…and pretty soon we might be bankrupt.
The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration’s economic policies.
The senator said Obama’s spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.
We’re in the midst of a serious recession, yet the Obama Administration has no problem spending like there is no tomorrow:
- “Stimulus” package – $787 billion +
- TARP II – $1 trillion +
- Latest cash infusion by the Federal Reserve – $1 trillion +
- 2009-2010 budget deficit – $1.7 trillion +, with $9.3 trillion total projected deficits for the next ten years
- 2009-2010 Federal budget – $3.6 trillion
- Health care “reform” – $1.5 trillion + over the next 10 years
- “Cap and trade” carbon tax – $2 trillion + in energy-related cost increases over the next 10 years
Not to mention the incredibly destructive regulations that the Democrats are poised to hang around the necks of the banking and finance industries:
“Finance is one of America’s great industries, and they’re destroying it,” said one banker at a firm that has accepted public money. “This happened out of haste and anger over AIG, but we’re not like AIG.”
The banker added: “It’s like a McCarthy witch-hunt…This is the most profoundly anti- American thing I’ve ever seen.”
Vikram Pandit, Citigroup’s chief executive, told employees in a memo that some anger about executive compensation was “warranted”. But he hit out against the idea of a special tax. “The work we have all done to try to stabilise the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees,” he wrote.
Some policymakers expressed concern that banks may try to break out of the government’s embrace by paying back public capital even if the price is a more severe credit squeeze.
They also fear that financial institutions may decide not to take part in public-private partnerships to finance credit markets and acquire toxic assets.
In Frankfurt one employee at a US investment bank said the new tax measures would “send [the US] back to the stone age”.
“Commodity traders are already moving to companies like BP where they can make as much money as they used to,” said another banker at a US firm.
Bankers at Deutsche Bank said it could benefit from the proposed legislation by poaching its US rivals’ most talented employees. (emphasis added)
That $165 million in AIG retention bonus payments seems rather trivial now, doesn’t it?
Fortunately the American people aren’t as dumb as the Obama Administration, Democrats, and leftist agitators think they are. The big, scary neighborhood haunt of AIG executives’ homes this weekend, planned by an ACORN puppet group, drew a whopping 40 participants; there were more media covering the event (it even merited an AP wire story) than there were protesters. And a union-sponsored protest of Bank of America in New Hampshire (hola, JayTea!) managed to attract only a dozen people.
Yet literally tens of thousands of ordinary citizens — not professional protesters or coached agitators — have shown up at impromptu “Tea Party” protests around the nation. This weekend, 3000 showed up in Orlando, FL, and 1500 showed up in Lexington, KY. No national wire coverage of those protests, of course. And April 15 could be the largest single “Tea Party” protest of them all, with major events planned in virtually all 50 states.
It’s doubtful that the Obama Administration will listen to the Tea Party protesters unless their pollsters tell them to. But being good liberals, they read the New York Times religiously, and this weekend the paper unloaded on the Obama Administration with both barrels.
Hopefully the drubbing by the Times will rattle the Obama Administration enough to put the brakes on their reckless spending spree, or at least stop the Democrats’ blanket party for the financial and banking industries. Someone, or something, has to, or we are in serious trouble.