Rep. Joe Wilson has a petition up demanding that the stimulus funds be audited. I urge everyone to sign it.
That is how much it cost to make that many jobs instead larger claimed number:
Michigan received $3.7 billion is stimulus money, of which $620 million was to be used to “create and save” jobs, while the remainder will be used by Granholm to backfill the budget deficit that she has created with her overspending so that she doesn’t have to make any substantial cuts before she leaves office. When she walks away, she will have lost more than 1,000,000 jobs in a state with a population of only 10 million. A few days ago, Granholm claimed that stimulus money “created or saved” 19,500 jobs (Enron accounting: Stimulus saved or created 19,500 jobs in Michigan). Turns out, the number is an utter fabrication, as I suspected when I wrote that prior post. Fact is, that $620 million “created or saved” 397 jobs.
That works out to about $1.5 million per job – oh, and Granholm isn’t the only governor using Spendulus money to fill in the State budget…lots of States are doing it just as we here at Blogs for Victory predicted.
You poor, sad, little liberals – you thought that Obama was going to usher in a grand, new era. Well, he’s not – because he’s the product of a corrupt, Democrat machine as are all the other leading Democrats. People who rise by corruption don’t tend to be straight arrows. You’d be better off with the likes of Jerry Brown and Dennis Kucinich – you’d hardly ever win, but at least you’d have some reasonably honest (and highly entertaining) leaders. Right now, you’ve got political barnacles who are mostly interested in feathering their nests and dodging the hard choices until they are out of office, or at least in their second term.
The money is going to favored groups and individuals, for the most part, and that which isn’t being spread around as payola is being used to hide fiscal malfeasance. I hope that you eventually wake up from your stupor, but I don’t have much hope of it.
Because it was never really intended to work:
The best explanation I’ve found for why the stimulus didn’t work is this graph from the GAO analysis of the stimulus act. It shows pretty clearly that the 76 percent of stimulus spending through the first four months went to fill in the gaping holes in Medicaid and state budgets. In other words, the stimulus isn’t acting like a pole vault lifting job creation above the baseline. It’s been acting like a crutch to keep state budgets and payrolls from imploding tumbling.
And I warned you liberals of this – if you send money to a State, it won’t go where you want it to go, but where that State figures it needs it. Money, as they say, is fungible…you can send a billion to NY for highway improvements, but NY might very well plug their budget hole with it. And what will you do about it? Demand the money back? Its already spent. Given that the States in the worst shape are largely liberal-governed States, its almost a certainty that any money actually used for stimulus is just pure happenstance…after looting spendulus for their own purposes, there just happened to be a little left over (or, more likely, a construction firm or union which needed to be paid off).
It won’t work: the only way to get some government money to stimulate the economy is to provide grants to people who are willing to invest their own sweat equity in opening up mines, sowing fields or starting up factories. You give that money to government, and it will be wasted. You give it to large, failed firms and it will be wasted. You give it to people who are willing to work for a living, and it will be used…and they won’t need a trillion dollars.
That is the per-capita ratio of Spendulus funds between Obama counties and McCain counties:
Billions of dollars in federal aid delivered directly to the local level to help revive the economy have gone overwhelmingly to places that supported President Obama in last year’s presidential election.
That aid — about $17 billion — is the first piece of the administration’s massive stimulus package that can be tracked locally. Much of it has followed a well-worn path to places that regularly collect a bigger share of federal grants and contracts, guided by formulas that have been in place for decades and leave little room for manipulation…
…The reports show the 872 counties that supported Obama received about $69 per person, on average. The 2,234 that supported McCain received about $34.
“Little room” doesn’t, of course, mean “no room” – and that leaves out the fact of pre-manipulation done over the years to ensure that government funds go heavily to liberal, Democrat areas of the country because that, dear friends, is how liberals get and retain power – by using our tax dollars to buy votes.
