My Liberal Friend Dreams

Ray (a friend) sent me an e-mail with an article by Timothy Egan of the NYT. Ray sought to show me that our present Democratic liberals have a superior political  agenda.  Sorry Ray, after reading the article - I still don't agree.  Since I've time to spare, I am going to dissect Egan's article and add a few comments of my own.

The Title "HOW OBAMA SAVED CAPITALISM AND LOST THE MIDTERMS".

Mr. Egan seems to have no idea what the word "Capitalism" means. In the simplest of terms it means "private ownership". President Obama admits that he has  spent most of his first term trying to transfer private ownership to Federal Government ownership. That is not supporting or promoting private ownership is it.

Regarding the economy. Mr. Egan gives this example: "Suppose you had $100,000 to invest on the day Barack Obama was inaugurated. . . ."  "The presidency of George W. Bush produced the worst stock market decline of any president in history." "On election day, Nov. 2, 2010, your $100,000 was worth about $177,000 if invested strictly in the NASDAQ during the Obama  administration."


Obama was inaugurated July 20, 2009 and I'll take Mr. Egan's word that the NASDAQ average increased 77% in the 18 months following. BUT SOLELY BECAUSE OF MR. OBAMA?  That's ridiculous. There were far, far greater influences on the stock market.

Mr. Egan also claims that "the banking system was resuscitated by $700 Billion in bailouts started by Bush and finished by Obama. They both were helped by the Federal Reserve. It worked."

IT DID NOT WORK by any known standard of measurement.  Much of the stimulus money was improperly  administered and simply disappeared. Some was used to pay bonuses to failed executives, for example. Only a relatively small portion was actually used to pay the overdue bills of the auto industry - and it apparently had little or no effect."

"Saving the American auto industry, which has been a huge drag on Obama's political capital, is a monumental achievement that few appreciate . . . . ."

Few appreciate it because he DIDN'T save the industry, and the only drag on his political capital was the threat of losing the political support of the AUTOWORKERS UNIONS should they not receive benefits and retirement packages as promised. 

In fact, to charm the UNIONS and keep our automakers afloat, Mr. Obama trashed the traditional separation of private business and Federal Government ownership.  He purposely disregarded the  Constitution, and destroyed 200 years of experience.  The Government purchased about 60% of GM, then forced dealership contracts to be cancelled and thousands of employees to be terminated. Obama took over GM by using a sophisticated form of eminent domain. The entire procedure was a calculated way to pay off GM's UNION debts (BEFORE COMMON STOCK HOLDERS). The scheme was brilliant - but illegal.

Egan goes on to say that the "three signature accomplishments of his (Obamas's) first two years - a health care law that will make life easier for millions of people, financial reform that attempts to level the playing field with Wall Street, and the $814 billion stimulus package . . . ."

These things may have been commendable IF THEY HAD BEEN LEGISLATED THROUGH ESTABLISHED CHANNELS OF GOVERNMENT FIRST.   Instead, they were forced by partisan Democrats through the  Congress with  no Republican collaboration, discussion, criticism or alternate choice - AND CLEARLY AGAINST THE WILL OF THE PEOPLE.

International remarks say it was done by crooks for the benefit of other crooks.  There is general agreement that it was done by side-stepping our Constitution,  Bill of Rights,  American heritage, history of rewarding merit, and our promotion of individual independence. Most important of all, the means used to force these issues are well beyond the President's power limits.  

to be continued