Bizarro Obama’s Credit Bill Subsidizes Stupidity By Penalizing Prudence

Elaine and Jerry have the following dialogue in a famous Seinfeld episode titled, “Bizarro Jerry”:

“He’s reliable. He’s considerate. He’s like your exact opposite.”
“So he’s Bizarro Jerry.”
“Bizarro Jerry?”
“Yeah, like Bizarro Superman, Superman’s exact opposite, who lives in the backwards Bizarro world. Up is down, down is up, he says hello when he leaves, goodbye when he arrives.”
“Shouldn’t he say badbye? Isn’t that the opposite of goodbye?”
“No, it’s still goodbye.”
“Does he live underwater?”
“No.”
“Is he black?”
“Look, just forget the whole thing.”
- Elaine and Jerry, in “The Bizarro Jerry”

Well, let’s not forget the whole thing, Jerry.  Because Bizarro Superman is now among us.  Art, imitation, and boob-tube television have come to life: Barack Obama is our Bizarro Superman.

Bizarro Superman is the sort of Superman who saves the guilty by beating the snot out of the innocent.

Did you buy a house you could afford?  Bizzaro Superman flew in and established a system whereby you subsidized those who foolishly overextended themselves.  After bailing out these fools who received assistance primarily by belonging to traditional liberal voting blocs, three out of five of them are already defaulting again (necessitating yet another bailout from you).

Do you have an account with a bank that took (in many cases was forced to take) TARP money?  Bizarro Superman wants to impose his political agenda on banks, so he won’t allow them to repay their loans.

Did you hope to be able to improve your lot in life with the gigantic stimulus package?  Sorry, Bizarro Superman’s stimulus turned out to be the porkulus that conservatives said it would be, with far more money going to 40 years’ worth of liberal pet projects than to job creation.  We’ve also recently learned that due to massive structural flaws the stimulus is bypassing all of the counties that most desperately needed help.  It might have helped if someone had actually been allowed to read the bill first, but Bizarro Superman didn’t want to take any chances that someone would see what a socialist power grab it truly was.

Did you invest in secured debt from Chrysler and GM?  Sorry, buddy: Superman has flown in and given your safe and secured investment dollars to his UAW cronies.  When the secured investors – who by law were entitled to be at the head of the line in any bankruptcy – balked at being paid pennies on the dollar while the UAW was given the farm – Bizarro Superman demonized them as “greedy hedge funds” and threatened them with public propaganda attacks.

Bizarro Superman has flown in and promised that 95% of Americans will get a tax cut under his plan (which actually just means more welfare for the 43.4 percent who already don’t pay any federal income tax at all even as our small business owners who employ most American workers are increasingly taxed into oblivion).  Will people pay less in taxes under Bizarro Superman?  Just for your information, the average 30 year old will pay $136,932.75 just for the interest of just Obama’s 2010 budget over the course of his or her working lifetime. Americans will be paying FAR more of their money to the government – and they will have Bizarro Superman to thank for it.

Only in Bizarro world does an administration say it’s “the patriotic duty” for some to pay a an even more massive tax burden imposed on them even as it promises that the other 95% should be LESS patriotic by paying less in taxes.

Are you one of the 100% of Americans who use energy?  Get ready for the price of it to skyrocket (“necessarily skyrocket,” to quote Bizarro Superman).  Even the Obama administration admits that Bizarro Superman’s energy plan will increase the average American’s electric bill by $1,800 a year.  Which means it will very likely be a hell of a lot worse than that.

Only in Bizarro world does Congress actually hire a speed reader to read really fast a terrible energy bill that Representatives and Senators won’t bother to read at normal speed.

Now Bizarro Superman has flown in and saved risky credit-card borrowers by establishing a system that will penalize those who have always paid their bills on time and in full.  From the New York Times:

Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Again and again, on issue after issue, our Bizarro Superman, Barack Hussein Obama, has come to the rescue of the irresponsible by punishing the responsible.

