Monday, February 23, 2009

Obama and Co. keep talking, economy keeps tanking

I'll say one thing about this administration: it's consistent. Every time someone in the Messiah's camp starts talking, the stock market starts to drop.

"Urging strict future restraint even as current spending soars, President Barack Obama pledged on Monday to dramatically slash the skyrocketing annual budget deficit as he started to dole out the record $787 billion economic stimulus package he signed last week.
'If we confront this crisis without also confronting the deficits that helped cause it, we risk sinking into another crisis down the road,' the president warned, promising to cut the yearly deficit in half by the end of his four-year term. 'We cannot simply spend as we please and defer the consequences
.' "

Why not, Obama? You didn't seem to have a problem with it when you signed that gargantuan spending bill, I meant stimulus. Note: confronting the crisis without also confronting the deficits that helped cause it is another codeword for Blame the Republicans...

"He said he would reinstitute a pay-as-you-go rule that calls for spending reductions to match increases and would shun what he said were the past few years' 'casual dishonesty of hiding irresponsible spending with clever accounting tricks.' He called the long-term solvency of Social Security 'the single most pressing fiscal challenge we face by far' and said reforming health care, including burgeoning entitlement programs, was a huge priority."

Ah, clever accounting tricks, such as...oh I don't know...a shitload of pork in a stimulus package??? Again, the past few years part is another codeword for Blame the Republicans...
He's right about one thing. Social Security does need to be reformed and soon. Otherwise the GenXers and Millenials will pretty much mortgage their future (they already are, but it could get even worse). Can't wait to see how much Health Care reform will cost us...

"Wall Street seemed unimpressed by all the talk. The Dow Jones industrials dropped 251 points for the day."

There's a reason for this. If people who really know the economy don't have a lot of confidence in this guy, why should folks like me have it? An interesting little tidbit of info: Since Obama was inaugurated, the market has dropped about 1100 points in a little over 4 weeks.

"Obama goes before Congress and the nation Tuesday night to make the case for his agenda and his budget plans, which the White House is to release in more detail on Thursday.
On Monday, he sought to prepare people for tough choices ahead

You mean, the Messiah goes before the Democrats on Tuesday night. Somehow, the party hasn't really been paying attention to either Republicans or people in general up to this point. I have a feeling that the stock market will plummet even more on Wednesday and Thursday.

"He summoned allies, adversaries and outside experts to what the White House characterized as a summit on the nation's future financial health one week after triumphantly putting his signature on the gargantuan spending-and-tax-cut measure designed to stop the country's economic free fall and, ultimately, reverse the recession now months into its second year."

Yeah, because these "experts" have done so awesome so far. Didn't the media go ga-ga over a supposed crack economic team that the Chosen One put together during the transition period? What happened to them, by the way?

"At the same time, federal regulators announced a revamped program to shore up the nation's banks that could give the government increasing ownership. It was the administration's latest attempt to bolster the severely weakened banking system without nationalizing any institutions, which the White House has said it does not intend to do."

Newsflash...this information is what caused the stock market to go down. The market is scared shitless that the government will nationalize the banks. The road to hell is paved with good intentions and given this administrations track record so far with saying one thing and doing the opposite, I'd bet good money that you'll see some sort of nationalization before this is through.

"Obama said there would be another summit next week on health care reform. "It's not that I've got summititis here," he added wryly."

No, but it does look like you have no handle on any situation whatsoever...

"By the president's account, the administration inherited a $1.3 trillion deficit for the current fiscal year from the Bush administration — that's the figure Obama says he'll cut in half — and the stimulus law, coupled with rescue efforts for ailing automakers, the financial industry and beleaguered homeowners will raise this year's red ink to $1.5 trillion.
The administration hopes to trim the deficit by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government.

'We are paying the price for these deficits right now,' Obama said, estimating the country spends $250 billion — one in every ten dollars of taxpayer money — in interest on the national debt. 'I refuse to leave our children with a debt that they cannot repay.' "

Ah yes, more references to Bush. Hey, Messiah, he's gone. Deal with the problem already. You're beating a dead horse. How is it all of those extra freebies add only $200 billion to the $1.3 trillion? I sense a slight of hand here, maybe some of that accounting bullshit he talked about above...