Be that as it may, the fact that the funds are going to Obama areas indicates the raw, disgusting truth of the matter…Democrats have diligently created a large class of people dependent upon government and this ensures them, right out the gate, 40% or so of the votes in national elections. These people voted Obama not so much for “hope and change” (that worked with the independents who were just amazingly turned off by McCain) but for “welfare State as usual”. A large portion of Americans have been turned in to government dependents and they simply will not bite the hand which feeds them – and the key to understanding Obama’s massive expansion of government is that he hopes to get 50% or more of the voters permanently dependent upon government for their economic well-being…do that, and liberalism has a permanent majority, and thus the time to sculpt our nation into what liberals wish it were…a duplicate of France, or Canada (as an aside, liberals, when you keep harping on how much of GDP is coming out of blue areas and thus how you are supporting us rednecks…a very large portion of your GDP is government spending…cut you off from that, and you dry up and blow away…unless, that is, you sip a few less lattes and start making, mining and growing things).
Its going to be hard and its going to be a near run thing, if we can even pull it off – by working hard and putting ourselves on the line, we have to accrue enough power to our side to first stop Obamunism in its tracks before it subverts a majority, and then roll it back and return to the values of hard work and self sacrifice which made this nation great.
The story:
It became a sort of poster child for fiscal responsibility — a clean-coal power plant in Illinois that was one of then-Sen. Barack Obama’s pet projects.
Democrats insisted they were so serious about keeping pork out of the stimulus bill that it was President Obama himself who blocked the FutureGen project from the massive spending package.
“It shows that we’re serious about it,” Brendan Daly, House Speaker Nancy Pelosi’s spokesman, said at the time. “The speaker said it, and the president said it: There will not be earmarks in this bill.”
Earmarks? Perhaps not. But funding for FutureGen? Absolutely, to the tune of $1 billion.
What I noted on passage of the Spendulus:
…In the end, of course, no one knows what is in the bill – not really; it will end up being some low-level bureaucrats and Administration officials who will really decide how the money is spent, and they’ll spend it with a mind towards their future prospects for advancement. The only thing we can be sure about is that a lot of money will be spent…
So, what we have here is proof that no one knew or knows what is in the bill and thus whomever has pull can find whatever he wishes in it…including Obama allowing pork spending on something he said he wouldn’t allow pork spending on. You liberals signed on for this BS and you were warned – we told you that you were being taken for a ride and that the Powers That Be were merely using the financial crisis to feather their nests and reward their friends. But, no, you had to think that The One was different…you utter fools! He’s from Chicago, for crying out loud – name me the honest politician who has ever come out of there.
You don’t have to be an intrepid reporter – all you have to know is the nature liberal Democrats; given this, we can be certain that the money will be spent in a manner which liberal Democrats believe best serves their immediate political needs. It doesn’t matter what they say, doesn’t matter what the law says – nothing matters to liberal Democratic leaders other than winning and retaining power. I knew this sort of thing was going to happen, I said it would happen, and its happened – and it will keep happening until GOPers gain authority to start investigations.
And this time, boys and girls, no holding back – we get the power, we should start sending crooks to jail.
The White House made rose-colored predictions about the success of the stimulus, like it would prevent the unemployment rate from going above 8% (it’s now at 8.9% if you haven’t been paying attention) they are resorting to even more lies to justify the ridiculous spending… And you know how ridculous they are when even the AP is willing to call them out.
In his first quarterly report on the nation’s stimulus package, Vice President Joe Biden uses anecdotes to paint a glowing picture of an economy on the rebound. In reality, the picture is incomplete and the colors far more muted.
[...]
Capturing the full effect of the stimulus at this early stage is difficult, but the administration has set high bars for success. In championing those successes, however, the White House plays a little loose with the facts.
The article goes into some detail about how Biden cherry-picked information, or just talked B.S..
Read it. It is pretty funny the crap they think they can get away with…
UPDATE, by Mark Noonan: Its all gone wrong, my friends…Obama and Co are living in a fantasy world. All the talk of a rebound is just that – talk. Retail sales figures tell the true story.
