Bam's bold gamble - an enormous bet on big gov't

[runeight]

BAM'S BOLD GAMBLE - AN ENORMOUS BET ON BIG GOV'T

By RICHARD MORRIS

Published in the New York Post on February 25, 2009

With a speech to match the most eloquent of State of the Union Addresses, with strains of FDR and JFK and a touch of Winston Churchill thrown in, President Obama has clearly staked his presidency on the outcome of the economic crisis.

Whether or not you agree with his prescription for recovery (I don't), it's clear that he's not hedging his bets. If it works, his place in history is assured. If it fails, so is his early retirement.

The speech made it apparent that the Obama administration's response to this crisis will either go down in history as a success that Americans will admire for decades, or become a case study in economic failure that students and scholars will study and pick apart for generations.

The speech began where it needed to begin, with a bold affirmation of faith in the rebuilding and recovery of America. Then Obama listed some of the more popular parts of his spending-stimulus program.

The specific items he recalled from the package were attractive. But Americans know, by now, that much of the program (largely unmentioned last night) is a mountain of pork - money spent for the sake of spending it to spur recovery, not to achieve particularly important ends.

Obama did not seek to justify the spending for the specific purposes to which it is dedicated. Courageously, he said that he passed it because it will work. For his sake, it better. But I doubt it.

Then he spoke unconvincingly about his bank-rescue plan. Promising to punish and regulate bankers even as he stressed the need to restore their confidence, he reminded me of the facetious sign posted in a friend's workplace: "The beatings will continue until morale improves."

How he plans to restore the nerve and confidence of our bankers as he castigates them is unclear. But, then, so is his program for financial rescue. One suspects that he knows full well that he will nationalize the banks. But even that step assumes that politicians can do what bankers can't: Act quickly, ruthlessly and honestly - never a notable attribute of elected officials.

Halfway through the speech, the president got to the minefields of Social Security and health-care reform. He avoided any specifics, but it's clear that he plans to salvage the former with increases in the payroll tax and implement the latter by government rationing of health care. If you like your HMO, you'll love Obama's health plan.

And then Obama affirmed that he'll support big tax increases on the richest 2 percent of American families. Disregarding the fact that these households already pay upward of half of all income taxes, while earning only a quarter of the national income, he has singled out the entrepreneurs, professionals, innovators and businesspeople of America for taxation.

Oh, but he won't raise taxes until he's had a few years to stimulate the economy. How many in that 2 percent feel like one of those huge hogs in the Chicago stockyards, being fattened up to slaughter the next year?

Can all this work? Can Obama get banks to lend even as he terrorizes them? Can he get the engines of our economy back to work even as he announces that he'll be taking away more of their earnings? Can he persuade the American people to accept bureaucrats deciding their health-care choices? And can his economic stimulus survive a huge increase in the payroll tax on the most productive citizens?

Probably not; Obama likely won't succeed. This speech will be viewed as his high-water mark - the time before we came to realize how flawed is his understanding of economics and how supreme is his commitment to expanded spending. It will be seen as a sort of age of innocence before we realized what he had in mind.

But it sure was a great speech...while it lasted.

r8

[SAMBUSA]

[runeight]

Originally Posted by SAMBUSA

What?

You did not bow to the great one?

r8

[SAMBUSA]

Originally Posted by runeight

What?

You did not bow to the great one?

r8

Wont be long and we'll prolly have to start. Literally

[Mrs.Rubber2Burn]

I must keep my mouth and check and follow the addage about not saying anything if you have nothing nice to say. I make my living in the healthcare industry as does my mother and some of my lifelong friends. These healthcare reforms are not faring well for the jobs of the American workers in those industries. There have already been many, many layoffs at major health systems across the U.S. If they have manage to escape layoffs then hours have been drastically cut.
I still am at status quo but you can bet the HMO's are going to feel it soon (the companies are already implementing strategies).

[winlite]

Doesn't look like the markets were very impressed with his confidence inspiring speech.

[TruWrecks]

Restore The Republic Blog Archive RTR Response to State of the Union

[Dino]

Originally Posted by runeight

BAM'S BOLD GAMBLE - AN ENORMOUS BET ON BIG GOV'T

By RICHARD MORRIS

Published in the New York Post on February 25, 2009

With a speech to match the most eloquent of State of the Union Addresses, with strains of FDR and JFK and a touch of Winston Churchill thrown in, President Obama has clearly staked his presidency on the outcome of the economic crisis.

