That is the mantra of the Left. Over and over and over broken record style they say it droning like the mindless borg they are. Yep, Republicans who once could be counted on to be fiscally responsible turned out to be big, greedy, disgusting hogs when they were in power.
And now, President Barack Obama is making them look like restrained piglets in comparison. Here’s a picture that explains it.
The Leftists can cram it. Obama’s spending is FIVE TIMES what the worst Republican Congress could come up with and the promised future spending cuts would only bring the spending to the levels of 2x times the worst Republican’s budget. So you guys on the Left can shut the hell up about the mess you inherited. You’re making this current mess. You own it. And it WILL be hung, like a noose, around your special-interest paying off, job-losing necks. You. Own. It.
Speaking of the mess..what is a sane person to do with any extra money he has? What is wisdom? The stock market still looks like a bad idea [read the whole thing, this piece is really, really good]:
So Barack Obama’s policies are antithetical to investment, antithetical to sound business planning, and ensured to kneecap any attempt at recovery that our economy hopes for. If you’re looking for reasons to worry about the future of this economy — looking for justification that this is not a recovery and a bear market rally — you simply have to combine a few facts:
1. Fundamentally, the bull market of the late 90’s and early 00’s was partly due to an extraordinary increase in financial system leverage.
2. This bull market was pumped up by fractional reserve banking and a completely unsustainable rise in asset prices that fueled the above leverage.
3. We are now at a point where leverage is unwinding and asset prices are still declining.
4. Government props have supported a rise in financial sector stocks, but fundamentally the stress tests prove that banks need to raise capital based on even mild financial shocks.
5. Any continued weakness in the economy will skewer this current rally.
6. Asset prices, foreclosures, and jobs data show no signs of getting better, only (at best) signs of slowing their decline.
7. Obama’s financial system meddling (auto bailout, TARP shenanigans, etc) is sure to provide more weakness than expected.
Richard Posner, and all the other cheerleaders, believe that if only they keep confidence high, all the fundamental problems in the economy will dissipate and we’ll start a recovery. But the fundamentals aren’t going away. The economy is over-leveraged just like it was in the late 1920’s and early 1930’s, and that leverage must unwind before we can reach a recovery, a recovery based on saving and investment rather than spending and debt. Posner thinks the collapse has been avoided by slowing down the decline, but in essence we’ve only delayed and extended the inevitable.
I’m thinking, ironically enough, that real estate is the good investment right now. What do you think? Low property values, low interest rates, tangible asset.