I hope no one on my flist is dumb enough to be fooled by Obama's $100 million "cut" PR stunt
Because it doesn't take a genius to figure out that Obama is trying to mislead the easily misled with this one.
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By now, most people have figured out that the sub-prime market poisoned banks assets the same way the S&L Crisis did. Banks were at their strongest when those with the fewest to none survived the many that failed. The sub-prime market was a toxic stew of President Carter's original Community Redevelopment Act, with further "enhancements" under the Clinton Administration in 1995, combined with a series of lawsuits carried out by firms--such as one Barack Obama worked for--that suited lenders like Citigroup (the one that almost collapsed a few weeks ago) for NOT making "affordable housing" available to Chicago residents.
There's this big myth running around that this is all Wall Street's fault and that Capitalism "obviously failed" here and that we need, now, is more government, bigger government, more strong arming, and stronger regulating.
Well where was Congress when both President Bush and Senator McCain anticipated a housing collapse the likes of which we'd never seen, and twice submitted bills that never even made it to committee to regulate Fannie Mae and Freddie Mac before they blew up? Busy torpedoing that bill, and, as I recall, the Dow, which was riding 14,000+ highs during the early-middle part of this decade post-Bush tax cuts started to really take a nose dive after the November, 2006 Congressional elections when Guess-Which-Party started managing the Government's purse strings?
So trying to say that Obama is a victim here is a lie. Trying to say that Geitner inherited something here is a huge lie. The truth is, these guys--from Dodd to Frank to even Hilary Clinton either participated in or benefited from the very fiscal crisis they helped create--whether intentionally or not.
With that out of the way, none of what you wrote "debunks" in any way reality_hammer's primary point. The point is that this $100 Million (not Billion, not Trillion, but Million) "spending cut" is posturing, probably for those so outraged by his arrogance and Marxist hubris that they took to the streets in Protest last Wednesday. No one even close to paying attention is buying it.
Not that I would expect the Obamatons out there to drop drinking the Kool-aid and start doing the basic algebra to realize just how bad this policy to "fix" things truly is.
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