Who created The SubPrime mess

Obama keeps talking about this mess that he inherited. Democrats keep blaming Bush. You can try to explain to them the truth about how things happened, but sometimes you just can't fix stupid.

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Wow, so you mean that all of this started during the Clinton Administration? Now the Wife of the man who put us down this road is the Secretary of State?

I can see we are in good hands.

Obama Budget to Ruin USA

Breathtaking in its scope and ambition, President Obama's agenda for the economy, health care and energy now goes to a Congress unaccustomed to resolving knotty issues and buffeted by powerful interests that oppose parts of his plan.

Perhaps the only things as high as Obama's goals are the hurdles they must clear.

While tackling the economic crisis, he is asking Congress to enact contentious measures that have been debated, but not decided, in calmer times: cut subsidies for big farms; combat global warming with a pollution tax on industries; raise taxes on the wealthy; and make big changes to the health care system.

Standing alone, any one of these proposals would trigger a brawl in Congress and fierce debates outside Washington. Obama wants the proposals done largely in concert, as an interrelated plan to undo major elements of President Ronald Reagan's conservative movement.

Obama outlined the approach in a budget proposal Thursday, a sprawling road map that will require several hard-fought pieces of legislation.

He launched his campaign for the package Saturday with a fiery, populist radio and Internet address that depicted his critics as champions of "the interests of powerful lobbyists" and "the wealthiest few."

"I realize that passing this budget won't be easy," the president said, because it "represents a threat to the status quo in Washington."

"They're gearing up for a fight," he said. "So am I." - FOX News

I have to tell ya, I have been out of the Country for the better part of a week and if you think that Obama is loved by all you are dead wrong. I have talked to several Canadians who are just laughing at what Obama is doing. They say that he has said he wants a health care system similar to theirs. They hate it, if you need a major surgery you can wait up to 2 1/2 years before it is approved. The Mexican don't care for him either.

I think that it is time for the Republicans to quit playing nice and stop the damage that is being done. This guy and his comarades in the Legislature are leading us down a road to a major major disaster.

Obama Adresses Congress, The Nation

Lets take a look at the President's address tonight.

I know that for many Americans watching right now, the state of our economy is a concern that rises above all others. And rightly so. If you haven't been personally affected by this recession, you probably know someone who has - a friend; a neighbor; a member of your family. You don't need to hear another list of statistics to know that our economy is in crisis, because you live it every day. It's the worry you wake up with and the source of sleepless nights. It's the job you thought you'd retire from but now have lost; the business you built your dreams upon that's now hanging by a thread; the college acceptance letter your child had to put back in the envelope. The impact of this recession is real, and it is everywhere. - FOX News

Although the Economy is way up on the list of things to worry about, the National Deficit has quickly became My top concern. When the Economy recovers then what are we left with? Are Higher Taxes coming my way as a second whammy to this?

Now, if we're honest with ourselves, we'll admit that for too long, we have not always met these responsibilities - as a government or as a people. I say this not to lay blame or look backwards, but because it is only by understanding how we arrived at this moment that we'll be able to lift ourselves out of this predicament. - FOX News

That is an honest statement, I 100% agree with. The sad part is it was all about laying blame. Don't baffle me with the BS, you are all about blaming someone else. The next statement followed this one.

The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before. The cost of health care eats up more and more of our savings each year, yet we keep delaying reform. Our children will compete for jobs in a global economy that too many of our schools do not prepare them for. And though all these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before. - FOX News

hmmmmmmm. Sounds like blame. But wait, it becomes clearer.

t reflects the stark reality of what we've inherited - a trillion dollar deficit, a financial crisis, and a costly recession.
Given these realities, everyone in this chamber - Democrats and Republicans - will have to sacrifice some worthy priorities for which there are no dollars. And that includes me. - FOX News

You know that every President has a set of problems they inherit. A good leader takes them on and moves forward, this President keeps looking back and trying to make absolutely sure everyone knows he wasn't President when this happened.

