack on decentralization permeates the budget -- e.g., killing the private fee-for-service Medicare option -- and will curtail the experimentation, innovation and competition that provide a road map to greater effectiveness.

As always, the most liberal states showing the way. . .
48 posted on 03/06/2009 6:44:32 AM PST by rightwingintelligentsia (Where do I sign up for jewelry stamps?)
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To: jazusamo
Hopefully his radicalism doesn’t kill thousands of Americans.

Barack Obama will kill MILLIONS of Americans.

On purpose.

49 posted on 03/06/2009 6:45:45 AM PST by Lazamataz ("We beat the Soviet Union, then we became them." -- Lazamataz, 2005)
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To: Bullish
After Obama gets done with this economy, if elections are still permitted, there will not be a black president again in my -- or my grandchildrens -- time.

And I haven't even had kids yet.

50 posted on 03/06/2009 6:47:13 AM PST by Lazamataz ("We beat the Soviet Union, then we became them." -- Lazamataz, 2005)
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To: Lazamataz

Respectfully I dearly hope you’re wrong.


51 posted on 03/06/2009 8:49:52 AM PST by jazusamo (But there really is no free lunch, except in the world of political rhetoric,.: Thomas Sowell)
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To: pissant

0 isn’t just after the Dow.

He’d like to kill the Constitution too.


52 posted on 03/06/2009 8:56:57 AM PST by mojito
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To: mojito

and capitalism

and God’s natural laws on which it is based.


53 posted on 03/06/2009 8:57:35 AM PST by MrB (The 0bamanation: Marxism, Infanticide, Appeasement, Depression, Thuggery, and Censorship)
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To: MrB
Time for my daily commercial: save more, spend less.

Hussein wishes to implement a 3-part takeover of the US economy:
1. Own the FIRE means of production (finance ie banks [Citi], insurance [AIG] & real estate [Fannie/Freddie])
2. Regulate/dispense/control health care
3. Direct/manage economy via energy (cap & trade)

These initiatives will only be successful if the Kenyan has sufficient tax revenues and adequate access to credit (Treasuries) to pay for his grandiose schemes.

Purposely slowing down the economy through a concerted effort to save more & spend less will help crater tax receipts. With falling revenues, -0- will be forced to borrow more to make up the shortfalls.

Escalating demand for debt (increased risk = increased prices of debt & higher interest rates), and a dawning realization that invested funds will not contribute to increased imports (Chinese perspective), will serve to detonate the bond market and dry up his ability to loan money.

No taxes and no Treasuries means the shiftless punk from ChiTown will be sh!t out of luck trying to take over our country. Wake up and get with the program. It's not really an option - we're literally in a fight for our lives. If we help breathe new life into the economy, we're merely funding the agents of our oppression.

54 posted on 03/06/2009 9:07:57 AM PST by semantic
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To: monkeyshine
I don't know how we are going to survive this. You described our situtation. What a mess. And the baby boomers who never grew up, still live in the late 60's and early 70's, swallowed the liquid kool aid without question and still drink from the same cup.

The other baby boomers, well, we recognize them and deeply resent their anti-American, drive to destroy our culture, our spirit and our faith in an attempt to replace it with their version of communism.

In my dreams, I would wish them all ten years in Cuba, or Venezuela and no means of escape.

55 posted on 03/07/2009 10:09:54 AM PST by Republic (Jedem das Seine)
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To: Moonman62
Nope, we the people allowed ourselves to be brainwashed by MSM and the rabid rantings of Dems like Pelosie and Reid. We, the People must take responsibility for our votes and for our understanding of our Government.

You know what is stunning? Watch this video of Treasury Secretary Snow on September 10, 2003 and compare his testimony to the crap Treasury Secretary Geitner put forth just a few days ago. The difference is stunning, simply stunning.

http://www.youtube.com/watch?v=cMnSp4qEXNM

56 posted on 03/08/2009 12:53:29 AM PST by Chgogal (Don't look at me, Comrade. You elected them! Hail to our very own President Mugabe!)
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To: pissant

bookmark


57 posted on 03/08/2009 6:51:19 PM PDT by Free Vulcan (No prisoners. No mercy. 2010 awaits.....)
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To: Republic
In my dreams, I would wish them all ten years in Cuba, or Venezuela and no means of escape.

actually I think that is Baraq's goal to be supremo commandante of a socialist "paradise"

58 posted on 03/08/2009 7:00:27 PM PDT by nascarnation
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