“Follow The Money” was the advice given to the reporters chasing the Watergate scandal. “Follow The Money” is how Eliot Ness tripped up Chicago’s Al Capone. “Follow The Money” is the key to understanding the Chicago Obama Crimelords.
We’d like to discuss hypocrite Elizabeth Edwards, who felt no sympathy or sisterhood but instead attacked Hillary Clinton for not being as “happy” as Lizzy, and her hubby John “Are You My Daddy?” Edwards but we will instead “follow the money”.
We’d like to discuss how even at the sites which have been our relentless critics, some are waking up, some actually quote Big Pink. We would also like to continue to explore the thugs and thuggery at the heart of the Obama Crime Family.
We’d like to discuss those subjects, but instead we will continue to “follow the money”.
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Remember when Obama hacks and flacks discussed their rejection of the Democratic FDR coalition in favor of their soylent green brave new world?:
As the long suffering Donna declared A new Democratic coalition is younger. It is more urban, as well as suburban, and we don’t have to just rely on white blue-collar voters and Hispanics.
Axelrod has declared The white working class has gone to the Republican nominee for many elections, going back even to the Clinton years. This is not new that Democratic candidates don’t rely solely on those votes.
Donna and David, the Dungeons and Dragons of the Obama set, deliberately set out to get rid of those older, whiter, voters from the Democratic coalition seemingly unaware that the young have parents and that the young all too soon turn older then old too. The Obama, Donna, and David coalition did not add to the Democratic coalition but rather sought to subtract, for the purpose of one election and one personality, from the real working class Democratic FDR coalition.
We had many reasons to oppose the Obama “budget overview”. While others praised the “budget overview” we immediately saw it for the scam it is. Our opposition focused on the fake Obama numbers and the massive deficits and the massive inflation which Obama would force on the American economy.
Now we have increasing proof and testimony that we again have been right. The proof and testimony comes from one of Obama’s major supporters and supposed confidants:
It is mostly older Americans, the ones no longer wanted in the soylent green Obama Dimocratic Party that have fixed incomes. Inflation kills those on fixed incomes. Billionaire Buffet has no worries on the financial front – but he certainly gave away the Obama plan:
The explosive rise of the U.S. budget deficit and debt burden will lead to serious inflation down the road, says billionaire and Obama supporter Warren Buffett.
The Congressional Budget Office predicts that government debt will peak around 54 percent of GDP in 2011.
But Buffett told CNBC Monday morning that the ratio could surpass 80 percent — unless there are significant spending cuts or tax increases.
After a testy exchange with Sen. Judd Gregg, who suggested that President Obama’s plans to hike federal spending would only increase the nation’s staggering national debt, Buffett relented by stating that, in the end, the U.S. government simply will do what every other government has done in such circumstances.
“A country that continuously expands its debt as a percentage of GDP and raises much of the money abroad to finance that, at some point, it’s going to inflate its way out of the burden of that debt,” Buffett said.
Experience proves that, he points out.
“Every country that has denominated its debt in its own currency and has found itself with uncomfortable amounts of debt relative to the rest of the world, in the end they inflate,” Buffett explains.
“That becomes a tax on everybody that has fixed dollar investments.”
Of course, it’s likely that these trends also will mean a serious swoon for the U.S. dollar.
Buffett also suggested that dollar denominated investments like T-bills won’t be a wise investment, in the long run.
Elsewhere in the economy, Buffett sees unemployment rising further. “Who knows where it tops out,” he says. But, “it will top out eventually.”
The Big Blogs ignored Big Pink. The Big Blogs moaned about “deflation” and laughed at us for our focused discussions about the real threat – INFLATION.
We were mocked because of our “follow the money” focus on deficits and debt and the inflation to come. The mockery lessens now that children realize they will have to take care of their insolvent parents and worry about paying the Obama bills themselves.
The nation’s debt clock is ticking faster than ever — and Wall Street is getting worried.
