Clearly everything Geithner’s bailout programs are doing is intended to “fix the credit markets,” which is to increase lending/borrowing to businesses and consumers. Geithner/Obama’s programs are to increase mortgage lending, and consumer and small business borrowing. There are special programs to increase lending for new cars, and to securitize credit card receivables so that consumers can spend on new cars and every kind of credit card borrowing.
At the same time these programs create trillions of government debt, truly massive debt, but that is OK because the purpose is to make credit more available. Doesn’t that boil down to getting businesses, consumers and the government deeper into debt?
Help me out here. Isn’t excessive borrowing and excessive debt what got us into this mess?
Is increasing consumer and business debt the way to cure the problem of excessive consumer, business and government borrowing? What am I missing?
Here is text from Obama’s second press conference, cut and pasted exactly, courtesy of Associated Press:
“At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led us to a narrow prosperity and massive debt. It’s with a budget that leads to broad economic growth by moving from an era of borrow and spend to one where we save and invest.” BH Obama March 24, 2009.
Well, clearly all the government programs contradict the words of our President about “moving from an era of borrow and spend…”
Let us examine the last part where Obama says: “to one where we save and invest.”
Exactly how does Obama stimulate saving and investing? The interest that savers can earn from the banks or from investing in Treasury securities range from one quarter of one percent to two percent, the lowest in my lifetime. How does Obama encourage people to save when he artificially forces the return on savings down to nothing? I feel like I am being punished for saving.
My interest income has been destroyed.
But Obama wants to raise my taxes on income from savings and investments. How is increasing taxes on income, and on capital gains from savings and investing going to increase savings and investing?
Then the hypocrite will take the tax fruits from punishing savings and investing, and give it to people who borrowed and spent. Isn’t that rewarding “borrow and spend” while punishing, disincentivizing “where we save and invest?”
Help me out here. How are Obama’s lying, false words “by moving from an era of borrow and spend to one where we save and invest” not an even meaner, more cruel joke than “Change you can believe in?”
We must decide whether Obama truly has no idea about what he is reading from the teleprompter and is merely another brainless idiot President, even dumber than the one he replaced, or whether he is bipolar and his evil side wants to destroy America. Because that is exactly what his policies are doing.
Ruth Goldman Talks 