Failure Generation : Time to admit Obamanomics has failed

Time to admit Obamanomics has failed
Examiner Editorial
August 8, 2010

Chairwoman of the White House Council of Economic Advisers Christina Romer is retiring during one of the worst economic downturns our country has experienced.

It's no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday's brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it's easy to see why she would start looking for the exits.

Romer is best known for drafting the February 2009 report "The Job Impact of the American Recovery and Reinvestment Plan," which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That's not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.

As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama's Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department's agenda and 26 at the Transportation Department.

Add Obama's determination to raise everybody's taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it's easy to why banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth. And we haven't even addressed the destructive effect on economic growth of Obama's nationalization of major portions of the economy, including the banks, health care and the auto industry.

The economy is stalling, unemployment seems stuck at European levels of idleness, the federal deficit and the national debt are at historic highs, public confidence in Congress is at its lowest-ever level and big majorities of Mainstream Americans say Obama has the country on the wrong path. Obamanomics has failed miserably and it's time for everybody in this town to admit it so we can move on.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Time-to-admit-Obamanomics-has-failed-1008050-100154469.html#ixzz0wCOEd3Wv

Jim Crammer agrees Market Rallies on Obama's Policies failing to make a lasting Impact

CNBC's Jim Cramer: Brown Win Tuesday Causes Huge Stock Rally As Investors Celebrate 'Pelosi Politburo Emasculation'

Read more: http://newsbusters.org/blogs/noel-sheppard/2010/01/17/jim-cramer-brown-win-causes-huge-stock-rally-investors-nervous-about-#ixzz0cuNNpPBO

Hair Care Bomber and Breaking the Buck !

Nothing could be more symbolic for the systematic failure of the policies of Barrack Obama than the continued talk by global leaders of removing the Dollar as the worlds reserve currency . An explosion of US Debt ,a declining economy ,no US job growth ,falling real estate values and an enormous growth in the size and scope of the US Government has lead to a continued decline in the value of the dollar and a suspicion the the US Government's backing is no longer worth very much.

The G20 lead by Beijing has begun to call for a new global currency as an alternative to the US dollar as the US deficit rocketed. The White House it self is estimates US Debt could reach nine trillion dollars over a decade.

The inability of the 70's Generation to offer any intelligent leadership has created a climate of catastrophic leadership failure on all levels. Not since the Carter Administration has the US global position been so weakened . It appears to be only a matter of time before events take a turn for the worse . This weeks terror threat and multiple arrests triggered by the 'hair care" bomber seem to be a sign of things to come. The empty talk may go well with the pro big government US media and rambling talk show hosts but does little to solve to days pressing problems.

On this blog I have long warned that the philosophy of the 70's Generation is the philosophy of failure. I have attempted several times to online what I see as the coming crisis. The dollar is now key . A collapse will signal the beginning of the long term demise of the US economy and perhaps the demise of freedom it self.

We Now Have A Total Gangster Government

CNN: More View Obama's Presidency as a 'Failure' Than Bush's

After 6 Months, More View Obama's Presidency as a 'Failure' Than Bush's

http://realclearpolitics.blogs.time.com/2009/08/06/after-6-months-more-view-obamas-presidency-as-a-failure-than-bushs/


A rather surprising finding from the newly released CNN poll. Question three on the national survey of 1,136 adults (which includes an oversample of African-Americans) asks, "Do you consider the first six months of the Obama administration to be a success or a failure?"

Thirty-seven percent (37%) said they believe the Obama administration is a "failure," while 51% consider it a "success" and 11% say it's still "too soon to tell."

An identical question was asked of the Bush administration in an August 2001 CNN/Gallup/USA Today survey. At the time, 56% said the Bush administration was a "success" while only 32% considered it a "failure."

http://realclearpolitics.blogs.time.com/2009/08/06/after-6-months-more-view-obamas-presidency-as-a-failure-than-bushs/

the Summer of Discontent Continues

Although I remain very skeptical until Obamanomics runs its course and people come back to their senses. There have been some peculiar events in recent weeks that have sent the market upward and onward. Mind you the Dow Jones Industrial stood at 12000 in 2000 so a substantive rally signifying a move toward more openness and individual freedom ie an improved economic picture would be a heavy volume move to new long term highs. However until the growth of government is curtailed and paired back I see little or no chance of this happening.

What’s happening now is that the market is reacting well to the prospect that Obamanomics will have no lasting impact on the economy except for the physiological damage that has been inflicted on the current generation. The second and pervasive trend is the old adage "you cant fall off the floor" . Try ,try and try as you will even this group of 70's generation egoists can’t make things worse ,its just not possible given the totality of the socio-political and economic situation in America.

You see "failure" as a philosophy is finite while success is infinite. History has proven time and time again that when government grows both the economy and equity markets decline or stall. Like it or not equity markets are like the heart beat of a healthy nation . What’s important for a casual observer to remember is the markets react in advance of future trends in the social political and economic environment. It no surprise that this rally began in March when this blogger pronounced Obama as a failed President.

So what are the events ? First I would not underestimate the significance of the 'Cambridge police are acting stupid" remark . For many this was the first look at the "real " Obama without the media filters and political spin. It was a kin to political Hari Kari . Second both "Obamacare" and "Cap and Tax" have been shown for what the truly are a ruse to nationalize and control more of the economy. While the White Houses rhetoric has fallen into repetitive " you'll get what ever you want and we will make someone else will pay for it" seems to be falling more and more on deaf ears as many finally realize that they too will be paying for it . Its as we used to say they have gone back to the well once to often and the public is becoming more and more weary as policy failures continue to mount. The net effect is the continued erosion of poll numbers leaving the White House with a very light bag of political tricks and a very small arsenal of policy options.

Quote of the Day .................

in the case of Goldman Sacks

"cleaning up the mess is better than making it in the first place"

Neville Chamberlain's "Peace For Our Time" speech

Neville Chamberlain's "Peace For Our Time" speech
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The following is the wording of a printed statement that Neville Chamberlain waved as he stepped off the plane on 30 September, 1938 after the Munich Conference had ended the day before:

"We, the German Führer and Chancellor, and the British Prime Minister, have had a further meeting today and are agreed in recognizing that the question of Anglo-German relations is of the first importance for our two countries and for Europe.
We regard the agreement signed last night and the Anglo-German Naval Agreement as symbolic of the desire of our two peoples never to go to war with one another again. We are resolved that the method of consultation shall be the method adopted to deal with any other questions that may concern our two countries, and we are determined to continue our efforts to remove possible sources of difference, and thus to contribute to assure the peace of Europe."

"no good deed goes unpunished"

In the words of an old wall street sage, "no good deed goes unpunished" and seems bankers and auto companies have found out the hard way. The big banks Faustian deal with the government has not gone the way they had planned and now perhaps way too late there is an attempt to undue the damage.Auto companies tried but failed to stop their demise, for everyone except the UAW fell short and their attempts to save them selves.

With the 1970's ideology of failure taking hold ,the government appropriately reaches for someone with no auto experience to run an auto company but if you look at the level of gross incompetence of guys in Washington with one failure after the next stacking up it may not make any difference anyway. These are the same guys who want to tell you how much money you can make . I do have to laugh when even the administrations full blow attempt to destroy the US economy has in it self met failure, failing to fail sorta speak.

And this is where we sit only four months in ,huge deficits .increased taxation ,heavy regulation, zooming oil prices and absolutely no job creation what so ever! No administration not even Jimmy Carter failed so massively so quickly !

dare I say GO OBAMA ,keep on keeping on