to turn a problem into a catastrophe.
Peter Schiff on the Porkstrosity. (h/t Maggie’s Farm)
Preston Taylor Holmes has choice words for DOJ Obamanominee David Ogden, and another egregious asshole gets a blog devoted to his antics.
More fodder for this morning’s round-up, Arlen Specter reveals why he backs the Omnibus Shafting Act. Movietone! He’s now Senator Halfaloaf.
Schiff is right, as JWF observes the current recession is necessarily “uncomfortable”; but it pales compared to prior ones and is in no way comperable to the depression of the ’30s…
The spendulus bill is actually the Democrats modern version of “bread and circuses”, a short sighted measure that will make some work for a few years, but at the expense of a greater prosperity that is driven by the private market. And, it contains essentially a payoff to the plebes that make up approximately 51% of the electorate; essentially it’s a downpayment on Democrat electoral success and a connivance they hope will work for years to come like it did with FDR…
“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”
-Alexis de Tocqueville-
Don’t worry, Rob, with the total bailout amount now at ten trillion dollars, or nearly the country’s annual gross domestic product and more than the entire national debt, we’ll just repair stuff by the same spending means that wrecked it. It’s why they’re our leaders.
Waitasec, I thought that the Obama voters had “chosen hope over fear”?
Nani??? Where do you get that, JH? I’m suitably terrified.
F it let’s make it 20 trillion. I am sure our economy will be bursting if we do that.
Capt: What is it, Mr. LaForge?
Jordie: It must be the multiplier effect, Captain!
lol Dan.
Get back to work.
Um, for some reason, the system is eating my post.
I found JHowards article. “U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes” over at Bloomberg
Sweet Jeebus, we are so boned.
Speaking of multipliers, Dan, I’m scared shitless, which tends to redouble one’s efforts.
O!Bamism works!
Senator Spector: With all due respect, the nation can no afford to engage in a stimulus bill that has very little stimulus. Remember the first commandment of doctors, “do no harm.” Many of us are convinced that is exactly what you are doing with this Senate bill. If you hold out, you have leverage to do it right.
See Darleen’s post above this one too, Techie. And do enjoy your new found wealth and try to stop dragging the rest of us down, man. Stuff like this only happens like once in 200 years or something.
Wave after wave of bad economic news has created its own psychology of fear and lowered expectations.
I don’t think Arlen gives Baracky enough credit.
The bill cuts some $110 billion from the $890 billion Senate version says hapless Arlen, but these less-essential provisions are better left to the regular appropriations process.
When is a cut not a cut? Jeez. Arlen for real should just have the dignity and courage of voting his little redistributionist confiscatory heart, cause this is the sort of lie this piss-ant is gonna OWN for whatever remains of his miserable shriveled life: [The cuts] are also an admission of the high price that moderates have been able to extract for their support of stimulus legislation.
Noted.
The Washington Post has a graphic of the CBO study. The one our trolls proclaimed either was nonexistent or so cursory to be useless.
I’d repost that in the other threads geoff, but then, every goodthink person knows that the WaPo is a house of neocon LIES!!!11!!
I heard a great term this morning, which I will now be using, ahem, liberally:
We are moving from a free market to a savior based economy!
You must believe in him and be connected to him to prosper.
Well, but posting the same thing on multiple threads is comment spam. The only spam I like comes in a can.
Wow. That Washington Post graph is really a neat illustration of how Baracky lies about his own economic policies. But later on whenever the economy finally shows any uptick in growth, Baracky can say hey! Checkit yawls! Economic growth right there see? And almost all cause of spending cause for real we didn’t really put a whole lotta tax cutting in the mix. You gotsta spend money to make money, babee! Damn. This president shit is simple.
Peak year, $236.4 Billion, 2010.
Can we say Congressional elections?
As a person involved in trading industrial raw materials, I can say this. This is as bad as I have seen it and there is no way out, as far as I can see. The economy has to de-leverage and reduce excess capacity to correct this mess. It can only do this on its own.
The spendulus is just another huge crime being perpetuated against the American tax payer. And remember this, the banks are not to blame, they merely are the symptoms of crass political cowardice that started in the Johnson administration and have led us to this point. Blaming Wall Street for greed is like blaming Clergy for being religious. Its a requirement of the job, a character asset not a flaw.
What we have here is the inevitable payment being extracted for following pure political folly for 40 years (with a brief respite during the Reagan, Clinton and Bush II years) and the resultant “circling of the wagons” by the so called “leaders” and finger pointing. They point the fingers at the capitalist system and producers within the system for the problem. It would be funny if it wasn’t so sad. And scary.
The spendulus will fail and in its wake will prolong the coming recession. May even make it a depression. Someone tell Rachel Maddow, that she need only look as far back as the 1990s at the Japanese effort that resulted in a decade of stagflation. You cannot just spend to stimulate. Capacity that has been brought online to support growth forecasts that were based on cheap money, not organic and sustainable growth, has to be taken offline, people will have to be laid off, companies go bust and the system has to reset.
But we have an individual in the White House who may be the smartest and most intelligent man in the position of CinC, but he has no street smarts, no experience, no frame of reference garnered from experience. What we have is a pipe dream brough into power by 2 specifics demographics that have historically never turned out for elections (thankfully for the Country, too), inner city blacks and youths … oh yes, I fear for the Republic.
I fear for the end of free centralized auction markets.
I fear for the mortgaging of my kids future.
Change we can believe in?
FDR: “We have nothing to fear but fear itself.”
BHO: “Be afraid, be very afraid!”