The Arizona Sentinel

April 20, 2009

Obama great for an Economy

Filed under: My Posts — thearizonasentinel @ 9:17 pm
The Arizona Sentinel
Well, good news for Americans, The President told everyone during the campaign that his presidency would be just the ticket for the U.S. Economy. And he has done just that, well at least for a particular segment of the economy.
However, as I have predicted, the next shoe is about to drop. Today the Dow dropped 284 points, and we are hearing the gentle suggestions of future problems from the likes of Bank of American and AIG. 
Lets look at Bank of America, Most of you will remember, the fuss that I and many made over the fact that Bank of America was giving credit cards, bank accounts and cheap sub prime loans two years ago to illegal aliens,… Remember that!! , Now today, Ken Lewis the CEO for BoA says that well they might want to pay back the TARP money sometime.  Heres the facts, their stock dropped this morning 24% and their balance sheet shows that loan defaults, credit card defaults,etc are climbing, escalating, at record rates, home foreclosures and going thru the roof.  And their balance sheet shows that they really need a 36 Billion dollar influx just to get to even. That means they need another 36 Billion to become solvent.
Now, what happened, First, I repeat, they gave illegals bank accounts, credit cards and home loans to illegal aliens, then they buy Country Wide Mortgage and they made the sub prime loan to illegals and OTMS famous, and that deal is what convinced Fannie Mae that they had better get with it or lose billions of business to Country Wide.   DUH!
So what is this Obama, Treasury suggesting that they do ?  They want to swap fiat money, for billions of common or preferred stock in Bank of America,… In other words, they are going to subsidize , this crazy bank policy of Bank of America with our tax dollars.  One thing we can all do is close our accounts at BoA and open at small local banks or local non federal credit unions.  Get their attention , legally.
I do not want to own any part of Bank of America, Country Wide,Merrill Lynch period. And I do not want my tax dollars propping up a Bank that has been involved in the treason of America.
As for AIG.  I would not put another dime into that company. Fact is the sooner they fail the better.  The problem is they did exactly what barney frank and dodd wanted them to do . So until we address the frank and dodd issue, AIG will be dangling out there in a black hole of debt.  
This morning Obama told his agency heads to cut 100 million from their budgets with in the next ninety days. Thats like telling your kid, he just lost 25cents of his allowance. WHOOPTIDO!!!!!  Im telling you folks the longer he stays in office the sooner , we get our head out of our backsides and put some people in there that can balance a check book.  Its obvious that noone in Washington DC ever took bookeeping or accounting in High School.  He should tell them to cut a trillion dollars from the Federal Budget, Heres a couple of places that I have suggested cuts.  First close all federal buildings in all 50 states, All Federal Judges, Circuit Courts, and US Attorneys should be removed and sent to Washington, DC.  Second, Shut down every program that has any federal involvement in any of the states.  All states should stop sending all tax revenues generated from fuel sales to Washington, that money should remain in the respective states, including any and all federal excise taxes from whatever.
All border and law enforcement should be handled by the states.
Back to the Economy: Commercial Real Estate is starting its downward spiral.  Coupled with the credit card defaults all over the country.  Unemployment, now at 6 million filers, and another 9 million employment challenged, adding another 10 million filers over the next 18 months.  Much of what is wrong with our government will get fixed over the next 24 months, However the downturn will have detrimental affects on the legitimate legal citizens of the country. So get ready. The Tea Parties were a great start.  But we have a long way to go.

FEDUPREPVET, Turned Independent

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A Lawman Speaks for Liberty

Border and National Security, Private Property rights, Removing Federal agencies from the states,American Energy Policy, Constitutional Conservative

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