ThoughtRogue:  Folks, take a look at the unbelievably sobering graphs below (courtesy of The Wall Street Journal).  Note the following: (1) Obama’s deficit is larger than Bush’s largest by a factor of FOUR – and the Usurper still attempts to shift the blame to others, especially Bush. (2) For the first time EVER, the federal deficit exceeds $1,000,000,000,000.00 (that’s 1 $Trillion in overspending) – and the fiscal year is far from complete. (3) The federal “revenues” have significantly SHRUNK in comparison to last year’s – that’s because business profits are disappearing along with tens of millions of tax-paying jobs. (4) The insatiable federal spending, bars on the right, are displayed on the same scale – and include all the bailout schemes to date.

WARNING:  These audacious, skyrocketing federal deficits do not yet include: (1) The “Cap and Trade” massive tax scheme (largest in American history if it passes the Senate). (2) The Socialized Medicine extravaganza – destroying our superior private health care system, in favor of the rationed ObamaCare “Universal” health care scheme. (3) “Immigration Reform” – aka The Mother of all Amnesty schemes.  And now, Congress is even contemplating another colossal “stimulus” pork-laden spending scheme.

Also, likely to compound this Obama Nirvana, (1) another stock market crash in the next few months. (2) a crisis in commercial real estate. (3) a continually collapsing value of our Dollar, and (4) a debilitating rate of inflation when our economy finally does become able to recover.

Ah, the wonders of Hopenchange!!  Perhaps we should have elected someone who is actually Constitutionally eligible (not to mention competent) for POTUS instead?

Economic Nirvana

ThoughtRogue:  Leftists seem to have an extremely hard time interpreting the following economic graph showing Bush’s versus Obama’s respective budget deficits, and thus, their own massive contributions to the burgeoning national debt.  Note the relatively tiny grey bars on the left side (Bush) over which Leftists and their lap-dog media comrades would incessantly invoke the unholy screeching of bloody murder at the sheer “irresponsibility” of it, during a war, no less!  Compare them to the huge bars on the right extracted from OBAMA’S OWN BUDGET PROJECTIONS – TRIPLING the U.S. national debt over two terms – tripling the total accumulated debt from G. Washington up to and including G. W. Bush!

Obanomics!

The same guy who brilliantly eviscerated Obama’s public call for his heads-of-staff to “identify” $100 Million for budget axing, has come up with another brilliant illustration of the present danger of Faux-bama’s own fiscal budgets – Obanomics – which even a hardcore Leftist might be able to understand:

If the ramifications of Obanomics weren’t so tragically destructive for our posterity, its sheer absurdity and silliness with which it is peddled to the Star-struck Sheeple somehow reminds me of this classic Spinal Tap moment:

Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion

By Mark Pittman and Bob Ivry, Bloomberg << Oh gosh, JimmysnutZ, another obscure byline! 

Party Time, Anyone?!

The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending.

“The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.”

Commitments include a $500 billion line of credit to the FDIC from the government’s coffers that will enable the agency to guarantee as much as $2 trillion worth of debt for participants in the Term Asset-Backed Lending Facility and the Public-Private Investment Program. FDIC Chairman Sheila Bair warned that the insurance fund to protect customer deposits at U.S. banks could dry up because of bank failures.

The combined commitment has increased by 73 percent since November, when Bloomberg first estimated the funding, loans and guarantees at $7.4 trillion.

