Thursday, January 14, 2010

Obama: "Beyond Economic Ignorance"

Barack Obama is a clear and present danger to civilization as we know it. His constant and continuing attacks on proven economic formulae of success will certainly tear down western society.

We are being driven full-speed toward collectivism and accelerating at a deadly pace. Vladimir Lenin and Karl Marx are rejoicing from their graves (oh -wait - Lenin hasn't been burried yet).

Read the story in the link above. Now the Obama Administration is pressing forward to punish successful capitalism and again reward failures of socialism.

In order to get the economy running again financial institutions are being urged - if not ordered - to make more and more loans. Remember folks, this is how the country got into this mess in the first place. Loans being made to people and businesses that had little, if any, ability to repay.

Now get this; at the same time Obama is demanding that financial institutions make more and more loans, he is now saying that these same financial institutions will be subject to a huge new tax on their outstanding liabilities!

Holy crap!

The financial institutions that did not even take any TARP funds, and even those that have completely repaid their loans, are bing punished alongside the guilty. Obama's boys are even claiming that these taxes - $90 billion worth - will be borne only by the banks, and not be passed along to us - the taxpayers and consumers.

Yeah - right.

Of course, the heavily unionized automakers won't be held to account for their own failures and frittering away BILLIONS. We'll just let the suits take the hit. The good-old blue collar union workers will get a pass - as long as they vote en-masse for the Democrats. To emphasize this point, take a look at this link.

Taxes to try and pay for the health bill are being worked out so that the biggest unions in the world are being exempted. SEIU and UAW are smiling because the lavish benefits that they enjoy courtesy of the taxpayers will be safe from Obama's henchmen.

This guy is killing me. To think that banks will loan more money if you tax them is beyond economic ignorance.

And get a load of what Barney Frank (House Financial Services Committee Chairman) says:

"Look, the financial institutions collectively, particularly the larger ones, caused problems by their errors — their errors of judgment, their irresponsibility, in some cases their skating around dishonesty. I think it is entirely reasonable to say that the industry that caused these problems more than any other andbenefited from the activity, should be contributing,"

You folks all remember good old Barney; he is the one (along with Senator Chris Dodd) that changed the way Freddie Mac and Fannie Mae did business so that hundreds of thousands of deadbeats would be issued mortgages that they had ZERO chances of repaying. These two morons had more to do with the collapse of the real estate banking sector than any two people on the planet.

The IRS may as well start printing form 1040 on barf bags.

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