Human Events learned a little while ago that Arlen Specter was going to announce his intention to switch parties.
Politico has his statement:
I have been a Republican since 1966. I have been working extremely hard for the Party, for its candidates and for the ideals of a Republican Party whose tent is big enough to welcome diverse points of view. While I have been comfortable being a Republican, my Party has not defined who I am. I have taken each issue one at a time and have exercised independent judgment to do what I thought was best for Pennsylvania and the nation.
Since my election in 1980, as part of the Reagan Big Tent, the Republican Party has moved far to the right. Last year, more than 200,000 Republicans in Pennsylvania changed their registration to become Democrats. I now find my political philosophy more in line with Democrats than Republicans.
When I supported the stimulus package, I knew that it would not be popular with the Republican Party. But I saw the stimulus as necessary to lessen the risk of a far more serious recession than we are now experiencing.
Since then, I have traveled the state, talked to Republican leaders and office-holders and my supporters and I have carefully examined public opinion. It has become clear to me that the stimulus vote caused a schism which makes our differences irreconcilable. On this state of the record, I am unwilling to have my twenty-nine year Senate record judged by the Pennsylvania Republican primary electorate. I have not represented the Republican Party. I have represented the people of Pennsylvania.
I have decided to run for reelection in 2010 in the Democratic primary.
Specter has been at odds with the Republican enough to make his explanation sound legit, but I think the real reason for his departure was the fact he was polling way behind GOP primary challenger Pat Toomey.
I am not gonna shed any tears over Specter. It is time to get behind Toomey. Follow @ToomeyForSenate and become a fan on Facebook.
UPDATE: Specter said earlier this year he wouldn’t switch to maintain check and balances… just goes to show you he’s doing this for political survival…
…then we’d better just close up shop:
So Chris Dodd admitted he misled CNN, telling them on Tuesday he had nothing to do with the loophole that mysteriously found its way into legislation and paved the way for AIG’s bonuses to be paid. The following day, Dodd confessed to CNN’s Dana Bash that he in fact wrote the loophole, though he said he did it at the behest of the administration and with the knowledge that he would lose the amendment altogether if he did not comply…
…Stepping back for a second, Chris Dodd is already in a bit of trouble in his reelection bid, based on recent polling. Obviously, this further complicates matters. Dodd is now directly associated with two of the most distasteful aspects of the current financial meltdown: getting a sweetheart mortgage from the CEO of a company that was a major player in the subprime mess, and now authoring the loophole that allowed AIG to pay $165 million in bonuses after already taking scores of billions of bailout dollars , all at taxpayer expense.
“Vulnerable” doesn’t even begin to describe Dodd at this point – all we need is a credible challenger and a reasonable message, and we should bury Dodd under a landslide, and make this a pivot point for some large gains in 2010. Democrats are getting heavily tarred with the brush of political corruption, and if we add what will likely be a poor economy (at best) in 2010, a good GOP campaign should allow us to get within striking distance of a House majority and chip down the Democrats Senate majority to the 55 or 54 range.
The defeats in 2006 and 2008 seem to be turning into a blessing in disguise – by forcing out the corrupt elements of the GOP and greatly weakening the RINOs, we are becoming a stronger party more able to effectively present a credible alternative to Democrat corruption and incompetence. We’ll still have to fight very hard as the Democrats and their MSM allies will pull out all the stops, but if we do fight hard, I believe that 2010 will signal the revival of a conservative, GOP favored by the people to govern the country for quite a long time.
…and not going to take it any longer? Victor Davis Hanson notes:
There is a populist anger out there, hard to calibrate exactly, but growing nonetheless. Here’s what I think people are saying: Wall Street gets bailed out, despite billions that the masters of the universe skimmed off. Meanwhile our retirement accounts are crashed. Then the government bails out those ‘homeowners’ who failed, often due to their own greed and foolishness, not those who played by the rules: so default on your over priced home that you should have never bought, and the fed is there to bail you out; put away $1,000 a month in your 401(k)—and tough luck.
