Inquiring minds want to know: Is Obama trying to bankrupt America? One short year ago, asking this this question would have guaranteed my inclusion among the ranks of right-wing nuts and/or conspiracy theorists. Today, it is a serious question being asked by Neal Boortz, Rush Limbaugh and many other leadng conservatives. Here’s why.
In the summer of 2008, as John McCain and Barack Obama were campaigning for president, a series of economic events (started by Sen. Schumer) resulted in shifting the focus of the presidential campaign off the Iraq war, and on to the economy. These events ultimately resulted in Barack Obama’s election as President.
June 26, 2008: Democrat Chuck Schumer leaked a memo questioning the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led to its failure. Federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank’s failure. “The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York.”
This event, coupled with the Lehman Brothers collapse in September, marked the beginning of the current economic meltdown and provided the ammunition for massive government intervention in the private market.
July 12, 2008: The federal government takes control of the $32 billion IndyMac Bank. *
Sept. 6, 2008: Fannie Mae begins its downward spiral, which will end with a crash in November. This crash was avoidable, as the problems with Fannie Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the Senate Banking Committee introduced legislation to address the problem. Democrats, led by Barney Frank, killed the reform efforts.
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours.
This seminal event marked the ascendancy of Obama’s candidacy, and eventually resulted in his election as president.
Its no secret that Obama is a member of the far left. And he has staffed his administration with fellow ideologues. Leftists, like former Green Czar Van Jones, who states he is an “advocate for a socialist utopia.” Who believes that capitalism is “oppression and exploitation.”
People like Ron Blume, who was appointed to reinvigorate the manufacturing base, who states, “We know the free market is nonsense.”
Any economist can tell you that raising taxes, increasing debt, printing money and unbridled spending is not the way to handle a recession. So either Obama is ignorant of this, or he willfully chooses to ignore the lessons of history. Or he is adopting a strategy outlined by Cloward-Pivens: Overwhelm the system until it fails, and then replace it.
Based on Obama’s actions to date, reasonable people must allow for the possibility that the change Obama promised may include destroying the free market economic system in order to replace it with an economy regulated by government entities.
Spending America into bankruptcy might just be our president’s way of leveling the global playing field. By bringing Americas to its knees. Based on Obama’s actions, and the actions of his appointees, its time to seriously consider if destroying our economy is Obama’s goal.
*Portions of this article were taken from A Contrived Crisis? Feb. 23, 2009
Nancy Morgan is a columnist and news editor for RightBias.com
She lives in South Carolina
The concept of Bo having the cerebral ability to create this fiasco requires an overactive imagination. Soros creating havoc by using his Toadie in the White House is not so hard to imagine, after all the Toadie can’t function without reading the teleprompter.
I agree with Skookum…..but unfortunately the end result is going to be the same.
God Help America….because we are in deep deep trouble
CORRECTION: “In the summer of 2008 while Hussein was campaigning for president and Juan McCain was ENDORSING him.” OK…THAT’S fixed. And YES–Hussein IS trying to bankrupt the US, destroy the free enterprise system and drive as many Americans into utter dependence upon Big Brother as possible.
Duh, is there any doubt?
If you think that IndyMac failed because of Schumer’s memo, you are dumber than you appear. You think several billions of dollars of adjustable rate mortgages had something to do with that? Clowns . . . . Read Hank Paulson’s “On the Brink” and educate yourself about the issues, the history, the risks we faced in 2007 and 2008, and who stepped up and who was useless.
By the way — wonder if the GOPers in Congress are going to be involved in the deficit reduction commission . . . you know, the one they proposed and supported until Obama embraced it? Seems the beef from the silly and petty cons now is . . . who will pick the chair of the panel?
“John Boehner skeptical of deficit commission”
http://www.politico.com/news/stories/0310/33846.html
“Boehner asked if the committee’s proceedings will be subject to the Federal Advisory Committee Act, which requires notices of meetings in the Federal Register 15 days in advance, proceedings open to the public and public meeting minutes.
“And he asked if the committee’s executive director will be chosen by the committee members – a sign that Republicans would take issue with a unilaterally chosen chief.
“Also at issue: the due date of the committee’s recommendations. Obama’s executive order requires a report by Dec. 1 Boehner wants it to be issued Oct. 1 – a clear move to make the commission report an issue just a month before the mid-term elections.”