Still, this plan will require significant resources from the federal government - and yes, probably more than we've already set aside. But while the cost of action will be great, I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade. That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen.
I understand that when the last administration asked this Congress to provide assistance for struggling banks, Democrats and Republicans alike were infuriated by the mismanagement and results that followed. So were the American taxpayers. So was I. - FOX News

So here we go, Yes he is being honest, they are going to be asking for Billions more to spend in the sake of saving the Economy. But hey why not, you can blame the first $700 Billion on President Bush. (Remember it was Democrats who Controlled both Houses when that passed) If you act quick enough, we won't see the mismanagement of this latest $800 Billion on Stimulus. How much are you willing to spend? It is easy to blame the banks for their mismanagement of money, but what about the mismanagement of Congress and the President?

But I also know that in a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment. My job - our job - is to solve the problem. Our job is to govern with a sense of responsibility. I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can't pay its workers or the family that has saved and still can't get a mortgage. - FOX News

How about doing the will of the people? You say you won't Govern out of Anger, but you aren't listening to the people either. You won't spend a single penny on rewarding Wall Street Executives! You sure are willing to spending Billions on Rewarding members of Congress for pet projects that will do very little to help the economy. Not to mention the paybacks for help in elections.

That's what this is about. It's not about helping banks - it's about helping people. Because when credit is available again, that young family can finally buy a new home. - FOX News

Thats great, they can buy a new home. How? No job to make money, but hey they can get credit. Quit helping the Banks at all. Help the people directly. Opening up credit for Mortgages is not helping the economy.

Obama Again Blames Everyone

During his joint speech I found myself dumbfounded that once again, in a time when he preaches working together, he chose to be divisive and blame everything on someone else.

This deficit that we inherited. Understand every single person in that chamber including yourself had a hand in the problems that face the USA today. The decisions that you are making today are problems that we will face down the road.

I found it striking that he says that they have found $2 Trillion that can come out of the budget over the next decade. WOW! That is a whopping $200 Billion a year. You have spent way more than that in just your first month in the White House. You could have easily saved us all Trillions just by handling things more fiscally responsible.

Overall, I think that he did a good job with the overall uplifting tone of the speech. I however think that he has created a more divisive Country and Congress with his remarks trying to blame the Republicans on the problems of America Today. He needs to remember that his party has ruled both Houses of Congress have failed to act and failed to solve these problems. This repeated attacks will come back to hurt not only him, but his party.

Barney Frank shows his Ignorance

(CBS) Massachusetts Congressman Barney Frank is demanding that Northern Trust, a bank that received $1.6 million in bailout funds, pay the government back for the money it spent on lavish parties and concerts last week in Los Angeles, according to entertainment Web site TMZ.

Frank, the Chairman of the House Committee on Financial Services, is sending the letter on behalf of the committee, TMZ reports.

Northern Trust sponsored a PGA event, the Northern Trust Open last weekend at the Riviera Country Club in Los Angeles. According to TMZ, the bank flew out hundreds of employees and clients to stay at lavish hotels, and attend parties and concerts with acts like Earth, Wind & Fire, as well as Sheryl Crow.

The bank responded to TMZ’S claims by arguing that the Northern Trust Open is “an integral part of Northern Trust’s global marketing activities, focusing on retaining and growing business with existing clients and attracting new clients.”

Northern Trust also said that the bank did not seek the government’s help during the November 2008 Capital Purchase Program when it was issued $1.6 billion in preferred stock and warrants, but agreed to the “government’s goal of gaining the participation of all banks in the United States.” The bank has said that none of the CPP funds are allocated to operating expenses, including marketing and advertising.

Frank told TMZ that the bank should have spent the money making loans and stimulating the economy, and that the Open was an “ego thing” that had nothing to do with good business. - CBS News

Barney Frank is an Idiot to say the least. Details have been slowly leaking out over the last month about the bailout funds that were given to banks. The Government didn't just bail out banks that were in peril, but they gave all banks money in an effort to get more money flowing in the lending market. Now calls like this from ignorant Lawmakers and Media Outlets trying to gain some viewers. These Banks who did not need the money were basically forced to take it, and now are under intense scrutiny to do things the way the Government wants to do things. Obviously with the Deficit Mess the Government has, that is a good thing to do!?

