Monday, February 09, 2009

A Few Thoughts on Obama's Press Conference

Tonight, President Obama said we need to loosen up credit. Leaving aside the fact that it was lose credit that got us into this economic mess in the first place, it seems to me that if you wanted looser credit, you wouldn't want to have the government borrow almost a trillion dollars, as that is now a trillion dollars not available to lend to anyone else. Am I wrong about this? Sure, in the long run, the government will pay it back -- but we're talking about the situation right now. If you want looser credit right now, you won't want the government borrowing money right now.

Overall, I found President Obama's economic ignorance on glorious display tonight. He's against what caused the economy to bounce back so quickly after 9-11 -- the tax cuts -- and is in favor of the thing that caused the economic meltdown as the solution to the current problem. He's rejecting the economic policies of Bush that worked, and is accepting all the disastrous policies Bush adopted in the last 6 months of his administration. It's as though Obama is trying to emulate FDR exactly -- after all, FDR adopted Hoover's economic policies that drove the economy into the Great Depression after campaigning against those same policies when he ran for President -- even accusing Hoover of being a socialist during the campaign.

It also seems that Obama's idea of "bipartisanship" is to offer a Democrat-created bill and demand the Republicans vote for it. The snide comment about leaving out tax cuts so the Republicans could take the credit for putting them in so they would then vote for the bill both shows his hand for future bills and shows he doesn't understand why the GOP opposes the bill.
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