Tuesday, May 5, 2009

Top Ten Reasons Obama's "Plan" Will Fail

Mikiel de Bary at American Thinker has put forth ten reasons why Obama's economic plan for America isn't going to work:

10. The Obama economic team really does not know how we got into this mess. For example, Christina Romer, chair of the Council of Economic Advisors, claims that the "fundamental cause" of the current economic downturn is the decline in asset prices from the levels reached in 2006 and 2007, i.e., from the peak of arguably the biggest and broadest asset bubble in history. In other words, she believes that the retreat from absurd valuations is giving us problems.

9. Obama himself follows the scapegoating line initiated by Bush. He blames both the general asset bubble and its collapse on insufficiently regulated companies, rather than on fiat money and central banking -- the sacred institutions of the failed macroeconomic establishment -- which financed every aspect of the Great Bubble.

You will find the rest here.

About the only thing I do not agree with is the assertion that this plan was cooked up by Obama.

I see it as a plan by which the federal government intends to make economic slaves of us all.

(h/t: Boortz.com)

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When liberty is taken away by force it can be restored by force. When it is relinquished voluntarily by default it can never be recovered. -Dorothy Thompson