Monday, April 20, 2009

Obama to Order Cabinet to Quickly Cut $100 Million From Department Budgets



Obama is being held hostage by the debt terrorists. Can you believe this? The president has now become convinced that the government must cut spending in order to have enough money to make the investments necessary to bolser output and employment. With this kind of thinking it is unlikely that we will ever fully recover from this problem.

Read full article here.

8 comments:

googleheim said...

THIS IS SIMILAR TO DEL WALMSLEY'S HOLDING AS A HOSTAGE BY THE REPUBLICAN'T DEREGULATION TERRORISTS - HE BLAMES BARNEY FRANK FOR THE HOUSING MESS BECAUSE THEY GAVE OUT LOANS TO THOSE WHO COULD NOT AFFORD THEM. HE CONTINUES THAT BUSH DID NOT DO THIS BUT ACTUALLY TRIED TO LIMIT THE CONSUMER BY CHANGING BANKRUPTCY LAWS AND URGING CONGRESS NOT TO ALLOW EASY LENDING.

HOWEVER, WE KNOW THAT THE MARKET COULD HAVE CLEANED UP THE SUBPRIME MESS IF AND ONLY IF THERE WAS NO LEVERAGE.

KARL EGGERS, DAN FRISCHBERG, THE ARMENIAN GOP BOY SCOUT AND ALL THE OTHERS FROM BIZRADIO EXCEPT PHIL'S GANG BELIEVE THIS SORT OF EXTENDED DEBT TERRORIST BELIEF.

THE REPUBLICAN'T DEREGULATION OVERDRIVERS ALLOWED FOR LEVERAGING 30 TO 1 ON COLLATERAL INTO VERY UNREGULATED INSTRUMENTS THAT TANKED.

BARNEY FRANK HAD NOTHING TO DO WITH THE GREENSPAN/BUSH1/BUSH2 DEREGULATION MENTALITY WITH FALSE JUSTIFICATION USING AYN RAND FLUFF.

IT'S NOT VERY OBJECTIVE WHEN THEY ARE COVERING UP THE LEVERAGE PART.

Mike Norman said...

Housing subsidies have been around for 70 plus years. Walmsley should get over it. Furthermore, Frank did not mandate lying on loan applications, loan-to-value ratios of 120%, zero money down, etc. And who told the Fed to raise interest rates by 500% to solve a demand-driven spike in oil?? By the way, most of that spike was due to speculation, which Dan F. said was good and healthy for the economy.

Mike Norman said...

They're disingenous when they say that stuff. They're being dogmatic or pushing a belief system and not desirous of having anyone know the truth. Their goal is merely to push an agenda and it's 100% dishonest because they "sell" it as if they care, but the only ones they care about are themselves. I am TOTALLY skeptical about a guy who claims to be a genius real estate investor, yet sells courses. Those who can, do. Those who can't, teach.

Matt Franko said...

Mike,
Saw you on Niel's show tonite.
Great job. You got out a great line wrt our belief system hurting us but in all honesty I think it went over all of their heads. They dont really listen to the others anyway, it looks like they are just waiting to talk.
The audience (some) are probably picking up on what you are saying though.
You had the most contrary position (good) of the group.
Anyway great to see you back on "the tube" and hope you are still thinking about the long US bond trade after a US sovereign ratings downgrade that looks all but inevitable now.

Resp,

Mike Norman said...

Thanks Matt!

Michael said...

Mike-

Missed you on Cavuto but hoping it will show up on YouTube!

Mike Norman said...

Michael:

Already checked--nothing! And Fox Business did not include that segment in their video offerings. Figures!

TomatoBasil said...

Given that we have almost 750 Billion in Stimulus, I think it is smart for Obama to placate his critics with a small symbolic 100 million in savings from in the most egregious cases of government waste. This will prevent a backlash over some $7,000 toilet seat.