Democrats Continue To Melt Down Economy With Socialist BS

Senator Chris Dodd says we (meaning socialist liberals) may have to nationalize banks.  And then the bottom of the market falls out under the banks on fears that the banks will be nationalized.

Sean Hannity the other night ran a montage of Barack Obama describing the US economy as being in a “crisis” at least 25 different times during a single speech.  I don’t know about you, but that sure makes me want to go run out and invest my fortune in the stock market.

Economists might call it the “Cloward-Piven Strategy” ; I call it the “Hitler-Reichstag Fire Strategy.”  Both terms amount to the same thing: manufacture a crisis, implement massive reactionary self-serving measures to “resolve” the crisis, seize total control, and then never let go.

Here’s the latest headline:

US STOCKS-Wall St tumbles on fear of bank nationalizations

The story is just another example of shocking horrific Democratic mismanagement and sabotage of the economy.  As the LA Times notes:

Wall Street already is convinced that some significant chunk of the nation’s banking industry will be nationalized. Sen. Chris Dodd just bolstered that view this morning.

From Bloomberg News:

Chrisdodd_2 Senate Banking Committee Chairman Christopher Dodd said it may be necessary to nationalize some banks for a short time, as Citigroup Inc. and Bank of America Corp. tumbled today on concern the U.S. may take over both banks.

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd said in an interview on Bloomberg TV’s “Political Capital with Al Hunt” to be broadcast later today. “I’m concerned that we may end up having to do that, at least for a short time.”

Nationalize, then de-nationalize? That sounds like a wipeout for current bank shareholders.

Bank of America shares were down $1.11, or 28%, to a 24-year low of $2.82 about 10:30 a.m. PST. Citigroup crashed 80 cents, or 32%, to $1.71. Wells Fargo & Co. dived $2.88, or 24%, to $9.13.

The BKX index of 24 major bank stocks was down 9%, bringing its year-to-date loss to 55%. The broader stock market is crumbling with the financials; the Dow industrials were down 184 points, or 2.5%, to 7,281, a new six-year low.

As the market truly appeared to be going into the crapper following Dodd’s “Hugo Chavez” act, the White House finally issued an unconvincing statement that maybe we wouldn’t completely socialize our economy after all:

On Wall Street, talk of nationalization of Citigroup Inc., and Bank of America Corp., prompted investors to continue to balk, worried that the government would have to take control and wipe out shareholders in the process. Citigroup fell 20 percent, while Bank of America fell 12 percent in afternoon trading but also came off their lowest levels.

“This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government,” White House press secretary Robert Gibbs said when asked about nationalizing the banks.

If you don’t see this as a horribly ridiculous mess, throwing investors and basically the entire economy into a panic – only to come out and say, “Oops, did we do that?” – you’re just not that smart.

And that’s not the only burning sack of poop Obama stamped out today:

White House nixes transportation secretary’s mileage tax idea

Washington (AP) The White House says you can forget about a mileage tax.

Press secretary Robert Gibbs made the comments after Transportation Secretary Ray LaHood said taxing motorists based on the number of miles they drive instead of how much gasoline they buy should be considered.

LaHood told the Associated Press that the gasoline taxes can’t be counted on to keep up with the federal share of highway and bridge construction costs.

Asked about LaHood’s remarks, Gibbs said, “It is not and will not be the policy of the Obama administration.” A mileage tax has been proposed in a number of states, but has drawn some angry opposition. A tentative plan in Massachusetts to use GPS chips in vehicles has drawn complaints from drivers who say it’s an Orwellian intrusion into people’s lives. Others say it eliminates an incentive to drive fuel-efficient cars.

Even Democrats freaked out over the sheer over the top Big-Brother-has-come-to-stay idea.  Liberals say Bush violated privacy rights by listening to calls being made by terrorist watch list suspects overseas, and then they want to be able to have the ability to track everywhere you and your family goes?

You have to understand: LaHood is Obama’s own guy; he’s Obama’s own transportation secretary.   Obama is in effect having to come out and say, “Hey, don’t listen to this guy I chose for this important job; he’s just an idiot.”

And you can’t blame either one of these policy gems on Vice President Joe Biden, a man who can say something completely stupid or insane at basically any moment.

Ever wonder what it would be like if Homer Simpson was running the country?  Today you got your chance.

