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Tuesday, February 10, 2009

President Obama's Misguided Stimulus

Just months before Little Boy Bush made his final walk through his White House home in hopes to get his security deposit back, the economy he presided over was burning like an Australian forest fire. He and his sergeant-in-arms fueling the economic forest fire: Bernanke, and Paulson, two of his “operators” in the war against working Americans were planning moves for their War of Economic Terror, which had already spread to the allied forces throughout Europe and beyond. These “Friends of America” had already decided to nationalize their failing mega-banks, while the Bush crime syndicate were still trying to enhance the retirement wealth of the CEOs bankrupting their failed financial institutions.

By the time Boy Bush made his final fly-over waving from de-plane’s window down at the crowd genuflecting at him from below by the tens of thousands, on 1-20-09, the Bush crime syndicate “operators” had pledged $8.5 trillion to $9.8T to the banking vampires, which amounted to around $61,600 for everyone of the 138 million taxpayers; or, in other words, $28,333 owed by every single man, woman and child in the country!! Now, doesn’t that make all you Republicans sleep better at night?

So, for any Republican thinking how terrific their party is and that the tax cut legacy is the answer to good health, just look at the debt left you and your family as a result of the Bush legacy and the world’s biggest Ponzi Scheme he brought to a raging boil.

The party of “cash for toxic trash” will be known not only as the Republican Party, but also as the Talibanistas, so decided by Texas Republican Rep. Pete Sessions. Boy Bush, and his operators used the same game plan used to lie their way into war---scare the bujeebers out of Congress and Americans. (Fool Ya Once, Shame on me; Fool Ya Twice, Shame on….) The plan was to hand over Treasury wealth in the form of TARP (Toxic Asset Relief Program) bailout funds; otherwise, we would be looking into the eyes of a depression!!! Well, the TARP bailout, and with all its sundry Fed Fund handouts did nothing but leave President Obama with a major disaster, which he has yet to unravel without major blocking moves from the Republican Talibanistas, who want to make sure their millionaire and billionaire contributors don’t have to give up their hired help. And, you best not be forgettin’ them when the next election comes around, neither.

Why isn’t anyone calling for an end to the bank bailouts? They’re only being used as a depository for the bankrupt banks to hoard U.S. taxpayer’s cash. Now, can someone within President Obama’s Brain-trust tell Americans why the banks have not been officially nationalized? If Bank of America is only worth $33 billion, yet have thus far received $163B in handouts, then why isn’t it part of our Treasury department? And why haven’t those bums been given their shiny new Pink Slips? How about Citigroup? The taxpayer paid $55B for them, yet they are worth only $22.5B.

Why has this recovery plan pledged $9.8T to banks we should have owned lock, stock and barrel? Yet, the working American has lost around 45% of their 401Ks, and retirement funds, but no one is saying that the government will fill in the 45% black hole created by those economic predatory vampires being bailed out today!!

Those Obama Brain-trustees don’t realize that Americans are done borrowing until their economic situation is once again made secure. Stimulus or no stimulus. With 600,000 jobs lost per month, and an unstable future, Americans will not borrow! That means credit will remain frozen no matter what is done.

It is not a liquidity problem they would all like us to believe justifying their bailout policy. It is a frozen credit crisis that will not get thawed out under the current government plan. This Obama bipartisan bull plan is a useless endeavor unless the nation’s manufacturing engine gets jump started toward energy independence, and the production of what we use everyday, such as food products, and other daily need items. They are all scared to empower labor because the Republican Talibanistas are afraid they will eventually lose every remaining seat in Congress.

This is all going get far worse for a while, unless President Obama wakes up from his stooper and begins listening to the person on the street instead of the Bobbleheads he sees everyday roaming the halls on THE HILL.

The M0 (the most basic of our money supply) has been increased under the last year of Boy Bush to a 98% increase. The money supply has never slowed, but the velocity (the rate of turnover from a single dollar unit) has slowed. It is being saved and hoarded by the mega-bankstas.

Deflation is benefiting many of us now because currently, there is an over-supply of product and demand is down. Once the supply disappears, prices will climb (inflation). Although, prices are up on items, such as food, because there is no over-supply with such perishable and quick turn over products, inflation will creep into our daily budgets lowering working America’s ability to keep up. Now tell me, who will borrow?