No new taxes of course for “all of us” except the evil “them,” but rumors still somehow abound that health care benefits will be taxed, carbon emissions will be taxed, and even veterans will pay for their care via private accounts before drawing on VA resources. And why would not Obama resort to more bait and switch to pay for a $3.5 trillion budget—when that proverbial evil 5% simply does not have the wherewithal to make up for the 50% who pay no federal income tax at all?
This growing unease is a weird sort of prairie-fire populism, focused on both Wall Street and still more the government. (Who is worse, the AIG execs that praise capitalism, then want federal handouts to ensure their bonuses, or the incompetent and unethical government who feeds them the cash [”hope and change”?]—or we the poor fools who will keep working to pay for all this?)
Where it all leads I don’t know.
I don’t know, either – but I’m pretty certain that liberalism isn’t doing itself any favors right now. When Rasmussen for the first time in years picks up that GOPers are more favored than Democrats in the “generic” Congressional ballot, we’re clearly seeing a political whirlwind on the horizon. Will it actually benefit the GOP? Can’t say – people are still pretty ticked off at us, too. 2010 might be an excellent year to run as an Independent. Main thing – if a person is a smart politician, he won’t want to be identified in any way, shape or form with the Powers That Be in Washington at the moment.
I think what is happening is that people are, finally, getting fed up with it all – the lies coming out of Washington have gone from brazen to stupid. Its so obvious that, say, Dodd is lying to us about what is going on and what part he had in it – and the rest of them are only slightly less nauseating in their attitudes towards the people. When Obama tries to claim a populist mantle in this by grandly saying he’s responsible, people are seeing right through it – he’s saying he’s responsible as if he’s not, but willing to sacrifice himself for us and we’re supposed to think he’s such a swell guy for doing this…BS, Barry; we know that you really were responsible for it, and if you really wanted to take responsibility for it you’d be working for a repeal of your Spendulus so it could be re-written with a bit of honesty and common sense thrown in to the mix. Maybe on a re-do we can actually not pass the bill until everyone’s read it?
A little revolution, now and then, is a good thing. And we need it, dear people, we need it.
While $58 billion of your tax dollars — or more accurately, your children’s tax dollars — are being used to pay foreign banks, a substantial portion of that money ($43.5 billion) is being used to pay American banks, including Goldman Sachs, Merill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, AIG International, and JP Morgan.
The following recipients of President Obama’s trickle-down-to-my-donors bailout plan rank among his top 20 contributors to his 2008 presidential election campaign, according to Open Secrets:
Goldman Sachs: $955,473
Citigroup: $653,468
JP Morgan Chase & Co.: $646,058
Morgan Stanley: $485,823
Three other banks that were significant contributors to Obama received money through AIG:
Bank of America: $274,493
Wachovia: $214,151
AIG: $112,170
Lehman Brothers, which did not survive long enough to join the list of banks leaching off the work of the American taxpayer, also gave the Obama campaign $276,088.
Individuals identifying themselves as working for the banks above gave Barack Obama’s presidential campaign $3,617,724. In other words, more than 3.6 million reasons for the president to help focus the media’s glare on the relatively minuscule $165 million in AIG executive bonuses, and away from their $43.5 billion portion of $100 billion of taxpayer dollars the administration, by design or incompetence, filtered to other banks through AIG.
In receiving $43.5 billion for their investment of just over $3.3 million, it looks like the banks that gambled on Wall Street certainly got their money’s worth out of their investment in Barack Obama.
And those executive bonuses which Obama is now complaining about? It was inserted into the Spendulus – an exemption which allow executive bonuses provided they were contracted prior to the Spendulus was passed. Obama signed the bill – and its clear he didn’t know what he was signing…or, perhaps he did?
Texas Gov. Rick Perry said Thursday he planned to reject $555 million in federal stimulus money that would expand state unemployment benefits.
