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Normally I steer away from Rolling Stone and their articles. However, this one makes some very good points and arguments in regards to the Obama administration’s catastrophically negative impact on the U.S. economy. As in the author of the article Obama’s Big Sellout stated, “This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.” Which in my opinion, is putting it mildly. It is and has been a buy out of the major banks and automobile companies in aspirations to gain even more of a government foothold. And as the article points out, “… the extensive series of loophole-rich financial “reforms” that the Democrats are currently pushing may ultimately do more harm than good.”
It is also explains that during the campaign Obama had advisers which focused heavily on helping the poor and middle class, and condemned the bankers of Wall Street. But the day after Barack Obama was elected to office, he did away with those advisers and replaced them with the total opposite, Wall Street bankers. Which “Leading the search for the president’s new economic team was his close friend and Harvard Law classmate Michael Froman, a high-ranking executive at Citigroup.” And it wasn’t long after he was made official in his office that Obama made the $306 billion bailout of Citigroup and agreed to make taxpayers pay up to $277 billion in losses for the Citi assets.
It is very interesting to say the least to see how the web of Obama’s economic team was formed. There is no interest in helping the poor or middle class. It is about making more money and expanding government control. The author of the cited article does well showing the timeline of events and the connections of the appointees. However, he is clearly a democrat and was at one time for Obama. He also uses a fair amount of profanity, which is completely unnecessary for getting his point across. But I do think it is a worthwhile read for informational purposes if you read it to the end.
WARNING THE FOLLOWING LINK DOES CONTAIN PROFANITY (very unnecessarily)
The unprecedented increase in unemployment has no doubt effected every U.S. citizen in one way shape or form. If you have not been laid off, then chances are you are close to someone who has been. You probably even have one or more within your family that has been let go in the past year. It touches the heart to hear of loved ones losing so much and then struggling month after month to find a way to replace the lost income. But who has been hurt the most throughout this financial recession? Believe it or not, it is the majority of those who voted Barack Obama into the Presidency, it is the Democrats and Independents.
Back in January of this year, when the unemployment rate was at 7.6%, many blamed President Bush for the unemployment disaster. And while he did play his own part in allowing the first stimulus package and the buy out of many banks, it was made dramatically worse by President Obama. Obama did not allow the economy to simply heal on its own, he pushed to further the national debt, crippling the U.S. dollar, and all the while convincing many Americans that it was the proper course of action to stimulate the economy.
President Obama and the mainstream media has since then lied numerous times telling the public the economy is growing, that unemployment rates are improving, and that we are going in the “right” direction. This could not be further than from the truth. And yet, his loyal followers, who are taking the brunt of the economic crisis, still listen and believe with unemployment now at a staggering 10.2%.
Why is it that those who are suffering the most from this situation continue unfailing support of the Obama administration? Is it that so many have grown so dependent on the government that they are still encouraged by the empty promises of Obama? Perhaps it’s the vainess of sticking beside one’s own race without question? Or maybe it is like rooting for your favorite football team, no matter what you will go with your political party for better or for worse. Many Americans regardless of social standing do not like to admit when they have made a mistake. What ever the case is, I think it can be all of the above. Sadly, according to Rasmussen Reports it is Obama’s supporters, the Democrats and the minority population, that are being hit the hardest by unemployment.
The data collected by the Rasmussen Reports national telephone survey states:
“Data from Rasmussen Reports national telephone surveys shows that 15.0% of Democrats in the workforce are currently unemployed and looking for a job. Among adults not affiliated with either major party, that number is 15.6% while just 9.9% of Republicans are in the same situation.”
How do I know who supported Obama the most? As reported by BBC News on exit polls in their article Who Voted For Obama, he had the most support from first time voters, young voters, Democrats, and minority groups. And ironically, 62% of those who voted for Barack Obama cited that the economy was their main factor. Since his appointment to office, it has only worsened and regressed at a rate that no one ever thought possible.
What has our President that promised so much hope and change done to improve our economic woes? Why, he has made them far more and far worse. If you were in deep financial debt would you try to get out by spending more money? No, of course not. You would hunker down and take out the frivolous things in your life to make up the difference while paying back what you owe little by little. Yet, this administration instead took it upon themselves to spend not only our money, but our children and our grandchildren’s money, in the hopes of stimulating an economy that had already been overspent.
Those who were in financial trouble would have been better off to slip into bankruptcy and to lose a few jobs rather than to become slaves to the federal government who bought out their stocks to “save” them. No company is too big to fail. Instead, the deeds of the Obama administration has bankrupted the entire nation and left us in debt to other countries. In the meantime, those who provide the unshaken support of our President suffer the hardest in false hope that he will somehow rescue them by paying their gas and mortgage. Is the Democrat party so hungry for power that they are willing to make more people dependent on the government in supplying their every need like with this healthcare bill, giving them the power over our very health and well-being? It will spiral America into more economic hardship and leave us at the mercy of the country with the greatest stock in America (a.k.a. China). In a once Republic nation that is now resembling a socialist/communist country, how ironic that we look to China for support at this time. (Why else did you think Obama is spending so much time over there?)
I got the following in an email and thought I would share it on here. It makes you wonder how the heck the people who are in office really get there.
Think of it this way,
A clunker that travels 12,000 miles a year at 15 mpg uses 800 gallons of gas a year.
A vehicle that travels 12,000 miles a year at 25 mpg uses 480 gallons a year.
So, the average Cash for Clunkers transaction will reduce US gasoline consumption by 320 gallons per year.
They claim 700,000 vehicles so that’s 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $70 per barrel costs about $350 million dollars
So, the government paid $3 billion of our tax dollars to save $350 million.
We spent $8.57 for every dollar saved.
How good a deal was that ???
And people think they can handle healthcare???
Are you surprised? I’m sure your not. We should have seen this coming. I remember my parents teaching me, “If it sounds too good to be true, then it probably is.” And that has been proved right in so many aspects of life that it is mind boggling. But one thing many people wouldn’t quickly suspect would be a program parading around as some kind of charity or stimulus as having a hidden rule. That hidden rule is that “up to $4500” that you “received” for that clunker is now considered part of your taxable income. How convenient this comes out after the program is done away with. Not to mention, I am not too happy with what they did with all those “clunkers”. Instead of giving them to people who are without transportation and actually desperately need a car, they send them to big truck rallies for smashing entertainment or off to be made into scrap metal. I suppose when it comes to the new administration there is always going to be a catch.