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Shilling for American Socialism

Barack H. Obama

Barack H. Obama

President Barack Obama has upped the stress level and reduced the quality of logic once again by proclaiming if congress doesn’t act soon our economic downturn could be irreversible.  This economic genius who has never held a job that didn’t involve giving away other peoples’ money said (as reported by AP): 

This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.

Responding to calls for more tax cuts he said:

I reject these theories , and so did the American people when they went to the polls in November and voted resoundingly for change (italics ours).

Brilliant. Obama believes basic free-market get-the-hell-out-of-the-way economics is a “theory” we should reject.  Apparently so is freedom, which is what capitalism is really all about.  We say stand firm.  Rushing to saddle generations unborn with a $900 billion albatross — that, by the way, will NOT work to stimulate the economy — is not something we should approve.  We should also not buy the fearmongering that is designed to push us into flat-out socialist “solutions” to problems that are not government’s to solve.  

In addition, the president has ordered that executive salaries be capped at $400k for CEOs of banks receiving TARP funds.  While this may feel good to some, it’s not something that should be imposed, and when it comes down to it, Obama doesn’t actually have the constitutional authority to make this demand.  Pretty interesting coming from a guy who was a professor of constitutional law.

The new “executive compensation” rules are outlined in a Treasury Department news release that came out yesterday.  We’re wondering whether this amounts to changing the deal AFTER the ink has dried.  We’re also thinking that for the affected financial institutions, the cure they sought may simply be a form of slower death.

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