Our economy became the greatest in the history of the world by policies that rewarded sound and prudent investment while punishing foolish behaviors.  Those days are long gone.  We’re in Bizarro world now.

I pulled out of the stock market following the Democratic National Convention when I had that first moment of genuine fear that Obama would probably win, and put my nest egg into gold and silver.  Betting that Obama would be a disaster for the economy has been the best financial move I’ve ever made: I’ve made a 15% return on precious metals even as investors in the stock market lost about 30%.

I still remember the day I came across the following poll results from the September/October issue of CEO Magazine:

According to the poll, which is featured on the cover of Chief Executive’s most recent issue, by a four-to-one margin, CEOs support Senator John McCain over Senator Barack Obama. Moreover, 74 percent of the executives say they fear that an Obama presidency would be disastrous for the country.[...]

In expressing their rejection of Senator Obama, some CEOs who responded to the survey went as far as to say that “some of his programs would bankrupt the country within three years, if implemented.” In fact, the poll highlights that Obama’s tax policies, which scored the lowest grade in the poll, are particularly unpopular among CEOs.

I’ve pulled out of the US economy due to Bizzaro Superman and his Bizarro economic policies.  No investments in stocks, no purchases of US bonds.  Not with Obama’s mind-boggling deficit spending acting like a 10 ton anvil hovering over the economy due to debt as a percentage of GDP rising like a rocket ship.  I’m making as few purchases as possible.  And I’m not coming back to investment in America as long as Bizarro Superman is our president.

And I’m going to pull out of credit cards now, too.  If I see one fee, or if I see my interest rate go up so much as 1 point due to my cards’ charging interest from the moment of purchase, I’m cutting them up and going back to the tried and true checkbook.

The only question I have is this: at some point Obama’s and the Democrat’s policies of subsidizing stupidity by penalizing prudence are going to implode the economy.  In the aftermath of that disaster, will there even BE a U.S. economy worthy of investing in?

I’m not betting on it.

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5 Responses to “Bizarro Obama’s Credit Bill Subsidizes Stupidity By Penalizing Prudence”

  1. hl Says:

    So true, and sad, sad, sad.
    I did get a chuckle out of your Bizarro Superman analogy, thanks.

  2. Michael Eden Says:

    We truly ARE in a Bizarro world today, HL. And if Obama isn’t our culture’s current Superman, who is?

  3. Credit Repair Info Says:

    I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future. Thanks!

  4. Ross Says:

    I must admit that i have long been saving after paying off a home and an investrment unit… waiting for the prices to crash due to the obvious overborrowing which was clear to anyone but morons..( i.e. wall street).
    The plan was to buy up property when the stupid finally had to lose the game.
    However…not so stupidly…. some realised the crash would be too disasterous and gambled that the government would bail them out.
    They were right. Well those few who think at all.
    So… what are the rules now? Who knows.
    If cash is king and the banks have to pay a lot to borrow money…how come they dont pay me much to borrow mine?

  5. Michael Eden Says:

    Ross,
    You have a “Forgotten Man” story (that’s a book title about all the people who were screwed or pushed under by Great Depression-era policies).

    What happens to all the honest people who did everything they were supposed to do, but ended up in the same bin with the slackers who got a government handout from redistributionist government?

    One of the things is that slackers will always be slackers. They have learned that irresponsibility is rewarded. They wouldn’t mind seeing a repeat of the meltdown, because they benefited from the last one and think they’ll get a bailout next time, too.

    But the decent hardworking people go several ways. Some pursue the slacker/bailout mindset – which weakens the nation. Others try to be more safe and take fewer risks – which also undermines the country.

    When a government separates cause and effect in a disaster it gets more of what caused the disaster. If you reward a behavior, you get more of it. When a country disregards right and wrong, it gets more wrong. And when (as you insightfully point out), when people don’t know the rules, you get more anarchy and you get less hard work and bold ideas as people essentially bury their money in a hole.

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