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A quick read of Saul Alinsky's treatise Rules for Radicals and the understanding of Obama's formative experiences as a community organizer in the cesspool of Chicago is useful in seeing how his mind works. The writings are a clear map of Obama's conduct since he entered politics.
Witness --- the new age of savings and investment --- the paradox between dramatically increasing spending and running $1T deficits for 10 years and calling it "saving".
He is an elitist and patronizes those to whom he speaks while dismissively acknowledging what should, in fact, be "celebrated". We should celebrate the innovations brought to the world through entrepreneurial zeal.
Look back at the Founders and tell me who they were --- the guys who created this great country? They were the risk-taking, entrepreneurial, business-creating, investment-making, principled men of their times who valued freedom --- the underpinning principle and core virtue of free market capitalism --- more than life itself.
I wonder if such men still exist? I don't really know anybody who could hold George Washington's jock these days.
Entrepreneurial drive did not just "fuel" this country, it CREATED this country. More importantly, it is alive and well.
I suspect that when we look back on all of this from ten years hence, we will realize that the markets did their work and did it well in spite of government interference.
BTW, is the war in Iraq still going on? I haven't heard much about it lately.
Obama's modus operandi is that of a used car sales man. Promise the world and deliver none.
He is a failure in every sense of the word except perhaps bullshiting. He was lawyer wasn't he?
I would personally behead Madoff on the steps of the NYSE at the opening bell, if given the chance. I would recommend it be on a Friday so the news cycle could last all weekend.
I would ban derivatives of all types that cannot be delivered upon default. I oppose naked short selling and short selling in general. I cannot imagine any justification for these practices.
I frankly see no evidence of what you allude to as his ability to discriminate between scammers and entrepreneurs. Maybe I have missed something? But more importantly, it is not his WORDS but rather his POLICIES. You cannot seek to create jobs and then penalize the job creators. Not because it is just not good public policy, but because it DOESN'T WORK!
He has not sought out the input of those who create the most jobs in America --- SMBs. He had an after thought of a window dressing made for TV meeting w/ some hand picked SMB folks.
Take a look at the Executive Orders he has signed on PLAs (project labor agreements) and other union favoring initiatives and tell me he really cares about employment. Union labor in the US is only 14-16% of ALL workers and yet he would favor those w/ a union job over those seeking a job. That favors the employed v the unemployed.
The US government is scamming the investors, investors are scamming other investors, AIG bonueses are taxed 90%, AIG is suing the the treasury, etc.
Quite a freak show which leads us to the final countdown: the entire United States' financial system is a big scam. Sweet capitalism at its best.
Now, can we, please, have your reasoned view on the Geithner plan. Here's what bothers me:
Basically, the government is saying, we’re giving 80% loans to people to go to Vegas. If you lose, you lose your money and ours. If you win, you pay the loan back to us and keep the profits…
So, here’s what I and my buddy X do: Each one of us sets up one of them funds and we agree to share the profits. We both put in $200 in our respective funds, and take out a $800 loan.
We go to Vegas and I put all my $1,000 on Red, my buddy puts his $1,000 on Black. Do the math: no matter what turns up, black or red, we split $800 in profits and the govt loses $800. It’s bulletproof.
Did Timmy not think of this scenario? Thoughts?
JLM another guest post on the Geithner plan for toxic assets?
Don't sweat it if you can't make it happen.
It will go up today or tomorrow
Fred
from max keisers comment feed:
Item
Issuer / Guarantor
Amount of Outlay or Guarantee
Commercial Paper Funding Facility
Federal Reserve
$1,800 billion
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE), and Ginnie Mae
U.S. Treasury / Federal Reserve
$1,650 billion
Temporary Liquidity Guarantee Program
FDIC
$1,400 billion
Geithner’s Legacy Loans Program
FDIC
$1,000 billion
Term Asset-Backed Securities Loan Facility (TALF)
Federal Reserve / U.S. Treasury
$1,000 billion
Term Auction Facility (TAF)
Federal Reserve
$900 billion
Obama Stimulus Plan
U.S. Treasury
$787 billion
Earmarked within 2010 budget proposal for additional bailout
U.S. Treasury
$750 billion
Treasury Asset Relief Program (TARP)
U.S. Treasury
$700 billion
Total USD international currency swap lines
Federal Reserve
$688 billion
Money Market Investor Funding Facility
Federal Reserve
$540 billion
Line of credit to FDIC supported by Bair, Geithner, and Bernanke
U.S. Treasury
$500 billion
Citigroup (NYSE: C) Guarantee
U.S. Treasury / FDIC
$306 billion
Hope for Homeowners Act of 2008
U.S. Treasury
$304 billion
Fed Purchase of Long-term Treasuries
Federal Reserve
$300 billion
Term Securities Lending Facility (TSLF)
Federal Reserve
$225 billion
Economic Stimulus Act of 2008
U.S. Treasury
$168 billion
Other loans: Primary Dealer Credit, etc.*
Federal Reserve
$138.2 billion
Paid to JP Morgan Chase (NYSE: JPM) to settle Lehman debt
Federal Reserve
$138 billion
Bank of America (NYSE: BAC) guarantee
U.S. Treasury / FDIC
$118 billion
AIG (NYSE: AIG) Bailout (excluding TARP)
Federal Reserve
$110 billion
Bear Stearns brokered sale
Federal Reserve
$25.9 billion
I’m afraid to look …
Total:
$13,548,100,000,000
More…???
