Posts Tagged ‘economic meltdown’

Think Of Obama As Drano, And The Democrat Party As The Nasty Mess Plugging Up The Toilet

September 23, 2010

Ba-rock Obama that’s the name
And there go Democrats down the drain

I remember not all that long ago when Obama was saying:

“I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth.”

But for all of his incredible personal arrogance and narcissism – and for all of his false promises to transcend and heal the political divide when he would actually become the most polarizing and divisive president in American history (see also here) – that wasn’t what “the moment” actually has come to represent, was it?  Rather, the Obama presidency “was the moment” that the entire Democrat Party began to sink to the bottom of the ocean (which is the definition of “a good start”) pretty much like a brick tied to an anchor.

A Failing Presidency and a Broken Party
Peter Wehner – 09.21.2010 – 2:15 P

This heartfelt comment and question, the first one President Obama received at a CNBC town hall gathering yesterday, may well become emblematic of the first half (at least) of the Obama presidency.

Ms. Velma Hart — middle class, a wife and the mother of two, a veteran, and an African-American Obama supporter — said this:

Quite frankly, I’m exhausted – I’m exhausted of defending you, defending your administration, defending the mantle of change that I voted for, and deeply disappointed with where we are right now. I have been told that I voted for a man who said was going to change things in a meaningful way for the middle class. I’m one of those people and I’m waiting, sir. I’m waiting. I don’t feel it yet. And I thought while it wouldn’t be in great measure, I’d feel it in some small measure.  I have two children in private school and the financial recession has taken an enormous toll on my family. My husband and I have joked for years that we thought we were well beyond the hot dogs and beans era of our lives, but, quite frankly, it’s starting to knock on our door and ring true that that might be where we’re headed again, and, quite frankly, Mr. President, I need you to answer this honestly. Is this my new reality?

This was a very bad moment for the Obama presidency because it was such an honest and representative one.

Velma Hart is obviously no Tea Party activist. The town hall audience was undoubtedly vetted by the White House in advance of the event. So for Ms. Hart to frame the question she did, in the manner she did, was fairly extraordinary. And she was not the only person who asked searching questions of Mr. Obama. A recent law school graduate, Ted Brassfield, told Mr. Obama that he had hoped to pursue a career in public service, like Obama himself, but said he could barely pay the interest on his student loans, let alone think of getting married or starting a family. “I was really inspired by you and your campaign and the message you brought,” Brassfield said, “and that inspiration is dying away. And I really want to know, is the American dream dead for me?”

Having worked in the White House, I can assure you this is not what Obama and his team of advisers wanted to hear — certainly not from a hand-picked audience at an economic town hall forum that is being broadcast on television six weeks before a crucial midterm election.

A long time ago, in a galaxy far, far away, a contributor to CONTENTIONS wrote this cautionary note regarding the new president-elect:

Sooner than he might imagine, and certainly sooner than he might wish, the responsibility for how America is performing will fall to him and his Democratic colleagues in the House and the Senate. A year from now, it won’t be enough to blame the problems on others. He and other Democrats ran and won on the promise that they would turn things around, and do so quickly. Those promises can’t be reeled back. Obama in particular has set a very high bar. Indeed, the expectations for “change”–in policies, in performance, even in the way we conduct our politics–is as high as I can recall … For understandable reasons, many people are being swept up in this remarkable American moment. But reality will intrude soon enough, and Barack Obama will face the same standards that every other President has faced. Incantations of “hope” and “change” can work in a campaign. They are virtually useless when it comes to governing. Barack Obama is about to enter the crucible. We’ll see how he performs.

President Obama has, so far at least, performed rather dismally. He set super-human expectations for himself — including his pledge to slow the rise of the oceans and begin to heal the planet, his commitment to resist the temptation to “fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long,” and to “transform” America at what he called a “defining moment.”

In some respects, of course, President Obama has transformed America — but in ways many American find alarming. What we are seeing all across our land is an extraordinary, organic movement rising up against Obamaism. If you go to the heart of this effort, beyond even the policy differences themselves, what you will find is an effort to restore America. It is a direct, energetic, and sometimes rambunctious response to the president’s transformational project, to his effort to remake America in his own liberal image and conforming to his own liberal views and values.

