From Investors Business Daily:

Policy Failure: Greece was told that if it wanted a bailout, it needed to consider privatizing its government health care system. So tell us again why the U.S. is following Europe's welfare state model.
The requirement, part of a deal arranged by the IMF, the European Union and the European Central bank, is a tacit admission that national health care programs are unsustainable.

Mr. Obama, if Socialism is a failure, why are you tugging and pulling the U.S. down that worn out garden path?

Why is the media pouncing on anyone who calls Mr. Obama a socialist-leaning dude? It's kinda stating the obvious. In Greece 50% of employees are union. Mr. Obama couldn’t be more pro-union if he tried and he is determined to grow the public sector employee base.... Even as California's top-heavy union base is pulling the state into bankruptcy.

Now about all the fuss over Wall St.

Yes, Capitalism is greedy. And the bank trouble fall 2008 was scary. But…I want to remind folks of this fact:

Bank bailouts have been repaid and taxpayers will profit from the federal rescue (interest paid on bailout funds) but…..

Governmentized Fanny Mae and Freddie Mac as well as unionized General Motors and Chrysler--all taken over by the feds under Obama's instruction--will most likely NEVER be able to repay taxpayers for the massive and continuing bailouts issued by taxpayers.

Capitalism stumbled, but why?
Yes, greed, true, but….think: Why all those exotic financial packages on high-risk mortgages?

Well…the government demanded that loans be made to folks with no skin in the game: no down payments....and bad skin in the game: bad credit.
If you force banks to loan to those who are high risk with shaky credit then bankers who stand to see their money go South will try to finagle ways to make money on risky loans they are forced to make.

So this problem was BOTH bank generated and government generated. Capitalism was not allowed to take the risks they liked best. When that happens…all hell is likley to…and did…break loose.

Now Obama wants to have a bank tax to help dissolve failed banks. But, Fannie, Freddie and GM and Chrysler (government owned now) would NOT BE AFFECTED by the tax.

Hmmm, a tax to cover the costs of failed banks that have repaid the costs of rescue, while exempting Fanny, Freddie and GM and Chrysler. Sounds stupid to me.
And remember folks…in the dead of night on Christmas Eve., Obama snuck into Congress and had the All Blue Congress Team lift the cap on taxpayer losses that Fanny and Freddie could sustain.

That means….before the Christmas Eve 2009 vote, taxpayers could only take a loss of $400 Billion. Now, thanks to Obama: Taxpayers are on the hook for AS MUCH AS FANNIE AND FREDDIE CAN RACK UP IN DEBT. NO Caps.

Hmmm, no caps on the institutions that have no chance or record of repaying their losses?

On that topic: the Democratic Senate Financial Bill that many experts say misses the mark on financial regulation:
From The Times:

“
As Democrats close in on their goal of overhauling the nation’s financial regulations, several prominent experts say that the legislation does not even address the right problems, leaving the financial system vulnerable to another major crisis.”

More:

….critics say the government helped to seed the crisis through its efforts to increase home ownership, including the role of Fannie Mae and Freddie Mac in buying mortgage loans to make more money available for lending. The companies are now owned by the government after incurring enormous losses on loans that borrowers could not afford to repay.

Lawrence J. White, a finance professor at New York University, said it made no sense to overhaul financial regulation without addressing the future of federal housing policy. He said he was trying to find the strongest possible words to describe the omission of Fannie Mae and Freddie Mac from the legislation.
“It’s outrageous,” he finally said.

What I find outrageous is Obama going around beating up on Wall Street when his Senate votes to leave Fannie and Freddie untouched by federal regulation (Obama threatened to filibuster Bush’s attempts to rein in Fannie and Freddie) are a large part of the cause of the housing meltdown that brought down the banks.

This deception and Wall Street Bashing by Obama is very very dishonest. Not once has Obama admitted his role in the crisis and refuses to talk about Fannie and Freddie’s role in the crisis. And solving only half the issue is BONE HEADED!
Unthinking Liberalism is just as bad as unthinking Conservatism.

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