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A trillion dollars here, a trillion dollars there ...

...and pretty soon we might be bankrupt.

The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation's financial system.

But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country.

Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.

The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.

We're in the midst of a serious recession, yet the Obama Administration has no problem spending like there is no tomorrow:

Not to mention the incredibly destructive regulations that the Democrats are poised to hang around the necks of the banking and finance industries:

"Finance is one of America's great industries, and they're destroying it," said one banker at a firm that has accepted public money. "This happened out of haste and anger over AIG, but we're not like AIG."

The banker added: "It's like a McCarthy witch-hunt...This is the most profoundly anti- American thing I've ever seen."

Vikram Pandit, Citigroup's chief executive, told employees in a memo that some anger about executive compensation was "warranted". But he hit out against the idea of a special tax. "The work we have all done to try to stabilise the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees," he wrote.

Some policymakers expressed concern that banks may try to break out of the government's embrace by paying back public capital even if the price is a more severe credit squeeze.

They also fear that financial institutions may decide not to take part in public-private partnerships to finance credit markets and acquire toxic assets.

[...]

In Frankfurt one employee at a US investment bank said the new tax measures would "send [the US] back to the stone age".

"Commodity traders are already moving to companies like BP where they can make as much money as they used to," said another banker at a US firm.

Bankers at Deutsche Bank said it could benefit from the proposed legislation by poaching its US rivals' most talented employees. (emphasis added)

That $165 million in AIG retention bonus payments seems rather trivial now, doesn't it?

Fortunately the American people aren't as dumb as the Obama Administration, Democrats, and leftist agitators think they are. The big, scary neighborhood haunt of AIG executives' homes this weekend, planned by an ACORN puppet group, drew a whopping 40 participants; there were more media covering the event (it even merited an AP wire story) than there were protesters. And a union-sponsored protest of Bank of America in New Hampshire (hola, JayTea!) managed to attract only a dozen people.

Yet literally tens of thousands of ordinary citizens -- not professional protesters or coached agitators -- have shown up at impromptu "Tea Party" protests around the nation. This weekend, 3000 showed up in Orlando, FL, and 1500 showed up in Lexington, KY. No national wire coverage of those protests, of course. And April 15 could be the largest single "Tea Party" protest of them all, with major events planned in virtually all 50 states.

It's doubtful that the Obama Administration will listen to the Tea Party protesters unless their pollsters tell them to. But being good liberals, they read the New York Times religiously, and this weekend the paper unloaded on the Obama Administration with both barrels.

Hopefully the drubbing by the Times will rattle the Obama Administration enough to put the brakes on their reckless spending spree, or at least stop the Democrats' blanket party for the financial and banking industries. Someone, or something, has to, or we are in serious trouble.


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Comments (30)

It's time to move into the ... (Below threshold)
Adrian Browne:

It's time to move into the bunker you've been stocking. Check back in 2016.

A Republican walked into a ... (Below threshold)
retired military:

A Republican walked into a bar and asked the bartender, "Isn't that Jesus over there?" When the bartender said "Yes," the Republican sent over a drink. "Put it on my tab," he said.

A little later a Libertarian walked in. "Say," he said, "Isn't that Jesus sitting over there?" The barman said, "Yes," so the Libertarian sent over a hamburger.

Presently a Democrat showed up, noticed Jesus and sent over a plate of french fries.

Jesus soon left. On his way out he stopped to talk to the Republican. "Thanks for the drink," he said; "It was really good. Is there anything I can do for you?" "Well," said the Republican, "I'm facing knee surgery..." "Don't say another word," said Jesus as he laid a hand on the man's knee. "You are healed."

Jesus came to the Libertarian and said, "Thanks for the hamburger. It was really good. Is there anything I can do for you?" "Well," said the Libertarian, "I have cataracts..." Jesus placed his fingers on the man's eyes and said, "You are healed."

Finally, Jesus came to the Democrat. He thanked him for the fries and offered him any help he needed. "Don't touch me!" shouted the Democrat, "I'm on Disability!!"

The Tea Parties are working... (Below threshold)

The Tea Parties are working. The moderate Dems are breaking from their leadership and the GOP is united. We still need to keep pressure our representatives about the TRILLONS of dollars and ignore their distraction with the millions dollars in bonuses. They are trying a bate and switch, and ought not to fall for it. We are making a difference need to continue to speak out and spread the word. The MSM won't.


http://franklinslocke.blogspot.com/

I attended the Orlando Tea ... (Below threshold)

I attended the Orlando Tea Party. Police estimate that there was over 4200 people there. There seemed to be all types of people there, blue collar, white collar, students, families, retirees. I think that the extreme spending has really touched a nerve with the ordinary citizen.

