March 24, 2009

Funny Money and Pie in the Sky
Yesterday, after weekend of Obama and Christina Romer laughing their way through interviews, it was Timothy Geithner's turn.

He had his Op-Ed piece in the Wall Street Journal explaining the part of his scheme. It involves having the banks buy up the "toxic debt." Not to worry, it's backed by the FDIC. Apparently, Geithner has forgotten that the FDIC is insolvent.

Geithner explained that the reason we're in this economic mess is because of over spending and over borrowing. So, he reasons that we need to spend and borrow more. Isn't that a bit like the old joke, "I keep cutting and cutting, but it's still too short?"

The stock market roared back, yesterday (03/23/09) with a 500-point gain. The Obama administration, aided by the liberal media, were quick to claim that it is their plan and Geithner's announcement that caused this. That's odd, because Obama and Geithner won't take the credit for the 3000-plus points it has lost since the election of Obama and the nomination of tax cheat Geithner.

So, how is printing up another trillion dollars of counterfeit money going to help? Here's the plan: it's not supposed to work. It's a scheme to make the banks fail via the "private" market. Obama is hoping that the banks will bite on this "good deal" and buy up the "toxic debt" at bargain prices backed by the FDIC, which they conveniently forget is insolvent. The banks will fail after buying this debt, the FDIC won't be able to bail out the banks and the public doesn't have the stomach for another bailout. So, Obama will have no choice except to nationalize the banks; which is his true agenda.

The dirty little secret is that the housing market and "toxic debt" always correct themselves without government intervention. The reason housing sales increased is not because of Geithner and Obama's economic voodoo. Sales increased because interest on loans is low and home prices continue to plummet and it's the beginning of spring, when home sales traditionally rise. Unfortunately, these sales are mostly short sales and foreclosures.

Geithner is not the guru that everyone seems to think he is. He's a little, liberal moron. Obama has repeatedly said that he backs Geithner and wouldn't let him quit, even if he turned in his resignation. Of course Obama wouldn't let Geithner go; it's hard to find a better scapegoat. Notice that Obama is putting Geithner out in front and keeping his own hands clean. Geithner is too stupid to understand this, because he doesn't know what he's doing.

If they truly believed that spending and borrowing and massive deficits were at the root of the problem, how can they possibly think that increasing all of these will make things better? Remember what Rahm Emanuel said, "Never allow a crisis to go to waste." These idiots say that the problem is that we didn't spend enough money. If they believed that, then why were they continually hounding George W Bush for spending too much? They're liars and their true agenda is to get as much control over your life as possible.

TLG

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