===========================================================
                                 — Amounts (Billions)—
                                   Limit          Current
===========================================================
Total                            $12,798.14     $4,169.71
———————————————————–
Federal Reserve Total            $7,765.64     $1,678.71
  Primary Credit Discount           $110.74        $61.31
  Secondary Credit                    $0.19         $1.00
  Primary dealer and others         $147.00        $20.18
  ABCP Liquidity                    $152.11         $6.85
  AIG Credit                         $60.00        $43.19
  Net Portfolio CP Funding        $1,800.00       $241.31
  Maiden Lane (Bear Stearns)         $29.50        $28.82
  Maiden Lane II  (AIG)              $22.50        $18.54
  Maiden Lane III (AIG)              $30.00        $24.04
  Term Securities Lending           $250.00        $88.55
  Term Auction Facility             $900.00       $468.59
  Securities lending overnight       $10.00         $4.41
  Term Asset-Backed Loan Facility   $900.00         $4.71
  Currency Swaps/Other Assets       $606.00       $377.87
  MMIFF                             $540.00         $0.00
  GSE Debt Purchases                $600.00        $50.39
  GSE Mortgage-Backed Securities  $1,000.00       $236.16
  Citigroup Bailout Fed Portion     $220.40         $0.00
  Bank of America Bailout            $87.20         $0.00
  Commitment to Buy Treasuries      $300.00         $7.50
———————————————————–
  FDIC Total                      $2,038.50       $357.50
   Public-Private Investment*       $500.00          0.00
   FDIC Liquidity Guarantees      $1,400.00       $316.50
   GE                               $126.00        $41.00
   Citigroup Bailout FDIC            $10.00         $0.00
   Bank of America Bailout FDIC       $2.50         $0.00
———————————————————–
Treasury Total                   $2,694.00     $1,833.50
  TARP                              $700.00       $599.50
  Tax Break for Banks                $29.00        $29.00
  Stimulus Package (Bush)           $168.00       $168.00
  Stimulus II (Obama)               $787.00       $787.00
  Treasury Exchange Stabilization    $50.00        $50.00
  Student Loan Purchases             $60.00         $0.00
  Support for Fannie/Freddie        $400.00       $200.00
  Line of Credit for FDIC*          $500.00         $0.00
———————————————————–
HUD Total                           $300.00       $300.00
  Hope for Homeowners FHA           $300.00       $300.00
———————————————————–

By -Charles Krauthammer

“A failure to act, and act now, will turn crisis into a catastrophe.”

– President Obama, Feb. 4.

Catastrophe, mind you. So much for the president who in his inaugural address two weeks earlier declared “we have chosen hope over fear.” Until, that is, you need fear to pass a bill.

Flew Too High - Fallen!

And so much for the promise to banish the money changers and influence peddlers from the temple. An ostentatious executive order banning lobbyists was immediately followed by the nomination of at least a dozen current or former lobbyists to high position. Followed by a Treasury secretary who allegedly couldn’t understand the payroll tax provisions in his 1040. Followed by Tom Daschle, who had to fall on his sword according to the new Washington rule that no Cabinet can have more than one tax delinquent.

The Daschle affair was more serious because his offense involved more than taxes. As Michael Kinsley once observed, in Washington the real scandal isn’t what’s illegal, but what’s legal. Not paying taxes is one thing. But what made this case intolerable was the perfectly legal dealings that amassed Daschle $5.2 million in just two years.

He’d been getting $1 million per year from a law firm. But he’s not a lawyer, nor a registered lobbyist. You don’t get paid this kind of money to instruct partners on the Senate markup process. You get it for picking up the phone and peddling influence.

Hopenchange Hoax Revealed

At least Tim Geithner, the tax-challenged Treasury secretary, had been working for years as a humble international civil servant earning non-stratospheric wages. Daschle, who had made another cool million a year (plus chauffeur and Caddy) for unspecified services to a pal’s private equity firm, represented everything Obama said he’d come to Washington to upend.

And yet more damaging to Obama’s image than all the hypocrisies in the appointment process is his signature bill: the stimulus package. He inexplicably delegated the writing to Nancy Pelosi and the barons of the House. The product, which inevitably carries Obama’s name, was not just bad, not just flawed, but a legislative abomination.

It’s not just pages and pages of special-interest tax breaks, giveaways and protections, one of which would set off a ruinous Smoot-Hawley trade war. It’s not just the waste, such as the $88.6 million for new construction for Milwaukee Public Schools, which, reports the Milwaukee Journal Sentinel, have shrinking enrollment, 15 vacant schools and, quite logically, no plans for new construction.

Read the rest of this entry »

NC:  Earth to Liberals:  the secret to pulling out of the looming Depression is simple – (1) Stop the bloat of Big Daddy by reducing federal spending, (2) Stop borrowing ever more from the Chinese, (3) Stop printing our currency like you’re manufacturing candy, (4) stop taxing (stealing) the U.S. Citizenry blind, (5) Eliminate all corporate income taxes, (6) reduce all welfare payments, especially for corporations, (7) Nuke the Sarbanes-Oxley (SOX) Act which strangles business, (8} eliminate all capital gains taxes, (9) reduce regulations and litigations, and (10) implement the FairTax system now.