Dow Tanks On Obama Plan
Feb 11, 2009 Political
On Monday night Barack Obama preempted regular programming in order to get on the air and scare people into supporting the future generation bankruptcy plan. After he told us of the dire consequences of inaction he took some questions. Some of those questions dealt with the second half of the TARP money and what was going to be done to ensure that it worked and there was accountability. Obama said that his Treasury Secretary Tim [Geithner] would be speaking at a press conference tomorrow [Tuesday] and would explain it all. Obama did not want to steal Geithner’s thunder.
Well, Geithner spoke and all I can say is if this is the brightest guy and the only one who could handle the problem then we are in real trouble. This specific plan that Obama said would be revealed was a very general plan with NO specifics. There was no meat to the thing. He did manage to say that access to government resources is a privilege and not a right. I want to point out that they are not government’s assets because government has none. The assets belong to the taxpayers who have them confiscated.
In any event, Geithner and the rest of the government would do well to remember his words. Access to our money is not a right. It might be legal but that does not make it right.
This plan had no substance but we were assured that they would tell it to us once they got it straight. If it takes as long for him to come up with a plan as it did for him to pay his taxes we will all be dead of old age before it is published. This is the guy who was told he had to pay taxes and was given money to do so but decided not to anyway. If he was told to and said he would (signed a paper indicating) and then did not then it must have been intentional.
Obama promised a plan and he promised Geithner would deliver it. The guy comes out today and he has no plan. He is lacking substance and the genius who was going to fix it all because he had the answers brought so little out today that he wasted our time.
Wall Street reacted unkindly. The Dow dropped around 400 points today after he “detailed” the plan.
This is the plan Obama made us wait for?
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