Category Archives: Economy

Obama’s Big Sellout

Unbelievable article in Rolling Stone slamming Obama and the people with whom he’s surrounded himself. During the campaign, he slammed Bush for cronyism, the act of hiring people who are friends or family. Obama puts Bush to shame with his own version. This guy is downright shady in his dealings. The author of the article, Matt Taibbi shows incredible detail and research by proving and listing everyone involved. I will warn you that there are some bad words as only Rolling Stone can get away with. The piece is long, but well worth it if you want to know the real agenda behind the most dishonest president in our history and his cronies. You might want to get yourself something to nibble on and a drink before sinking your teeth into this one. So sit back  and read the story of Obama and his crooked little friends. Enjoy.

Obama and his Wall Street cronies

Barack Obama ran for president as a man of the people, standing up to Wall Street as the global economy melted down in that fateful fall of 2008. He pushed a tax plan to soak the rich, ripped NAFTA for hurting the middle class and tore into John McCain for supporting a bankruptcy bill that sided with wealthy bankers “at the expense of hardworking Americans.” Obama may not have run to the left of Samuel Gompers or Cesar Chavez, but it’s not like you saw him on the campaign trail flanked by bankers from Citigroup and Goldman Sachs. What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.

Then he got elected.

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Filed under Barack Obama, Economy, TARP, Wall Street

This is the money you could be saving if Obama weren’t president

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Obama Shatters Spending Record for First-Year Presidents

$3.5 Trillion? Take this guy’s credit card away already. Enough is enough, and now he has the nerve to say we need to get spending under control? Here’s an idea; scrap the rest of the non-stimulus stimulus, cancel healthcare and Cap & Trade, and focus man, focus. Cut up the credit cards already. My great grand kids don’t want to pay for your irresponsibility.

Please leave home without it

The federal government spent $3.5 trillion during President Obama’s first year in office. This far exceeds the spending for any other first-year president. 

President Obama has shattered the budget record for first-year presidents — spending nearly double what his predecessor did when he came into office and far exceeding the first-year tabs for any other U.S. president in history. 

In fiscal 2009 the federal government spent $3.52 trillion — $2.8 trillion in 2000 dollars, which sets a benchmark for comparison. That fiscal year covered the last three-and-a-half months of George W. Bush’s term and the first eight-and-a-half months of Obama’s. 

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’09 Exit Polls: Voters Approve of Obama, Wary of Economy

How do up to 90% of the voters asked in the exit polls approve of Obama, but disapprove of the economy? I’d bet that in the coming months these people will come to realize that they are one and the same. Obama is the economy. He created this; he owns it. There is a clear disapproval of the policies and it is showing at the polls. Stay tuned.

Vast economic discontent marked the mood of Tuesday’s off-year voters, portending potential trouble for incumbents generally and Democrats in particular in 2010. Still the gubernatorial elections in Virginia and New Jersey looked less like a referendum on Barack Obama than a reflection of their own candidates and issues.

Majorities of voters – 52 percent in Virginia, and 57 percent in preliminary exit poll results in New Jersey – approved of the way Obama is handling his job. Most in both states, moreover, said the president was not a factor in their vote.

Perhaps most striking – though simply confirmatory of national polls – were economic views. A vast 90 percent in New Jersey and 84 percent in Virginia said they’re worried about the direction of the nation’s economy in the next year; 55 percent and 50 percent, respectively, said they’re “very” worried about it.

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Filed under Barack Obama, Economy, Election

It’s His Rubble Now, And the American people want him to fix it. By Peggy Noonan

Peggy Noonan nails it with this piece. Stop blaming Bush. Stop being weak. Start listening to the American people. He won’t.

At a certain point, a president must own a presidency. For George W. Bush that point came eight months in, when 9/11 happened. From that point on, the presidency—all his decisions, all the credit and blame for them—was his. The American people didn’t hold him responsible for what led up to 9/11, but they held him responsible for everything after it. This is part of the reason the image of him standing on the rubble of the twin towers, bullhorn in hand, on Sept.14, 2001, became an iconic one. It said: I’m owning it.

Mr. Bush surely knew from the moment he put the bullhorn down that he would be judged on everything that followed. And he has been. Early on, the American people rallied to his support, but Americans are practical people. They will support a leader when there is trouble, but there’s an unspoken demand, or rather bargain: We’re behind you, now fix this, it’s yours.

President Obama, in office a month longer than Bush was when 9/11 hit, now owns his presidency. Does he know it? He too stands on rubble, figuratively speaking—a collapsed economy, high and growing unemployment, two wars. Everyone knows what he’s standing on. You can almost see the smoke rising around him. He’s got a bullhorn in his hand every day.

It’s his now. He gets the credit and the blame. How do we know this? The American people are telling him. You can see it in the polls. That’s what his falling poll numbers are about. “It’s been almost a year, you own this. Fix it.”

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Filed under Barack Obama, Economy

Obama: Excessive pay ‘does offend our values’

Do you want to know what offends me and my fellow hard-working Americans, Mr. President? Having a government tell people how much they should make and actually define what excessive is. It also offends me that we have a position of “Pay Czar” and that this person at his sole discretion decides how much people can make. Yet Freddie Mac is giving its chief financial officer compensation worth as much as $5.5 million, including a $2 million signing bonus. The government-controlled mortgage finance company doesn’t have to follow the executive compensation rules because it is being paid outside the TARP. This is government hypocrisy at its finest.

WASHINGTON – The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.

Kenneth Feinberg, the Treasury official leading the pay review, told reporters that average salaries for the top 25 executives are being cut 90 percent starting next month.

The action will apply to the top executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

Meanwhile, the Federal Reserve unveiled a proposal Thursday that for the first time would police banks’ pay policies to ensure they don’t encourage employees to take reckless gambles like those that contributed to the financial crisis.

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Filed under Barack Obama, Economy, TARP

Romer: Impact of stimulus will level off

Level off? I thought they said that only 14% of the money has been spent so far. Oh Christina, I wish you the best in your job search, although failure seems to be a resume enhancement for Democrats. I have an idea. The original stimulus was $787 Billion. Let’s subtract the $194 Billion already used and take the $593 Billion which is left, divide it the 250 million or so working people and give each of us $2,372. Now that will stimulate the economy.


I only lied thiiiis much

I only lied thiiiis much


WASHINGTON — A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.

Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.

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Filed under Economy, Stimulus Package