As we saw yesterday, at the economic town hall meeting, the hope and promise of Obama has collided with, and is being shattered by, reality.

Barack Obama is, right now, the architect of a failing presidency and, soon, a broken party.

I guess if termites, fleas, mosquitoes and cockroaches have a place in God’s creation, then so also must Barack Obama.  It appears that Obama is serving the role of the nasty, sticky, corrosive enzyme that dissolves rotting carcasses that would otherwise eternally pollute the system.

Democrats were skilled demagogues who – allied with the equally skilled propagandists of the mainstream media – knew how to propagate a lot of myths that continue to replace the truth a full decade later.

Democrats have had total control of both the House and the Senate since January 2007.  The last time the Republicans passed a budget (the Fiscal Year 2007 budget, passed in 2006), it had a deficit of $160 billion.  The very next year, Democrats passed a budget with a deficit of $459 billion – which was nearly three times the Republican mark they had attacked as “fiscally irresponsible.”  Now we’re looking at $1.6 TRILLION dollar deficits as far as the eye can see, and Democrats in Congress aren’t even bothering to pass budgets anymore.

In other words, “What were the old annual deficits under Republicans have now become the monthly deficits under Democrats.”

And, of course, the other major myth that Democrats and their media propagandist allies have used to great success was that the Republicans were to blame for the economic collapse in 2008.

But Democrats weren’t held to account for any of their previous sins.

They were, rather, rewarded for their policies.  Because they could always blame the results of their disasters on Republicans, or on Bush.  And the media would always report the lies and partial truths as if they were actually true.

They’re still trying to do that now, of course, but, having complete control of the government now, that fecal matter simply isn’t sticking to the wall anymore.

Obama fearmongered a massive stimulus through Congress that is now widely recognize to be just as massive of a failure as it was massively expensive.  It was so wasteful that examples of disaster abound, such as the case in Los Angeles where $111 million in stimulus created a mere 55 jobs.  The Obama administration claimed that the porkulus would prevent unemployment from going above 8%, which is now known to have been a complete load of crap, and Obama turned away from jobs and the economy as though he’d crossed those items of the list.   And then he turned to imposing his even more disastrous and wildly unpopular ObamaCare on an American people who NEVER wanted it.

Jimmy Carter overloaded Congress with legislative proposals his first year in office, and Obama has been nothing if not the reincarnation of Jimmy Carter’s failed presidency (and see also here).

Obama said of himself, “I serve as a blank screen, on which people of vastly different political stripes project their own views.”

But you’re not able to project whatever people want to hear anymore, Obama.  Unlike before – simply on account of the fact that you had no meaningful experience whatsoever – you’ve got an actual record, and we know who you are.  And we’re rejecting you by the millions.

And you’re taking the Democrat Party right down the drain with you.

Headed In The Right Direction? Mortgage Delinquencies, Unemployment UP; Market, Leading Economic Indicators DOWN

May 21, 2010

Nothing was more responsible for the economic implosion of 2008 than the mortgage industry.  So it is somewhat illuminating that – to go along with the European Union government spending crises and yesterday’s corresponding bloodbath in the Dow (down 376 points) which officially put Wall Street into “correction territory” – we now see that, if anything, our mortgage woes under Obama are actually worse than ever.

Mortgage delinquencies hit 10%
By Les Christie, staff writerMay 19, 2010: 1:20 PM ET

NEW YORK (CNNMoney.com) — A dubious distinction was reached during the first three months of 2010: More than 10% of all mortgage borrowers are now behind on their payments.

The delinquency rate hit a record of 10.06% in the first quarter, according to the Mortgage Bankers Association. The seasonally adjusted rate accounts for all mortgages on properties that have up to four units and that are at least one payment late.

The rate has been inching steadily toward this record. In the previous quarter, 9.47% of borrowers were behind on payments; and one year ago, 9.12% were late. […]

Nearly all varieties of loans suffered increased delinquencies compared with 12 months earlierPrime fixed-rate loans hit 6.17%; prime adjustable-rate mortgages (ARMs) tipped 13.52%. Subprime fixed-rates jumped to 25.69%; and subprime ARMs are a whopping 29.09%.

