Saturday, February 7, 2009

Obama Administration: One of the worst we've ever had.

No, I'm not some crackpot Republican looking for an excuse to beat up on President Obama. I supported Obama, I waited six hours in line for an autograph, I voted for him.

But as of 12 PM Eastern this Monday, he will become the third or fourth worst President the United States of America has ever seen. If (when) Tim Geitner even comes close to uttering the words "suspension of mark-to-market accounting" it is over. Obama will have stolen more money - and with less accountability - for the greatest trickle-down, tax-the-poor, give-to-the-rich wealth transfer the world has ever seen (greater even that Russia's "Oligarch" theft by an order of magnitude).

I should go dig up my old e-mails from early 2006 talking about how no one cares about the ludicrous home loans occuring now and that rather than stop them, President Hillary will simply steal my money later to pay for people's mortgage equity withdrawals and bank bonuses. I was close -- just switch the names.

I want to apologize for my lack of posting lately, but the truth is I didn't have anything intelligent to say while the government figured out how to best pay off banking lobbyists and steal our money for bonuses and dividends.

I suppose we should be happy now; This makes it a lot easier to start shorting again on Monday. I suppose now we can watch stocks rally since "the recession is over" and then I can re-enter my shorts at elevated prices. However, this is all assuming the government doesn't reenstate its ridiculous short sale ban, which didn't work the last two times it was tried. I put the odds at 40% that they ban short selling again.

If the Obama Administration doesn't suspend reality mark-to-market accounting, I will temper my comments somewhat as banks will actually have to recognize some losses on their worthless assets. But either way, the government is still purposely overpaying for worthless debt.

1 comment:

Scott said...

Besides you, I might know a handful of other people who haven't imbibed the Obama Kool-Aid. I admit I don't know much about the financial instruments and things you write about here, but I wanted to ask you about something else related to the economic situation: The War!

You can read numerous columns pertaining to this over at antiwar.com (just click on leader Justin Raimondo's recent columns,) but basically here's the situation: When one has bases in 177 countries, that's an empire, and the US spends astronomical sums of money, more than the rest of the world put together, on the maintenance of that empire. Very little of that money actually pertains to the defense of American citizens. Lots of it goes to the defense of rich countries that are more than capable of defending themselves (Japan, South Korea, Germany, Israel, et cetera.)
The US faces no conventional threats, and unconventional threats don't benefit from a military solution. It's easy to be safe from most terrorism; the Swiss (among others) are, and in any case that's why our constitution contains the option to issue Letters of Marque and Reprisal.
As for "humanitarian interventions," those are few and far between, and are usually carried out locally anyway, i.e. the Vietnamese army saving the day in Cambodia. There are other scenarios for that sort of thing, but in any event too many people buy the myth (perpetuated by Obama's staff, by the way,) that the military is on standby to go stop "genocide" someplace.
Thus, there's absolutely no reason not to dismantle the empire. It doesn't profit us at all, in fact it taxes all of us. The incalculable sums saved could perhaps be given back to the American citizen in the form of tax cuts, or at least spent on something productive. That would be a wonderful stimulus package, for our country and the whole world.
The UK, France, and Portugal, among others, were all forced into this situation between the 1950s and 1970s. The USSR followed, but they were too late to save themselves, though that may not be a bad thing. Obama has no intentions of doing any of this unless he is compelled. I can't stress that enough. The aforementioned Kool-Aid drinkers (and his haters!) all seem to think he's a peacenik. If only!
I only voted for him because I was scared for the Supreme Court.
So how about it? How about we save Main Street by dismantling the empire, and let Main Street save Wall Street?
http://antiwar.com/justin/?articleid=14163