If President Obama and his Brain-trustees believe that the Asians and Saudi governments have enough in their trade surpluses to continue to buy U.S. Treasuries in order to fund the stimulus and bailout packages, and rescue our nearly $3T budget deficit, then they have been partying with the Talibanistas and smoking from the hooka too many times!!! The Chinese, Japanese, and Saudis, among other top purchasers of our debt, just don’t have enough to keep it going. They, too, are experiencing a fall in their budget surpluses as their economies slow down. They only hope these foreign nations with surpluses have is that Americans will keep filling their gas tanks, Japanese auto parts will be bought, and cheap Chinese stuff will get purchased with the tax cuts Americans will find in their mailboxes, along with cash generated by the stimulus.

Then again, how is repairing and rebuilding the nation’s infrastructure going to lower the trade deficit? How will bring about resurgence in domestic manufacturing? I understand the need for such repairs to be done, but what should come first? Long term manufacturing of products that the rest of the world would want and need to improve their economies should be first.

Now take the latest figures from the Center for Strategic and Budgetary Analysis, which states that to deploy a single soldier to fight in Afghanistan or Iraq costs $775,000 per year. That is money, aside from putting a soldier in harm’s way, is money poorly spent. It does not improve our economy, nor reduce our budget or trade deficits. It is money burned.

Robert Kuttner has so succinctly stated, “Obama’s problem is that his key economic appointees are averse to radical solutions to a radical crisis.” In addition to that, one must also ask if he is being poorly advised by other key figures who might believe that war is a significant part to the rising unemployment numbers and the military industrial complex. Another quagmire in Afghanistan might draw the U.S. into a war from hell, since more soldiers would be needed to occupy a part of Pakistani border. How would Russia, China and Iran contend with such a strategy? Would they just wait for the ultimate collapse of a bankrupt: both moral and economical U.S? Or, would they finance resistance fighters increasing the cost per soldier to $1 million per year, possibly bringing the cost of war to $1 trillion plus per year? President Obama, we cannot afford it. Are you embracing the Boy Bush agenda already?

The Treasury Borrowing Advisory Committee report stated that they are now focused on creating new and improved debt instruments to sell for the purpose of enticing foreign speculators to cover our rising debt. $2T of projected budget debt for 2009 is in need of life support donors for transfusions targeted for the bailouts, stimulus and mortgage relief/foreclosures.

The size of the 2,3,5, and 10-year maturity notes would grow 5 to 7 to 9 fold ballooning each note to amounts ranging between $20-45B. I’ll take one note please. And, can I have fries with that, too? Mustard on the side. Large latte, as well.

So, are there investors knocking on Treasury Secretary Timmy (the cat ate my income tax notes) Geithner’s door with cash-in-hand ready to buy Treasury notes that don’t have a way of getting paid back with certainty? Is there a real Congressional National Recovery Plan to move the U.S. from the bottom of the class to the front of the class in a reasonable amount of time? Tax cuts, bailouts, corporate bonuses and a stimulus with rising unemployment just does not seem like good grades for the student in question. So, where is the detailed plan? We are tired of hearing the outline—the sketch plan. The dogs are tired of eating off the bone. They want it backed up with more than a vision. We want it fully laid out detail-for-detail. President Obama, you have had nearly a year of talk and have discussions with experts and panels. So, if you don’t know what we out here in la-la land certainly know, then all I can do is repeat what Mr.T. used to say, “I pity da fool!”

President Obama either does not have a detailed plan to win, like the Steelers had to win their 6th Super Bowl trophy, or one that Tiger Woods has to win another Masters, then he hasn’t gotten sucker punched enough times by the Republican Insurgency, or
R-insurgency, so as to push them aside and press ahead. What we saw was a House (of Representatives) full of NO-Voting R-insurgents. The Talibanistas have found their voice, as the Republi-CON-Pete Sessions of Texas stated, and it was NO! There are few bipartisans still standing.

We have to now ask President Obama, whose side does he really stand on? He needs to draw a line in the sand’s of Congress and ask those that sit in the great hall, “Whose side do you stand on?” “Do you stand on the side of putting Americans back to work and with those who want to turn this great ship of a nation back on course toward economic stability, or do you want to steer it toward unfathomable damage?” “Are you a Pete Sessions’ Talibanista, or a not?” Finally, we need to demand from President Obama exactly how Neo-con are you?

Obama dude, if you are not a Neo-con, then—wake up and storm THE HILL!!!!!! (Get my drift.)


