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Obama Says I’ve Made All the Right Choices – Part 2

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With the poverty rate at an all time high and most of the leading economic indicators now worse than they were during the Great Depression; President Obama claims he's made all the right decisions. - Image courtesy: Mad Magazine

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Tapper also asked the President about the Wall Street protesters. President Obama responded with “one of the things I’m most surprised about is hearing both from Republican members of Congress and Republican candidates, the notion that we should return to the rules that existed on Wall Street before the financial crisis. They want to roll back all the Wall Street reforms we put into place as if they’ve got amnesia about how we got into this problem in the first place.”

As I showed earlier this week, the blame for the financial crisis lays almost entirely at the feet of the Federal Government. Nearly two decades of the Feds mandating that banks issue subprime loans, deliberate lack of Federal oversight over lending giant Fannie Mae, further exacerbated by outright lies as to the financial stability of Fannie Mae told by Rep. Barney Frank, Senator Chris Dodd, Rep. Maxine Waters, and others caused this financial meltdown.

Furthermore, one can easily argue that our high tax-rate and our overly regulated business environment creates an atmosphere where corporate executives feel pressured to cheat and find loopholes so their company’s show a profit. This in no way excuses the behavior but if the halls of our Nation’s Capital are ripe with corruption; should we expect anything less from our corporations? At least the corporate executives are being prosecuted; shouldn’t we do the same to our politicians?

America has moved farther and farther away from our capitalist roots over the last two centuries. Subsidies that are given to one group or another are redistribution of wealth at its worse and do little more than rob Peter to pay Paul. Multiple taxes on items like gasoline, alcohol, and tobacco are simply passed on to the consumer at the time of purchase. The same holds true for regulatory fees imposed by the EPA or any other government agency. For example, the much ballyhooed Wall Street reforms that the Obama Administration brags about are simply passed on to the consumer. By now everyone has seen the attack-articles on Bank of America passing on a $5.00 fee to its customers; but what are they supposed to do; lose money?

Most companies in America already make less than 15 percent profit after expenses and many are down in the 5 or 6 percent range such as the evil oil companies that the Democrats like to demagogue.

The President continues to pay lip service to supporting entrepreneurs and getting America back to work yet his policies don’t match his rhetoric. He has crippled our energy production by creating so much environmental red tape that only one off-shore oil rig has returned to production since the BP oil spill. What affect has that had on gasoline prices? Has this policy increased or decreased our dependence on foreign oil?

His administration continues to implement crippling new regulations which have cost American businesses more than $40 billion according to Investors.com. In fact, in July alone, the Administration implemented 379 new rules and regulations at an estimated cost of $9.5 billion. Is there any wonder American workers are having a tough time finding work? The only thing the Obama Administration cares about employing is new regulations.

President Obama was right about one thing in his interview “there’s going to be a very clear contrast between whoever they (the Republicans) nominate and their vision of where we should take the country and where I believe we should take the country.”

The President has made it clear he is all about playing the class warfare card, even bragging that he wears it as a badge of honor. His rhetoric is reminiscent of the language used by Joseph Stalin during the Bolshevik coup in Russia. The President’s policies are the same tired socialist policies that have failed time and time again in every country they have ever been tried. You cannot continue to steal from one group to give to another, eventually there is nothing left to steal.

 

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