Political Class Dismissed

Obama in April 20th interview with Fortune:
The truth is that there is plenty of blame to go around. Many Americans took out loans that they could not afford. Others were enticed into loans they did not understand by lenders trying to make a quick profit. Investment banks bought and packaged these questionable mortgages into securities, arguing that by pooling the mortgages, the risks had been reduced. Credit agencies stamped these securities with their safest rating when they should have been labeled “Buyer Beware.” And as the bubble grew, there was almost no accountability or oversight from anyone in Washington.

Addressing this crisis will require change across the spectrum, not just from corporate America but from Washington and Main Street as well. We need to update our regulatory structure with sound rules of the road that reward drive and innovation instead of shortcuts and abuse. We also need to invest in the drivers of productivity that will make our businesses more competitive in areas like health care, energy, and education.
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History has shown repeatedly that when nations do not take early and aggressive action to get credit flowing again, they have crises that last for many years instead of many months.
Fortune.com

Obama is clearly saying that a lack of restrictions on American’s freedom to do business as they please caused the economic crises. He goes on to say that the government needs to heavily pressure banks to loan money to avoid a lengthy recession. Both of these claims are the exact opposite of the truth. Too much government control of the economy, especially money production and banking, caused the crises. This is simply a fact, for both this crises and historically, that is as well documented as the earth going around the sun. For the undeniable facts of the matter read this.

Btw-when he says ‘We also need to invest’ what he means is the government plans on spending a lot more of your money, on projects run by the friends of politicians like Brian Higgins. With this latest energy bill, they are pulling one of the most ludicrous con jobs in the history of the world. I have more respect for Egyptians building pyramids to enhance the after life of the pharaoh. Windmills and solar panels are a complete joke compared to the power producing capacity of coal and nuclear plants. Tax money spent on windmills and solar panels is nothing but political pork and a cover to for a massive tax increase on energy. Get ready for no lights on cloudy, windless days.

A couple weeks ago a plan was also hatched to give the Federal Reserve the power to take control of the operation of pretty much any business it deems necessary to. It’s getting a bit more challenging to explain to the public how much freedom they are losing, because among other reasons the language of these power grab bills is getting more vague and all encompassing. It’s easier for the average person to understand when the government says ‘You aren’t allowed to buy wine on Sunday’ versus ‘We can dictate the operations of any business we choose to in a financial emergency.’ With the unsaid implication that they get to decide when and what an ‘emergency’ is.

Skyrocketing energy tax bills, medical choice and quality close to being outlawed, business takeovers at will with no appeal. America is facing a man made economic catastrophe for years to come.

ps-Tom Woods recently made the great point that US GDP is significantly smaller than what it is officially claimed to be, because none productive military-industrial complex and other government spending is included in the total. When you consider that fact, the pyramid building schemes mentioned in this post, and the massive government money printing that has happened, it’s very hard not to conclude that Faber and Schiff are right that a hyperinflation like currency collapse will happen, possibly even this fall as mentioned by Jim Rogers. Remember that the libertarians at PCD warned you about this, when the government claimed that the economy is turning around thanks to it’s money printing, spending and regulating.