Obama is Doing Exactly What He Promised! by Colonel Bob Pappas, USMC, Retired

Obama is Doing Exactly What He Promised!
by Colonel Bob Pappas, USMC, Retired
One year ago we observed here that excessive spending by the Obama and his administration would reduce the U.S. to third world status. A number of readers challenged that statement, but it has been borne out in spades. i.e., what is the Federal debt? [For those who don’t comprehend the magnitude of the issue personally, every taxpayer, (of course those who pay nothing don’t care), is responsible for that debt. And so far it has reached over one hundred thousand dollars per household.] What country is lender and which one is borrower? What happens to the value of one’s monetary assets when the government prints money like monopoly, especially in the global economy? Allow me: the cost of every imported item goes up in proportion to the decrease in value of the dollar at international exchange rates. That everything from fuel to toys!
Even though the U.S. has the greatest economy in the world it is instructive to note that since the Democrats took over the Congress with election victories in 2006 the nation’s economy began an immediate decline. Oh, how the left loves to blame Bush, and where Mr. “Compassionate Conservative” contributed to the problem, this albatross hangs around Democrats’ neck in the political context, and in reality around America’s neck, and that is precisely what Obama promised from the start.
The collapse of financial markets courtesy of Chris Dodd and Barney Frank through their imposition of the requirement on lenders to offer subprime mortgages that were in turn bought by Fannie Mae and Freddie Mac and who combined those soon to be “toxic loans” with performing loans then sold them on the world market and in the process poisoned not only the U.S. economy but most world economies as well. Under the Frank/Todd sub-prime scheme, unqualified borrowers would be confronted with subprime adjusted rates at precisely the same time that contrived increases in the cost of crude oil from about seventy dollars a barrel to over one hundred fifty dollars a barrel occurred and the economy would begin to collapse interestingly enough, at election time. Co-incidence?
Those who by any reasonable standard could not afford the houses they were in were suddenly confronted with an adjusted mortgage rate they could not afford and household budgets were catastrophically broken by the combination of mortgages rising from four hundred to a thousand dollars or more at the same time that the cost of commuting doubled due to increased fuel prices. The obvious happened, a cascade then flood of payment defaults and foreclosures that continues to the present and which will enter a second wave shortly, happened just in time to blame Bush and with media help extended to McCain.
Long before the collapse, repeated attempts by the Bush administration to convince the Congress to enact regulations that would ameliorate the banking crisis were repudiated and stonewalled by Democrats as unnecessary. Of course, once the crisis hit, it was “Bush’s fault.” Obama pumped that specious swill during the campaign and it continues to the present with the full expectation that Americans believe it. At first they did, but New Jersey, Virginia and Massachusetts proves that Americans are awakening.
Obama is clearly of the Vladimir Lenin school of thought: “A lie told often enough becomes truth.” On the one hand Obama and Democrats tell the public that the run-up in spending is necessary to rescue the economy from the evils of the Bush “tax breaks for the wealthy.” (Of course those who paid no taxes got no break so Dems and RINOs gave them a handout to make them feel better. How dumb can they be? Worse, how dumb can Americans be to keep them in office?)
The left loves it as the U.S becomes the world’s largest debtor nation, the U.S. economy is in tatters and Obama tells us we have to rein in spending even as he signs stimulus upon stimulus, prints more money, sells more bonds and further devalues the US dollar. Then he has the temerity to suggest that we need a “deficit panel,” a deficit to which Obama has contributed more than all previous administrations from the founding of the Republic combined! But, “it is Bush’s fault!” B.S., B.O.! Americans have had enough of your childish blame game!
Now Obama wants a 2011 deficit of $1.35 trillion, and a national debt of over $14 trillion?! YGBSM! Enough is enough!
Save up to begin buying pitch forks, you are going to need them!
Semper Fidelis

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Wild Thing’s comment…….
I am so glad the Col. writes and does articles. I hope he knows how much he is appreciated.

….Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67