Ahrcanum

Obama looks to propose a minimum of a one trillion dollar deficit every single year for the next ten years.  That’s TEN with 13 zero’s behind it.  “United States President Barack Obama’s budget would produce US$9.3 trillion (S$14trillion) in deficits over the next decade, an eye-popping figure that threatens his ambitious goals to overhaul health care and explore new energy sources, say congressional auditors.” Reported Bloomberg News and posted at http://blog.hotvictory.com/2009/03/22/obamas-budget-will-create-14-trillion-deficit-washington/

There is no way America will be able to sustain that amount of debt and still have any attempt at staying a capitalist society.  The trillions of debt amount to the purchase of pure socialism.  Obama is all swerving all over the road and while I hope he doesn’t get run over, his posturing in the middle of the road, is paramount to not only an increase in government spending, but an increasing reliability upon government spending and stimulus’.

Secretary Timothy Geithner and the Treasury Department are expected to release more carnage on our fragile economy and stock market this week with a long overdue plan to buy as much as US$1trillion (US$1.5trillion) in troubled mortgages and related assets from financial institutions.   “It intends to create a government body, called the Public Investment Corp., to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources.  The plan calls for the new entity to combine its resources with the Federal Deposit Insurance Corp., the Federal Reserve and private investors to buy those loans and other assets.”   http://www.washingtonpost.com/wp-dyn/content/article/2009/03/21/AR2009032102246.html  Who’s going to insure these deals?  FDIC? ROFLMAO!  Who will oversee PIC?  The government of course! 

Geithner already in hot water over the AIG bonuses that were paid,  his tax evasion problems, and his inability to hire any staff members.  Every idea he has had, has further eroded the American people’s confidence in his ability to guide the nation out of financial disaster.    Obama on the other hand loves “Timmy Boy” Geithner and in an interview with CBS TV, Obama said Geithner’s job was secure, and that he would not accept Mr Geithner’s resignation even if it was offered. http://www.abc.net.au/news/stories/2009/03/22/2522876.htm?section=justin

Coaxing private investors to form partnerships with the government to buy toxic assets from the banks is the best that Obama and Geithner can come up with?  While I am no economist, I see more of my tax payer dollars are going to pay for toxic debt that no one wants in the first place.  Even if there was no interest on the loans or taxpayer subsidies, why would anyone want to buy that kind of debt- let alone go into business with our government?  There are very few private investors left.  Geithner assumes someone will actually bid at an auction of assets!  Can China and Russia place their bids too?  Maybe Abu Dabbi?  Abu Dabbi loaned around $7 billion to Citigroup last year so they may be feeling a bit pinched.  Madagascar? I hear the economy is doing great.

While both types of assets — the loans and the complex securities — have dropped, so has everything else including the unemployment rate.  What is beyond toxic and to nearer to annihilation, is that nothing that has come from Obama, Congress, The Senate or The Treasury Department that puts people back to work independent of reliance on the government.   The plan for a Public Investment Corp., and the ideals that Obama believes that creating trillions in debt are nothing but toxic to democracy.   

What do workers do when all the bridges are finished being built with taxpayer money and we’ve all switched over to compact fluorescent bulbs?  In America, where where the individual used to be king and had every chance to make his own fortune, citizens may have to turn the lights off and light a candle to the change Obama promised.  Can you spell SOcIaLiSm?

Want to bet the candles are make with toxic lead wicks from China?

How’s that for a New World Order?  Alas, in the New World Order, Obama is once again pre-empting regular tv programming Tuesday night with another public address to the country.  While Obama may not be hiding from us, I’d rather watch American Idol.  I wonder if he’ll make fun of the Special Olympics during prime time or if bad manners go along with ignorance all the time.

God Bless America.

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