Diary

Jimmy Obama

Conservatives take heart. Obama is on the path to self-destruction. Consider how much he is like the failed president Jimmy Carter:

 

*Obama is relatively new on the national scene. He is promising to reform the system as an outsider. In 1976, Democrat Jimmy Carter was relatively unknown. He promised a new kind of politics.

 

*Both Carter and Obama come from the party that did not control the White House when they were elected.

 

*In 1974, two years before Carter’s election, the Republicans in Congress suffered a huge defeat, a post-Watergate rout, just as the Republicans in Congress suffered a rout in 2006.

 

*When he took office in January 1977, Carter had big majorities in the Congress – 293 House Democrats and 61 Democrat US senators. Obama has 256 and 58.

 

*Carter got elected after a controversial 2-term presidency under Republican Richard Nixon which was completed by Gerald Ford. Obama got elected after Republican George W. Bush’s 2-term presidency. Bush was elected in 2000 in a close contest by defeating Democrat incumbent vice president Al Gore, while Nixon was elected in 1968 in a close contest by defeating Democrat incumbent vice president Hubert Humphrey.

 

*Carter was a former state senator from Georgia, while Obama is a former state senator from Illinois.

 

Is history repeating itself?

 

Significantly both Obama and Carter inherited bad economic circumstances. And Carter’s presidency failed primarily on his inability to fix the economy, leading to the election of conservative Ronald Reagan. And Obama now is on the path of repeating Carter.

 

Just watch. Jimmy Obama.

 

Obama is a liberal. He is acting as if he wants bipartisanship, meeting with Republicans and conservative columnists. This is all for show just like his conservative campaign promise to cut taxes for the middle class which are not tax-rate cuts, but token tax credits on 2009 tax payments, which will include checks for people who do not make enough money to even pay taxes (welfare checks). Over the long term – probably by 2010 – Jimmy Obama will surreptitiously raise taxes on the middle class in many other ways.

 

Like all liberals, Obama lives only for the moment. That is why liberals, for instance, advocate promiscuous sex – because pleasure is here and now, instant gratification. They take a short-term view of world affairs and economics and everything else, and act accordingly.

 

Obama’s stimulus plan is a disaster that is a short-term response to a long-term problem. And ironically this crisis is based largely in the Community Reinvestment Act which Jimmy Carter signed into law in his first year in office in 1977. That act forced banks to make loans to lower-income and then middle-income people who could not qualify for loans under standard lending practices. Those trillions in delinquent loans have largely brought down the whole mortgage market.

 

And since Obama does not understand the roots of the crisis, and when his stimulus plan fails, he will lose seats in Congress in 2010 and lose the White House in 2012. Every Republican in the House voted against the stimulus, and thank God for that. It is about time they stood for something, rightfully arguing that real stimulus is composed of economic incentives for business to create new wealth in the form of jobs.

 

Obama’s $825 billion stimulus is loaded with the kind of for-the-moment spending that Democrats are famous for. There is no consideration for long-term wealth creation. The reason is simple: Democrats are bureaucratic, governmental people who do not know anything about creating wealth. They do not get their hands dirty toiling in construction or running factories. They think that jobs are created when you give away government money. But that is “job creation” not “wealth creation” and it always is short-lived. Just look at the temporary economic spike from Bush’s 2008 tax rebate. It lasted about two months.

 

Obama, however, is making emotional appeals to get his plan passed, like trying to rush the nation into accepting it, and decrying the spendthrift policies of corporations and Wall Street. “This is the height of irresponsibility,” he said self-righteously about the purchase of a $50 million private jet by a bank that had received a government bailout. What he forgot to mention is how many of those executives are straight out of the Democrat party like Robert Rubin, who ruined Citigroup, and James Johnson and Richard Fuld, who brought down Lehman Brothers and Fannie Mae.

 

So Obama obviously is not going to go any further and mention the 800 lb. gorilla in the room at the heart of the crisis – Jimmy Carter’s Community Reinvestment Act. Or corrupt Democrat executives, or crooked left-wing groups like ACORN that use CRA as a bludgeon against private banks.

 

House speaker Nancy Pelosi strangely said that “Republicans in the country support this (stimulus) bill” which is false. They overwhelmingly reject it because it will not work. It is a handout bill in every field from billions for left-wing colleges to money for environmentalists to study so-called ‘global warming’. The money is going overwhelmingly to people who will kick it back to Democrat candidates in future elections.

 

Jimmy Carter believed that the Community Reinvestment Act was going to solve the problems that sparked it – the decay of urban neighborhoods. Because by 1977 when the act was signed, we had the bankruptcy of New York City in 1975 along with decades of liberal control over those cities, where wealth creation was stifled by bureaucratic and corrupt Democrat policies. Carter decided to trump liberalism with more liberalism, which is what Obama is doing.

 

Go to New York City today and try to open a restaurant. The paperwork and bureaucracy are unbelievable. Try constructing an apartment building. Corruption is rampant, and the hoops, approvals, taxes, payoffs, bribes, fees and permits are astounding. In poor neighborhoods, forget about it That is why so many American cities are deteriorating – because people like Obama run them, people who heap on tax after tax, regulation after regulation, bureaucracy after bureaucracy.

 

Obama is a “now or later” president. He is opting for spending money “now” and hoping that the economy improves enough “later” to keep Democrats in power. But it will not. Only long-term incentives for business investment will create the type of growth that will prevent the United States from falling into chronic unemployment and economic decline like the highly-taxed socialistic economies of Europe.

 

Obama hopes to sustain enough growth to keep the presidency in his hands. But he should be wary. FDR, who was elected in 1932 to fix the hobbled economy, did the same thing. But the economy was worse in 1938 after years of make-work government handout spending. The only difference was that FDR was able to control the dialogue through the media. Americans today are much more savvy about the economy. And like they did with Jimmy Carter, they will show Obama the door in 2012.

 

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