Summers was against Shamulus before he was for it.

Reagan used to fall asleep in meetings from time to time, I believe.

On April 23rd, 2009 at 6:53 pm, Ed Mahmoud abu al-Kahoul said: I heard a number on the radio, under the Obama budget, in ten year’s time, just the interest on the national debt will be approaching a trillion per year.

Full faith and credit in this government is worth less than squat.

That figure actually is based on current interest rates and statistics. It does not take into consideration the inevitable double-digit inflation (Ala Carter Part Deux) excessive unemployment rates, decreased levels of tax revenues being generated (which must be padded from some other new source to make up for the budget “cuts” from 40% growth to 20% growth which is still growth in the private sector but advertised as a cut in govt spending!?) The Chinese will sell off their debt that is now being secured by real property in the US, the dollar will crash as recession becomes a full bore depression … oh yeah, a trillion bucks a year is bad … but nothing when it is compared with what this administration is actually going to cost us in the long run.

He probably gets invited to Obama’s Wednesday shindigs.

On April 23rd, 2009 at 4:28 pm, Rogue Cheddar said:
On April 23rd, 2009 at 4:11 pm, ajmontana said:
If I had to be in the same room listening to Odopey the only thing that would keep me awake would be a lap dance from some extremely hot babe.

Come on! Helen Thomas can’t be everywhere!

Oh geeez, thanks for that mental picture. That’s enough to make me need therapy for at least a year.

On April 23rd, 2009 at 6:53 pm, Ed Mahmoud abu al-Kahoul said:

Team Obama has apparently guaranteed the UAW they get off without concessions in a government supervised bankruptcy.

Time to mix metaphors here:

Labor Unions, their pensions and their benefit plans are the 800 lb. guerrillas in the china shop that is the U.S. economy. On top of that, they are pumped up on steroids (greed) and their handlers (the politicians) are cowering in the corners.

In summary:
guerrillas+china shop+steroids+cowards
=mega-destruction

Powerline Forum: Team Obama demands banks take an 85% write-down on Chrysler secured debt in exchange for nada. Nothing. Bupkis. Banks not eager to take that bath.

Team Obama has apparently guaranteed the UAW they get off without concessions in a government supervised bankruptcy.

This explains why Team Obama doesn’t want the TARP money back, and wants to convert it from a bridge loan in the banks to a buy in, making Obama the effective majority stake in several banks.

The current CEOs of Chase and Citi and Wells and BofA may not want to take an 80 or 90% writedown of their senior notes for absolutely nothing, but when Bill Clinton, Governor Richardson and Jamie Gorelick are the CEOs and ACORN and UAW members hold seats on the bank boards, the banks will write whatever loan they are told to write, and eat any debt they are told to eat.

Curing a prominent symptom, the debt, without restructuring the UAW benefits in any way is a shot of morphine to someone dying of Ebola, masks the symptoms briefly, but the patient will still die.

Except the government owned banks will keep stringing them along, on the taxpayer dime.

I heard a number on the radio, under the Obama budget, in ten year’s time, just the interest on the national debt will be approaching a trillion per year.

The Chinese will stop lending to us before that, I suppose. Anybody with a brain will stop lending, when they see that Obamanomics means screwing the creditors in favor of the irresponsible. First mortgage cramdowns, now this.

Full faith and credit in this government is worth less than squat.