"Millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases," Paulson said. "This lack of affordable consumer credit undermines consumer spending; as a result, it weakens our economy."
The key word is "affordable". We're spending $7.5 trillion because government has decided what interest rates are affordable and what are not. This crushing boondoggle is intended to keep America in debt. The economy was correcting itself for our tremendous over-indebtedness, and government couldn't stand it, so its putting us $7.5 trillion further in debt to insure we remain in debt. I also like Paulson's assumption that Americans should be financing every day purchases with credit cards. Fire this guy now! I said we should fire Paulson and demand the resignations of Bernanke, Dodd, and Frank before we ever addressed this problem, and I stand by my demand.
Obama picks Paul Volcker, one of the major architects of '70s stagflation and the Fed chairman who almost derailed Reagan's economic recovery, to head a panel on getting the economy started again. Volcker didn't manage the crisis. He helped create it. Obama's choices keep getting worse and worse.
The ineffectiveness if not downright counter-productivity of the Fed's rate cuts can be seen in this graph. The article says that the Fed's rate cut prompted refinancing, but the graph tells a different story. The Fed has been aggressively cutting rates for a while, but banks haven't lowered their rates. It's pretty obvious banks haven't felt the need to lower rates until just now. What suddenly changed was banks suddenly lowered their rates. If banks haven't felt the need to rates until now, apparently they were making plenty of loans. So I ask again, what credit crisis? It seems to me that our problem is housing is overbuilt, period, so people aren't buying new homes, and that's being misinterpreted and misreported as a credit crisis.
Impressive video shows innovative Ford plant that can manufacture 5 different cars much more efficiently and cheaply than traditional plants by integrating supplier manufacturing lines inside the Ford plant so supplier parts can be manufactured in synchronization with the Ford cars and inserted into the Ford assembly line in place. This video explodes the false storyline being spread by Democrats and the media that the big 3 auto companies have poor management who are not forward looking. The problem is that this plant is in Brazil instead of the US because the auto unions won't accept this kind of innovative manufacturing plan. It's also because Brazil has a VAT tax compared to the US income and payroll taxes.
Now Obama and Democrats want to implement card check so that unions can use intimidation tactics force more businesses to unionize so they can damage those businesses the same way they've damaged the big 3 automakers.
The CEO will earn $1 in salary next year. So what? Hiss shares of AIG are worth millions but and would have been worthless if taxpayers hadn't saved him from the fate he deserves. Next year AIG will be worth much more, and his shares will be worth much more. He's laughing all the way to a hundred million dollar stock portfolio, just like he had last year, at our expense while the press and Democrats pretend they did something to make him pay. What a joke.
Obama's misguided plans to fight phony man-made global warming will lengthen and deepen the recession. So will the rest of his policies.
National Park Police threaten to arrest Vietnam vet for handing out memorial flowers at national mall. Those are the same people I want controlling the life and death decisions of my health care.
Dumb college bans Christmas.
Czech President Vaclav Klaus, free market economist and global warming skeptic, to become the head of the EU. Hell, yeah. Just in the nick of time too. It's sad to think Europe may lead America back to free markets, sanity, and prosperity, but as long as we get back there, I'm don't care who leads.
Russia to help Venezuela build civilian nuclear power plant.
Cyber-harassment mother convicted on 3 misdemeanor counts because she helped daughter set up Myspace account under a pseudonym to harass girl, but the girl ended up killing herself. This is ridiculous. I post under a pseudonym. Does that make me criminally libel if some online person I know kills themself?
Walter Williams illustrates how socialism is akin to slavery and is evil. No person should ever be forced to work another. Compassion is voluntary and cannot be forced.
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