So, to put it bluntly, a full year and a half later, Barry Hussein hasn’t done anything to fix the biggest component that created the economic collapse of 2008.  Not a damn thing.

The problem is actually worse than ever.

A significant factor contributing to this crisis is unemployment.  But, again, Obama hasn’t done a damn thing (all failed predictions and promises aside) to create jobs:

Jobless claims rise by largest amount in 3 months
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer   – Thu May 20, 4:29 pm ET

WASHINGTON – The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.

Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said Thursday.  It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.

The total was the highest since new claims reached 480,000 on April 10. It also pushed the average for the last four weeks to 453,500.

“Although no one expects this volatile series to go in one direction every single week, this is clearly a disappointment,” said Jennifer Lee, senior economist at BMO Capital Markets.

Stocks slid as investors’ already bleak view of the world economy worsened with another drop in the euro and the disappointing U.S. employment news. The Dow Jones industrial average fell more than 250 points in early afternoon trading.

“Unexpectedly.”  The propagandists adverb of choice.

After a newspaper or news station has used the word a thousand times, you’d think they’d grow tired of making excuses for the numerous failures of the White House.  But, noooooo.  They never weary of describing bad news as “unexpected” as a device to imply that it was really nobody’s fault.

Now, mind you, they liked to use the word “unexpected” a lot when Bush was president, too.  But then it was to reduce the credit that Bush should have received for successful policies.  Take the result of his tax cut, which boosted revenue.  The New York Times wrote:

“For the first time since President Bush took office, an unexpected leap in tax revenue is about to shrink the federal budget deficit this year, by nearly $100 billion.

On Wednesday, White House officials plan to announce that the deficit for the 2005 fiscal year, which ends in September, will be far smaller than the $427 billion they estimated in February.”

When a Democrat is president, bad news is always “unexpected” to the mainstream media.  When a Republican is president, it’s always GOOD news that’s “unexpected.”

What is the Obama message that continually keeps being falsified by “unexpected” actual results?

“We can say beyond a shadow of a doubt today we are headed in the right direction,” Mr. Obama told an audience of about 230 workers and local business leaders. “All those tough steps we took, they’re working, despite all the naysayers who were predicting failure a year ago.” ….

“Last month we had the strongest job growth we had seen in year, and by the way, almost all of it was in the private sector, and a bunch of it was manufacturing,” the president said, referring to last week’s report that found that the economy added 290,000 jobs in April. “So this month was better than last month. Next month is going to be stronger than this month. And next year is going to be better than this year.”

Only it’s a load of crap from a pathological liar.

The AP article cited above continues with this paragraph:

In a separate report, a private research group said its index of leading economic indicators dipped slightly in April. It was the first decline in more than a year.  Six of the 10 components on the Conference Board’s index deteriorated. Among them: U.S. residents filed fewer applications to build homes; vendors were slower in delivering supplies to companies; the unemployed filed more claims for jobless aid; and consumers’ confidence dropped.

Ah, but I have absolutely no doubt whatsoever that the drop was “unexpected.”

May 20 (Bloomberg) — The index of U.S. leading economic indicators unexpectedly declined in April, a sign the economic expansion may slow in the second half of the year.

NEW YORK (Associated Press) — A private research group’s index of leading economic indicators unexpectedly slipped in April, its first drop in more than a year and a sign that growth could slow this summer.

I knew it!!!  You clearly can’t blame Obama for any of that.  I mean, duh, who could possibly have “expected” it???

Why don’t we just keep believing more of Obama’s constant stream of lies, instead???

Let’s see.  Month of May.  Major market correction, with the Dow down 900 points this month.  Check.  Mortgage delinquencies up.  Check. Unemployment up.  Check.  Leading economic indicators down.  Check.

Famed market analyst Meredith Whitney says that Obama’s moronic financial “reform” that passed the Senate yesterday will succeed in creating tragic levels of unemployment for extended periods of time.

Just remember: Barack Obama is telling you the truth.  It’s reality that’s lying to you.

Everything is hunky dory.  And anything to the contrary has to be “unexpected.”