Perry, an outspoken critic of President Barack Obama’s $787 billion stimulus bill, accepted most of the roughly $17 billion slated for Texas in the plan.
But the governor turned down the unemployment benefits because he said they would require the state to increase the tax burden on Texas businesses to fund an expanded program.
“During these tough times, Texas employers are working harder than ever to move products to market, make payroll and create jobs,” Perry said at a news conference. “The last thing they need is government burdening them with higher taxes and expanded obligations.”
Perry said the requirements attached to the federal stimulus money would require a change in the state’s definition of unemployment. He said such an expansion would counteract the package’s objective of job creation by leading companies to limit hiring and raise prices.
It must be kept in mind that Obama is using our grand-children’s money to bribe us to become socialist. Obama is willing to pour out cash to the States, but with strings attached which will turn the States into the merest tools of the federal government – transmission belts for orders from on high. Democrat governors should take note – even if you support Obama’s basic ideas, you still might want to rethink programs which will diminish the independent power of the States.
Seems that a lot of GOPers are starting to grow a backbone:
South Carolina Gov. Mark Sanford is expected Wednesday to become the first governor to formally reject some of the federal stimulus money earmarked by Congress for his state.
The move will cement Sanford’s growing reputation as a political powerhouse among Republican party stalwarts nationwide — though how much of the estimated $8 billion in stimulus funds destined for South Carolina will be affected is unclear. The law allows state legislative leaders to accept funds the governor rejects.
“Our objections to the so-called stimulus bill have been well-chronicled for the way it spends money that we don’t have and for the way this printing of money could ultimately devalue the American dollar,” Sanford said on Tuesday, even as he acknowledged that he’ll accept some.
“Those of us opposed to this package lost the debate on these merits, and I now think it is important we look for creative ways to apply and use these monies in accordance with the long-term interests of our state,” he said.
Obama and his Democrats are bent on bribing us with our grand-childrens money to become socialists – and it is up to us GOPers to say, “no”, loud and clear. We can’t be bought and we won’t be bossed.
The pressure on any GOPer who shows courage will be intense – Obama will set out his goons to smear; get the MSM to slander; do end-runs around GOP officials; do everything he can to make life difficult both as a means of punishing Republicans who stand up to him as well as intimidating any other GOPers or moderate Democrats who are thinking of challenging his vision for a United Socialist States of America.
All we have to do is stand fast – the wheels are already coming off the Obama Express and as things tank, the American people will start to cast about for a lifeline, and it will be those people who defied Obama who will be holding out the hope for a better future.
How much more of this are we going to take?
The election of Barack Obama offered the promise of a new set of fixes for the financial crisis and the economy, a do-over that might help nurse the stock market back to health.Since then, the market hasn’t just gotten worse — it’s turned in its worst performance ever for a new president.
The Dow Jones industrial average has fallen 21 percent during Obama’s first seven weeks in office. Count back to Election Day and the results are even bleaker: That afternoon, the Dow closed at 9,625. Now it stands at 6,547, a loss of 32 percent.
Obama’s ardent defenders will try to shift blame on Bush, but the markets clearly aren’t comforted by Obama’s proposals, and instead of easing tensions, he exasperates them.
Market analysts usually play down the influence of presidents on the market but say this time could be different as taxpayer dollars prop up private companies and Obama’s first proposed budget stands at $3.6 trillion, with a gaping deficit.
In this case, said Wachovia Securities chief market analyst Alfred E. Goldman, investors are saying “they have no confidence in the stimulus package doing much stimulation anytime soon. And they’re greatly concerned about the size of the budget.”
On some of the most wrenching recent days in the market, it’s been easier to connect cause and effect.
The Dow sank 4 percent on Feb. 10 as Treasury Secretary Timothy Geithner unveiled a new bank bailout plan that Wall Street immediately criticized as laughably light on details.
Several weeks later, investors shaved another 4 percent off the Dow after the government agreed to give insurer American International Group an extra $30 billion, bringing its loan total to $180 billion.