The real kicker is that we ... (Below threshold)
James H:

The real kicker is that we do need some sensible finance regulation, probably regarding capitalization, more accurate ratings of securities, and a better handle securitization. But Democrats could sink the whole boat if they start meddling with executive compensation and internal company management.

I won't disagree with you m... (Below threshold)
JLawson:

I won't disagree with you much on that, James H - but the problem is deciding and defining what's 'sensible'.

And I think we've got WAY too many lawyers in Congress to get any sensible definitions and legislation out of them on this subject. Each one is going to be seeking to put their particular stamp on this mess, and we'll end up with legislative garbage spray-painted a pretty color to make it pleasing to the eye... but ultimately it'll still be garbage.

I don't know what the answer is - but I'm fairly sure throwing the problem at Congress and giving them carte blanc to fix it isn't it.

JLaw:I'm a lawyer,... (Below threshold)
James H:

JLaw:

I'm a lawyer, too, you know. You're hurting my feelings. Really. Hell, I'm insulted that you're comparing me to members of Congress.

That said, you're right in that sensibility seems to be going out the window. A big part of the problem, IMO, is that populists on both the right and the left misunderstand the crisis, or else are so hellbent on their sentiments that they prevent Congress from acting rationally.

In terms of the Right, I keep coming back to the photo of the guy with the "Your mortgage is not my problem" sign. Thing is, his neighbor's mortgage IS his problem, thanks to the mortgage-backed securities. That neighbor may be to blame for his own dire economic straits ... or may be in over his head now simply because of others' decisions.

And the left's obsession over executive pay is a bit like complaining of pine needles on the ground when there's a forest fire raging around you. Yes, it's annoying, but there are larger, more pressing issues at work. On top of that, higher pay is necessary to keep some of the remaining AIGistas from walking off the job.

Thing is, there are some pretty good ideas out there in the plans floating around (including Obama's). But I'm afraid that with populism raging, we could end up with regulation that harms more than it helps.

7 years at $10 billion (and... (Below threshold)
JC Hammer:

7 years at $10 billion (and more, like the unaccounted loss of $9 billion in the early days of the war) each month has been thrown away. Had that amount of money been suggested for domestic needs, the repugs would still be screaming? After squandering all that, now they are screaming that we can't afford domestic spending. And that's why we are now saying "Don't tell us we don't have the money" They coughed it up to play war games for nothing now they will pony it up for the things we need. No excuses.

Conservatives complain about the budget, however, well why not account for what bush really spent into his budgets? Remember he left out the inconvenient truths and then requested supplements. Shrewd, dishonest, but shrewd, and just what did America get for the deficit he left? Notice how none of the remaining elected conservative ass-clowns want to broach the subject that this is the first time in eight years the wars have been part of the budget. Now why is that?

But you missed the boat beyond all reason this time. I mean, aren't you folks supposed to be the fiscally talented ones? How did you all miss this? Why was every Bush loving' SOB on my block patting himself on the back for the last ten years at his peril, showing me his $2000 golf clubs, and bragging about his new renos? Whatever want to-be "conservatives" in this country have been conserving, it sure isn't money. You guys were seriously asleep at the wheel, and were among those who got most completely caught up in this mess. Time to man up, own this, stop blaming Obama for everything from your dog's fleas to your leaky basement, and face the fact that America had a dollar-related domestic threat ya'll completely and utterly missed. Despite the claims that you're, you know, the defenders from all such evils.

"...New York Times...unload... (Below threshold)
bryanD:

"...New York Times...unloaded on the Obama Administration with both barrels."-m.l.

I won't credit the Times with any iconoclasm since the NYT is basically a statist newsheet, see: Judith Miller and the Zionist bent of its center-left editorial staff. Revolutionists, not. The Times could have a co-patent on "Cold War".

But I do find it refreshing that the 9/11/01 to late-2006 Bush era common-policy brain-freeze is over. Bush got all the deference of a successful politician like Reagan, only to deliver a bouncing 180lbs Obama into the lap of his minions. There's a lesson there.

Perhaps via sturm und drang Obama's policies will be tempered in the public square. Already his Defense Department has been stymied by Democratic senators IN FAVOR of recycling ammunition for sporting use, so the 2nd Amendment has been STRENGTHENED since Obama has assumed office (despite speculative, anticipatory price increases from WITHIN the shooting arms community). Granted, work in progress, but above-board and refreshing.


So we needed to elect a clu... (Below threshold)
JLawson:

So we needed to elect a clueless incompetent into office to rectify the problems caused by the Republicans, by spending much, much more money so we'll finally realize just how stupid the REPUBLICAN spending was?

Or am I misreading your post, BryanD?

Guess the current meme is to throw the NYT under the bus also, since it's no longer adhering to the proper message.

Damn, but it's getting crowded under that thing...