The Government wanted every bank to be influxed with cash to try and get money moving through the economy. Quite Stupid, but that was the plan. It still seems to be the plan. How about putting that money in the hands of Americans? That way money will move. Anyways, after pushing every bank to take on these funds, they now want to decide how business should be run. Again, do we really want businesses running the way the Government runs. Especially Congress.

More Calls for Burris to Resign

Sen. Dick Durbin, after an hourlong meeting Tuesday with colleague Roland Burris, said he had asked Burris to resign his Senate seat amid growing controversy, but Burris refused.

Durbin, the No.2 Democrat in the Senate, told reporters after the meeting that he was disappointed Burris did not listen to his suggestion.

"I told him that under the circumstances, I would consider resigning if I were in his shoes. He said he would not resign," Durbin said.

Burris, who has been in office for little more than a month, darted out of the meeting and refused to discuss the details.

"I'm under orders not to speak about this," Burris said, noting his lawyers have told him to stop talking publicly about the events preceding his appointment to the seat by ousted Gov. Rod Blagojevich.

Durbin said he did not get the answers he hoped from the senator, the subject of an investigation into whether he lied to an Illinois House panel deciding whether to impeach Blagojevich. The latest controversy started when Burris amended his public statements to disclose that the former governor's brother asked him to raise money for Blagojevich last year. Burris later disclosed that he attempted to raise the money, but was unsuccessful.

"This is a critical element," Durbin told reporters Monday, saying repeatedly he was "disappointed" with Burris. "Governor Blagojevich, or former governor, has been charged with trying to sell the Senate seat, so raising money or trying to raise money for him was in fact a very important fact that should have been brought forward and was not."

Burris arrived at his Senate office Tuesday morning with little to say to reporters but facing considerable pressure from his own party leaders.

Last week while traveling in Greece, Durbin, the senior senator from Illinois, said he wanted to hear from Burris before giving an opinion on whether he should quit the post handed to him by Blagojevich, who was arrested in December on charges of pay-to-play schemes out of the governor's mansion

The Chicago Sun-Times reported Tuesday that Burris was expected to tell Durbin that he isn't going to resign despite the Illinois attorney's investigation and a probe by the Senate ethics committee, but was going to soften his message by saying he will not run for the seat in 2010. - FOX News

Enough with this already. Resign and get out of there. You have taken the job after a corrupt Governor appointed you and you yourself have shown all the signs of Corruption. There is no possible way for this to end good.

Obama's Santelli Backlash

When CNBC’s Rick Santelli argued last week that President Barack Obama’s mortgage bailout plan would force hardworking Americans to pay for their neighbors’ mistakes, White House press secretary Robert Gibbs dismissed him as a know-nothing derivatives trader out of touch with Main Street.

But if the White House simply dismisses Santelli’s point, it may do so at its peril: A Rasmussen poll released Monday found that 55 percent of those surveyed thought federal mortgage subsidies to those most at risk of losing their homes would be “rewarding bad behavior.”

Santelli’s “Network”-style diatribe has already spawned a Facebook group and plans for “tea parties” protesting the bailout in major cities including Chicago and Washington.

Former House Majority Leader Dick Armey’s group FreedomWorks has spun off a site called angryrenter.com to organize those who don’t own their homes to oppose the mortgage plan.

And it’s not just Republicans who are complaining.

Although Obama still floats on air among Democrats generally, he’ll need to use Tuesday night’s unofficial State of the Union address to build support for his housing plan even among members of his own party. According to the Rasmussen poll, even 49 percent of Democrats oppose mortgage subsidies like the ones Obama has proposed.

Among them: Lynn Powers, 39, a Bethesda, Md., resident who describes herself as a “liberal Democrat” who has been hardworking, prudent and responsible — and now feels “like a fool.”

“We were in the market,” she says. “We put out eight bids and got outbid every time. It was very upsetting for us. I want to see some accountability and responsibility across the board. The only way for me to have an affordable home, and I’m not looking for a McMansion at all, is if we let the chips fall, in a sense. This is still the bubble — the prices have to come down. You can’t just subsidize some of the people. I don’t know how you deleverage. It is going to be painful, but this is also hurting the people who behaved responsibly.” - Politico.com Story

Republicans Looking for Spending Freeze

The House Republican leadership wrote to Democratic House Speaker Nancy Pelosi and Majority Leader Steny Hoyer Monday to ask them to consider imposing a federal spending freeze on the unfinished 2009 budget.

