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>Now Obama Is Spending $2 Trillion, Not Just One


. Beware: The Financial Sky Is Falling On America!

There’s frightening news today of what Obama and his Treasury Secretary Tim Geithner have up their sleeves.

They are not content to spend just $1.2 Trillion ($838 billion plus interest),
now they want to cause further reverberations and double the ante. Two times $1.2 trillion is $2.4 trillion. Add that total to the Bush bailout of $700 billion plus interest and you have three and one-half trillion dollars. Wow! Where’s it all coming from, China?

I was listening to comedian-commentator Dennis Miller yesterday on the radio and you should see what he has become. One day he’s a staunch conservative, but now he’s afraid that Obama’ so-called Fair Plan could take conservative talk-show hosts off the air. Worst of all, Miller is too frightened now to even take what he naively calls “strident” calls. I recall someone during the presidential campaign who wouldn’t let an old lady call Obama what he is, an Arab terrorist, and where is he now? Back in his Senate seat he should have relinquished long ago, and his name’s John McCain.

I’ll go one further. Obama is an Arab economic terrorist bent on destroying America.

If you’re a conservative and you care about your country and the terrible turn of events that are unfolding financially, don’t listen to Dennis Miller just like you shouldn’t have listened to McCain or voted for him. Tune in on Fox News’ Glenn Beck and Shawn Hanity.

The Height of Insanity

But the double-wammy financial spending plan unveiled today has to be the height of insanity. Who’s going to pay back this horrendous financial load Obama is putting on the taxpayers. It’s our kids and theirs, seven generations down.

This “genius” plan is sure to fail and backfire. When it does, I hope the Republicans and conservatives will be there to pick up the pieces. I hope none of them vote for it. Senators Olympia Snow, Sharon Collins (both of Maine) and Arlen Specter of Pennsylvania are anti-Republicans. Why they would vote with Obama on this insanity, no one has revealed.

I’m wondering what Pennsylvania and Maine get out of this? What’s the payback?

Obama, they say, is keeping up his “dawn-to-dusk effort to sell his plan by flying to Fort Myers, FL, a city the reporters said was especially hard hit by foreclosures. Let him go. I don’t wish him well.

He’s not an economist, but he uses his bully pulpit like he was the smartest man in the world. He relies on Economist Milton Friedman’s views. But when you ask other “smart people” – other economist — they will disagree with Friedman nine times out of ten. There are as many views on the best way out of this as there are states in the Union.

Obama says he will use the money to help “thaw” credit markets. Why aren’t they “thawed” by now. Banks have all our taxpayer money already.

Yet, the rumors I hear from real people who have tried to latch onto something nice for half price, one of those foreclosures, is that the banks don’t really want to sell them at reasonable discount prices. And most of the foreclosed properties are not on the market yet.

What’s reasonable? I’d say 50% off. Yet, they persist in dropping the price only 20% to 30%. It’s like diamond sales. The brokers put on the market only 25% of their inventory. If they flooded the market with all of it the prices would plummet. Well, it’s our money that the banks are using, and these prices should be allowed to plummet. We bailed out the banks, didn’t we, many times over?

What’s the new trillion dollars about? It includes a public-private partnership of over $1 trillion to help strengthen banks. Geithner promised the bailout plan would lead to “cleaner and stronger” bank balance sheets by imposing tough new standards and using government and private incentives to get the banks lending again.

Yes, we all understand banks need to lend again. But what’s stopping them right now? Why do we need to give them more money and incentives? I don’t know about the rest of you, but I’ve about had it with banks? They shouldn’t have all our money. We should have just let them fail for all the good they are currently doing.

Stay tuned. Treasury is going to hype this over the top. They will be on TV every day until the $835 billion is law, giving us little hints about what the new trillion will do for us – as if we haven’t been done in already? They still haven’t spent $350 billion of Bush’s $700 billion bailout, rescue plan, or whatever you call it. Where’s that going, to Kenja, Africa? Actually, Obama has a free hand in spending it. Congress already appropriated it last year without strings.

This new trillion envisions big private investors buying more than $1 trillion in troubled assets from the banks.

What are those “assets?”

They’re the houses that they should be selling the public at ten cents on the dollar. Instead, they’re going to sell them to some big spenders like Donald Trump and George Soros and they’ll turn around and offer them to us for seventy-five cents on the dollar. How fair is that?

The administration announced this program to create a partnership between the government and the private sector — Obama’s buddies, his big campaign donors who broke the laws giving him millions at a time which he reported as small donations from individuals — to get private investors to buy toxic mortgage-backed securities that are currently infecting the balance sheets of banks.

Congressional aides who were briefed on this plan said that Treasury officials said it could involve between $250 billion and $500 billion in government support. In his prime-time news conference, Obama depicted his administration’s rewrite of the bank bailout effort as a template for “restoring market confidence.” Then someone asked when this spending will all end.

Here’s what this non-economist, Obama, had to say:

The AP said Obama brushed aside the question on whether his administration would seek more funds for the Troubled Asset Relief Program. “We don’t know yet if we’ll need additional money, or how much additional money we’ll need,” Obama said.

This bailout plan is already riddled with fraud and poorly planned concepts.
America first! I say. We are owed a good deal on those deeply troubled mortgages. Or haven’t you heard? The bailouts took taxpayer money.

But no, it won’t work for taxpayers to end up with houses for their kids. There are enough private individuals who would like to invest ten cents on the dollar for their children so that they can afford a house, but apparently Obama is not going to look out for the little guy in all of this. Oh, no! It’s payback time for his big-time election campaign donors.

Watch out, America. You’re being given the shaft again, this time by a man you should remember not to vote for in 2012.