Manoj Mehta said...

We are trading cash for thrash and, add insult to injury, we get rid of Mark-to-Market and change fundamental accounting rules that favors crooks on Wall Street. WTH. Geitner is bamboozling Obama who is busy pushing the stimulus package. We need a non-insider like Stiglitz, Roubini or Krugman.

solbama said...

I can't help but interject that,in my view, it is now clearly apparent that our two party system is as appallingly fraudulent as our banking system - both the dems and reps have been leading this nation to ruin for half it's history, and they have finally succeeded. I don't think we can come out of the downward spiral at this point- Here comes the "great, great depression"

Carl Cimini said...

What I'm seeing go down here is a society cut from the same cloth of social irresponsibility. I'm seeing failure of the system caused by an
indulged group of people.

Here is my theory, there was period in America when the people got it right. solely because the people invented it. This period from 1920-1970 in America, although great, is a social anomaly. Never in the entire history of mankind have the people ever dictated their own destiny as much as during that period. The few have controlled the
many forever. That period was possible because those leaders still had a connection to the land and survival of the community. These folks
knew that if you didn't get the crops right, people would die. Their was
no ramin noodles or plans to save society from drought They knew that if they didn't do what was prudent, people
would could, and did die, so that period of government planning was rooted
in worst case scenarios, not limitless newfangled ways and growth. The
government was still connected with the agrarian 19th century, and that philosophy of community literally came out of a group of Minnesota farmers as a reaction to the robber barons.

Our problems are now created by the children of those of who lived and led during that time
period. These children have no Idea what is real, not real, or valued. These children and grandchildren, who are now 50 and older, know a little about a lot, they are nothing but dilettantes, and actually in many cases fancy themselves as dilettantes, knowing so little that the word itself is a french word of disrespect.

This unknowing dilettante of today harbors nothing but blatant disrespect for the ordinary foot soldier in our country. This I believe is at the root of our impending economic collapse. A disrespect caused by a complete disconnect from the realities of life and death situations. We need focused
people who know a lot about a little- running the government, that's right, A LOT ABOUT WHAT THEY DO, we don't need dilettantes for anything other than art openings. One can
clearly see how Mao came to power. The peasant farmers saw through the
bullshit of foreign influence and gangland China. Self determination
and community go hand in hand with farmers everywhere. I digress.

So, I still believe Democratic/progressive values are what's necessary
to maintain a free society, the problem is that leaders today in the
end have bought in to some kind of Ayn Randian/Machiavellian reality
of blame the society for their personal short comings, while their
unethical views include of course, taking care of oneself first. It's this selfish
formula that gave us Clinton, I hope Obama doesn't buy into this kind of ass backwards philosophy. This of course is conjecture, but given his history he is a survivalist of the highest order and can figure
out and solve the nations problems going forward. If not, and he lets the self motivated Randian Clintonites that now surround him guide him with their vacuious empty headed views, we are all in
big trouble. He needs to do what he knows is correct, regardless of
who's up or down, LOL.
I'm a liberal of the ninth degree, but I tell
you just as with Bushes conservatism, a half baked liberal pizza just won't
work at this time. We need to forget about what the conservative
money grubbers want and do whats right for the greater good.
Unfortunately we
seem to be stuck. And thanks to the extremeist republican base and they're creating of this ecomomic time bomb it may just be we're unable to
defuse it with even the greatest of care.

solbama said...

Carl, speaking of not getting the crops right - there doesn't appear to be much talk about the credit market and farmers not being able to get loans come planting time. If I can't finance equipment or repair the old equipment, and there is still uncertainty in the air regarding the economy, I will take less risk with crops.If this is the prevailing attitude of most farmers around the world - oops
also, I am greatly concerned that the same evil empire that controls the real wealth in the world, have developed a monopoly on the seed industry. They have for years biologically transformed seed into hybridtised profits, ensuring that the harvest will not produce seed that can be used for the next planting---- PURE EVIL--- who get's the seed when the shit hits the fan, and will I have to pay with my soul, gold or what?

Anonymous said...

Hey Sol,
Yep it goes back to the same newfangled ways, total bull. The farmers fed he world for millennium. More deaths have been caused by government and corporate monkeying around with the food supply than strait up starvation from lack of food, maybe.
See tibet and Mao's planting of wheat, major bust.
Messing with the food is so dangerous it makes messing with the economy look tame. Very scary good point Sol.

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