Now the Dow seems to drift lower day after day, with Wall Street waiting for clarity and selling in the meantime.
Investors want to know when and how the government will cleanse banks of bad debt and whether it will suspend accounting rules requiring companies to value assets at current market prices.
As the brilliant Thomas Sowell said, Obama should resign… maybe then the economy will get better.
Draws 1,500 in St Louis – and more and more around the world. Gateway Pundit has the links.
Discuss such things as how many times Obama lies, exaggerates or otherwise tries to pull the wool over our eyes.
UPDATE: Well, he’ll stop those nasty, mean, EVIL corporate bosses…I’m thrilled at the courage!
UPDATE II: Anyone else creeped out about the way Democrats cheer Obama’s fire and brimstone rhetoric about corporate bosses? I mean, the corporate bosses are Americans, aren’t they? And humans, right? And what about Nancy and Joe behind Obama and their portion of responsibility?
UPDATE III: Obama credits government with all the good we’ve ever done…so, Barry, mind ’splainin’ why our currency has lost 99% of its value since government started interfering in the economy?
Which means, of course, they are fleeing anything which might wind up on Obama’s tax increase chopping block:
Wall Street has turned the clock back to 1997. Investors unable to extinguish their worries about a recession that has no end in sight dumped stocks again Monday.
The Dow Jones industrial average tumbled 251 points to its lowest close since May 7, 1997, while the Standard & Poor’s 500 index logged its lowest finish since April 11, 1997. It’s as if the decade’s dot-com surge, collapse and subsequent recovery never occurred.
The Dow is just over 100 points from 7,000. Both indexes have lost about half their value since hitting record highs in October 2007.
“People left and right are throwing in the towel,” said Keith Springer, president of Capital Financial Advisory Services.
Here’s a thought, liberals: Justice.
Its a nifty word, which you might want to familiarize yourselves with, as it is key to the success of any democratically governed republic. You have to be just – as the kooks you support shout, “no justice, no peace”…but they don’t understand what it really means. But, indeed, “no justice, no peace”…and, of course, “no justice, no economic recovery”.
It is unjust to single out a part of your population as either the cause of your problems, or whom you must hit hard to make your life better. We are all people, and all of us are Fallen, and all of us bear our aliquot portion of blame for what has gone wrong and, of course, have our personal responsibility to see that things improve. To say that “The Rich” benefited under Bush and must now pay under Obama merely means that you are going to unjustly blame some people for things you had a hand in screwing up.
We need to do things – we need to defend ourselves, maintain and improve our common property, succor the poor and helpless…lots of things need to be done. But to go on a boondoggle of new spending which is entirely designed to pay off political supporters of Obama and his Democrats and demand an allegedly wicked “The Rich” foot the bill is unjust – and, as you can see from our collapsing stock market, counter-productive. You think you know what the deficit will be for fiscal year 2009? You haven’t a clue, because as the stock market loses value, incomes around the economy drops and thus down goes taxable income…you liberals are massively increasing spending and cutting income off right at the knees at the very moment you need to maximize it.
“Stupid” doesn’t even begin to describe this course of action you’ve chosen.
You need to pony up, liberals – stop thinking of yourselves as superior beings who bear no share of what went wrong. You were there, too – you can ignore it all you want, but your Frank and Dodd and Biden and Obama were all there, right at the top of the heap, helping to make the decisions which screwed the economic pooch in the United States. We have to change – and real change, not the fake change your man Obama is engineering.
We need to retrench – cut spending down to the most life and death vital things and cut taxes and regulations on business development which hinder the creation of new wealth. We’ve lost probably trillions in national wealth over the past year, and the only way we’re going to get out of it is to make it back, again. But this time, with wisdom – not with a phony baloney credit system built on air, but on our making, mining and growing things.
Or, you can put your faith in Obama and hope against hope that, some how, spending money we don’t have will make us rich. Your choice – and if you choose as I think you will, we conservatives will reap the electoral benefit in 2010 and 2012.