Really . . . . You opposed having the panel at all. So why the hell do you care who heads it, or how it was chosen? What purpose is served by pubic meetings, except slowing things down? And who cares if they meet “behind closed doors” . . . you cons will oppose the report no matter what is written, anyway! You are already rejecting the commission!
This is the kind of rank silliness that got the GOP shown the door in 2006 and 2008 . . . and Boehner seems to want to have the same kind of outcome in 2012!
Mark my words — the Obama panel is going to come out with a serious, workable plan to boost Social Security returns (by investing in index funds, I hope), trimming entitlements, and raising some taxes. CBO will score it a winner and . . . the GOP will have to campaign in 2012 against deficit reduction! LOL! And all they will have in their back pocket is the Ryan plan, which calls for the elimination of Medicare . . . you know, the program y’all don’t even want to cut! LOL!
Yes. In the 60’s the radicals tried to burn it down but quickly ran out of people and matches. Now, we are presented with the fruit of all their hard work in universities and colleges thoughout the country. The One, their mahdi is now in the position where he can bring it all down to be replaced by something new by some folks with a plan. Guess who?
Now if you think this is just a conspiracy theory it’s not. I know how they think because I used to be one of them. These folks have “networked” for 40 years laboring on for the sake of the “Cause”. They haven’t forgotten their ideals and their big plans for their brave new world. Now that their guy is in place it’s time to spread the wealth and it involves bring an old way down because it was corrupt and replacing it with something pure, new and righteous. Unfortunately, their plan for the new Garden involves all of us having to get a dialog with a serpent named Marx.
Jesus said you can know a tree by its’ fruit conversly you can know a tree by its’ root. Take a good hard look at this guy and think about where he was planted from the time he was a child. He was groomed by the Left practically from the cradle.
Nancy, pay no attention to the insults coming from this troll BRob. His caustic manner, his outright arrogance, really has no place on this site. It is a testament to the patience of the owners of this blog that his IP has not been banned. They are far more longsuffering than I with this schmuck.
Thanks for the post.
OT:
GREAT article at Big J.
http://bigjournalism.com/hfontova/2010/03/04/the-friends-of-barack-hussein-obama-the-castro-connection/
I’m betting that Bill Ayers is proud of Obama.
Wow Bill Ayers? Bankrupt America? Juan McCain?Hussien? Lol. I love this site. It’s better that comedy central. No real fact’s just politcal spin, and hateful opinions. Keep up the good work and I’ll keep laughing. Great job Brob
Is Obama Trying To Bankrupt America?
LMAO.. Trying?? Really? 😛
Uh, wait, why am I LMAO?? He’s done it, we just haven’t hit ROCK bottom yet… 😕
Comedy Central?? What do call a dead Grandma who was denied treatment by a death panel? An Obama convert.
Dear “Johnny Groves”,
Continuing to provide facts, proof and information to people like you would prove just as useless as it’s been for the past several decades. Please rejoin your friends on the Huntington post where facts are always ignored and usually forbidden.
Johnny Groves says, “No real fact’s just politcal spin, and hateful opinions…”
Yeah, we know. Obama’s $1.5 trillion deficit is just political spin.
I guess we’re just “typical white people” and “clinging to guns and religion” and “acting stupidly.”
Oh wait, those hateful, bigoted words came from Obama.
My feeling is:
(a) something about the economy was very hinky already several years ago and the Dems probably contributed to it, but others did too, even Republicans. I base this on years of reading about how we will go broke from this that and the other reason, and that no one in the GAO or the CBO or anywhere could really account for the money passing through the government’s hands.
(b) we do not know for sure what that was, although there are plenty of theories, so there’s no point raising blood pressure defending one or the other. More point in continuing to dig up all these bones.
(c) the Dems exploited the obvious sinking money as any politician would, whether with a prior plan for ruin or not.
(d) it didn’t need any special plan or talent to ruin things further. More the case of lacking a good captain when only the most perfect maneuvers could avoid disaster.
(e) Zero doesn’t care if he ruins the economy. It isn’t as “real” to him as his agenda of control.
(f) this sudden massive drawdown is core to understanding the real villains. Why haven’t we learned more about it? Where are the cybersleuths?