Investors (I am/was one) took the brunt of the meltdown and Bernie Madoff could not be considered an entrepreneur by any stretch of that definition or indeed the imagination.
I sense a potentially dangerous "us vs. them" scenario where profit is a bad word and those of us who strive to that end will be ostracized as "scammers" or worse.
I hope your interpretation of the sentiment contained in his statement is correct and I am being alarmist.
(FYI I loved the Yelping My Way Through LA blog yesterday... :)
Some bad apples and bad practices need to be fixed no doubt, but the entire industry should not be pilloried and vilified.
If he went on to highlight how our financial industry has contributed immensely to our record of innovation and leadership in the world over so many decades, that'd be a bonus.
Why does it have to take a hit? Because this is the beginning of a depression. And according to the Kubler-Ross model, we have to move through this anger stage. We were in denial for a long time and that has finally turned to anger. Eventually this will give way to bargaining, then depression, and finally acceptance.
Anger is ok, but only when it's pointed at the true guilty party -- ourselves. We let ourselves get here. It's understandable and probably unavoidable, but that's how it is.
Sadly, we'll just have to sit and watch this play out. For the next several years an MBA will be a sign of shame. Investment firms will be pariah. And the stock market will be viewed as a disreputable casino. It's unfortunate to be sure, but like the expansion that got us here, it's all part of the process.
http://www.nytimes.com/2009/03/25/opinion/25des...
today
This economic situation isn't of his making but he has a responsibility to fix it.
Demonizing the Wall Streeters and the system in which they operate should be mandatory for the next little while until the very idea of Capitalism collapses for good.
We can't afford to have "unabashed capitalist" types running amok.
We valued real people not anonymity on this blog
obama's national service bill was just passed by congress, that group of shameless whores (save my boy ron paul, a real capitalist, and a few others). tell me how that's good for free markets.
every time obama talks the only thing that becomes apparent is that he is absolutely clueless about monetary economics. a real economy is built on savings. savings then become the foundation for credit. obama does not understand this (or at least pretends not to). obama also thinks deficits don't matter. hahahahahaha. the currency and precious metals markets would beg to differ.
obamadeception.net -- a free movie that helps explain how obama is a puppet of finance oligarchs, here to implement a fascist agenda, which he is already doing. it's free on google video and youtube. and it will set us free of the lies we believe in.
Jefferson believed in liberty and freedom for all except for Indians, blacks and women.
Who is your g-d?
http://www.timesonline.co.uk/tol/news/politics/...
He's fine with those investors who will participate in HIS programs.
It's unclear why trashing them is a good idea.
And, wrt the "bonuses", the financial industry makes heavy use of back-loaded compensation. It keeps folks from leaving in the middle of the year.
In related news, I heard that Bloomberg reminded folks that half of NYCs tax base comes from 40k people. If they leave....
What is going on in mexico is scary and we are partly (or mostly) to blame because of our puritanical views on drugs
Since when did an investment in digitizing records (his healthcare plan) ever create the enormous profit the Prez talks about? Since when did the investment of taxpayers dollars in education create the educational excellence that produce the economic benefits he's saying will be realized? Since the inception of the Dept of Education our children's standing in the world has been destroyed - not even maintained - destroyed. Energy? The world runs on Petroleum, coal, & nuclear. Let's maximize that completely to our advantage, not stifle it as the President and Company have done. Yes, the investment in actual alternative energy sources needs to be continued. But reality needs to set it in - the economic fuel Obama is talking about with alternative energy will take years to even start to make a difference.
The Presidents speech was the same as the one before it and the one before that and so on and so on. His message is stale and has no substance anymore. It never has IMHO when examined closely.
As I read this line from the President's press conference, another line came to my mind. It was a line uttered over 40 years ago by the President's father:
"What is more important is to find means by which we can redistribute our economic gains to the benefit of all," said the senior Obama, a Harvard-educated economist. "This is the government's obligation." The "means" he had in mind were confiscatory taxes on a scale that redefines the term "progressive taxation."
Now if Obama would've said this then he truly would be walking his talk. You can read more and see how eerily similar Barack's father's socialist ideas match exactly what our President is doing right now.
http://www.ibdeditorials.com/IBDArticles.aspx?i...
Thanks.