Posted by
Bill Crawford on Wednesday, March 25, 2009 8:33:20 PM
Why is it that this President drags his teleprompters out every time there is a policy inititative, but Po' L'il Tim has to offer the Treasury policies on his own?
Well, TARP II has arrived, and it's a simple rehash of what Paulson was offering up last year: a willingness of the Fed to print more money and keep it in abeyance as security, while offering T-bills for auction for the private sector to bite into the toxic, er, that is "legacy" assets.
The market reacted well for one day because at last there was SOME sort of plan, but then waded back into the sludge of non-moving mediocrity when the market bidding petered out after 24 hours.
So here we are folks. This administration sends out Turbo Tax Tim to tell us that our bankers have to pick up the slack to save themselves, so they can then resave us all. Meanwhile, Congress can go on an unprecedented spending spree to galvanize us all from the other direction.
That's the Obama Economics school: capital formation is being held up by health care costs, non-green energy use and our abominable failure to invest more in education. Which just happens to be the biggest policy priorities of his. Gosh, that isn't any sort of reverse engineering logic, is it?
So, it all comes down to how many votes ths man can conjure. Will this economy reverse itself despite them, or will he gather up enough votes to try and turn us into Europe, guaranteeing that the only functional sector of the economy for years to come will be the government sector?
That is the choice we are facing. Obama has dealt his cards. His party is taking the "middle class tax cut" off the table, because we can't afford it. I warned all of you. Obama wants the power to choose comanies at will and step in and renegotiate contracts. Obama wants to pretend that terrorists are something of a different name, open to talk.
All this stuff was passing out of McCain and his people last October. CNN laughed at him the same way Jon Stewart did. No, we were told- Obama is a centrist that has to placate his left wing. Now he is rapidly losing the swing voters he garnered to win in November, and is left to hold on to the House and a total of sixty Senators. That is where our immediate future lies.