Sunday, January 25, 2009

New Administration Seeks to Rein in Expectations Via Contradictory Assessments...

Here’s an irony, sort of dualing headlines; UPI: Volcker: U.S. 'addicted to spending' ( and Obama Warns of Tough Times Ahead, Need for Action (SPENDING) (,0,3737175.story)

Volcker’s right, SPENDING, both individual and government, but especially government spending is THE problem.

The last Congress, sad to say, that actually reduced the federal budget was the Gingrich Congress. Unfortunately post-Gingrich, every subsequent Congress has reverted to Keynesianism (more big government, more social spending). Those Gingrichian federal budget cuts were solely responsible for both the surpluses of the late 1990s and some of the lowest Misery Indexes (the inflation and unemployment rates combined) in nearly half a century!

Since last Spring, we’ve had a Pelosi-Reid engineered (and Bush approved) unstimulating “stimulus package,” the Pelosi-Reid bank bailout Bill of this past September – the Democrats wrote that Bill, refused Conservative attempts to make the monies available ONLY for lending. Since then the Democratic Congress has passed an auto bailout package and now wants another $850 BILLION “stimulus package” on top of last year’s failed package.

Who’s fault is it if all this spending fails to correct the problems caused by government regulation mandating banks to offer more subprime loans to “lower income Americans?”

The answer to that is a Liberal Congress coupled with a Liberal administration!

Conservatives rightly let G W Bush take the blame for the things that happened on his watch (his SEC failed in its oversight duties to protect us from the subprime mortgage mess that mushroomed into a global credit crisis when Fannie and Freddie were saddled with backing/guaranteeing hundreds of BILLIONS of dollars in bad loans) and his cooperating with two Keynesian Congresses, the spendthrift Hastert Congress and the even more recklessly Keynesian Pelosi-Reid Congress.

Now we MUST make sure that the current administration is held to account for making a bad situation WORSE by attempting to correct a crisis born of government overspending with MORE government overspending, and while we’re at it, we MUST ultimately make sure that the Pelosi-Reid Congress in general and Rep. Frank and Sen. Dodd are held to account for pushing what then HUD Secretary, Andrew Cuomo advanced as “affirmative action in lending.”

THAT is the Liberal Democrats’ legacy and they have to ultimately own that.
THANKS to P-Mac for some crucial heads ups.


WomanHonorThyself said...

they are intellectually and morally dishonest my friend on every point...this new administration may be the death of us..quite literally!

JMK said...

I'm far more optimistic Angel.

We've survived far worse than this and we'll get through the next few years as well.

There's nothing that can be done that can't be undone.

Moreover, the Obama administration wants, MOST OF ALL, to be re-elected and that, coupled with the pressing fiscal and geo-political realities will make many of their decisions for them.

Z said...

JMK, supreme court justices will be with us a LONG time...that's pretty terrible, considering Obama's ALL, admittedly, about LITMUS TESTS. Remember how the Libs warned the Republicans about "no litmus tests...strict constitution"? Now, obama said he'd have someone who had good ethics and agreed with his opinions! YIKE just ONE thing I believe will take a long time to 'fix'..

Meanwhile, Ducky's back and thinks he got the best of you! Could you come back when you have a minute and remind him you're boss! LOL!! Please? He's SO smarmy and belittling and is saying YOU haven't come back as if you're afraid of him!! thanks...!!

JMK said...

All we can do is pray for the health of our Conservative Justices, Z.....along with our prayers for a 2010 turn-around.

As for Ducky, I did return today, although, I have to admit that his particular brand of pompous stupidity grates on my nerves.

I don't mind stupid, but pompous stupidity is too much to take. I initially thought he was just being provocative on your board, but it seems as though he's a bigot as well as a half-wit... gues such things go hand-in-hand.

American Ideas Click Here!