Obama’s Address to the “Nation” | Plain and Candid
In his speech last night, the President was moderate, measured and non-confrontational; cold water for dissenters. Yet, elements of the speech implied serious economic implications, including veiled notes of centralization, recklessness and fear.
The President was honest enough to “speak plainly and candidly” to Americans: “You see, the flow of credit is the lifeblood of our economy.”
The line was naked honesty about the President’s philosophy; a belief in quantity over quality.
What the President ought to have said is that the assets, business models and other intangible factors that make people creditable are the lifeblood of the economy. Without this key distinction, one comes away from the President’s line with a very real misunderstanding of value.
Now, to his credit, the President did acknowledge that: “With so much debt and so little confidence…banks are now fearful of lending out any more money to households, to businesses, or to each other.”
He continued…
“We are creating a new lending fund that represents the largest effort ever to help provide auto loans, college loans, and small business loans to the consumers and entrepreneurs who keep this economy running.”
What he didn’t address is: How is a centralized government going to determine which entrepreneurial ventures will actually keep the economy running? Where is all this money for this new lending fund going to come from?
Considering the Government’s track record of determining who deserves loans, should we trust their judgment? If printing money wasn’t good for Japan, why would it be good for us?
He continues, “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.”
George Santayana put it best, “Those who ignore history, are condemned to repeat it.”
Mr. President, please don’t ask us to ignore decades of reckless spending. Please don’t conflate opposition with misunderstanding. And please, don’t imply that the American people are helpless, without government programs
Todd Kading said:
I think that this discussion about the President’s words ignores the clear fact that Statists really do not care if their policies work to accomplish “stated” objectives. They simply want more power. We have decades of data to see that the “War on Poverty” has not worked. We have the current economic meltdown to show that things like Freddie and Fannie and the Community Reinvestment Act lead to massive failure. It isn’t results that they care about. It is POWER. Let’s show them that their “perceived” power only comes from the willingness of the productive to allow them to take the fruits of our labor. We will only carry the weight that they place on our shoulders for so long. At some point we might just decide to strike.
February 25th, 2009 at 6:37 am
Connecticut said:
Something caught my attention last night, which very much offended me and others around me … “A high school education is not going to cut it anymore”. That was extremely insulting because as far as I know most of middle class America, who are keeping this country going, don’t have a college degree and we WERE doing just fine. I make one hell of a paycheck with no degree. I work for a father/son developing firm, a $20mill firm .. both have no degrees. My parent’s combined make mid six figures with no degree. I’m getting sick and tired of being told you can’t do anyting without a piece of paper.
February 25th, 2009 at 6:38 am
Hokus Pokus said:
Connecticut…I am disturbed by B.O.’s comments on education and service. He mentioned making college affordable to all..”The promise of an affordable education for all Americans if they volunteer in their community or serve their country.” This is the ol’ carrot dangling in front of the donkey trick. We’ll give you “this” if you gave us “that”. What kind of civilian/zombie force is he trying to invoke here? That is my question.
February 25th, 2009 at 7:07 am
Jill said:
I was shocked to hear the ‘Cradle to College’ mantra. I couldn’t believe my ears. This is very scary stuff!
February 25th, 2009 at 8:52 am
Anthony Astolfi said:
Awesome article!
February 25th, 2009 at 9:22 am
Kevhead said:
In addition to the “Service” he’s asking for a college tuition discount is the fact he’s planning to require community service from middle and high school. Talk about arrogance and Fascistic! I believe that’s considered indentured servitude and hope a lawsuit will be filed should he follow through with this plan.
February 25th, 2009 at 9:56 am
Fuddcat said:
Why are the people not waking up to realize Mr. O is nothing but a Hitler and they are following hook, line and sinker!! Why does he have to be a Dictator and they all fall down and go for it. It just shows what brain power we have in the Senate and House.
Sheer Stupidity. Please wake up before it is toooooo late. He is moving fast.
February 25th, 2009 at 9:58 am
Michael said:
Thanks Rick,
I know you are taking heat for this, but you really struck a nerve.
The new plan is nothing less than criminal.
They know 90% of those in trouble with their mortgages lied about their income. How else would someone be in a loan they cannot afford? Now we are rewarding them by lowering their payments and even loan balances. We are enabling them to stay in a home they never could have afforded without truthfully stating their income. This is at the expense of those, like me, who are saving for a home. I have been saving for 10 years to buy a home and refused to take a mortgage that I could not afford. Even when brokers were telling me to take on a mortgage I could not afford. Responsible borrowers are now bailing out those who got into trouble by committing mortgage fraud.
Even those who took out equity loans to buy cars vacations or whatever can get money under the plan. This is unbelievable. They are putting the spin on the situation saying this benefits everyone. A 30K tax break for anyone willing to buy one of these distressed properties would be an incentive for someone like me to use my 100K as a down payment and buy a home. This would also be a buffer against falling home prices. This way we reward the responsible and not the ones responsible for the current mess.
February 25th, 2009 at 10:09 am
J Aron said:
Yes, Mr. Obama we have a big problem, many big problems, and they need to be addressed now. But we cannot spend our way out of failed monetary policy.
Punishing businessmen in this country is not the way to prosperity.
Rewarding failing business is not the way to prosperity.
Expanding government is not the way to prosperity.
Making people more dependent on government is not the way to prosperity.
More government control over business and our citizens is not the way to prosperity.
