May 15, 2009
I'm Sorry, You Don't Get to Create a Problem
... and then sternly point to it like you're an uninvolved third party.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.“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.”
He's about as credible on the subject as Jabba the Hut giving out dieting advice.
Posted by: Will at May 15, 2009 10:44 PMThey have lost their ability to put together a coherent speech because they are in way over their heads.
Campaign rhetoric is one thing. But you really need to know what you're talking about to deliver a policy speech. This guy clearly has no idea what he's talking about.
Posted by: George at May 16, 2009 12:38 AMI'm sorry,but Obama pontificating about excessive deficit spending reminds me of one of the bizarro skits on the old Abbott and Costello Show,where there were surrealistic situations,often involving Costello getting into a jackpot.
Posted by: joe bernstein at May 16, 2009 6:43 AMHe knows exactly what he is doing.
Some commentators, though not the willfully blind "mainstream" press, have picked up on his "m.o." of saying one thing to the public while he's actually doing the opposite (such as de facto nationalizing banks and auto companies while saying he doesn't want the government to own them, announcing non-existent agreements with hospital associations while he moves toward nationalizing health care).
He knows that he can rely on the "mainstream" press to remain a de facto Bureau of State Propaganda, and so proceeds relatively unimpeded with his agenda to transform this country into a European style socialist democracy.
In other words, in keeping with his Marxist roots, he's talking "workers paradise" while erecting a workers hell.
Posted by: Tom W at May 16, 2009 11:27 AMChina is buying the US. According to the WSJ, GM is moving plants there to increase profits after we gave them $7billion from taxes. Industry leaders that I know have invested in the Yuan, dumping the dollar. Managers who favored US vendors were fired. Patents and intellectual property rights for products have been almost completely disregarded. Copies of everything of value are being sent to China, manufactured and dumped in the US market putting other American manufacturers out of business.
China owns massive shares of our banks now. Your trips to Wal-Mart to 'save' money by buying products copied and dumped in the US marketplace helps to finance China's military spending - with an ever growing presence in the Pacific.
'Conservatives' on this list do a great job discounting a valid national security - economic security argument based solely on partisanship. While you consumed products built with slave labor - piling profits into untaxable offshore corporate accounts, eroding our tax base and putting your fellow citizens out of work - Rome burned.
What's sad is the most of the folks who voted for him will walk away saying' "Yeah. Barack wants to cut spending and Congress won't let him do it. Why do we need Congress anyway. All we need is Barack. All hail the King".
Posted by: Garacka at May 16, 2009 8:45 PM