Wednesday, August 10, 2011

Our world of lies: Obama blames Bush (again), and the Fed is given credit for nothing

Obama says he "inherited" the financial crisis. "We do have a serious problem in terms of debt and deficit, and much of it I inherited," says the first U.S. president under whose leadership the federal government has been running $1 trillion deficits for each of his first three years. Bush certainly carries blame for getting the car up to speed, but Obama mashed the accelerator.

"When you have problems in Europe and in Spain and in Italy and in Greece, those problems wash over into our shores," says the idiot who thinks those three small economies (not even $4 trillion combined), who aren't even the United States' largest trading partners, somehow have enough pull that their crises will wreck the largest in the world.

And then after yesterday's "rally," which didn't erase Monday's losses, the media was typically quick to congratulate the Fed. "Stocks soar after Fed pledges low rates into '13" claimed the AP headline. And what happened today? Oh sure, sure, four-plus percent drops in the three main U.S. indexes shows just how optimistic the markets are about continued low interest rates.

The Fed was already flooding the world with dollars. That isn't helping now and never did, but they have to keep printing dollars to finance Obama's deficits. You know it's bad when China, the country of $2 trillion of bad loans, can now justifiably tell us to get our house in order. Look at what's happened in the three years since I pointed out that China's in worse shape, look at the utter disaster that the American people have so far allowed: trillion-dollar federal deficits, bailouts for irresponsible home buyers, and a belief that boosting the economy means paying the unemployed to stay unemployed -- while raising taxes on the people producing the most.

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