ENOUGH !!!
ENOUGH !!!!!!!!!!!!!!!!!!!!!!!!!!!
I would use more exclamation points if I thought it would help.
The ever campaigning promissory note that is Barack Obama is back in his most comfortable role of traveling from town to town expounding political rhetoric while never letting the facts get in the way of a good 10 second sound bite.
Back in Washington DC the Senate, thanks to the weak knees of a few Republicans, passed a nearly one trillion dollar spending package dressed up to look like economic stimulus and the new Treasury Secretary fattened the pockets of Wall Street short sellers by announcing a credit stimulus plan that was more smoke and mirrors than a David Copperfield illusion.
As the new president initiates the kick off of his 2013 reelection campaign he continues to hammer his predecessor with such untrue and unchallenged statements as “We can’t afford to posture and bicker and resort to the same failed ideas that got us into this mess in the first place,” and “After all, that’s what this election was about. You rejected many of those ideas because you know they haven’t worked. You didn’t send us to Washington because you were hoping for more of the same …” At what point will people actually begin to pull their head out of the pink clouds of hope and change and begin doing the math?
In January of 2001 the Dow Jones Industrial Average stood at 9878 having already dropped from its October 1999 high of just shy of 11500. The economy was not what it had been for the previous several years when it had ridden the updraft caused by the tech bubble . It was weak and getting weaker. Later that same year came that fateful day in September that truly brought about change. Unfortunately it also proved not all change is good. The Dow continued it’s slid through July of 2002 when it bottomed out at about 7591.
Over the next 5 years the presidential predecessor Obama now blames for bad economic management saw over an economy that grew by leaps and bounds. Thanks in large part to the stimulus afforded American taxpayers through the “Bush Tax Cuts” and the Fed cuts in the prime lending rate the Dow climbed to 13895 by July of 2007 equaling about a 40% increase. The biggest economic concern was that the economy would in fact grow too fast causing inflation which forced the Fed to alter the “prime” in an effort to keep economic growth warm but not blazing.
The policies of the Bush administration were far from 8 years of failure. Considering Bush inherited a declining economy, had a major terrorist attack on American soil, began conducting a war in Afghanistan to abate the Taliban reign of terror and in Iraq which removed Saddam Hussein and his two weapons of mass destruction, Uday and Qusay from the picture, the economy did remarkably well.
The decline in the economy began to really show in August of 2007 when the mortgage backed securities markets fell into the abyss brought about by a Democrat controlled House and Senate leading the charge for Fannie May and Freddie Mac. The level of infection into those credit markets is what led to this financial crisis. Or as Democrat Senator Chuck Schumer put it “My colleges and fellow Americans we live in dangerous time. Who would have thought the lowly mortgage would bring this country’s financial system to its knees?”
The Democrats successfully thwarted any effort to install oversight into the felonious actions of Fannie and Freddie calling it a “solution if search of a problem”. Well we don’t need to search for the problem anymore.
Partisan political rhetoric is commonplace during a presidential campaign. But continuing to mislead through deceptive statements in t he midst of a crisis of this magnitude hardly is in line with the campaign of hope we heard so much about.
Instead of writing catchy one-liners someone on the Obama team should do the math. And if they don’t then the American taxpayers, that will have to bear the burden of this boondoggle, should do it for them.
