<p>YouTube</a> - Daniel Hannan MEP: The devalued Prime Minister of a devalued Government</p>
<p>I wish some American politicians had the backbone to give a similar speech in reference to Obama. Unfortunately, I'm almost positive such a speech would result in your branding as a racist. It might also result in Pelosi hitting a button that opens a trap door into shark infested waters.</p>
<p>Shame.</p>
<p>Yes, of course, Obama definitely did way more damage in his three months than Bush did in his eight years right? You’re ridiculously out of touch.</p>
<p>Woah there tiger. I’m sure we could have a really great debate on this, but here’s a short fact collection.</p>
<p>I’ve doubled my portfolio since Obama was inaugurated largely by playing the markets according to when he gives speeches. Can’t you wait until all private sector companies are headed by Obama friendlies? We’re headed down a dangerous road of government dependence, this speech is in fact a great speech that is somewhat analogous to our situation. Sorry I hurt your feelings.</p>
<p>I think you’re looking at this Obama situation in a microcosm. </p>
<p>He is not nationalizing industries. He is simply shoring them up until the markets adjust. You might disagree with it philosophically, and that is fine, but it’s a proven way of keeping the peaks and valleys of the free market in more control so the nation can be stable. </p>
<p>He has no intention of spending like this forever. It’s just initially. He’s said he plans to pay down a lot of the deficit within 4 years, so I will hold him to that.</p>
<p>OK, let’s do that.</p>
<p>Look, the fact that the government is now essentially taking control (call it whatever you want, “heavily subsidizing” maybe) of a major industry scares the living hell out of me.</p>
<p>When government starts directing capital toward pet industries, very bad things tend to happen.</p>
<p>Example - Carter wanted home ownership for working class. 1977 community reinvestment act required banks to lend 40%of loan to sub-prime clients. Banks could not carry that much risky debt, so IBs created securitization, to spin the required risky loans to private investors. As that sub prime borrower rarely had the 20,000 or 30,000 needed for a standard down payment, banks were forced into loans that required little down. And so was born the roots of our current disaster - President Carter wanted to direct private/business capital to advance a social agenda. Always bad news.</p>
<p>Obama wants to computerize medical records (what’s his cut) and invest in green energy. The only people making any profit on green energy are those giving seminars on why we need green energy. Don’t even get me started on car companies with disastrous work rules and contracts. Politician directing private sector capital allocation is a bad idea, every time</p>
<p>Well, Vandy. I’m not sure what to tell you.</p>
<p>Greed and deregulation collapsed the economy. If people don’t like it, then they have only themselves to blame for tanking the economy.</p>
<p>Either we do nothing or we do everything we can. Both are viable options with strong support behind them. Obama and Bush chose to do everything they could. </p>
<p>We’ll see how it turns out.</p>