Andrew Cuomo talked right and acted right when he heard about the AIG bonuses. For that jealous Barack Obama implied Cuomo is stupid.
PINO Big Blogs are celebrating because they think Obama smacked down Ed Henry of CNN, who asked a key question last night. Obama did not smack down Ed Henry – Obama insulted Andrew Cuomo and all Americans.
On Monday, Tina Brown assessed the AIG scandal and Andrew Cuomo:
…we now see the ascendance of New York Attorney General Andrew Cuomo as the unexpected man of the hour. He looked great when he went after Merrill Lynch’s commode-loving CEO John Thain over the obscene bonuses he paid out just before Merrill was taken over by Bank of America, and even better when he subpoenaed the excessive bonus details from AIG. Last night, he scored big when he announced that 15 of the top 20 retention-bonus recipients in AIG’s financial-products unit had agreed to give back their spoils, bringing Cuomo’s haul to $50 million—a pittance in the scheme of things (only 50 percent of the bonus bucks), but a big haul of psychic satisfaction to the walking wounded seething for some vestige of reparation.[snip]
He has avoided bombast and picked his targets carefully. [snip]
…Cuomo’s nuanced approach can be seen in his case against Merrill Lynch and Bank of America. Cuomo said very little personally about the key players involved and when he did, it was only about the issue at hand. He has merely stated the obvious: that Ken Lewis and John Thain are thwarting his investigation by not providing more information on the bonuses. If Cuomo goes on drawing blood with a rapier, he’ll make the populist hysterics in Congress look even more retro.
Cuomo did well while Obama and his henchmen protected Big Business looters and said there was nothing Obama could do about the scandalous bonuses. Only after the explosion of anger by the American people did Obama feebly try to pretend to care about the bonuses.
Last night Obama praised his do-nothing vaction/party self and implied that Andrew Cuomo did not know what he was doing.
QUESTION: You spoke again at the top about your anger about AIG. You’ve been saying that for days now. But why is it that it seems Andrew Cuomo seems to be, in New York, getting more actual action on it? And when you and Secretary Geithner first learned about this, 10 days, two weeks ago, you didn’t go public immediately with that outrage. You waited a few days, and then you went public after you realized Secretary Geithner really had no legal avenue to stop it.
And more broadly — I just want to follow up on Chip and Jake — you’ve been very critical of President Bush doubling the national debt. And to be fair, it’s not just Republicans hitting you. Democrat Kent Conrad, as you know, said, quote, ”When I look at this budget, I see the debt doubling again.” You keep saying that you’ve inherited a big fiscal mess. Do you worry, though, that your daughters, not to mention the next president, will be inheriting an even bigger fiscal mess if the spending goes out of control?
PRESIDENT OBAMA: Of course I do, Ed, which is why we’re doing everything we can to reduce that deficit. Look, if this were easy, then we would have already had it done and the budget would have been voted on and everybody could go home. This is hard. And the reason it’s hard is because we’ve accumulated a structural deficit that’s going to take a long time, and we’re not going to be able to do it next year or the year after or three years from now. [snip]
QUESTION: So on AIG, why did you wait — why did you wait days to come out and express that outrage?
PRESIDENT OBAMA: I —
QUESTION: It seems like the action is coming out of New York in the attorney general’s office. It took you days to come public with Secretary Geithner and say, look, we’re outraged. Why did it take so long?
PRESIDENT OBAMA: Well, it took us a couple of days because I like to know what I’m talking about before I speak. (Laughter.) All right?
Obama thinks Andrew Cuomo spoke before he knew what he was talking about? Cuomo was right and Obama was a boob so Obama trashed Cuomo.
Obama not only trashed Andrew Cuomo, Obama cheaply displayed his inner George Bush. “It’s hard” said Obama; “it’s hard” said George W. Bush.
After insults directed towards New York Attorney General Andrew Cuomo, and imitation of George W. Bush, Obama decided to insult the intelligence of Americans.
