Obamanomics

OK, I think I have this whole Health Reform thing figured out now.

1. Congress passes massive new entitlement program;
2. Program is funded by increased taxes on interest and dividends;
3. Reduced incentive to save and invest leads to reduced capital formation;
4. Less capital leads to higher unemployment;
5. Lather, rinse, repeat, as increase in entitlement mentality and decrease in employment opportunities combine to drive more people into dependency on Big Government.

Now some people may view this prospect with trepidation. I confess I did, until I realized the true genius of The New Economy 2.0:

1. Under Obamanable economics, no one will need a job since the government will provide everything. The American economy will enter an era of unprecedented prosperity;
2. Money to fund the new Jobless Economy will come from China. As Paul Krugman recently explained, the Chinese will keep lending to the US, ad infinitum, even as the US Government launches a currency war against them.

How could I ever have doubted?

Maybe Obama Can Find a Cabinet Post for Bernie Madoff

The reliably evil Senator Christopher Dodd (D - Hell) is pushing a bill to let the FDIC borrow up to $500 Billion from the US Treasury. Round up the usual suspects: Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, and FDIC Chairman Sheila Bair are Dodd's co-conspirators.

Let's see if I have this straight:

• In the middle of a banking collapse, in order to encourage depositors to leave their money in insolvent institutions, the Congress votes to raise the FDIC deposit insurance limit from $100,000 to $250,000;
• The FDIC says it needs to borrow money from the Treasury because more banks are failing than FDIC's present assets can cover;
• The US Treasury, itself bankrupt (approx. $14 - $20 trillion in debt), loans one-half trillion dollars it doesn't have to FDIC;
• Everyone lives happily ever after.

Excuse me, but isn't this the sort of financial trickery we're sending Bernie Madoff to jail for?

Obama the Hypocrite

Obama talks Green. Obama chastises CEOs of bankrupt corporations for their lavish salaries, personal jets and other perks.

So Mr. Obama, CEO of a corporation presently $20 trillion in debt, does what? Why, he loads his entourage into his personal 747, flies to Denver, gets into heavily-armored (and therefore more-than-normally gas guzzling) SUVs delivered by his personal military transport aircraft, and drives to a photo op where he signs an inflationary "stimulus" bill that puts his corporation another $787 billion in debt. The bill was passed by the corporation's board of directors (Congress) whose offices are within walking distance of Mr. Obama's mansion in the District of Columbia.

As Monty Python pointed out: It's good to be King!