Whether or not you agree with his prescription for recovery (I don't), it's clear that he's not hedging his bets. If it works, his place in history is assured. If it fails, so is his early retirement.

The speech made it apparent that the Obama administration's response to this crisis will either go down in history as a success that Americans will admire for decades, or become a case study in economic failure that students and scholars will study and pick apart for generations.

The speech began where it needed to begin, with a bold affirmation of faith in the rebuilding and recovery of America. Then Obama listed some of the more popular parts of his spending-stimulus program.

The specific items he recalled from the package were attractive. But Americans know, by now, that much of the program (largely unmentioned last night) is a mountain of pork - money spent for the sake of spending it to spur recovery, not to achieve particularly important ends.

Obama did not seek to justify the spending for the specific purposes to which it is dedicated. Courageously, he said that he passed it because it will work. For his sake, it better. But I doubt it.

Then he spoke unconvincingly about his bank-rescue plan. Promising to punish and regulate bankers even as he stressed the need to restore their confidence, he reminded me of the facetious sign posted in a friend's workplace: "The beatings will continue until morale improves."

How he plans to restore the nerve and confidence of our bankers as he castigates them is unclear. But, then, so is his program for financial rescue. One suspects that he knows full well that he will nationalize the banks. But even that step assumes that politicians can do what bankers can't: Act quickly, ruthlessly and honestly - never a notable attribute of elected officials.

Halfway through the speech, the president got to the minefields of Social Security and health-care reform. He avoided any specifics, but it's clear that he plans to salvage the former with increases in the payroll tax and implement the latter by government rationing of health care. If you like your HMO, you'll love Obama's health plan. Baseless

And then Obama affirmed that he'll support big tax increases on the richest 2 percent of American families. Disregarding the fact that these households already pay upward of half of all income taxes, while earning only a quarter of the national income, he has singled out the entrepreneurs, professionals, innovators and businesspeople of America for taxation. So 2% take in 25% of the total? Seems a little out of balance to me. However it not quite right in Actually the bottom 80% of the population (probably most of us) only have 8% of the total wealth. Not THAT is out of wack. I know that the reason for this it that most of us are just sitting on our butts and not working hard enough, right?
Oh, but he won't raise taxes until he's had a few years to stimulate the economy. How many in that 2 percent feel like one of those huge hogs in the Chicago stockyards, being fattened up to slaughter the next year?

Can all this work? Can Obama get banks to lend even as he terrorizes them? Can he get the engines of our economy back to work even as he announces that he'll be taking away more of their earnings? Can he persuade the American people to accept bureaucrats deciding their health-care choices? Baseless And can his economic stimulus survive a huge increase in the payroll tax on the most productive citizens? The most productive Based on what earnings? I guess we are all just not working hard enough, right?

Probably not; Obama likely won't succeed. This speech will be viewed as his high-water mark - the time before we came to realize how flawed is his understanding of economics and how supreme is his commitment to expanded spending. It will be seen as a sort of age of innocence before we realized what he had in mind.

But it sure was a great speech...while it lasted.

r8

Dribble.....If written on toilet paper it could be useful...

Of course the author makes his living by getting the gullible to buy into his ramblings. Looks like he will be making a good living.

[CBXRider]

Drivel is the term for this...

[Mr Bogus]

bottom line is how do you take 1 trillion dollars that are not there, give it away and expect that to fix anything at all?

I am no economist but I did get 2 semesters of economics and even that looks like a lot of voodoo magic.. The only other job with the same level of incompetence that is rewarded is the weather man...

my bet:
The dollar will likely crash because of this creating a void in the world economy that will actually lead to a 1 world monetary system so that the same guys that screwed this up can now do it on a global scale.. not sure how long this will take but I can already hear the guys going "well we did not foresee XXXX happening"

[99'busa]

It all seems like the govt is trying to put its hands in as much as possible to get even more control. Banks, health care, auto industry. They're wanting to control everything and they appear to be setting the foundation right now.

[99'busa]

Originally Posted by Mr Bogus

bottom line is how do you take 1 trillion dollars that are not there, give it away and expect that to fix anything at all?