QUESTION: At both of your town hall meetings in California last week, you said, quote, ”I didn’t run for president to pass on our problems to the next generation.”
But under your budget, the debt will increase $7 trillion over the next 10 years. The Congressional Budget Office says $9.3 trillion. And today on Capitol Hill, some Republicans called your budget, with all the spending on health care, education and environment, the most irresponsible budget in American history.
Isn’t that kind of debt exactly what you were talking about when you said passing on our problems to the next generation?
Obama immediately played the blame game which he says he wants to end but constantly indulges in. Next, Obama pushed the fiction that he drives down the deficit “over the first five years”. That is only true due to the massive spend, spend, spend, in the initial years but Obama increases the debt without restraint every year.
Obama defended his rosy scenario as somehow consistent with reality – it isn’t. Obama was pressed by Chip Reid that “Then, after that, six years in a row it goes up, up, up” and Obama was forced to concede that yes, his “budget overview” does indeed raise the deficit.
Obama is talking out of all sides of his multi-sided mouth and many economists say Obama relys on false rosy scenarios:
President Barack Obama’s plea for patience in the economic turmoil Tuesday fits with the view of most economists that a turnaround will take some time. It doesn’t fit quite so neatly with his bullish budget.
The president’s spending plans and deficit projections rest on the assumption that the economy will post solid growth next year after a mild, further decline this year. Many economists think that’s too rosy.
Obama was more cautious than that in his prime-time news conference—possibly to the point of having it both ways.
Obama insults the intelligence of Americans for political purpose, the Obama budget projections are unduly optimistic to make the math to pay for the president’s programs work.
Obama faked his way through 13 questions in an hour last night. Chip Reid’s question on the deficit and the debt were good but Obama bamboozled in response. Major Garrett asked a good question too which Obama bamboozled. It’s a dangerous situation Garrett wanted a genuine answer to and which Americans need to hear:
Taking this economic debate a bit globally, senior Chinese officials have publicly expressed an interest in an international currency. This is described by Chinese specialists as a sign that they are less confident than they used to be in the value and the reliability of the U.S. dollar. European countries have resisted your calls to spend more on economic stimulus.
I wonder, sir, as a candidate who ran concerned about the image of the United States globally, how comfortable you are with the Chinese government, run by communists, less confident than they used to be in the U.S. dollar, and European governments, some of the center-left, some of them socialist, who say you’re asking them to spend too much?
Obama bamboozled an answer to that important question too. The Chinese, with massive amounts of dollars could sink the American economy at will. The Europeans are worried too as exemplified by the European Central Bank:
And now, with other central banks acting to create money out of thin air because they cannot prime the lending pumps by lowering short-term interest rates any further, the E.C.B. remains wary of the specter of future inflation.
Beneath it all is an aversion to anything that smacks of “printing money,” a phrase that evokes Europe’s worst economic nightmares, everything from kings debasing their currencies so they could fight endless battles to the hyperinflation and currency collapses in Germany after it lost two wars in the 20th century. [snip]
But the E.C.B. has thus far avoided anything resembling the Fed’s frenetic activism, which is viewed in Frankfurt as a desperate attempt to substitute for a lack of political will to fix the U.S. banking system.
The Fed is trying everything it can think of to infuse cash into the economy, bypassing the dormant financial system that is the gatekeeper of credit in normal times. It has purchased a dizzying array of securities, including government bonds whose rates influence lending costs throughout the U.S. economy. That is only necessary, in the view of some European officials, because repeated plans to restructure the banking system have failed.
Whether the latest plan, presented by Treasury Secretary Timothy F. Geithner on Monday, will fare any better remained an open question. [snip]
Morever, E.C.B. officials do not share the fear of deflation — a sustained drop in prices across the board — that lurks behind the Fed’s actions. [snip]
The Fed’s move last week to pump up to $1 trillion more into the financial system led Bild, the best-selling German tabloid newspaper, to run alarmed headlines about an “inflation danger” that now stalks Europe. Exaggerated as that may be, the Fed’s actions sent shivers through an institution whose chief mandate is to protect the purchasing power of the euro, which is only 10 years old.