Basically, either the Obama administration and the Democrats in power are genuinely incompetent boobs (which is really scary!), or – even MORE scary – they are totalitarian fascists who are working on genuinely socializing the entire economy and monitoring the peoples’ every move.

Neither option sounds very good.

The latest news is that – almost immeidately after announcing that they won’t nationalize banks on Friday – the White House proceeds to begin strategizing to do exactly what they’d just said they wouldn’t do by effectively nationalizing the largest bank in the country.  That fundamental irrationality and lack of direction led to yet another blood bath in the stock market.

Wall Street plunged to it’s lowest level since May 4, 1997 – which as everyone knows was when Bill Clinton was President and the streets were all paved with goldwith the Dow closing down 251 points to 7115.  In a total abandonment of confidence in Obama’s ability to handle the economy, the market has lost more than 1000 points since Obama announced his plan to “stimulate” the economy, and more than 2000 points since he was elected.

At some point, Americans will realize that they elected an inexperienced socialist and begin to hold Barack Obama for the incredible mess he’s made out of the economy due to his own failures.  But for the time being, every new day brings a new announcement about how he “inherited” the economy.

4 Responses to “Democrats Continue To Melt Down Economy With Socialist BS”

  1. Comrade Tovya Says:

    Nationalizing the banks is a recipe for disaster that will ruin this country… but the average liberal is too ignorant to realize that, because to them it’s simply “taking it to the man”.

    It’s their “revenge against the rich”. People are dumb. They don’t know their history, and how much of a disaster these things always are.

  2. Michael Eden Says:

    I’ve started reading the book “Liberal fascism” that traces so many of today’s ideas to the fascism of the 20s, 30s, and 40s.

    Liberals define fascism as being “anything we don’t like.” But the reality is that when you really take a look at what Nazi Germany and fascist Italy were doing, a lot of their ideas were very much representative in the liberalism we see today in the US. And, yes, Germany’s and Italy’s banks were “nationalized” too.

    HL shared this Winston Churchill quote with me on another article, and it seems right to put it here now:
    “Socialism is a philosophy of FAILURE,
    the creed of IGNORANCE,
    the gospel of ENVY;
    it’s inherent virtue is the equal sharing of MISERY.”

    And I responded to her with a line I saw on a church billboard:
    “The problem with socialism is that eventually you run out of other people’s money.”

  3. Phil Says:

    So Alan Greenspan, Henry Paulson, and Senator Lindsey Graham are socialists too for suggesting we might have to nationalize the banks?

    Also, Liberal Fascism? Really? The book that was universally mocked by everyone not working for a right wing media outlet? I feel sorry for you. Thats not even “good” conservative writing.

  4. Michael Eden Says:

    Well, let’s see. Greenspan – whose worked for both Republican AND Democrat administrations has been widely discredited for his failure to see a lot of this mess coming – and has acknowledged he should have. And I’ve never been a huge fan of Lindsey Graham. He’s a “John McCain conservative,” which is another way of saying he’s not particularly conservative on a wide range of issues.

    The few Republicans that think we need to nationalize banks think it needs to be VERY TEMPORARY and VERY TARGETED. It’s like the porkulus bill; liberals very much like you – who live according to the latest liberal talking points and couldn’t think for yourselves if you wanted to – kept saying, “The Republicans want to do nothing.” That was and is a lie; Republicans would have voted for a stimulus that would have actually stimulated. They had a plan that the CBO analysis said would have created more jobs for half as much money. Most Republicans realize that if we nationalize the banks (which by the way is a quintessential element of fascism) the banks would never be private again – and politicians will use them to finance their own political agendas.

    Have you bothered to actually read Liberal Fascism, Phil? I doubt it very much. You got your talking points, and pass them along. So you don’t realize that it is MASSIVELY SOURCED, and interacts with a wide spectrum of contemporary sources, as well as historians, economists, etc. I am reading original statements from fascist thinkers – and realizing how frighteningly similar they are to what liberals are saying RIGHT NOW. So you can mock the book all you want, but you’re mocking the truth. You go ahead and feel sorry for me, that I have the burden of knowing things that you will never allow yourself to learn. You’re like a child who feels sorry for his daddy because he has to go out in the real world and work instead of playing kiddy games all day.

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