A trillion here a trillion ... (Below threshold)
914:

A trillion here a trillion there...

What does Obama care? He dont work.

Obama's not going to change... (Below threshold)
GarandFan:

Obama's not going to change. He has an agenda to in-act.

Gripe, moan, bitch, gripe, ... (Below threshold)
WorldCitizen:

Gripe, moan, bitch, gripe, and gripe again.

Ahhhhh! I feel better.

JC"7 years at $10 ... (Below threshold)
retired military:

JC

"7 years at $10 billion (and more, like the unaccounted loss of $9 billion in the early days of the war) each month has been thrown away"

Congratulations. Obama has pissed twice much away in 2 months in office and is ready to piss away more than that in the next 2 months.

Most of the money spent in Iraq was spent on defense items which would have been funded had the war not been going on. Stop with the liberal MEME.

Also there has been only about $560 billion spent in Iraq. You statement is overblown by over $200 billion. That isnt suprising though. You can never overspend something by $200 billion as long as you can tax it out of the American people.

Try using more liberal lies why dont you.

Bush spent money on the War... (Below threshold)
hcddbz:

Bush spent money on the War! Well he asked and received Money from both Democratic and Republican controlled Congress. So the GOVERNMENT spent money on the WAR. Spending money on War is among the enumerated powers of Government outlined in The United States Constitution.
Bush made a huge mistake with prescription drugs and Tarp I. OBAMA used that opening to spend Trillions of dollars on all these programs which have nothing to do Constitutional powers, while at the same time proposing cuts for the U. S. military.

BILLIONS AND BILLIONS FOR T... (Below threshold)
Flu-Bird:

BILLIONS AND BILLIONS FOR THE BAILOUT BUT NOT ONE CENT FOR OUR MEN AND WOMEN WHO PROTECT THIS COUNTRY JUST TYPICAL OF THE DIRTY LIBERAL DEMACREEPS

BILLIONS AND BILLI... (Below threshold)
James H:
BILLIONS AND BILLIONS FOR THE BAILOUT BUT NOT ONE CENT FOR OUR MEN AND WOMEN WHO PROTECT THIS COUNTRY JUST TYPICAL OF THE DIRTY LIBERAL DEMACREEPS

Why doesn't Sally Struthers solicit funds to help poor children suffering from CAPSLOCK disease?

Is Flu-Bird Spurwing Plover... (Below threshold)
hyperbolist:

Is Flu-Bird Spurwing Plover reincarnate?

I dunno, I kind of like his/her style...

Rock on Flu-Bird... ha ha h... (Below threshold)
914:

Rock on Flu-Bird... ha ha ha

"So we needed to elect a cl... (Below threshold)
bryanD:

"So we needed to elect a clueless incompetent into office to rectify the problems caused by the Republicans, by spending much, much more money so we'll finally realize just how stupid the REPUBLICAN spending was?"-jl

"We" didn't "need" to elect Obama, but "we" did elect Obama, because Bush sprayed deer piss on the GOP election platform in December 2008. That's objective reality. I'm SURE you agree. THAT'S how objective it is.

"Guess the current meme is to throw the NYT under the bus also, since it's no longer adhering to the proper message."-jl

I like the NYT, generally. It's a big honking paper with a great food section, the book review section is well-written, and the crossword puzzle doesn't have the face of some TV star in the middle of it.

I must say that the use and abuse of the "MSM" (such as the NYT) by certain "conservative" sources (today: Use!) is...odd. It's like King David communing with familiar spirits during the Feast of Tabernacles. Just add a laugh track.

BryanMaybe YOU ele... (Below threshold)
retired military:

Bryan

Maybe YOU elected Obama, Me I voted for the NOT OBAMA ticket. Unfortunately thanks to open primaries and dems voting in republican primaries that was ummm McCain. Someone who had to work hard to get people to vote for him because he was only slightly more acceptable than Obama and still did a lousy job.

I am not suprised that you like the NYT. After all you are a liberal.

"I must say that the use and abuse of the "MSM" (such as the NYT) by certain "conservative" sources (today: Use!) is...odd"

Well if they would report the freaking NEWS instead of giving us PROLIBERAL OPED PIECES 24 hours a day then maybe they wouldnt get the abuse they so richly deserve.


bryanD - "I like the NY... (Below threshold)
marc:

bryanD - "I like the NYT, generally.

Then by all means grab a butt-load of shares in the company. At less than the cost of the Sunday edition it's a "bargain."

If by bargain you mean not worth the paper it's printed on.

bryanD's right: what other ... (Below threshold)
hyperbolist:

bryanD's right: what other broadsheet are you going to read for quality automotive, culinary, sports, and travel pieces all in one place, along with the world's best crossword puzzle (apologies to Harper's)?

