Hopium addled addicts angry at our analysis aimed at the Obama “budget overview” awoke in agony.
In Obama Budget: Sleeveless, Clueless, Truthless, Hopeless, Penniless we began our critique of the Obama “budget overview”. This morning at the grey buttressed Cathedral of the High Church of Obama – The New York Times – Archbishoprick Frank Rich stopped blurring the line between fact and fiction and essentially agreed with our puncture of the “honest” Obama “budget overview”.
Frank Rich, formerly the drama critic of the New York Times used to have the ability to say truths such as “outlaws come in the cameleon guises”. But that was before Frank Rich took vows and assumed the mitre of the Archbishoprick in the High Church of Obama.
Today though, for a few paragraphs, drama critic Rich is back to examine the Obama Drama:
The genuine populist rage in the country — aimed at greedy C.E.O.’s, not at the busted homeowners mocked as “losers” by Santelli — cannot be ignored or finessed. Though Obama was crystal clear on Tuesday that there can be “no real recovery unless we clean up the credit crisis,” it was telling that he got fuzzy when he came to what he might do about it. He waited two days to drop that shoe in his budget: a potential $750 billion in banking “asset purchases” on top of the previous $700 billion bailout.
Therein lies the Catch-22 that could bring the recovery down. As Obama said, we can’t move forward without a functioning financial system. But voters of both parties will demand that their congressmen reject another costly rescue of it. Americans still don’t understand why many Wall Street malefactors remain in place or why the administration’s dithering banking policy lacks the boldness and clarity of Obama’s rhetoric.
Nor can a further bailout be easily sold by a Treasury secretary, Timothy Geithner, whose lax oversight of the guilty banks while at the New York Fed remains a subject of journalistic inquiry. In a damning 5,600-word article from Bloomberg last week, he is portrayed as a second banana, a timid protégé of the old boys who got us into this disaster. Everyone testifies to Geithner’s brilliance, but Jindal, a Rhodes scholar, was similarly hyped. Like the Louisiana governor, the Treasury secretary is a weak public speaker not because he lacks brains or vocal training but because his message doesn’t fly.
Among the highlights of Obama’s triumphant speech was his own populist jeremiad about the “fancy drapes” and private jets of Wall Street. But talk is not action. Two days later, as ABC News reported, the president of taxpayer- supported Bank of America took a private jet to New York to stonewall Andrew Cuomo’s inquest into $3.6 billion of suspect bonuses.
Handing more public money to the reckless banks that invented this culture and stuck us with the wreckage is the new third rail of American politics. If Obama doesn’t forge a better plan, neither his immense popularity nor even political foes as laughable as Jindal can insulate him from getting burned.
Archbishoprick Rich on the economy declares Obama “fuzzy when he came to what he might do about it“. This echoes our own With Obama all we hear is lots of hopey words, a lot of “fill in the blank slate”, but little explanation of what all the plans for the economy actually are.
We repeatedly opposed the bailouts and only now does Archbishoprick Rich acknowledge we were correct, or at the very least within majority opinion, in our opposition.
How many times have we repeated that talk is cheap and that, quoting Rich, “talk is not action”.
Archbishoprick Rich, like us, rejects the bogus $250 billion number in the Obama “budget overview” and rightly agrees with us the actual number is $750 billion in future bank bailouts.
Unlike Archbishoprick Rich we did not in any way say anything about Obama “getting burned” because we know such code language is “racist” when directed at the inexperienced and unqualifed Barack Obama. However we did write that “The economy needs a clearly explained and accepted practical plan for economic recovery and sustained growth“. In agreeing with us, Archbishoprick Rich has become an apostate in the High Church of Obama.
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Yesterday the New York Times began to catch up to our analysis of the Obama “budget overview” when it wrote,
The economy is spiraling down at an accelerating pace, threatening to undermine the Obama administration’s spending plans, which anticipate vigorous rates of growth in years to come.
A sense of disconnect between the projections by the White House and the grim realities of everyday American life was enhanced on Friday, as the Commerce Department gave a harsher assessment for the last three months of 2008.
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For Democrats and for Liberals, a group we consider ourselves a part of, there are lessons to be learned. The lessons to be learned come from Republicans. As we have written, “We real Democrats opposed and mocked Republicans who worshipped George W. Bush. We real Democrats oppose and mock Democrats turned Dimocrats, PINO Big Blogs, who are mirror images of hypocrite Republicans“.
As we have written, Obama’s People are the mirror image of Bush’s People.
What is that mirror image? Let Democrats and Liberals look to the Republicans to see their reflection:
Did the Limbaughs, Hannitys, Savages, and Ingrahams lead us to this sorry state of affairs?
They surely did. At the very least, by yoking themselves to the clueless George W. Bush and his free-spending administration, they helped create the great debt bubble that has now burst so spectacularly. The big names, too, were all uncritical of the decade-long (at least) efforts to “build democracy” in no-account nations with politically primitive populations. Sean Hannity called the Iraq War a “massive success,” and in January 2008 deemed the U.S. economy “phenomenal.”
We do not quote from that essentially silly article to endorse its prescriptions or analysis of the effect of talk radio and its Republican/conservative personalities. The value of the excerpt is in noting how the blind loyalty not to principles but to a man, in this case George W. Bush, have laid the Republicans low.
Democrats, Liberals, and the newly minted Dimocrats ignore Republican history at the peril of repeating their errors. Democrats, Liberals, and Dimocrats should analyze Obama initiatives, proposals and budgets with the same intellectual honesty and critical faculties which would be applied to George W. Bush initiatives, proposals and budgets.
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Obama’s Potemkin “budget overview” founded as it is on gimmicks and assumptions for a mid-2009 economic rebound which color the entire Sleeveless, Clueless, Truthless, Hopeless, and Penniless enterprise will not change the basic economic facts.
Billionaire investor Warren Buffett predicted Saturday that “the nation’s economy will be in shambles throughout 2009” and probably “well beyond.”
In his annual letter to Berkshire Hathaway Inc. shareholders, Buffett said the credit crisis and falling housing and stock prices have led to “paralyzing fear.”
We recall late last year Warren Buffett was a cheerleader for the economy who invested $5 billion in Goldman Sachs on September 24, 2008, and $3 billion in General Electric on October 1, 2008. We expect Buffett has now learned that Hope is not a strategy.
In trendsetting California, one fifth of the American economy, the economic news is bad no matter how many rosy scenarios Obama paints nor how much Hopium the state injests,
Unemployment in California shot up to its highest level in nearly 26 years in January, leaving more than 1 in 10 workers without a job.
Figures released Friday show that 79,300 jobs were lost in the state last month, bringing the total number of unemployed to 1,863,000, or 10.1% of the workforce. That’s the highest since the rate touched 10.4% in 1983.
California unemployment rate reaches 10….Conditions are even worse in Los Angeles County, which saw its unemployment rate jump to 10.5% in January from 9.2% the month before.
According to a photo essay in the L.A. Times listing announced nationwide layoffs company by company, thus far in 2009 389,778 jobs have been lost.
Instead of accepting a complicit and compliant Big Media analysis of “honest” Obama and the Obama “budget overview” Democrats must exercise their critical faculties. They will agree with our view of the Obama “budget overview”.
That’s the Big Pink Lesson for Liberals.