He can gain control by ruining the economy, or by infiltrating the justice system, or by turning the military, or by getting a health care plan in place, or by getting some other global control in place, like the information stream.
However, like Skookum, I don’t think he’s a planner. I think he has good cunning instincts of mimicry (or song and dance, or shuck and jive), and that he has unique qualities that have made for an unholy alliance of corrupt politicians, Islamists, communists, black power grievance groups, useful idiots, people looking for a life, and just plain crooks. Because they are freer under him, they do more damage.
People really need convincing of this?
He’s either a intending to bankrupt us or he’s too ideological to stop himself from doing what he’s obvious doing — either way, we’re screwed. But whether he’s bankrupting us is not a question anymore, is it?
Let me know when it’s not too soon to talk ‘treason.’
Well…you know…
Never let a crisis go to waste. And if you don’t have a crisis, create one.
And let’s not overlook the powers handed over to the Executive in Office in the event of a national emergency. I suspect that a total bankruptcy would meet that definition.
And then there’s this:
http://www.washingtontimes.com/news/2010/mar/02/white-house-land-grab/
Well…I guess he needs _something_ in the way of Federal Assets to pay off all those bonds we’ve sold to the Chinese…
While Obama is a marxist of the first ‘hate America’ order, he also believes in crony capitalism, as evidenced by the Porkulous Bill. Our Barry really is a transcendent politician.
Obama parties in the White House while America collapses. Instead of focusing on jobs and fixing the economy, he’s stuck like a broken record on hellth care. Why is there any question he wants to destroy America any way he can?
I don’t know.
Is the conservative media deliberately attempting to delay a politically inconvenient economic recovery, by eroding the nation’s already damaged confidence?
Posing such a question seems every bit as fair. The motive might be seen as far more obvious.
Nope. It is not the Conservative Media. Obama is basically economically illiterate. He has never held a private sector job, had to make a payroll or a Profit with HIS OWN MONEY and has made a career of spending OPM, Other Peoples Money. So I reckon it would not be truly his fault then. He has Fools for advisors so that is his fault.
Obama appears to be implementing the Cloward-Pivens strategy.
@billy bob, you sure come off like a one trick monkey. What do you do, keep your talking points in MS Word files to cut/paste/copy from thread to thread, forum to forum? I swear… sometimes it’s like deja vu… da same excrement from you on a particular issue, almost word for word.
Good grief… who are you trying to kid here, billy bob?? Fact check for you… Mr. One-Size-Fits-All/All-those-GOPers-Look-Alike-To-Me
This worthless commission was rejected by a SUPERMAJORITY DEM CONGRESS, and thereby had to be created by EO. What does that say about Dem support? Deplorable argument for partisan BS.
And obviously not every GOP shunned this worthless piece of sheeeeet chit chat room. Judd Gregg and Frank Wolf were singin’ it’s praises for quite some time.
If one can get over the unmitigated irony of the biggest spending 1st year POTUS having the chutzpah to mandate a watered down commission on fiscal responsibility, you can examine the real results of their predecessors. Take, for example the 1983 Social Security commission save SS… you know, that lock box filled with Congressional IOUs for decades? They got the GOP to agree to lots of payroll taxes on that one. uh huh
Hey, how’d saving Social Security work out for ya? Figured out it’s in the red yet? Gee… I seem to remember something about Bush trying to deal with this in his first term. Something about investing. But unlike you, who wants the government to do the investing, Bush at least wanted to let the taxpayer keep their own, and make their own decisions.
This is just a bogus front to give Obama cover for the tax increases he needs to do to cover his, Pelosi and Reid overspending arses. You know, drag in a couple of those gullible GOP types and make all these tax increases look bipartisan in origination.
This Congress and admin need to learn two simple facts:
1: To cure a deficit, you spend less than you take in, not more
2: You can’t draw blood from a turnip.
As for Johnny Groves, ya gotta hand it to him. At least when he has so little to contribute, he keeps it “pithy”….
OT2 that tell me he does’nt know the VALUE of money as many big spenders on card do but being a president is very dangerous for you dont understand the effort of budgeting to knw where to spend wisely ,bye
I’m not sure what it tells me, but it certainly suggests that the average congressional democrat might be as freaked out about having to deal with unpleasant financial realities as the average congressional republican.
