It's Not Over Yet

It’s pretty sad that Pravda, the Russian paper (which means “truth”) lhas an obituary on US Capitalism.

I can certainly see why, Obama is doing his best to destroy America’s economic system and run up insane debts that will break the economy.

Just the other day he said “You Ain’t Seen Nothing Yet.” Well, he’s not going to run the economy without a fight. Despite what Pravda thinks, I don’t believe Americans will just roll over when push comes to shove.

The reason he’s pushing for so much so fast is he is trying to do it all before people start calling for his head. Once it’s enacted into law, it will be much harder to reverse. That’s why he says its now or never for his Nationalized Heath Care.

Let’s hope it’s never.

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  1. James, in terms of rushing their program through, one facet of history BHO and the Dems are undoubtedly looking back on is the New Deal era. Specifically, they’re likely studying what caused the bulk of FDR’s program – including HIS “Recovery” Act – to be repealed as unconstitutional.

    BHO’s choice of Sotomayor – a judge who’s been overturned by the SCOTUS some 60% (?) of the time, and who absolutely shares the “living Constitution” viewpoint – is not terribly unlike FDR’s failed attempt to pack the SCOTUS bench with sympathetic jurists, to save his socialist programs from judicial review.

    The “You Ain’t Seen Nothing Yet” boast is pretty ominous, given the breakneck pace at which BHO and the Dems are actively attempting to destroy the economy. What hurt FDR most was that there wasn’t enough public outrage against the SCOTUS’ decisions at that time. That is, things weren’t bad enough for the American People to ensure that FDR could push his plan through.

    I’m quite sure that BHO, Pelosi and Reid have no intention of repeating FDR’s mistakes, and will ensure that the economy is wrecked so badly that Americans will be screaming for the government to do whatever it takes. That’ll be when we slide from the socialist welfare state we have now into the fascism Woodrow Wilson failed to implement.

  2. Actually, what fascinates me is the fact that venture capitalists aren’t making an effort to shed real light on all this.

    With all the clout their dammed up dollars could wield – before those dollars are rendered essentially worthless by hyperinflation – they could bring forward a lot of the facts the media and the Dems have successfully hidden. Like, for instance, the *real* causes of the financial meltdown and how all that was obfuscated through misdirected anger at the symptoms – banks, AGI, hedge funds, “speculators” (aka – investors!), etc.

    At some point the VCs have got to realize the world they’ve lived and thrived in for decades is going to evaporate – at least if Chrysler, TARP and the coming GM debacle are any indication. These guys don’t make billion$ by wandering around blind and stupid. Where’s *their* unified defense of capitalism?

  3. I agree. I have wondered the same thing. Either he has them cowed somehow, or they don’t realize what he is doing.

    The whole thing started with ACORN, pressuring Dems to get home loans to poor people. They told the banks they HAD TO lend to anyone with almost no conditions. And that is where the problem started and escalated to the cascade of foreclosures we saw starting in late 2007. That effected everything else.

    A lot of that TARP money did not go where it was supposed to, so I wonder how much of it was a pay off to silence some people.

  4. Yep.

    On TARP, it’s clear now that Bush was duped (or was complicit, doesn’t matter) by Paulson, et al., into pushing the TARP bill even though Paulson and Bernanke had no intention of actually using the money to free up credit, as they claimed.

    The TARP funds have been used as a club to put the banking system under direct operational control of the Fed. The way BofA was forced into the Merrill Lynch deal even after it was discovered that Merrill Lynch’s position was much much worse than claimed, shows how the Fed organization has orchestrated this whole thing so as to put the financial sector completely under the thumb of the unaccountable Fed.

    TARP funds were distributed evenly to as many banks as could be persuaded to take it (strings attached, of course), but most of the actual cash is just sitting in those banks, balancing their books rather than being loaned to business, etc. That’s why even with all the new money printed, we haven’t seen much in the way of inflation. Yet.

    The Fed’s manipulation of the interest rate is one of the prime culprits in this fiasco, and worked in tandem with the CRA / ACORN / affordable housing gambit – whether it was intentional or not. No conspiracy required. Together, the two pushed way too much of the economy’s money into the housing market, mortgages and derivatives. The push to make riskier loans became the ‘norm’ and bled into other credit markets. When the housing market tanked (as all markets eventually do), way too much of the economy was tied to that market and went down in flames along with it. All the CDS and derivatives crashes were symptoms, not the causes – yet those were used to blame capitalism for the meltdown. The cause was Fed and federal interference in the market.

    The Fed needs to be audited. Pick up a copy of Thomas Woods’ _Meltdown_. It’s a succinct, non-partisan account of what led us to where we are. Not pretty and very discouraging.

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