Obamacare, as it has come to be known, may be only the tip of the iceberg. It may simply serve as something of sufficient gravity to keep the opposition occupied and out of the way while a whole host of other unpleasantness quietly slips under the radar - FINREG, immigration, military budget cutting, START, Israel, Iran, China, Venezuela, terrorism, cap and trade, the dollar, net neutrality, just to name a few. Obamacare may have been envisioned simply as a decoy from the start.
I dare say, that if Obama had been right in his approach to all the other issues facing the nation, there would be little or no outcry over Obamacare now. The fact remains that everything, without notable exception, that the 111th Congress has passed in conjunction with this president has been wrong. Nearly everything he has said has revealed his own personal agenda which, in the final analysis, is not America’s agenda. Even the hope that this president would bring us together along racial lines has been dashed.
I personally cannot see how this president can recover. There is literally no way back for him. Any backtracking at this point (or at any point in the future) will at best be viewed with suspicion. For most Americans, Obama has already torn up his ‘parent card’.
Still, Obama seems confident going forward. Why? Could it be that he has even more in store for us than has already been revealed? I would be the last to ever count this president down and out. I believe that within the next two years the other shoe will yet drop. (It’s happened already once with the bogus financial crisis that anyone has yet to explain - the one that brought Obama to power. It happened even before that with the World Trade Center bombing that kept Bush in office a second term.)
In boxing you first ‘soften up’ your opponent, then you let him have it with the haymaker.
In other words, we haven’t seen nothing yet.
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Financial crisis not explained? While there might be a number of factors, it shouldn't seem strange.
ReplyDelete1. Fed keeps interest rates artificially low, leading to excess debt money creation and the blowing of asset bubbles. Regulatory mechanisms fail, allowing fraud to occur, many of the debts being of much worse quality than traditional ratings would have predicted (because ratings agencies looked the other way).
2. When the bubbles deflate, banks leveraged far beyond reason find themselves not only illiquid but insolvent, as asset prices fall and debts increasingly go bad.
3. As crisis deepens, banks and investors attempt to collect on derivatives bets (their insurance) -- credit default swaps, interest rate swaps, and even more esoteric instruments. They find the insurers like AGI are bankrupt and cannot pay.
Throughout history empires have fallen due to excess unpayable debts. We lived richly for decades, borrowing from the future to finance phony prosperity. Government borrowed excessively, and so did business and households. That such things come to an end should be no mystery. Most things have a tendency to revert to the mean. Debt is no exception. I submit that General Electric's $400 billion net debt is as unpayable as the US Government's $14 trillion. That which cannot be paid will not be paid. The Great Default is still to come. (Literal default, or stealth default through inflation.)
My point is that all this was known. It was the timing that remains suspect: all this coming out just before a national election.
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