Can Obama get us out of this rut?

The Resista

Jan 21 |21:26
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Even Obama said yesterday that the change in the Economy will come from the people's hard work and sacrifice. He contradicted himself later but I digress.

The President doesn't have that kind of control of the economy. The congress can have some influence through spending but that is negligible. Government programs can only spend money and at this point all the money is borrowed or just simply printed. This all causes inflation. Inflation is the last thing needed at this time.

If anything the Government if anything is the caused the problem buy letting people bet on Mortgages (derivatives) and making the banks loan money to people that couldn't afford it. I know I am one of them. I paid 500$ down on my house and I got a 6.25 fixed rate. I knew I was skating on thin ice but I also knew I would never be able to get a deal like that again and it would not last. 6 years later I know I was right now. I almost lost my house last year when I lost my job.

Even if they start off a massive spending spree (God help us) the economy will recover on it's own long before the money even reaches the various programs. For many reasons the money can't just be handed out with out a lot of scrutinty like they did in Iraq. LOL.

It didn't work in the Depression and it will not work now for the same reasons. On top of that the same people that got us into it with their High end educations from Harvard Business and the like are not supposed to get us out of it? The guy who spent the first 350 million and will now be the treasury secretary doesn't even know how to pay his taxes. So how is he such a genius? 

The reason banks are not lending money is a good one. They don't have the cash reserves to do it. This is why they got in to trouble in the fist place. You can't have a 1 to 30 ratio of money in the safe to money lent out. This causes banks to fail.

I could go on but I don't want to be a blow hard so I will stop here. You and me and the people that read this blog make the economy work and we need to save money not spend it. This is seen by some as a slow down but really it is just things coming back to the way they should be. The whole economy was over blown and now we have to start living correctly and throw away the credit cards. They are all part of Babylon and the great deceiver. We should reject them all out of hand and save money and stop trying to take short cuts.  How is is possible good for the country to owe all this money to the Chinese? The only thing that will help stimulate the economy is to have a flat tax and Obama and the congress will never do that. Both the Republicans and the Democrats know that would take all the power out of their hands. They use taxes to control our behavior.

Cutting taxes on everyone at once would do more than deficit spending. We can blame everything on Bush but this didn't just happen in the last 8 years and the Congress has been spending more money than we took in for 40 years now and making banks lend money to people (like me) who can't afford it since the 80ties. They then let the banks pawn off bad loans on Fanny Mae a company invented by the government.

Now if you are compelled to lend money and you think the government is going to cover you and YOU make money on every loan you make why not lend it to poor arsed white folks like me? When people tried to complain that Fanny was dangerous they got called raciest by Barney Frank and Chris Dodd when actually way more white people were getting these loans.

Fanny and Feddie contributed vast amounts of cash to the campaign funds of these politicians yet the media hasn't blamed them for anything or called them out for the criminals they are. Chris Dodd got a special Sweet heart load from a bank and so did many others. I don't call that regulation of markets or honest journalism

Sorry for the rant. This stuff is crucial for us all to learn.

http://en.wikipedia.org/wiki/Derivative_(finance)

This one is hard to read but important
http://en.wikipedia.org/wiki/Mark-to-market

http://en.wikipedia.org/wiki/Deficit_spending

http://en.wikipedia.org/wiki/Flat_tax

New Deal Mistakes
http://economistsview.typepad.com/economistsview/2008/11/cowen-the-new-d.html

Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. of Countrywide Mortgage

http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal.


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