Credit or Debit

I got a new insight yesterday into the blind obedience of Obama believers and their dependence upon cliché’s. So here is a heads-up for the 47% of voters who did not vote for this man. And it may come as a surprise, but when you look at a picture of the Obamas it had better be a long look or, you’re a racist.

Three days away from economics and my inbox is overflowing with demands to put digital pen to digital paper. So, get out your calculator and stay with me.

A few weeks ago Obama was in New Mexico and spoke at a Town Hall Meeting. That occasion was his next onslaught on the financial industry of this country. The targets this time were the credit card companies. Let’s agree on a few things.

You applied for the card.
You had to have something
You knew that you didn’t have the money to buy it outright
But, you still wanted it
So you signed the credit slip

How am I doing so far?

So, because there’s a bunch of people who live by the methodology described above and now they can’t pay the bills, “something has to be done”. And the something turns out to be a bunch of regulations which will cost every credit card holder who pays his or her bills on time. Pretty much like the many “restructured” mortgages which, under the Obama guidelines are in default again. Surprise, surprise!

Then, to add insult to injury, Obama went on and proclaimed. (See, most presidents announce or declare and the more down-to-earth just say but Obama has to proclaim.) “We cannot go on living beyond our means. It has to stop”.

He had just proposed a budget deficit of more than $10 trillion. So when you woke up this morning, if you are a head of household you’re on the hook for $547,668 which is, of course on top of your mortgage, your car et al. That deficit is four times that of last year which the Dems howled was “scandalous”. And that adjective was used by both Reed and Pelosi.

Now, Obama disciples might buy this nonsense but I know one group of people who do not.

A couple of high-ranking Democrats were in China last week. Both Pelosi and Turbo-Tax Geithner seemed to come up with an appetite for Peking Duck and a good grovel in the same week. It would have done wonders for “Global Warming” if they’d shared the same airplane. But they didn’t.

I don’t know why Pelosi was there but I know why she wasn’t. Ms. San Francisco, the champion of the down-trodden worldwide did not utter one peep about civil liberties.

Little Timmy Geithner on the other hand took his begging bowl to plead with the Chinese to keep on financing Obama’s debt. And, make no mistake, its Obama’s debt...

He, little Timmy, made a speech where he assured a bunch of students that their money was safe.

The students laughed at him. Because little Timmy had forgotten or maybe never learned that, the Chinese schools teach Arithmetic.

Remember tens and units Timmy? If you do, when your boss gets back, try some remedial math on him.