Intel CEO Otellini: The Democrats Are Destroying our Economy
This is a stunning indictment from the leader of one of America’s most successful technology companies: Unless government policies are altered, he predicted, “the next big thing will not be invented here. Jobs will not be created here.” The U.S. legal environment has become so hostile to business, Otellini said, that there is likely to be “an inevitable erosion and shift of wealth, much like | Read More »
Obama’s ‘Debt Tsunami’ Sends Market Higher
What was it that touched off today’s market rally? According to the UK Telegraph, it was due to analyst Meredith Whitney’s urge to buy Goldman Sachs. Why is Whitney so confident about Goldman Sach’s future performance? Our more bullish outlook on Goldman Sachs shares is deeply rooted in our sustained bearish stance on the U.S. economy and the state of U.S. financials at large. Specifically, | Read More »
NEWSFLASH: High Deficits Mean High Taxes
This comes as a surprise to no one of course, except for an Obama administration which seems to believe that taxes can stay at more or less current levels despite their extraordinary spending binge. Instead, history suggests that if Washington wants to run historically-high deficits, then much higher taxes inevitably follow: As Blodget says: We don’t know about you, but we’re not excited about the | Read More »
The PayGo Bait and Switch
Today is a big day for the Blue Dog Democrats. They’ve spent the first 6 months of this administration supine, voting for whatever spending Barack Obama and Nancy Pelosi told them to. As a result, the federal deficit is approaching $2 trillion – with nothing to show for it. All along, Barack Obama has paid lip service to the Congressional budget rule known as PayGo. | Read More »
Whoops… Entitlement Programs Collapsing Faster than Expected
The Spectator’s Phil Klein alerts us to the release of the Annual Report of the Social Security and Medicare Boards of Trustees. The Trustees have found that due to the recession, benefits paid out are overtaking revenues brought in even faster than projected. The trust funds for these programs will be bankrupt sooner than expected but more importantly, the programs will become a serious drain | Read More »
Forbes: Obama Oversells His Mortgage ‘Rescue’
According to Forbes Magazine, the Obama administration is overestimating the number of homeowners who will be helped by their mortgage plan. Instead of helping 9 million homeowners as Obama claims, the greatest number that could be helped is closer to 5 million: President Barack Obama plans to spend $275.0 billion to rework or modify up to 9.0 million troubled American mortgages, but his program isn’t | Read More »
Blue Dogs: We’re in the Tank for Obama
Several days ago I wrote about the toothless and useless ‘Blue Dog Democrats,’ who strut around bragging about their commitment to balanced budgets, but who regularly take a dive when told to. Apparently their liberal masters have told them it’s time to shut up and get in line.
Trouble in Paradise
It looks like not all Congressional Democrats are prepared to march in lockstep with Barack Obama into a brighter future: Rep. Paul Kanjorski (D-Pa.), who chairs the Financial Services subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, said on C-SPAN that Democrats have “lost our way” and “shouldn’t be pressed by silly deadlines” of getting the bill into law by the Presidents Day recess.
Is Obama Set to Repeat Clinton’s Big Mistake?
In 1992, Bill Clinton campaigned for the presidency on a platform that focused on tax cuts (to get the economy moving again), welfare reform, and getting tough on crime. By the time he vetted his agenda with Congressional leaders, the early focus of his administration had shifted to enacting a public works package, lifting the ban on gays serving in the military, and raising taxes. | Read More »