Posted by
rycK on Thursday, March 12, 2009 9:45:30 AM
The Depression
Worsens: Obama and His Minions get an F grade in Economics. We are in Trouble.
Abstract: The world economies are tanking and politicians have
nothing of substance to say. They create new government jobs while talking
about stimulating the economies of the modern world and spend money on social
programs instead of attacking the debt that caused this problem. Obama and his
leftists are trying to restructure our society from a capitalist base to an
anti-white Neo-Marxian society by taxing
energy and taxing small businesses into bankruptcy. The British and their weak sisters in the European Union have
already trashed their economies with their phony ‘green revolution’ and will probably not
recover from their recent decision to print money.
What are the politicians doing?
“No-business meetings, John Kenneth Galbraith called them. They
sprout in the wake of a crisis like weeds in scorched earth, nourished by the
overwhelming sense that Something Must Be Done. Men gather, they sit in a room, they look pious; they are
photographed, they talk to the press, they go home.”--This
is how depression looked in the 1930s Recession Britain: Like Herbert Hoover,
today's politicians are posing rather than acting, argues Edmund Conway. [Emphasis is mine in all
quotes.]
“U.S. President Barack Obama and Treasury
Secretary Timothy Geithner received failing grades for their efforts to revive
the economy from participants in the latest Wall Street Journal forecasting
survey.”-- Economic Forecasting March 12, 2009 Obama, Geithner Get Low
Grades from Economists by Phil Izzo.
They are doing things, but the wrong things. Politicians
tend to talk and talk in press conferences so as to get more face time and
present an image that holds votes and try to consolidate their political power
and blame others for any and all problems. Here, in the colonies, there is a
chance to expand government and exploit what Axelrod
and other Obama stooges call a crisis. The situation in the U.K. and the rest of the EU is similar
although they are already mired in socialism. The important thing to a
politician, strangely, is political power. Haven’t we learned this lesson yet?
No, we have not.
We are
mired in a debt-driven deflationary spiral and the banks must be rescued and
then the business sectors of the economy must be aided as first measures. The
government is not addressing the problems that caused this mess. In our US case, we have some kind of
anti-capitalist proto-Marxian mentality that tends to work against small
businesses, those who create the new and efficient jobs, and work to maintain
the sordid union-infested rust-belt industries [GM, Chrysler, Ford] that
resemble the old textile, rail and steel businesses that the union-government
coalitions ruined in the last century. We can expect that if they have a plan
for producing automobiles, the production product that evolves may become
strikingly similar to Amtrak, the shrunken and unprofitable remains of numerous
railroad companies that were crushed by government regulations. Instead of
helping out business the leftists are consumed with the ‘green’ revolution, actually gangrene in economic terms, and the urgent need to
abandon efficient means of energy product with costly and unproven methods. There
is a rush toward electric cars although there are no suitable batteries available
after research dating back to 1800.
A recent poll of economists by the
Wall Street Journal [first quote above] gave out the following grades:
“Obama received a grade of 59 out of 100 with 42% of respondents
rated Mr. Obama below 60.
Mr. Geithner received an average grade of 51.
Federal Reserve Chairman Ben Bernanke scored better, with an
average 71.”
Selected comments from the WSJ article:
"Secretary Geithner scheduled a big speech
and came out with just a vague blueprint. The uncertainty is hanging over
everyone's head."-- Stephen Stanley of RBS Greenwich Capital.
Here is the plan to address the massive debt:
Timmy Geithner mumbles about:
"… a process
of providing a market for the real estate-related assets that are at the center of this
crisis. Our objective is to use private capital and private asset managers to
help provide a market mechanism for valuing the assets.”-- Except from Geithner Feb. 10, 2009.
Gee, Timmy, how about some details on this
‘process’ and please tell us why the public, if that is the word you really
mean, might want to buy toxic debt. Isn’t it true that if you bundle mortgages
into some sticky pile and the mortgage holders do not pay and then are
‘forgiven’ part of their debt by the courts that this bundle is probably
worthless? And you want the public to buy this crap?
