Dow Jones Closes Below 10K Again...NOW what did Ummmbama Say?!

[Tarheel]

Far be it from me to interrupt the extremely important issues of Gays in the military and Abortion Rights.

I noticed that despite Treasury Sec Geithner saying that America's Credit Rating is 'safe' and The ONE pressing forward with his record $3.8 TRILLION Budget the Dow Jones Industrials closed down AGAIN...this time below 10K.  All I can say is "Sell" too as these record debts and deficits drive the world markets down (http://www.bloomberg.com/apps/news?pid=20601087&sid=a1DFVcx8h7IE&pos=3) and "Sell" too for the misguided followers of Keynes who print and spend even more money to apparently 'fix Bush's mess'. 

Well the ONE thinks that it's necessary to spend 3.8 Trillion (yes, that's with a "T" and yes, we can't account for $1.8 Trillion of that which will be a record deficit) on the Federal Budget this Fiscal Year in order to do this.  How on earth that The ONE can say with a straight face that this record spending is designed to meet the goals of "continued government spending to boost the fragile economic recovery and controlling the nation's deficit" I can't fathom.  Obviously this is a joke.  Isn't it?  I thought that the Bush Administration and the previous Pelosi/Reid led Congress were massive spenders but this is absolutely beyond the Pale.

Here's the 'newspeak' of Chairman Maobama regarding his budget and record spending "We simply cannot continue to spend as if deficits don't have consequences, as if waste doesn't matter," Obama said at a White House presentation. "It's time to save what we can, spend what we must and live within our means once again."  Seriously?  You say that and then put forth a budget that will bankrupt this nation and have our grand kid's kids taxed into oblivion.  (Full article: http://money.cnn.com/2010/02/01/news/economy/Obama_budget/index.htm?hpt=T2)

I seriously worry about hyper-inflation in the very near future because of this Bonfire of the Greenback.  Times were bad when Carter was in the White House but we have not seen anything yet.  We need to get rid of these Marxists that have taken over our Government before they have us all living in cardboard boxes.  At least seeing the some of the events at the Tea Party Convention this last weekend I have some real hope that some accountable representatives can be found for Congress who will pass a Balanced Budget Amendment like just about every State in the Union.

[jadennis]

Makes me sick as well TH, well said.  I think Bush's entire deficit over his 8 years was around $3.5 trillion (which $700 billion of was the TARP money, around $450 billion of which has been paid back now).  Obama is aiming to blow that 8 year deficit away in his first two years.

And while Bush did become a big spender towards the end....look also at what he dealt with while in office (that contributed to his deficit numbers)....9/11, Afghanistan, Iraq (both wars were much more expensive to get into than to remain in), Katrina (and host of other hurricanes in that two year span).  Those were huge expenditures. 

Those were things that Bush spent huge money on, but it's not like he put them in his budget proposals...they were "extra".  Obama is actually planning on spending $1.8 trillion....on purpose.

I can give you one guarantee as to why it absolutely will not change unless Republicans are put back in Congress....philosophy.  Obama's (and the lefty democrats) philosophy is to spend their way out of a recession.  They absolutely believe they are right and that it's the way to fix things.  No one will convince him/them otherwise.  There is no such thing as a moderate Democrat anymore...the Clinton Democrats are Republican's now.  All that's left in power on that side are leftist of leftist.  How the hell this gullible country fell into electing these jackasses is beyond me.  We are NOT that stupid.

Two things Obama will find out when it's too late.  One, a tax credit is not the same thing as a tax cut.  You can't tax small business all year long at a high rate, then set very particular guidelines they have to meet in order to get a tax credit towards taxes owed.  That is not a tax cut (which is what he's selling).

Two, creating jobs in the federal sector is not creating jobs or stimulating the economy.  The economy relies on a strong private sector.  Building bridges and paving new roads with federal money, and paying the workers is not the same thing as fixing the economy.  But hey, isn't that his goal anyway?  To have pretty much everything run through the government?

I pray there are big changes at the mid-term and then even bigger changes in 2012.  If not, he's going to break us beyond repair.

[Tarheel]

Makes me sick as well TH, well said.  I think Bush's entire deficit over his 8 years was around $3.5 trillion (which $700 billion of was the TARP money, around $450 billion of which has been paid back now).  Obama is aiming to blow that 8 year deficit away in his first two years.

And while Bush did become a big spender towards the end....look also at what he dealt with while in office (that contributed to his deficit numbers)....9/11, Afghanistan, Iraq (both wars were much more expensive to get into than to remain in), Katrina (and host of other hurricanes in that two year span).  Those were huge expenditures.

Those were things that Bush spent huge money on, but it's not like he put them in his budget proposals...they were "extra".  Obama is actually planning on spending $1.8 trillion....on purpose.

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What are you talking about?  The ONE has ended the Wars in Iraq and Afghanistan just like he promised to do in his first year during his campaign.  He's also closed Gitmo and balanced the budget with the surgical precision cuts of his red pen.

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I can give you one guarantee as to why it absolutely will not change unless Republicans are put back in Congress....philosophy.  Obama's (and the lefty democrats) philosophy is to spend their way out of a recession.  They absolutely believe they are right and that it's the way to fix things.  No one will convince him/them otherwise.  There is no such thing as a moderate Democrat anymore...the Clinton Democrats are Republican's now.  All that's left in power on that side are leftist of leftist.  How the hell this gullible country fell into electing these jackasses is beyond me.  We are NOT that stupid.
...

All too true.  The problem is as I've opined before they have Keynesian economic solutions so ingrained that they can't think outside the limits of that failed solution.

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Two things Obama will find out when it's too late.  One, a tax credit is not the same thing as a tax cut.  You can't tax small business all year long at a high rate, then set very particular guidelines they have to meet in order to get a tax credit towards taxes owed.  That is not a tax cut (which is what he's selling).

Two, creating jobs in the federal sector is not creating jobs or stimulating the economy.  The economy relies on a strong private sector.  Building bridges and paving new roads with federal money, and paying the workers is not the same thing as fixing the economy.  But hey, isn't that his goal anyway?  To have pretty much everything run through the government?

...

They just don't get those facts and they never will.  Socialism and Progressivism are the only philosophies that they understand e.g. only FedGov can fix the nation's economic woes.

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I pray there are big changes at the mid-term and then even bigger changes in 2012.  If not, he's going to break us beyond repair.

Me too.

[GH2001]

Austrian School of Economics is the one proven model. Goldwater and Reagan used it. It works.

Watching this clown in office spend money to "get us out of debt" is about like watching an alcoholic drink himself to sobriety. That analogy rings true - and its sad because its true.

[CCTAU]

Be patient and you can get yours too:

[Tarheel]

Austrian School of Economics is the one proven model. Goldwater and Reagan used it. It works.

Watching this clown in office spend money to "get us out of debt" is about like watching an alcoholic drink himself to sobriety. That analogy rings true - and its sad because its true.

Very good analogy.  Keynesian Economics will put as all in debtor's prison if somebody doesn't stop this non-sense.  I'm hoping that the election of Brown to the Senate will bring some sanity back (seems like it is because The ONE has JUST NOT found it necessary to be bi-partisan and actually talk with the Republican caucus).