Good Richard's Almanac: Obama To "Build A New Foundation" For Economy

March 12, 2009

Obama To "Build A New Foundation" For Economy

President Barack Obama warned a group of chief executive officers that the U.S. can’t continue with “endless cycles of bubble and bust” and must build a new foundation for future economic growth.

Here we go again. Barry-O believes risk-taking is a bug rather than a feature. He believes government can somehow ensure economic prosperity, when the record of history speaks resoundingly otherwise.

I’m not choosing to address these additional challenges just because I feel like it, or because I’m a glutton for punishment,” Obama told the business leaders. “I’m doing so because they are fundamental to our economic growth and to ensuring that we don’t have more crises like this in the future.”

...

Obama blamed the crisis on “reckless speculation and spending beyond our means; on bad credit and inflated home prices and overleveraged banks.”

He must want us to forget government -- more specifically Chris Dodd, Barney Frank, and a young attorney from Chicago -- had any role in creating the crisis in the first place. Government created the current crisis by forcing banks to make loans to people who could not afford them.

Obama is embarking down a worn out old path to tyranny and oppression. Here's what one expert had to say...

There's only an up or down. Up, man's old, old-aged dream, the ultimate in individual freedom consistent with law and order, or down to the ant heap of totalitarianism. And regardless of their sincerity, their humanitarian motives, those who would trade our freedom for security have embarked on this downward course."

And another...

Consider yourself warned. Barack Obama believes we must allow government intervention and control of our economy to ensure stable growth. Whether intentionally or otherwise, he is trying to rob each of us of our Liberty.

Friends, I ask you. Where in our Constitution does it say government must guarantee our prosperity?

Posted by Richard at March 12, 2009 3:51 PM

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The primary causes of our recession are well known; Government intervention, in the form of Fanny Mae and Freddy Mac., and government control over our interest and currency by the Fed. The Fed wildly expanded the 'credit bubble' creating fluctuations in housing prices.

Many people are completely ignorant of the role of the Fed. and the profound control they hold over our economy by manipulating the interest rate. If most people were informed that the gov't was going to control the Dow by setting the price everyday as they saw fit, the people would be outraged.

Yet, when it comes to setting the interest rate, a function that has much farther reaching implications, we remain willfully ignorant. Let's unshackle our free market and soar to prosperity. End the Fed.

Posted by: kirkmcquest at March 14, 2009 8:35 AM

March 12, 2009

Obama To "Build A New Foundation" For Economy

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