Government giving us stuff is not the way to prosperity!
We need sound money and our families need to be able to keep more of their wealth.
We need government to stop raiding our paychecks so we can pay off our debts and accumulate wealth.
We need business to fail when they manage themselves like idiots. No matter how big they become.
We need people to keep more of their paychecks so they can put money away for a rainy day or for their retirements.
More money in individual’s pockets should be put there by the individual - not by government.
Taking money from “Richie Rich” to give to “Sad Sack” is not government’s function or right.
Yes, Mr. President, we are a “can do” country - so please let government get out of the way and let us “do” what we can do!
February 25th, 2009 at 10:29 am
Stephanie said:
Thank goodness some are seeing BO for what he is. There is no way he can possibly achieve what he is laying out before the ignorant masses. His way out of this mess is not going to work. He is a “Pied Piper” and the American Rats are following him into the sea to drown. We must stop this insanity! I love Tea Parties! I will invite all of my friends.
February 25th, 2009 at 11:52 am
Tricia said:
Bernanke said today that we must bailout bad borrowers as part of our “moral duty.” It feels like BO is clamping the handcuffs on all the decent, hard-working Americans. He’s making good on his “spread the wealth around” promise. Why did the middle-class vote for him? He wants to take my money to pay for my next door neighbor who got all the upgrades on his house, a piggyback mortgage, and a Lexus SUV. I feel sad that son is growing up under this burden. This not the same America that I knew growing up.
February 25th, 2009 at 12:49 pm
Bob said:
This is a case of attacking the symptoms not the cause type of solution. Like adding a extra bilge pumps on a leaking boat. It may temporarily keep you afloat but sooner or later if you don’t fix the leak you will surely sink!
February 25th, 2009 at 2:36 pm
Nick P. said:
One reason we have such a housing crisis right now is because the Democrats forced banks to issue loans to people who were not qualified. The way I see it, Obama is saying he wants to do the same thing, but include school & business loans in that.
Learning from our mistakes? More like digging a deeper hole…not to mention the “new”"new” $410 billion passed in the house today. Unreal
February 25th, 2009 at 2:45 pm
Benson said:
The goal is a “social” revolution. Replacement of the constitution, with marxist ideology. Market collapse will further that goal. Social unrest will further that goal.
These men and women are coddled products of an inexhaustible grievance industry, leading to a welfare state that assures the givers of free stuff perpetual power.
I see no other conclusion that fits the facts. It reads like a surreal steroidal version of Saul Alinsky meets George Orwell.
February 25th, 2009 at 4:23 pm
Benson said:
Todd Kading
Another home run comment.
Untill people can somehow come to grips with what is happening they will continue to be confused.
They know exactly what they are doing, it just does not co-incide with the agenda we expect from a US President.
February 25th, 2009 at 4:26 pm
Alana said:
I haven’t heard one word about the struggles of the college graduates who are buried under a mountain of studen loan debt. We have millions of educated young people who could actually buy houses and cars, and start businesses if we helped them with that debt.
Of course if you’re a simgle mother on welfare, you get a free ride to the same University, same degree, with nothing to pay back. Nice incentive.
February 25th, 2009 at 7:08 pm
SL said:
ENJOLRAS
Do you hear the people sing?
Singing a song of angry men?
It is the music of a people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!
COMBEFERRE
Will you join in our crusade?
Who will be strong and stand with me?
Beyond the barricade
Is there a world you long to see?
Courfeyrac:
Then join in the fight
That will give you the right to be free!
ALL
Do you hear the people sing?
Singing a song of angry men?
It is the music of a people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!
FEUILLY
Will you give all you can give
So that our banner may advance
Some will fall and some will live
Will you stand up and take your chance?
The blood of the martyrs
Will water the meadows of France!
ALL
Do you hear the people sing?
Singing a song of angry men?
It is the music of a people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!
February 26th, 2009 at 12:05 pm
Carol E Donaldson said:
There is no such thing as a free lunch. Or free education, cradle to college.
More importantly, this Country was founded by entrepreneurs. And entrepreneurs should be getting huge tax breaks in order to expand and to hire more people. Ford Motor Company started as an entrepreneurial idea. So did General Motors and Chrysler. So did General Electric and General Foods. The “big” companies started out as little ideas in the hearts of men and women with a vision for the future. They weren’t sure it would work, but they put their heart and soul into their idea and their ideas grew into major manufacturing companies we see today. And those huge companies are having financial trouble because they lost their heart and soul on the way to becoming gi-normous enterprises with CEOs earning millions of dollars and having only a passing acquaintance with the products their companies manufacture.
We HAVE to go back to our roots and to the entrepreneurship upon which this great Country was founded and upon which this great Country thrives.
February 27th, 2009 at 1:09 pm
Jim Wahler said:
SL gives us a nice poem from les’mesrables(s)(Sorry I flunked French). The sad part is that the French Revolutionaries didn’t believe in capitalism and attacked the merchant class which resulted in . . . Napoleon!
Socialism/Fascism - two sides of the same coin!
February 27th, 2009 at 2:02 pm
Christopher L. Keister said:
Speak with action! Buy tea bags and write April 1 on the tag. Every where you go pass these out. Speak with action! (this is a good idea too know your history special tags with The Constitution,Quotes From The Founding Fathers and U.S. Flags ie.1777-present Don’t Tread on Me)YOU MUST SPEAK WITH ACTION!
February 28th, 2009 at 9:55 am