From CNN:
Barbour, a former chairman of the Republican National Committee, said Obama’s recent travel is an indication that the new president is already running for reelection.
“He’s going to those places for a reason,” Barbour said on CNN’s State of the Union. “I mean David Axelrod, who’s his campaign consultant/manager/guru really is one of the brightest, most capable people in American politics. And so this is what we’ve become accustomed to, the perpetual campaign.”
In the last few weeks, the president has visited Florida, Ohio, Indiana, Virginia, and Colorado — all states that voted Republican in the 2004 presidential election but flipped to the Democrat’s side in 2008. Obama has also visited Arizona — the home state of his former rival, Sen. John McCain, and a state he’d like to turn blue in 2012.
The White House has said the president specifically visited those states because they are among the hardest hit by the nations sputtering economy and home foreclosure crisis.
Obama isn’t very good at being President, but he is superlative out on the stump, reading from a teleprompter…so, his handlers have decided that the best thing Obama can do is go read speeches. We can expect Obama to pretty much do nothing else between now and November of 2012. What he would do after that, if he’s re-elected, Lord only knows.
As for the staff lying – it is an obvious lie to say that Obama is only visiting States which are hard hit by the mortgage meltdown…California (Obama by 24 points), Alabama (McCain by 22 points), Hawaii (Obama by 45 points), Kansas (McCain by 16 points), Illinois (Obama by 25 points), Alaska (McCain by 22 points), Idaho (McCain by 25 points) and Oregon (Obama by 16 points) have also been very hard hit by the mortgage meltdown – the commonality between these not-visited States is that if Obama loses any that he won in 2012 then he’s toast, while its next to impossible for him to win those States he lost…so, why bother going?
Face it, Obama and his minders only care about you if you are part of the 2012 re-election campaign. And thus Obama’s staff has lied…it isn’t the first time, and we can almost rely upon it that its not even in the last 100 times it’ll happen.
Seems all that illegal Chinese money did what it was intended – got Hillary to be a willing stooge of her ChiCom paymasters:
Secretary of State Hillary Rodham Clinton on Sunday urged China to keep investing its substantial foreign-exchange reserves in U.S. Treasury securities, arguing “we are truly going to rise or fall together.”
China is the biggest foreign holder of U.S. debt, which helped finance the spending binge the United States went on before the current economic crisis. Some experts have expressed concern that China’s substantial holding of U.S. debt gives it increased leverage in dealings with Washington because any halt in Chinese purchases would make it more difficult to finance the government bailout and stimulus packages.
I like that MSM bias, too – we went on a “spending binge” under President Bush, but what we’re doing under Obama is “stimulus package”. Someone got a way to differentiate between “binge” and “package”? Ah, well…
Anyways: it was announced earlier that Hillary had taken China’s horrific human rights record off the table…so, we’re officially unconcerned with forced abortions, torture, slave labor…but we don’t want the Chinese to buy our bonds, lest we be forced to print money to pay for Obama’s asinine economic policies. And when China decides to, say, move on Taiwan, just what will Hillary do? Get tough with the people who have the receipts for her illegal campaign contributions? Demand the largest holder of US debt back off?
Its going to be a loooong four years.
Seems the spirit of rebellion is spreading:
Hundreds of people turned out on a cold and windy Saturday morning for an anti-tax protest outside U.S. Rep. Dennis Moore’s office in Overland Park.
The rally, which was promoted by Americans for Prosperity’s Kansas chapter and other groups, was directed at Moore for his vote for the $787 billion stimulus package.
Just imagine how angry people will be when the actual Obama plan makes a mess of everything…this flame of liberty could end up becoming a wildfire of freedom spreading across the country in 2010 and 2012.
The odd thing is that with Obama being the semi-socialist we all feared he would be, he’s actually setting up a situation where we really will get change we can believe in…it just won’t be from him.
UPDATE: Revolt of the Kulaks