Right after the Fed acted, commodity prices, the classic harbingers of future inflation, ticked sharply upward, while the dollar fell, suggesting investors see a not-so-subtle future debasing of the U.S. currency.
The Bank of England is also wisely saying “stop the spending“.
The Governor of the Bank of England stunned Downing Street yesterday by warning against a giveaway Budget next month.
Mervyn King said public finance deficits were too high for big tax cuts or bumper spending increases on April 22.
The extraordinary warning to Gordon Brown not to blow billions on a second ‘fiscal stimulus’ came perilously close to breaching the convention that the head of the Bank does not question Government policy.
Tories said it blew a hole in Mr Brown’s plans for next week’s G20 summit in London.
Mr King’s intervention was especially embarrassing for the Prime Minister because it came as he was using a speech to the EU Parliament in Strasbourg to call for ‘the biggest fiscal stimulus the world has ever seen’.
The governor’s warning underlined mounting concerns – both inside and outside Government circles – about the scale of public borrowing. [snip]
The Confederation of British Industry also warned this week that the UK cannot afford a second fiscal stimulus. The International Monetary Fund forecasts that the UK will rack up the biggest deficit of any leading nation next year, while the pound has tumbled by nearly 30 per cent amid fears that the Treasury cannot afford its massive borrowings to cover bank bailouts and collapsing tax revenues.
Democrats, not Dimocrats, are ready to fight the Obama irresponsibility:
Senate Budget Committee Chairman Kent Conrad outlined a five-year spending plan Tuesday that would narrow the deficit by two-thirds but severely weaken President Barack Obama’s ability to achieve the tax cuts and health care reform at the heart of his domestic agenda. [snip]
The chairman’s proposed revenue numbers make no commitment to continue Obama’s signature Making Work Pay tax break—costing more than $200 billion over the life of Conrad’s budget. And in the case of health care, there is no specified down payment to match the $634 billion, 10-year number included in the president’s budget.
Even in the case of Pell Grants for low-income college students, Conrad would keep the funding subject to annual appropriations and not shift to the more expansive mandatory funding status proposed by the president.[snip]
All these adjustments allow Conrad to show a steep downward path for the deficit from the estimated $1.7 trillion shortfall forecast for this year by the Congressional Budget Office. The North Dakota Democrat hopes to have the number down to $601 billion by 2012, $570 billion in 2013 and, finally, $508 billion in 2014. [snip]
But even House Democrats, like Conrad’s budget, have backed away from taking a very forceful stand in support of the cap-and-trade revenue bill sought by Obama as part of his climate change initiative. And much as Speaker Nancy Pelosi (D-Calif.) remains adamant about moving ahead on health care, Conrad and a significant number of Senate Democrats still oppose using the expedited procedures afforded to them under the budget rules to achieve this goal.
Senator Conrad understands the damage Obama wants to do to the American economy:
From Conrad’s perspective, that crisis was compounded last week by the release of new CBO estimates showing that the cumulative 10-year deficits under Obama’s budget could be $2.3 billion higher than the White House had projected. By the end of the decade, the annual cost of just paying interest on the growing debt would exceed defense spending in Obama’s budget. Conrad said the numbers must be viewed as a “wakeup call” requiring adjustments by the administration.
“When you lose $2.3 trillion, you have to cut things,” the chairman said. “And that’s what we’ve done.”
Obama wasted trillions on his “stimulus” scam and bailouts instead of restrained and targeted spending for Hillary Clinton’s universal health care and HOLC style programs which would have been sensible expenditures and investments.
Now there is even less money to address the nation’s needs.
Last night Obama tried to bamboozle the nation and insulted those like Andrew Cuomo who took action not just dripped words.
During the campaign Obama dripped flowery words but now Americans witness the Obama bamboozle.
It is time for Obama to stop the insults and just go away. Just go away.