In the letter, the GOP leadership team calls for a freeze "at a time of record deficits."

A freeze "could ensure that essential government functions are carried out without any cuts while still protecting taxpayers from spending increases during a time of economic hardship," reads the letter.

Since Congress and President Bush never finished all of last year's spending bills for fiscal year 2009, government spending is currently frozen at the previous year's levels.

Congress is poised later this week to approve a $410 billion omnibus spending bill to fund the government for the rest of the fiscal year, which ends Oct. 1.

House Speaker Nancy Pelosi described the omnibus bill as the "unfinished business of last year when the president refused to address the priorities of the country."

House Republican Conference Chairman Mike Pence, R-Ind., called that bill "the largest increase in discretionary spending since the Carter administration." He added that he'd be happy with the Democratic leadership punting the omnibus bill and allowing the government to continue to run at last year's levels.

Pence noted, however, that the GOP has two "non-negotiables" on the budget -- funding cuts for troops and tax increases.

Republicans say that they welcomed statements from Democratic leaders "expressing the need for fiscal restraint." But Democrats appear to have already rejected the GOP proposal.

House Democratic Caucus Chairman John Larson, D-Conn., said that a failure to spend at the federal level would impact local governments and wind up raising local property and sales taxes.

Blue Dog, or fiscally conservative Democrats said they would be happy to work with President Obama, who has called for a return to pay-as-you-go rules, which Democrats pledged to institute when they returned to the majority in 2007 but have sporadically adopted. - FOX News

Obama does What! Puts Biden in Charge of Stimulus

President Obama has turned to his own vice president to oversee implementation of the $787 billion economic stimulus package, part of which will be available this week for state Medicaid programs.

Obama announced his decision before the National Governors Association in Washington on Monday, saying Vice President Joe Biden will help ensure the distribution of the money is not just swift, "but also efficient and effective."

"The fact that I'm asking my vice president to personally lead this effort shows how important it is for our country and future to get this right," he said.

Biden, in his new role, would meet regularly with key members of the Cabinet, governors and mayor to make sure their efforts are speedy and effective. He is expected to make regular reports to the president that will be posted online at www.recovery.gov.

With Biden at the helm, $15 billion from the recovery package will be freed up Wednesday for the health care programs, Obama said.

The administration projects the money will help states struggling with budget deficits and maintain Medicaid coverage for 20 million recipients.

Responding to some criticism of unemployment assistance in the stimulus from GOP governors, Obama also urged governors and lawmakers not to lose perspective on the package. He said the subject of debate composes just a "fraction" of the overall plan.

Obama also appointed Earl Devaney, the inspector general at the Interior department, to serve as watchdog for the distribution of the funding. - FOX News

As if the fact that we are spending this much money isn't bad enough, then he puts Biden in charge. It is no wonder that the Stock Market is down so much and continuing to drop. This guy hasn't been able to form a coherent sentence since he started campaigning. WOW. Talk about putting a wolf in the hen house. This would be down right hillarious to watch if it wasn't so serious. Biden in Charge of the Stimulus?

Black Caucus Upset about Billions Taken out of Stimuls

President Obama is scheduled to sit down with the Congressional Black Caucus on Thursday -- and topic one is likely to be their lingering frustrations that three Republican senators were able to strip billions in social and education programs from the original stimulus bill, Democratic aides tell Patrick O'Connor and me.

The meeting, at 2 p.m. in the old Executive Office Building, has been in the works for some time now, but the timing is, in part, "the result of member concerns about certain things," one aide suggested.

"We are concerned about how the stimulus deal went down and want some assurances," said another. - Politico.com

Welcome to Earth Black Caucus! You are upset becuase 3 Republicans took away some of your spending spree money?! Well guess what, you wouldn't have gotten anything if it weren't for those three renegades, and be thankful that is all they took. They should have taken away the whole darn thing. But hey, at least you have something to complain about, so be happy about that.

