Tag: finance committee

Looks like we are about to get had, and they need a scapegoat to blame?

It sure as hell sounds like the excuse making has started.

Even if President Obama succeeds in getting Republicans to agree to tax hikes on the wealthy as part of a “fiscal cliff” deal, the country’s grim budget realities will still cast a long shadow — limiting his ambitions as he begins plotting a second-term agenda.

Any agreement is likely to result in less than the $1.6 trillion in new taxes over the next decade that Obama requested in his initial offer to House Republicans, and White House aides are signaling to allies that any new money from taxes would be used almost entirely for deficit reduction — not for ambitious, new spending programs or government expansions.

I say we can pretty much blame the policies he championed the first 4 years for that, but I doubt the left wants to. Funny that these DNC tools do not mention that no matter what tax hike this asshole gets the republicans to go along with, that this all will be meaningless. First off, he isn’t cutting any spending – cuts 10 or 20 years from now don’t count – and has already proposed some $225 in additional spending. This comes at a time when government is already spending a trillion a year more than they can collect. CM’s bullshit CBO projections – I already showed how reliable that nonsense prediction that somehow government will lower that trillion dollar gap magically are by comparing the results of the 2009 predictions with reality – aside, we are looking at at least $10 trillion of new debt. These tax hikes are not even going to be a drop in the bucket. We need cuts. Big bonejarring cuts.

But the LSM isn’t at all dissuaded by the over spending problem. It’s not that Keynesian economics fails, it is that we are not taxing enough from them evil rich! So we get more nonsense about how the shit Obama did was supposed to help:

Where Obama entered office four years ago planning to seize a moment of economic crisis as an opportunity for transformational policies such as the $800 billion stimulus and his health care overhaul, he begins his second four years with few, if any, similarly expansive or costly prospects.

Actually, “poor Obama”, and us too I should add, find ourselves today at this nightmare economic junction precisely because of that money the porkulus bill funneled to donkey constituencies, in the process producing negligible, if any, economic boosing. That and the massive economic repercussions of Obamacare basically handing government control of 1/6th of our economy and our life and death decisions. I am surprised they didn’t blame Boosh. Maybe it was implied. But oh, the pain!

Instead, any new spending programs will, by necessity, be small and narrow in scope: repairs to roads and bridges, airport renovations and other infrastructure upgrades, for example, or modest grants to help blighted city neighborhoods.

Get it? MOAR SPENDINGZ! Wait a minute, too. I thought that $800 trillion was already supposed to fix those roads, bridges and airports? Guess they are indirectly admitting the money ended up in someone else’s pockets, huh? Maybe like Kruababe they feel there wasn’t enough money to line donkey pockets and fix things, so the priorities won out. We should spend more. And I am sure this time around it will actually go to do what they promised us last time! Just let Obama have the power to raise the debt ceiling at will, and all will be well.

Heh. Maybe that’s why we find out that somehow Maxine Waters was made top donkey on the finance committee. Wait a minute, there.

This is really an extraordinary development. “Flabbergasting” might be a more apt word. Leave aside the recent ethics investigation over whether she used her position on the committee to help a bank her husband was involved with (which ended with her chief of staff getting reprimanded). Maxine Waters reliably delivers the craziest questions and the most bizarre speeches on that committee, and tends to demonstrate a stunning lack of grasp of the committee’s core subject matter.

The classic of the her oeuvre is, of course, the committee hearing on the financial crisis, in which eight heads of major financial institutions like Citi, State Street, Bank of America, Goldman Sachs, and Morgan Stanley were pretty ruthlessly grilled by members of Congress about how they had gotten the economy into the largest catastrophe since the Great Depression, and the greatest capital loss in history. Here is Maxine Waters, who uses her time to ask the following questions:

Are we talking about that Maxine Waters that used her position to enrich her husband’s companies? The Maxine Waters being investigated for corruption on a grand scale? Well, the one going through a show that is supposed to convince people she is being investigated. Holder has got her back, I bet. What’s the strategy here, I wonder? Nah, I don’t really wonder, I am betting this is done on purpose. This loon is going to help them confuse things and steal & waste more of our money. We are sooo screwed.