Posted on 08/08/2011 5:03:06 PM PDT by NoLibZone
The verdict is in: That Obama speech (to which he arrived 53 minutes late) was a disaster, that totally failed to reassure anyone that the economy isn't imploding all over again.
Why the wrong note?
We wonder if Obama actually believes that he has to tiptoe around the bond vigilantes.
See, if we were giving that speech, amid this market, we'd have said: "Congress, get back in session, and let's pas some tax cuts."
Obviously that's what's need right now.
Instead, Obama focused on deficit reduction! He talked about the super-committee, and the need for tax reform.
WHAT?
At best, the super-committee will just deliver deficit reductions, which may satisfy S&P (though probably not, since they already said so), but will certainly do nothing positive for the market.
(Excerpt) Read more at businessinsider.com ...
2 percent immediate salary reduction to everyone collecting a federal salary,
No federal employee unions
elimination of all automatic increases.
Baseline for each future year equals same as prior year until federal salaries are on par with private sector salaries.
2 percent immediate salary reduction to everyone collecting a federal salary, (social security excluded)
make it harder to ‘retire early’ by claiming a disability
No federal employee unions
elimination of all automatic increases.
Baseline for each future year equals same as prior year until federal salaries are on par with private sector salaries.
vs.
He’s a smart SOB that is being very successful damaging our nation...
I'm constantly back and forth between these two explanations of this bizarre little man. Maybe he's a rare, pernicious amalgamation of the two. Stupid people can be cunning.
Two different characterizations-- bastard and SOB-- are also accurate. He is both, a psychological basket case; this is another key to understanding this aberration.
Finally, his smart advisers have jumped ship and he's left with his second string. Rahm Emanual, creep that he is, was still pragmatic enough to keep the man-child's head above water. His position is now held by the snapping turtle-- Valerie Jarett. She has all of Rahm's malevolence but none of his sense, evidently.
Grabbing a last minute smoke?
Precisely. Just like Chuck Schumer announcing the 'fiscal meltdown' and blaming it on Bush, Obama's gambit is to blame the next (inevitable, given the continued increases in Government spending) round of the crash on the TEA party movement.
Our only hope is that enough people can see through this by the elections.
Our greatest strength is that the TEA (Taxed Enough Already!) party movement is America.
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