05/15/09 Baltimore, Maryland Could this be… an epiphany?
“We can’t keep on just borrowing from China,” President Obama declared at a town hall meeting in New Mexico yesterday. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Bravo, Mr. President.
Obama continued on the matter, calling our current deficit spending “unsustainable” and suggesting that sooner or later the routine buyers of U.S. debt will “get tired” of tossing their reserves in our money hole.
In The Know: Should The Government Stop Dumping Money Into A Giant Hole?
So what will result from this fiscal catharsis? Budget reform? A national effort to pay off our debts? The end of borrowing, bailouts and trade deficits — the beginning of a sustainable existence?
“What is driving us into debt is health care, so we have to drive down costs.”
Bummer… all just a pitch for health care reform. Well, it’s a start, sort of.
And as Mr. Obama preached fiscal conservatism, his administration wrote the U.S. insurance industry a $22 billion check. Allstate, Prudential, Ameriprise, Hartford Financial, Lincoln National and Principal Financial will now all have access to TARP funding, the Treasury announced today.
In exchange for the bailout, the government will get a boatload of warrants and preferred shares, further complicating Uncle Sam’s quasi-ownership of the financial sector.
Ian Mathias
Ian Mathias is the managing editor of Agora Financial’s Income Franchise, where he writes and researches about retirement, dividend and fixed income investing. Much of his work is featured in The Daily Reckoning and Lifetime Income Report – Agora Financial’s flagship income investing advisory.
Previously, Ian managed The 5 Min. Forecast, a fun, fast-paced daily look into the future of global markets and macroeconomics. He’s also worked in public relations, where media outlets like Forbes, AP, Yahoo! and MSN Money have syndicated his writing. If he’s not at work, you’ll probably find Ian on a bicycle, racing up and down the “mountains” of Baltimore County. Ian has a BA from Loyola University in Maryland.
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Wow, another piece of history that not only brings to light about the matter, but also proves that President Obama is either a complete hypocrate or an absolute liar.
You decide. I’ve already chosen.
Obama is a puppet of the powers that be.
Every president has been, for that matter. The puppet that doesn’t play along gets a mandatory meeting scheduled with JFK, wherever he is. JFK was but a puppet who got out of control, and thus required extreme mesures.
The owners of the world are apolitical; they shift to reds or blues, according to the tide. They just want to be in the white house.
The “Maverick” and that pathetic Palin chick were hand-picked to lose.
She is mildly hot, though. I give her that.