The Messiah it appears has found the bottom of the coffer … finally. Bloomberg Reports:
May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
No kidding. You mean China and others do not want to buy up all our debt and then watch their investments shrink because the Obama plan was to print money till doomsday and inflate away the debt? The president has been working hard to level the playing field, by making the rich poorer, not by making the poor richer. This is the end result of inflation, everyone gets poorer. Weimar, Germany is the object lesson. Do you think his most Coolness studied that lesson?
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
Looks like someone can see the chickens coming home to roost. Amen and hallaleuyah!! Praise the messiah! He is voicing reservations! Wahooh! The following numbers are hair raising …
The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
I am sure the $17B in spending cuts will save the economy. Then there is the $2T in saving that was fabricated “savings” by saying that the Iraq war would run till 2019, and will cost $180 billion per year. What a joke. Obama has increased spending $1T per year in his first 100 days in office. The biggest joke here is the President’s party voted for the spending without reading the bill.
Where will this end? Who knows. We are on our way to borrowing 48 cents out of every dollar spent by the government. While this certainly is change, is this what the country was hoping for?
It has only just begun! I have heard that China is buying up gold like gas.
According to a London Times report, U.S. Treasury Secretary Timothy Geithner will probably be in attendance at this week’s Bilderberg Group meeting, as top globalists meet to plot the financial future of the planet behind closed doors. — The Times article notes that “US Treasury Secretary Tim Geithner’s public schedule is mysteriously empty for the next two days.
US Deputy Secretary of State James Steinberg will be the first member of President Barack Obama’s administration to have a meeting with Greek officials in Greece, sources said yesterday. Steinberg will be in Athens for a meeting of the international invitation-only club, the Bilderberg Group.
Violation of the Logan Act? BHO would know all about that.
“Do you think his most Coolness studied that lesson?”
Well….that remains to be seen since the Usurper is still employing legal teams to fight the release of his documents which includes school records and transcripts and of course his birth certificate, adoption records and passports. No one has any idea if he was in the top of his class or last.
One would believe that if he excelled, he would be proud to release his documents.
Finally, I am tired of the media referring to his partner as a “Distinguished Lawyer,” I have never heard that phrase used to describe a lawyer who only practiced law for four (4) years. She barely got her feet wet and a number of people in the Chicago area claim that she was ordered to not practice law or face being permanently disbarred after being accused of insurance fraud.
You know, many of us have been saying and fretting about these rather obvious issues with the “stimulus” bill (you know, the nearly trillion dollar bill that wasn’t designed to create any jobs – sorry, I digress, that’s directed at one particularly thick-headed poster here) and the admin’s proposed budget, plus all of the “reforms” that are on the table, such as “health care reform”, which, in a bit of magical thinking, is going to “reduce the cost of healthcare” by spending more on it.
All these things we’ve been publicly worrying about, (and of course, shouted down by the Left who’d start with “You had your eight years…” ) and now, suddenly, the administration discovers what was a obvious as a headlight in a tunnel?
So, what’s the catch? That is, what’s this “revelation” a prelude to? There’s another shoe to drop, but what its significance will be, I can’t say.
I mean, obviously, somehow, it’s the Republican’s fault, that’s a given. But is it to be another “crisis” to ram through another nationalization power-grab? What “fix” will *this* “crisis” require? And why do I feel the need to put a hand on my wallet, Right Now?
Squiddy,
You seem to be the one that has the picture right. Do you *really* think his saying that we cannot support deficit spending is a call for moderation of spending? That would have me laughing at anyone that supposed that. What it means is that he intends to raise taxes … and not just a little. I can see him raising taxes to 60% or more on just about everyone. Don’t think that possible? Look at Germany. They have a 19% VAT, plus up to 45% income tax. 50% tax rate is not uncommon. If you think Fearless Leader won’t do the same (or worse) you are dreaming.
Could the Usurper being losing his patience?
http://www.msnbc.msn.com/id/26315908/#30856294
Sometimes he prefers to stare down people to intimidate them when they irritate him.
Hopefully, the heat is on.
Usurper: “We are out of money.”
“Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.”
“You know, I am not sure that I could get through Senate confirmation…”
Hmm, Understatement.
http://www.drudgereport.com/flashocs.htm
In circles, in circles!