by Ty Andros, Editor, Tedbits Newsletter
As we near the US Presidential and Congressional elections, the unfolding economic calamity is taking its toll on the McCain and Republican tickets. All public serpents have a hand in this debacle, but the Democrats in particular are the party that has PUSHED for the extension of credit to people that have NO ABILITY to repay. The policies of Barack Obama are right out of the CARL MARX handbook: Destruction of the most productive and support of the people on the dole.
Obama was on the front lines of encouraging lending to and borrowing from unqualified people. Now it is BLOWING up as these people are DEFAULTING on their obligations. No money down and liar loans (loans to people who did not have to prove they were qualified) where PUSHED by Obama as a community organizer and senator. We have not yet seen the true bill for Fannie and Freddie making and insuring these types of loans; it will be hundreds of billions, if not a trillion. Yes Obama has ideas, terrible ideas as these events illustrate. He believes in supporting people who CONSUME more then they produce and in taking the money from those that produce more then they consume. These are recipes for BANKRUPTCY -- moral and fiscal!
Trade protectionism, higher taxes, straight jacket regulations of industries about which the public servants KNOW nothing. NO government or public servant can properly allocate capital where it is most productive and creates wealth.
If elected, Obama will spread misery in ever-widening circles as George Bush has done; the misery is courtesy of the printing press, endless government expansion and deficit spending. More for them and less for you, the public and private sectors. Downward mobility for all. One of the reasons the stock markets are screaming lower is to price in the HORRIBLE policies of the SOCIALISTS who call themselves democrats. Because the Democrats already control the legislature, there is no denying that the policies of the last two years are a collaboration of Pinocchio and the Democrats. On both sides of the aisle are closet socialists and wannabe dictators.