Smart, cultured conservatives--like the ones that live in New York--appreciate the paper for more than its op-ed section. Don't throw the baby out with Maureen Dowd's bathwater, ya'll.

"Maybe YOU elected Obama, M... (Below threshold)
bryanD:

"Maybe YOU elected Obama, Me I voted for the NOT OBAMA ticket. Unfortunately thanks to open primaries and dems voting in republican primaries that was ummm McCain."-rm


I voted in Oklahoma. There are no primaries closed tighter than in Oklahoma. Write-ins are discouraged by signage, no space, and admonitions that any write-ins will be termed Disputed. There hasn't been an Independent on the ballot since 1988 (I think. Maybe 1992. A long time).
So I left the top tier of my Republican ballot blank in the primaries.
In the General I did vote Obama because 1) I knew it would be a safe protest vote, and sure enough, all 77 counties went for McCain, and 2) because I refused to vote for the Manchurian Candidate and MIA poo-poo chef, John McCain, since I am the product of a long military tradition, and know that the military harbors a small but lively clutch of self-promoting snakes within the ranks. Example John McCain.

"I am not suprised that you like the NYT. After all you are a liberal."-rm

I consider myself a nationalist with libertarian leanings. I have always been registered Republican due to the abortion issue. But no, I never lept on the RNC Lemming Express going down to wherever the hell they THOUGHT they were going. I'd rather my catafalque be a clown car than my political "peeps" be a bunch of chickenhawks, see National Review, American Spectator, Weekly Standard, etc. Mind you, these are considered the cream of the conservative crop, but are essentially Republican Big Guv. They declared war on conservative nonconformists and lost.

All Bushians need to realize that by buying what the neocons were selling did not come with a lifetime subscription. Even now, though signs of neocons are extant in the GOP, the neocon mass has shifted toward the power center leaving you with the residue, and soon not even that. Think: the Blob.

BryanDWHen I said ... (Below threshold)
retired military:

BryanD

WHen I said Dems in open primaries I was talking about places like Florida. If the primaries were you live are not open then OBVIOUSLY I WASNT TALKING ABOUT YOU. DUH.

Bryan- You a republican? Yeah umm okay. Whatever.

BTW there are quite a few people who absolutely abhored things that Bush did in some areas like umm immigration, Harriet Miers, Gonzalez, prescription drug plan and some others.

As far as Obama. Well as I said. Just about anyone I can think of would be better than him. Hell if given a choice between him and Bill Clinton in a race I would have voted for Clinton for a 3rd term.


"If the primaries were you ... (Below threshold)
bryanD:

"If the primaries were you live are not open then OBVIOUSLY I WASNT TALKING ABOUT YOU. DUH."-rm

Oh. Then I say Rush Limbaugh's "Operation Chaos". And how 'bout the petulant Hillary-touting by the *ever-sincere* likes of Sean Hannity and Ann Coulter and (again) Rush Limbaugh. Talk about the 3 Stooges! Well actually, The 2 Stooges featuring That Mean Chick with Pretty Fantastic Legs.

"Bryan- You a republican? Yeah umm okay. Whatever."-rm

Thanks for considering the possibility. Bush and his daddy and their New World Order spiel were just beyond consideration as representatives of "my side". Plus the Bush-Hinkley family connection viz. the Reagan assassination attempt, and of course the 2 planes causing 3 buildings to "collapse".

The Bush clan is either knaves or jinxes.

Obama OTOH is basically just a social-climbing galoot, the offspring of the Bandung Conference, meaning an internationalist "unaligned nations" outlook. But I doubt if he's really steering the boat. Captains and Kings.

BryanAs it turns out... (Below threshold)
retired military:

Bryan
As it turns out Limbaugh, Coulter, etc were trying to do the country a favor. Hillary would have been a much better President than Obama. She wouldnt have been pissing off allies and catering so much to our enemies.

"But I doubt if he's really steering the boat"

Doesnt that scare you in the least bit?

"Plus the Bush-Hinkley f... (Below threshold)
Oyster:

"Plus the Bush-Hinkley family connection viz. the Reagan assassination attempt, and of course the 2 planes causing 3 buildings to "collapse"."

Please, tell me this was a remark born of scornful derision and not of serious concern.

No, Oyster, Bwyan is a twoo... (Below threshold)
SCSIwuzzy:

No, Oyster, Bwyan is a twoofer. A nut. Go back to his first post in this topic. He lost all chance at a rational conversation when he once again brought up the Jooooooos.

Of all of the trolls at WB, I am never sure which one is more delusional, Baron von Munchooson or this chucklehead..

James H:I can see ... (Below threshold)
Thomas Jackson:

James H:

I can see that you have benefitted from Struther's charity. When were you adopted?




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