> Yep. The crash has been happening for 18months now but of course it is > the > fault of a man in office for one month. Makes perfect sense to you I'm > sure, > but to the rest of us on planet earth, we blame other people.
Mike is incorrect to blame Obama personally for what has transpired up to this point. However, Obama's buddies in Congress and some now in his administration are largely responsible. Barney Frank. Chris Dodd. Even Timothy Geithner. Pelosi and Reid are the two most unabashedly corrupt people ever to run the halls of Congress, and that's saying a lot after the last bunch of losers. I note that the Democrats took power in Congress over two years ago---up until then our economy looked a lot like yours: 4.6% unemployment, a sky-high stock market (at 14,000 in November 2007), and other than some ominous signs that Fannie and Freddie were failing, no real bugaboos on the near term horizon. I believe the root of the mortgage debt problem was the "community reinvestment act" of 1992, as I've articulated elsewhere. I believe Bush exacerbated the overall debt problem with his borrow-and-spend policies, not just related to the war, but also creating new drug entitlements and federal education boondoggles. The tax cuts actually increased revenue to the federal treasury and stimulated the economy after the 2001 attacks, so to blame them is absurd. The problem was runaway spending. The only two things bush tried to do right were reform social security and regulate the GSEs... both initiatives failed, however. Consider that with his signature today, Obama already wracked up $1.14 trillion in additional deficit spending (when you factor in interest on the new debt, that's the actual bill) ... more than the cost of both Iraq and Afghanistan wars since 2003... and he's only been in office 1 month, as you note. Geithner's non-plan is estimated at $2.5 trillion. We have a $400+ billion omnibus spending bill on the way soon. It's gone from runaway spending to twilight zone spending. Whatever came before, Obama owns this mess now completely. :| - Bob _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