Let’s be momentarily honest: The national debt is the fault of politicians of both parties, and undertaking any real solutions is going to be a political nightmare for both.
@MataHarley:
Speaking of monkeys, he reminds me of a monkey with one hand in a coconut trap the other picking fleas, has no clue that what he wants is going to cost his freedom.
MISSY the monkey is wise he eat fruits and flee proteines bye
Greg, I assure you, I am an “equal opportunity” person when it comes to disdain of Congress…. despite the alphabet letter behind their name. I will, of course, be just as quick to point out the extraordinary jump in spending by Congress in the past three years… all when Dems have held the federal purse strings.
So while I’m thoroughly peeved at the so called “conservative” GOP for bungling their power in the past decade, I’m also equally quick to point out that the Dem Congress has performed measurably worse.
In fact, if you want to examine history, our = best years were when a fiscally responsible and business oriented GOP held both chambers, and there was a Dem POTUS to temper them. But for the bulk of the 20th century, the Dems have predominately held control of the money, even if not the Oval Office. In that reality lies our slow but steady march to increased government and social welfare programs that are draining our resources and destroying our spirit.
The problem with the national debt is a problem with speaking with Americans honestly. This Congress and admin persists in putting on the happy face in order to maintain power, and preserve “a legacy”. WWII proved that Americans – faced with financial adversity – pulled in the belt notches, and put their noses down to the grindstone. We had no lack of “get ‘er done” motivation then.
Today? I’m not so sure. We have raised a very “entitlement” oriented population. I am the boomer born of that WWII generation… those who never wanted me to experience what they did with rationing.
The “me me me” brats from my generation believe the government (aka, the rest of the nation) *owes* them some basic lifestyle standard, and we begat more who believe the same. Or else generations are so uneducated they don’t realize that it’s the rest of nation – their neighbors – that supports them. After all, “government” never translates to “your neighbors” in because it’s such a vague and remote term.
Today’s generation are comprised of most who have never had to fight for what they “expect” as normal every day of their lives. It’s there. Lifestyles of the rich and famous are expected when even a no talent no one can make a fortune because they get on a reality show, or sleep with the right politician.
Can the nation do a turn around, and again perform as the WWII generation did? I believe they can. I have faith in.. if not the education of this nation’s glory .. at least the promises today’s youth can taste just from their brief exposures. Remove our lifestlye, or quest for lifestyle, and you awake a new energy in the complacent. This is not a nation who is ready to accept less as their best.
I’ve been, for years, analyzing and pondering our economic future. No matter what way I’ve looked at it since 2006, there is no way I can assess our current economic condition with rose colored glasses. We have a very rough economic and lifestyle reality check coming. How both our government and citizens handle it determines this country’s future. I’m old enough to figure I don’t have to live with bad decisions long, but young enough and invested in my family to try to point the right direction so they can experience the same opportunities I did.
If we lose the freedom/opportunity battle to socialism, there will be an ugly transition period. And after that, like robots, people accept and adapt as the norm. And that is perhaps the most frightening future of the US. To blindly accept as this is the only way… a bland mediocrity… as life.
Congress has power of the purse, not Obama. We can put a stop to the spending by taking control of Congress.
“We are grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the world is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries.”
David Rockefeller
http://powerandcontrol.blogspot.com/2010/03/inconvenient-question.html
SIMON it sound like the bidengberg group is in it scary to envisage such changes bye
I agree with Mata.
To me, economic prosperity is a double-edged sword. On one hand, subsequent generations do not experience rationing, penny-pinching, etc. to the same extent as previous previous generations. I mean, is that not the American dream- To provide a better lifestyle for your children than you yourself enjoyed. But on the other hand, an absence of depravity will reduce a person’s grit. It fosters a sense of entitlement. I believe that is a problem with America today.
Unfortunately, I see an economic reckoning for America in the near future. If and when the dollar is no longer backed by oil, our insane budget deficits and money printing will rear its ugly head. We will face escalating inflation. The standard of living for most Americans will drop. On the other hand, maybe Americans we relearn you cannot spend more than you earn. As a nation, hopefully we will learn that our government cannot spend more than it collects in tax revenues.
So sorry liberals, the gravy train is about to derail. You won’t be able to buy votes any more. Fortunately conservative leaders will be here to pick up the pieces.