Obama is beyond the pale – preaching financial restraint while racking up 9.3 trillion dollar debt. Here are the Banks begging to give back the billions the Fed gave them but Obama won’t allow them because he knows it’ll reduce his grip over Wall Street:
That was one topic of discussion Friday at a meeting all sides described as cordial. According to participants, some of the chiefs told the president they want to return their bailout money later this year, but Mr. Obama told them that regulators would permit such a move only if the banks were truly healthy. This account of the meeting is based on interviews with participants, White House aides and others familiar with the gathering.
For his part, Mr. Obama told the group that bankers should be more modest in their compensation and spending practices, participants said. The bankers responded that the administration should try to cool its anti-Wall Street rhetoric.
Who is Obama to “permit” them to pay back the loan?
On Obama’s modesty in his spending practices see this article from Karl Rove – Obama Points Back to the GOP’s Future:
Obama said Tuesday night his budget moves America “from an era of borrow and spend” to “save and invest.” But people are realizing he would add $9.3 trillion to the national debt, doubling it in six years and nearly tripling it in 10 years, according to the Congressional Budget Office (CBO). How can that be “save and invest”?
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The CBO says deficits will fall for three years to $658 billion, still nearly 50% larger than any past deficit. After that, deficits go back up every year, reaching the trillion-dollar a year mark again in nine years. By 2019, the debt would reach 82.4% of GDP, a level not seen since 1947.With astonishing candor, even Peter Orszag, the president’s budget director conceded these levels of deficits and debt are “unsustainable.”
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Did you read that? Debt going up to 82.4% of the Gross Domestic Product in only 10 years!!!
And it doesn’t stop there. Keep in mind this takes into account guesses on the expansion of the economy and the growth of the debt. My view is the economy will at first speed up because of the bailouts and huge increase in money supply, then significantly slow with huge inflation staying like that for years to come. It will surely and quickly rise to 100% of GDP and beyond. That’s called insolvency folks.
This guy is completely hopeless and way over his head (well actually, we are in it way over our head). But no one in Congress is stopping him. This Country is on the fast track to economic madness.