UConn Coach Shows up Idiot Reporter

Obama alot Like Bush on Terror

As Attorney General Eric Holder prepares Monday to visit the terror detainees and their guards at the prison at Guantanamo Bay, Cuba, it is fair to say that the first month of the Obama administration has been a major disappointment to civil libertarians and others who believed that the new president would swiftly deconstruct some of the most dubious terror law policies enacted by the Bush White House and the Pentagon.

It’s true that President Barack Obama formally pledged in the first hours of his presidency to close down Gitmo within one year. But don’t forget that George W. Bush declared on several occasions that he, too, wanted to close down the place as quickly as possible. - CBS News

Obama Flip/Flops on China

This was Candidate Obama during the Election:

"In our policy toward China, we have not been consistent enough and tough enough in pushing them to deal with Tibet properly but also (on) their continued support of Sudan, a country that has been engaging in genocide against the peoples of Darfur," he said.

But Obama also said the United States lacked leverage with China because the country holds so much U.S. debt.

"It's very hard to tell your banker that he's wrong," he said. "And if we are running huge deficits and big national debts and we're borrowing money constantly from China that gives us less leverage." - Reuters April 10, 2008

He wanted Bush to boycott the Opening Ceremonies of the Olympic games. This is Obama's Secretary of State Today:

"I certainly do think that the Chinese government and central bank are making a smart decision by continuing to invest in Treasury bonds," she said during an interview Sunday with the popular talk show "One on One." "It's a safe investment. The United States has a well-deserved financial reputation."

To boost the economy, the U.S has to incur more debt, she said, shortly before departing for Washington. "It would not be in China's interest if we were unable to get our economy moving," Clinton said. "So by continuing to support American Treasury instruments, the Chinese are recognizing our interconnection. We are truly going to rise or fall together. We are in the same boat and, thankfully, we are rowing in the same direction.

Obama Already Campaigning for 2012

Republican governors reacted skeptically Sunday to news that President Obama plans to halve the record budget deficits to more than a half trillion dollars by 2013, the end of the current presidential term.

Minnesota Gov. Tim Pawlenty told "FOX News Sunday" that the markets reacted badly to the $787 billion stimulus bill signed into legislation this past week -- the market is now down more than 41 percent off its mark of one year ago -- and it's only going to get worse if the president raises taxes.

Pawlenty said if voters think raising taxes will solve the deficit, he's got "hunting land for you in northern Minnesota."

South Carolina Gov. Mark Sanford, who vehemently opposed the stimulus bill, said cutting in half the annual deficit is a drop in the bucket.

"The operational deficit is a very small component of the larger deficit this country is running," he said.

An administration official, speaking on condition of anonymity, said Saturday that the president plans to cut back the annual budget deficit to $533 billion by time he ends his current term in office. That would be down from the $1.3 trillion deficit expected in fiscal year 2009.

The president is holding a fiscal policy summit on Monday, while the governors are still in town for their National Governors Association Winter meeting.

On Tuesday, the president will give a joint address to Congress. On Thursday he plans to send an outline of his first budget request to Capitol Hill.

The official said the deficit will be shrunk by scaling back Iraq war spending, ending the temporary tax breaks enacted by the Bush administration for those making $250,000 or more a year, and streamlining government.

"We can't generate sustained growth without getting our deficits under control," Obama said in his weekly radio and Internet address that seemed to preview his intentions. He said his budget will be "sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't, and restoring fiscal discipline."

Pennsylvania Democratic Gov. Ed Rendall said that tax increases that may be offered will do no harm to the country. He pointed to President Clinton's first term in office, when he raised taxes on the wealthy. The Clinton administration had four years of budget surpluses in its second term.

Obama's budget is expected to find ways to establish universal health care and lessen the country's reliance on foreign oil.

Obama has pledged to make deficit reduction a priority both as a candidate and a president. But he also has said economic recovery must come first.

Last week, he signed into law the stimulus measure that is meant to create jobs but certainly will add to the nation's skyrocketing national debt. He also is implementing the $700 billion financial sector rescue passed on Bush's watch; about $75 billion of which is being used toward Obama's plan to help homeowners facing foreclosure. - FOX News

The President is on track to spend more deficit dollars this year than any other President in the History of not only the USA, but the World. But hey the good news is that he plans to only spend half as much by the year 2013, if he wins re-election.