Goodbye 2009 and Hello 2010: More of the Same From Obama

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We are simply going to spend our way into — not just a depression, not just inflation, not just hyper-inflation, but a potential depression.

Mr Obama is showing he has absolutely no intention of curbing spending whatsoever for 2010.
He has essentially cut Fannie Mae and Freddy Mac a blank check. Late on Christmas Eve the Obama Administration removed the $400 billion dollar loan cap. Now? No cap whatsoever. Cui bono? you might ask. The answer: not the citizens. With the billions already sucked up by FM/FM, read this:
Just 31,382 borrowers nationwide had received permanent loan mods as of Nov. 30 under the Home Affordable Modification Program (HAMP), the Treasury Department reported. Meanwhile, First American CoreLogic says that 1.7 million homes are likely to be lost to foreclosure next year.
So, once again, where did the money go? Who is monitoring? No one knows; no one is monitoring.
But wait, there’s more:
GMAC already received $12.5 billion dollars from the federal government. Now it’s going to get an additional $3.8 billion. What a deal!
H.R. 4173, the “Wall Street Reform & Consumer Protection Act,” was passed by the House earlier this month. Here are some high points of the bill, courtesy of Barney Frank:

— For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.

— Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.

— Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdownprobably will be used to predict this likelihood as well.

More Bailouts

— The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy — there are more bailouts to come.

— The legislation does create a council of regulators to spot risks to the financial system and big financial firms. Unfortunately this group is made up of folks who missed the problems that led to the current crisis.

— Don’t worry, this time regulators will have better tools. Six months after being created, the council will report to Congress on “whether setting up an electronic database” would be a help. Maybe they’ll even get to use that Internet thingy.

Essentially, as Bloomberg.com writer David Reilly says, 4173 is nothing more than a $4 trillion dollar “gift” from Mr Frank.
And finally, don’t forget, Mr Obama not only wants another stimulus package for 2010, but insists on passage of his ObamaKare and CapNTax bills — sure to cost further trillions of dollars.
Folks, does anyone besides me think this is a recipe for the complete fiscal annihilation of the United States?
Yeah, right; let’s really welcome in that New Year.
BZ
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23 thoughts on “Goodbye 2009 and Hello 2010: More of the Same From Obama”

  1. BZ,
    It’s like giving CPR to someone you know isn’t going to make it. You keep pumping and pushing air, but really you’re just wasting energy. We can warn people and protest all we want, but it seems we’re performing CPR on someone who isn’t going to make it and doesn’t really care. The American people fomented by the MSM are ignoring us and running towards the cliff. Cui bono? Not us, my friend, not us.

  2. As Beth just commented at my place, any time Obama does anything on a holiday or Friday or Saturday night, be VERY WARY.
    This is getting NUTS, BZ…just absolutely NUTS.
    And we’re doing ZILCH

  3. LOT: makes me think of the scene in Wambaugh’s ’83 “The Delta Star” where the Bad Czech is pumping the guy’s chest — which is only making him bleed out faster.

    The American media? You know, I actually LIKE newspapers. I LIKE holding one in my hand. When they die I think there really will be a wave of greater corruption in local governments. But their demise comes from — in GREAT part — their clear and obvious Liberal and Leftist bias that many people have simply decided, literally, NOT to “buy” anymore.

    BZ

  4. Z: “nuts” is right. And the more the Left push it, the more I’m convinced there really WILL be some form of insurrection; where the CONSENT of the will of the people to be governed SHALL be removed.

    You tank this country, you drive a stake through the heart of the average American taxpayer, you create hyperinflation and/or an actual Depression, and this country will light up like a pool of gasoline.

    BZ

  5. BZ –

    There’s something coming. Greybeard and I have been talking about it for quite some time now. I’m still hoping it will be a bloodless revolt, mainly at the ballot box…

    But who knows? Hyper inflation scares the bejeezus out of me.

    cjh

  7. Unless their’s a crises, there won’t be opportunity to apply Naomi Klein’s “Shock Doctrine”.

    Isn’t, “Let no disaster go to waste” Rahm Emannuel’s favorite saying?

  8. Oh, I have an idea, lets not do anything, lets turn of the spigot. Than lets watch the depression settle in nicely and we can all be in bread lines this time next year.

    Grow up people.

  10. Makes my head spin. I sure hope 2010 is not more of the same, but it looks that way.

    Many of the Dems are in trouble at home for the way they have acted during 2009. I hope many get voted out.

    Unfortunately some are not up for vote until 2012. A lot of damage can be done in that time.

    Debbie
    Right Truth
    http://www.righttruth.typepad.com

  13. db: grow up indeed. You’re doing nothing but watching those billions and billions of dollars fauceting away. Bush spent like a drunken sailor but Obama has increased that absolutely geometrically and exponentially. As China recently said: there isn’t enough money on the planet to cover US debt.

    BZ

  14. Right on schedule we release the mastermind of the Kerbala attack who had backing from the IRGC. The Kazali brothers were into both organized crime and the insurgency, getting their supplies from the IRGC. Yes we do have an answer for Iran: here is one of your prime operatives BACK.

    As for getting a Depression: we are on the exact, same track as FDR was on, and the money he spent did not improve the economy, the taxes did not lift us out of the Depression and actually made it longer and deeper. Good job on not learning history so we can be condemned to repeat it.

  16. Obama seems to set new record spending hights with each passing month. I just heard that GM is giving super deals on their remaining 2009 Pontiac’s about $6000 off sticker price. Wonder how they can afford that. Does the new Government Motors intend to drive out the competation and have the auto business to themselves? It’s scary out there now.

  17. It’s so heavy I have difficulty carrying it…
    The bag of pre-1965 dimes (90% pure silver) I bought to use when the economy goes off the tracks.
    I think I may have told you before, but I’m buying ammo for guns I don’t even own for use as bartering material “later”.
    I was already fat on handguns, but bought an M-1 Carbine, a Remington 870 shotgun, and a Remington VTR 700 chambered for .308 over the last few months, just in case. There’s three months dried food in the larder, and I’m stocking more as I can afford it.
    I don’t know how you can take an economy everyone was pointing to as bankrupt during the Bush administration and TREBLE the debt load in less than a year without realizing it’s a house of cards about to be subjected to a stiff wind.

    BZ, I’ll wish and the rest of your readers a Happy New Year, even though I think it’ll be an “interesting” one instead. Obviously, several here are ready for that eventuality.
    God be with us all, and God Bless OUR version of America.

  18. No surprise, and I’ll bet they are going to retro the Estate Tax back to Jan 1, 2010, so if you die in 2010 you will pay 55%; instead of the 0% that is SUPPOSED to be in effect.

  20. Here it comes folks. . .

    Wait for it — wait for it. . .

    There? Feel yourself grabbed by the ankles and turned upside down for your change, as it tinkles to the ground?

    THERE’S your “hope” and “change” for 2010.

    BZ

  21. Earth to Neocons; every President sets new records in spending. It’s called inflation.

    Bush spent like a drunken sailor while nearly destroy the middle class-you! Now you criticize Obama who is the grown up who finally shows up to clean up after the spoiled brat

  22. DB- They are against Bush, too. They are against everything.Basically they are a bunch of cranky people who complain and condemn greater society because things are going poorly in their personal lives. People who enjoy life don’t have time to be whipped up: they are too busy having fun.

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