Liberal free for all coming to an end

[TracyCoxx]

Originally Posted by randolph

Well--- That's was before he inherited the Bush meltdown. I got no answer from you on what would have happened if Obama had not poured cash into the economy as the country melted down, where would we be today?

I did answer here:

Originally Posted by TracyCoxx

I think at most it only bought us time, and in the meanwhile, it left us with a larger debt. The ramifications of that are not over. I think as Ron Paul says, we were left worse off in the long run than if we bit the bullet and took the hit.

And here's what Ron Paul said in September of 2008. I still agree with him...

Monday, September 29, 2008

As a vote nears on the $700 billion dollar plus bailout bill, Congressman Ron Paul took to the House floor this morning to warn that the passage of the legislation will destroy the dollar and the world economy.

Stating that the passage of the bailout bill would only make the problem worse, the Congressman from Texas said, ?This has nothing to do with free market capitalism, this has to do with a managed economy, an inflationary system, corporatism, a special interest system, and this has nothing to do with the failure of our free markets and capitalism.?

Paul blamed the current crisis on a Federal Reserve power monopoly over the money and credit system, the ceaseless borrowing and printing of money, and dismissed the bill as nothing but more of the same.

?Long term this is disastrous,? continued the Congressman, ?we?ve already pumped in $700 billion dollars, here?s another $700 billion dollars ? this is going to destroy the dollar ? that?s what you should be concerned about ? if you destroy the dollar you?re going to destroy a worldwide economy and that?s what we?re on the verge of doing.?

Paul said that the long term implications of the bailout would be a lot more serious than the problems currently being experienced by Wall Street.


The Congressman called for more oversight and warned, ?What we?re doing today is going to make things much worse.?

Paul expressed his frustration that free market economists who predicted the crisis were being ignored while the people who created the problem were being given the responsibility to offer a solution.

[smc]

July 30, 2011

Fox News Reports: Obama Starting to Wonder Why He Moved to U.S.
President Nostalgic for Land of Birth, Fox Says

WASHINGTON (The Borowitz Report) ? According to the Fox News Channel, President Barack Obama is so weary of the debt ceiling stalemate in Congress that he is beginning to wonder why he moved to the United States in the first place.

Fox News anchor Shepard Smith broke the story today, reporting that ?sources close to the President say he?s increasingly nostalgic for the land of his birth.?

?To someone like President Obama, this wrangling in Congress must seem very foreign,? said Mr. Smith. ?In Kenya, debt ceilings are raised automatically by the village elders, who then celebrate with a ceremonial feast of cabbage, mangoes and goat.?

While Mr. Smith stopped short of saying that Mr. Obama planed to leave Washington and return to his native Kenya, ?his birth certificate does allow him to return at any time he sees fit.?

?As he sees Congress push the United States ever closer to default, who can blame Mr. Obama for longing for simpler times, roaming free on the savanna?? Mr. Smith reported.

In other debt ceiling news, by unanimous vote the House of Representatives passed a bill raising Speaker of the House John Boehner?s medication.

As for the debt ceiling negotiations, they are ?right on schedule,? according to the ancient Mayans.

[franalexes]

Is this to imply that Obamesiah is not qualified to be prez by virtue of his birthplace?

[smc]

Originally Posted by franalexes

Is this to imply that Obamesiah is not qualified to be prez by virtue of his birthplace?

... like shooting fish in a barrel ...

[randolph]

From Dean Baker, Business Insider
Corporate profits

While this situation got some attention in the news reports, all the accounts I saw completely missed the upward revision to profits. The revised data showed sharply higher profits for both 2009 and 2010. In fact, in the revised data profits accounted for 23.8 percent of income in the domestic corporate sector in 2010. This is more than a full percentage above the previous peak. Within the corporate sector, the financial industry is the big winner, accounting for 31.7 percent of corporate profits in 2010. This movement in profits is no doubt attributable to all the regulations and taxes imposed by President Obama.
Anyhow, you didn't hear about this from the media because they had to present you with the latest from Tea Party gang, but there are some people who do actually look at economic data.

Read more: http://www.businessinsider.com/while...#ixzz1TbfPtlnC