As the Obama administration racks up an unprecedented spending bill for bank bailouts, Detroit rescues, health care overhauls and stimulus plans, the bond market is starting to push up the cost of trillions of dollars in borrowing for the government.
Last week, the yield on 10-year Treasury notes rose to its highest level since November, briefly touching 3.17 percent, a sign that investors are demanding larger returns on the masses of United States debt being issued to finance an economic recovery.
While that is still low by historical standards — it averaged about 5.7 percent in the late 1990s, as deficits turned to surpluses under President Bill Clinton — investors are starting to wonder whether the United States is headed for a new era of rising market interest rates as the government borrows, borrows and borrows some more.
Today’s young and not so young will pay the bills when the nation is rescued and Obama with his Crimelords no longer occupies Washington. Today’s old and near old will pay now as Obama robs them to finance his looting of the American economy.
The looting of the American economy by Obama and his Crimelords is running on schedule:
Already, in the first six months of this fiscal year, the federal deficit is running at $956.8 billion, or nearly one seventh of gross domestic product — levels not seen since World War II, according to Wrightson ICAP, a research firm.
Debt held by the public is projected by the Congressional Budget Office to rise from 41 percent of gross domestic product in 2008 to 51 percent in 2009 and to a peak of around 54 percent in 2011 before declining again in the following years. For all of 2009, the administration probably needs to borrow about $2 trillion.
The rising tab has prompted warnings from the Treasury that the Congressionally mandated debt ceiling of $12.1 trillion will most likely be breached in the second half of this year.
Last week, the Treasury Borrowing Advisory Committee, a group of industry officials that advises the Treasury on its financing needs, warned about the consequences of higher deficits at a time when tax revenues were “collapsing” by 14 percent in the first half of the fiscal year.
“Given the outlook for the economy, the cost of restoring a smoothly functioning financial system and the pending entitlement obligations to retiring baby boomers,” a report from the committee said, “the fiscal outlook is one of rapidly increasing debt in the years ahead.”
While the real long-term interest rate will not rise immediately, the committee concluded, “such a fiscal path could force real rates notably higher at some point in the future.”
The mental giants who helped destroy the American economy now say “don’t worry”:
In some ways, ballooning deficits should not matter. Deficits are a useful way for governments to use public spending to stimulate the economy when private demand is weak. This works as long as a country closes its deficit and pays back its borrowings after its economy starts to recover.
The trouble is that government borrowing risks crowding out private investment, driving up interest rates and potentially slowing a recovery still trying to take hold. That is why the Federal Reserve announced an extraordinary policy this year to buy back existing long-term debt — $300 billion over six months — to drive down yields. The strategy worked for a while, but now the impact of that decision appears to be wearing off as long-term interest rates tick up again.
Then there is the concern that the interest the government must pay on its debt obligations may become unsustainable or weigh on future generations. The Congressional Budget Office expects interest payments to more than quadruple in the next decade as Washington borrows and spends, to $806 billion by 2019 from $172 billion next year.
“You’re just paying more and more interest and having to borrow more and more money to pay the interest,” said Charles S. Konigsberg, chief budget counsel for the Concord Coalition, which advocates lower deficits. “It diverts a tremendous amount of resources, of taxpayer dollars.”
The Obama credit card will be used over and over. Others will lend and weaken America. It is possible that America will be so weak the lenders will abandon us to finally get our financial house in order.
One worry, however, is that there are fewer eager lenders to buy all that American debt. [snip]
But the influx will not continue forever.
China has lent immense sums to the United States — about two-thirds of its central bank’s $1.95 trillion in foreign reserves is believed to be in United States securities — but it has begun to voice concerns about America’s financial health.
To calm nerves and fill the deficit hole, the government is getting creative.
Flim-flam confidence men always get more creative.
Flim-flam confidence men always target the old first.
The old are the most profitable target.
Eventually, everything young is old again.