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Chutzpah: Obama Warns Current Deficit Spending Is “Unsustainable”
You really have to admire the chutzpah that president Obama displays time and again when talking about fiscal matters.
He said the following during a town hall meeting in New Mexico:
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
What he neglects to mention as usual is that he is the reason we keep borrowing from China and mortgaging our children’s future.
Obama loves to talk about the deficits he inherited, but his only solution to Bush’s out-of-control spending and record deficits has been even more spending and ever larger deficits.
Obama’s spending in his first 100 days in office dwarfs all of Bush’s spending for his entire two terms.
So maybe the president should take some of his own advice.
Schwarzenegger Says Don’t Blame Illegal Aliens
California Gov. Arnold Schwarzenegger says those who blame California’s fiscal crisis on illegal aliens are bigoted and wrong.
I don’t think illegal aliens are the main cause of California’s economic troubles, but they’re certainly a significant player in it.
Arnold is either just playing politics or he’s an idiot.
Video: British PM Gets Shredded During EU Meeting
If only someone would tell this exact thing to Barack Obama:
U.S. To Buy Stakes In Nation’s Nine Largest Banks
The Wall Street Journal is reporting that the U.S. government has decided to buy stakes in nine of the nation’s largest banks.
The U.S. government is expected to take stakes in nine of the nation’s top financial institutions as part of a new plan to restore confidence to the battered U.S. banking system, a far-reaching effort that puts the government’s guarantee behind the basic plumbing of financial markets.
This move comes on the heels of the British government’s decision to buy stakes in their countries largest banks.
Carter Slams Bush For Economic Crisis
It’s official. Former President Jimmy Carter has finally lost it. The guy who literally destroyed our economy to the point that people were lining up at soup kitchens is slamming President Bush over the economy.
Former President Jimmy Carter said on Friday the “atrocious economic policies” of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s.
Carter told reporters on a stopover in Brussels that “profligate spending,” massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis.
“I think it’s because of the atrocious economic policies of the Bush administration,” said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis.
Like he was during his four years as President and every subsequent year since, Carter is just wrong. Tax cuts didn’t have a thing to with it nor did “profligate spending.” Instead it was cowardly democrats like him who caused this mess. Guys like Barney Frank and Chris Dodd who fought tooth and nail to keep any new regulations on Fannie and Freddie from passing.
I hate to belabor the point, because it seems like I’m always talking about Jimmy Carter. There is nobody on this planet less qualified to give advice about anything besides peanut farming than Jimmy Carter. He was absolutely the worst president in modern history. His economic policies were an absolute disaster as was his foreign policy.
This is the guy who stopped backing the Shah which led to the coup in Iran that we’re still dealing with today. He allowed the Iranians to hold U.S. citizens hostage for 444 days and humiliate us in front of the world.
It took Reagan 8 years to heal the damage caused by Carter’s brief tenure at 1600 Pennsylvania Ave.
-Chris Jones
Video: O’Reilly Shreds Barney Frank In Interview
McCain Suspends Campaign To Focus On Economy
This statement from the McCain campaign via Drudge:
MCCAIN: America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.
Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.
It has become clear that no consensus has developed to support the Administration’ proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.
Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.
We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.
I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.
Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.
I really just don’t know enough about all this economic stuff to really have an opinion on it. It sounds serious enough that I’m guessing we should probably do something about it, but I’m certainly not convinced that handing over $750 billion dollars to anyone with only a few days discussion is necessarily the most prudent course of action.
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