Diary

Obama: "We can't just keep borrowing from China"

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJsSb4qtILhg

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Well then Mr President, shall I suggest a 12 step program for you?

How can you look anyone in the eye after unprecedented amounts of borrowing and spending and say we’ve got to quit borrowing after just doing it in historic proportion? A little projection here? It just defies any common sense and shred of thinking.

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

This reminds me of a joke.

A guy walks into a doctors office(pre-national health care so he didn’t have to make an appointment 6 months out) and says, “Doc, it hurts when I do this.” Doc replies, “Well? Then don’t do that.”

Then Obama makes a jump that our problems are coming from high health care costs (his next conquest) and ummm, nothing much to do with his borrow/spend addiction.

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.

The president said Americans have been hooked on their credit cards and share some of the blame for the current system.

“We have been complicit in these problems,” he said. “We have to change how we operate. These practices have only grown worse in the midst of this recession.”

He only knows too well. Hmm what about government borrowing and spending obscene amounts? That won’t affect everyones’ interest rates eventually and ability to pay off debt?

The American Bankers Association, which represents card issuers, has warned lawmakers and the Obama administration against taking punitive action or setting requirements that are too stringent. Doing so, the lobby group says, would limit consumer credit and worsen a credit crunch.

Obama said that restrictions “shouldn’t diminish consumers’ access to credit.”

Sooooo, Americans are credit card pigs (except borrow and spend Barry O, his spending is an “investment”!) but those evil credit card companies shouldn’t take advantage! But, as uncollectable CC debt rose the highest level in 20 years, 8.82%, the One sez CC companies shouldn’t cut off us pig borrowers.

“The days of any time, any increase, anything goes — rate hike, late fees — that must end,” Obama said today at Rio Rancho High School. We’re going to require clarity and transparency from now on.”

Ummm President Zero, I am waithing for you to tell China and our other “creditors” to quit pickin on America even though we borrow too much.