The
general theory that drives us into depression is this:
Theory: The government will tear down any
institution or succumb to any financial or social disease to force ‘equality’
upon the citizens. When markets go up then they want high taxes from those who
can successfully participate in the system, but when the markets do down this
is ‘unfair’ and the government needs to increase taxes so as to pay off the
losers for their loses. Here the Marxian
solution was the CRA [Community
Reinvestment Act]. The original purpose of this socialist scheme was to redistribute the wealth without equally distributing the cost. Fact: the low class was given
wealth in terms of ‘affordable housing’ with no responsibilities at all to repay its debts and only their vote was
desired as payment. The credit defaults come from the low class, mostly
Democrats and criminals. Poncho the Parasite
made out very well in this scheme with 5 million of his voting community
getting subprime loans. They get to vote and not file federal and
state income tax returns as a reward.
For this they get a grade of A or A+
from the Marxists. They are doing well.
Here is
a left-liberal view of how to hold back whites and advance minorities in the
future:
“The
Stimulus: How to Create Jobs Without Them All Going to Skilled Professionals
and White Male Construction Workers…. And if construction
jobs go mainly to white males who already dominate
the construction trades, many people who need jobs the most — women,
minorities, and the poor and long-term unemployed — will be shut out.”[9]—Robert Reich’s own blog Jan 8, 2009.[10]
Gee, no hint of racism or bigotry here? I
guess there is no gender bias either? Would it help out politically if the new stimulus
jobs went only to Hispanics? Then, they could be made citizens and receive
welfare and free medical and would tend to vote for Democrats for decades in
appreciation! Now, that is leftist politics in action. California has plans like this. Why don’t we declare open borders and start an affirmative action
program for Hispanics? That sounds progressive.
Summary: If you think all this was done in
error then you are mistaken. There is no leftist political reason to help small businesses as
new jobs can be created by fiat by the government. The future of the left is in
mandated phony ‘green
industries’ fueled by massive taxes on CO2 and energy. The anti-white male bias fits in well here
and the allure of employing minorities in such jobs shifts wealth from white
males to minorities who tend to vote for Democrats. Does this make sense to you
readers yet? Think about this for a while.
Obama is
an ideological
racist and this is proof. He
intends to tear down capitalism, created by whites of course, and replace it
with some third-world Marxist Utopia.
rycK
Comments
to: ryckki@gmail.com
Hokum, Blow and the Electric Car
Follies Exposed
“Bear
Stearns made the first public securitization of Community
Reinvestment Act (CRA) loans started in
1997.[6] Editorialists in some American
newspapers[7][8] and US Congressman Ron Paul[9] say the CRA loans were lent to
otherwise un-credit-worthy consumers in the name of ending discrimination,
although an analysis of actual lending patterns does not generally support this
conclusion.
On June 22, 2007,
Bear Stearns pledged a collateralized loan of up to $3.2 billion to "bail
out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund,
while negotiating with other banks to loan money against collateral to another
fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund.[13] The funds were invested in thinly
traded collateralized
debt obligations (CDOs)
found to be worth less than their mark-to-market value. Merrill Lynch seized $850 million worth of the
underlying collateral but only was able to auction $100 million of them. The
incident sparked concern of contagion as Bear Stearns might be forced to
liquidate its CDOs, prompting a mark-down of similar assets in other
portfolios.[14][15] Richard
A. Marin, a senior executive at Bear Stearns Asset Management
responsible for the two hedge funds, was replaced on June 29 by Jeffrey
B. Lane, a former Vice Chairman of rival investment bank, Lehman Brothers.[16]
During the
week of July 16, 2007,
Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of
their value amid a rapid decline in the market for subprime mortgages.
An analysis of what Obama was and
what he is now is becoming disturbing. His background, what we can learn of it,
is that of a dexterously crafted caricature of an elitist that was groomed to
be a reflection of some plastic political reflection of ‘change.’ He was
indoctrinated into fashionable Neo-Marxism by some of the best fellow
travelers and was taught how to be an ideological racist while avoiding the obvious
appearance of a race baiter like Al Sharpton or Louis Farrakhan. He was mesmerized by
Jeremiah Wright for 20 years. He is slick in that instance. What he turns out to be, so far, is a
bungling stooge whose control of his party and his mouth is metamorphosing into
a sad joke. We can seriously now
question his ability to lead anything given what he has shown us and who he
selected for his staff.
O’Bozo
the Clown and His Lying Neo-Marxist Droolers Ruin the Economy and Put Criminals
into Power.
http://rycksrationalizations.blogtownhall.com/2009/02/13/o%E2%80%99bozo_the_clown_and_his_lying_neo-marxist_droolers_ruin_the_economy_and_put_criminals_into_power.thtml