Posted by MataHarley on 20 September, 2008 at 9:42 pm. 7 comments already!


I have no other way to interpret this but as Obama’s official welcome of a foreign buyout of the US…

Barack Obama, the Democratic presidential nominee, Friday called for the involvement of industrialized and emerging economies around the world in helping to resolve the US finance crisis that threatens economic collapse at home and abroad.

Any plan the US government puts forward ‘should be part of a globally coordinated effort with our partners in the G-20,’ Obama told reporters in Coral Gables, Florida.

‘This is a worldwide issue, and while the United States can and will lead in stabilizing the credit markets, we should ask other nations, who share in this crisis, to be part of the solution as well,’ he said.

The G-20 is an informal grouping that includes the world’s most industrialized economies as well as key emerging market countries such as Brazil, China, Argentina, Australia, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey.

Obama declared his support for the massive US government intervention being prepared in Washington to prevent the US economy from total collapse amidst millions of mortgage defaults and foreclosures.

… and, as the informercials say… “But *wait*… there’s MORE!”

Both Wall Street and Main Street face financial ruin without intervention, US President George W Bush said Friday.

But Obama also demanded that any plan help not only Wall Street but also the country’s middle class, which is the pillar of the tax structure and economy.

His comments appeared to reflect growing calls among congressional majority Democrats for such relief in exchange for supporting the White House’s proposal to buy up billions of dollars of devalued mortgage assets to unblock the credit freeze among the country’s banks.

‘For too long, this administration has been willing to hit the fast-forward button in helping distressed Wall Street firms while pressing pause when it comes to saving jobs or keeping people in their homes,’ he said.

So let me get this straight, Obama… the candidate… plants a big “US For Sale” sign on our shores, then wants the taxpayers to buy up all the bad debt. sigh…

I’m really looking for any snippet of economic logic here. But “massive” government intervention, combined with an equally sweeping buy out of bad notes on overvalued property strikes me as one heckuva foolish “cure” to the problem…

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