“I put a deal before the Speaker of the House, John Boehner, that would have solved this problem,” Mr. Obama said, “and he walked away because his belief was we can’t ask anything of millionaires and billionaires and big corporations in order to close our deficit.” So America’s main job creators are still on notice that a tax increase is in their future in 2013, if not sooner. Barack Obama on his three day campaign trail through Minnesota.
President Obama has other ideas on how not to grow an economy that includes the Fed continuing to be deeply involved in the mortgage markets with loan guarantees and preserving Fannie Mae and Freddie Mac. (Ignoring the fact that the Fed could simply reduce or drop the 0.25% interest rate it pays banks not to lend.)
Last week Obama discussed another stimulus plan. Once again it is for roads and another tax credit for companies to hire more workers. His hapless ideas would be laughable if it were not for the undermining effect it has on consumer confidence.
The administration is now suing Standard and Poors, not Moodys or Fitch, over it involvement in the 09 financial crisis. Not to mention Exon announced last week it is fighting the government to retain the leases on the biggest oil discoveries ever made in the Gulf of Mexico showing a government still not afraid to threaten, lawyer-up and take away from it’s citizens.
On his brief and expensive campaign trail start, President Obama has shown his idea’s have not changed. The fact that they have not worked in the past and that he is losing political capital in their failures seems not to matter. To quote Footloose, “Mama says it doesn’t matter if you’re a king or you’re a clown, once you drive up a mountain, you can’t back down,”