But how is he going to cut this deficit in half? By getting out of Iraq (goodbye Middle East...can't wait to see what the market does when that region goes up in flames), raising taxes on the wealthy (which will pretty much guarantee a stifling of job growth and continued recession) and... streamlining government??? Did I see that correctly? Is he serious? Did Porkulus mean anything to this guy? Ok, I can see where the streamlining will be: the military. He's going to gut it like a Thanksgiving turkey!

Oh yeah, Chosen One? My prediction is that the children will indeed pay, along several dimensions, for the nonsense you're putting out now.

"As an example of a purchasing process 'gone amok,' the president said he had ordered a thorough review of his new fleet of Marine One helicopters, now far over budget. He was asked about the fleet by former presidential rival John McCain at the end of the White House meeting.
'The helicopter I have now seems perfectly adequate to me,' Obama said, to laughter. 'Of course, I've never had a helicopter before. So, you know, maybe I've been deprived and I didn't know it
.' "

Ok, I'm really curious to know how much that helicopter fleet is costing Obama. My guess is, relatively speaking, a drop in the bucket.

"Earlier, Obama met with Republican and Democratic governors who are poised to benefit from his unprecedented emergency economic package. He told the chief executives, attending a three-day National Governors Association meeting in Washington, that he would begin distributing $15 billion to their states within two days to help them with Medicaid payments to the poor.
The recession has strapped state budgets, in particular in regard to the Medicaid program that is jointly underwritten by states and the federal government. In total, states will eventually receive $90 billion for Medicaid from the new law
." about pissing money away. My guess is that these people will unfortunately remain poor because they won't be able to find jobs in a stagnant or dwindling job market. Which means that the rest of us will have to keep paying for them. Which means more government spending, which means more tax dollars, which means little to no job growth, which means...oh hell, what's the use? I'm beating a dead horse at this point...

"One month into office as the economy continues its downward spiral, Obama is seeking to balance twin priorities: turning around dismal conditions with a huge injection of spending while lowering huge budget deficits. With his re-election race just a few years away, he also has an interest in avoiding being labeled as a big-government, big-spending Democrat."

Soooo...Porkulus, Health Care "reform" and nationalizing banks isn't big-government or big-spending? Only a leftist journalist could write this silly nonsense. Newsflash Ms. Sidotti, Porkulus was a huge injection of spending. I don't know what realm of reality you're in...

"The White House meetings opened a jam-packed White House week that includes a State-of-the-Union-style address to Congress Tuesday night and the president's first budget proposal on Thursday. A common thread: addressing current economic turmoil while controlling the country's long-term costs.
'This will not be easy,' Obama told his White House audience, which included congressional leaders, 2008 GOP presidential nominee McCain, and Republican Sen. Judd Gregg of New Hampshire, who recently backed out as Obama's commerce secretary

Well, putting your foot in your mouth every time you talk isn't exactly helping the economy nor is it making things easier. Maybe a little more of doing than talking would make things better. Or more likely make things worse.

"After Obama spoke, attendees broke into five groups to brainstorm how to address costly areas including military weapons, Social Security, health care and tax reform.
During one, Rep. Henry Waxman, D-Calif., said, 'Our deficit really cannot be controlled until we figure out how to deal with health care costs.' At another, House Republican leader John Boehner of Ohio proposed raising the Social Security retirement age to 70 over a number of years

Hooray, more brainstorming bullshit. Note that little thing about costly military weapons. I can imagine that soldiers in the field will fail to get updated equipment in the near future. But remember that Democrats love the military. Don't question their patriotism...

"Afterward, Obama emphasized areas where he said there was agreement and consensus on moving forward in a bipartisan way, including that the country must ensure people have retirement security, that the tax process must be simplified and that the existing budgeting process isn't working. He also directed his team to pull together a final report from the sessions in 30 days."

Ugh, more of that bipartisan shit. Cuz' there was so much consensus last time the One started this nonsense. Yeah, I can pretty much chalk this paragraph into the category of "dream on."

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