I am no economist but I did get 2 semesters of economics and even that looks like a lot of voodoo magic.. The only other job with the same level of incompetence that is rewarded is the weather man...

my bet:
The dollar will likely crash because of this creating a void in the world economy that will actually lead to a 1 world monetary system so that the same guys that screwed this up can now do it on a global scale.. not sure how long this will take but I can already hear the guys going "well we did not foresee XXXX happening"

the value of the US dollar has already declined to Japan. Thats why they raised the price on the 09's (source:Suzuki sales mgr friend)

[Dino]

Originally Posted by 99'busa

It all seems like the govt is trying to put its hands in as much as possible to get even more control. Banks, health care, auto industry. They're wanting to control everything and they appear to be setting the foundation right now.

It is not like the private sector has been very successful on their own to this point. Not that I am for gov. contol but when you have so much greed in the private sector that the average guy gets the shaft, what do you do?

[Red05]

Originally Posted by 99'busa

It all seems like the govt is trying to put its hands in as much as possible to get even more control. Banks, health care, auto industry. They're wanting to control everything and they appear to be setting the foundation right now.

On the surface your statement makes sense, '99, but take a close look at the industries you mentioned. All three are a complete fiasco and need a complete overhaul pronto. To leave this up to the idiots that got them into this mess will not work.

Morris' rantings are most definitely drivel

[Dino]

Originally Posted by CBXRider

Drivel is the term for this...

Originally Posted by Red05

On the surface your statement makes sense, '99, but take a close look at the industries you mentioned. All three are a complete fiasco and need a complete overhaul pronto. To leave this up to the idiots that got them into this mess will not work.

Morris' rantings are most definitely drivel

No dribble, you know, like drool only more sporadic.

[99'busa]

Originally Posted by SilverSurfer

It is not like the private sector has been very successful on their own to this point. Not that I am for gov. contol but when you have so much greed in the private sector that the average guy gets the shaft, what do you do?

I havent seen the avg. guy get the shaft. I've seen the harder you work the more you get and farther ahead you get. You get out of something equal to what you put in. Now they are encouraging people to not aspire to be greater or get ahead but rather work less and wait for hand outs.

The people that are going to be doing the "hiring" are the people he's trying to hurt. More tax on people making over 250k also includes small businesses. And that is hardly rich.

[skydivr]

Originally Posted by SilverSurfer

It is not like the private sector has been very successful on their own to this point. Not that I am for gov. contol but when you have so much greed in the private sector that the average guy gets the shaft, what do you do?

A good point. The system only works if people are basically HONEST and not GREEDY. Widespread greed and corruption defeats the system - then government, the greedest and most corrupt of all - has an excuse to step in. Look at some of these other countries in the world, namely the African Nations (this is NOT about race); the biggest cheats are the one's in charge, while the people live in abject poverty in the streets. Somewhere they lost (or never had) the idea that they were there to represent others instead of lining their own pockets.

Frankly, People like Bernie Madoff and some of these other swindlers need more than just jail time - something that will give other's who might consider same sufficent pause. There has not been enough criminal enforcement of white-collar crime to serve as a deterrent.

Also, we need to get decent people back in government - look at your local and state elected officials - 1/3 might be decent people (and I'm being generous here), 1/3 are crooks and the other 1/3 are busybodies who couldn't make it in the real world. I mean really.... Why would I EVER run for public office - I woundn't.

[99'busa]

Originally Posted by Red05

On the surface your statement makes sense, '99, but take a close look at the industries you mentioned. All three are a complete fiasco and need a complete overhaul pronto. To leave this up to the idiots that got them into this mess will not work.

Morris' rantings are most definitely drivel

it was the govt that encouraged all the bad loans in the first place. Govt healthcare just sounds scary to me. They are going to be the ones deciding if you need surgery or not, whether that prescription is really needed or not, and how much the doctor is going to be able to charge for it. Take the lady at the BMV for example. You want her having any say in your health care. Whoever does isnt going to be any better than her.

[Mr Bogus]

under achievers cry foul when the more motivated work the egregious hours it takes to become really successful..

if they were all "corrupt and greedy" as seems to be portrayed, that would leave far too much margin for legit hard working people to come in and undercut the price structures.. free enterprise is pretty good at eliminating outright greed in most cases..

yes there are exceptions and probably even more of them when the govt takes over.. I mean I really think the greedy doctor is a far better judge of what might keep me alive than the fat donut eating lady at the license division..

I remember our summer hours being 100 hour work weeks and having to deal with a couple hundred employees... everyone thought you were a crook ..

[99'busa]

They are NOT going to hire doctors to go over your files. It will be "health analists" or whatever feel good title they want to give them.