OBOOBA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

He may as well blame the NK nuke on our healtcare system.

Obviously Obooba’s goals are, among other things, to destroy our economy and force US citizens into nationalized medicine. By blaming the economy on healthcare problems (which are being woefully misrepresented), he is enlisting a strawman of epic proportions.

Strawman arguments reveal weakness in either the argument or the man. In this case, it’s both.

Does this mean we don’t get our unicorns?

HornetSting on May 22, 2009 at 6:36 PM

+1 I was wondering that myself

“We’re out of money”

WTF?

He actually said what’s been true for decades. The federal government is out of money.

He actually acknowledges that increasing costs for Medicare and Medicaid are a huge problem.

No bailouts for the states. The states are going to have to make some hard decisions.

He’s acknowledging that tax revenues are going down while government demand for services are going up, and that’s not a good thing.

WTF??????!1111

Is he schizophrenic or something? Where has the somber, fiscally responsible side of this guy been?

Of course, he’s wrong about the bailouts, and his reasoning on health care might suggest that single-payer is the solution and not a disaster waiting to happen, but still…

China’s talking about dumping the dollar and the bond market is screeching to a halt. No more debt financing. I’m wondering if he had what alcoholics refer to as a “moment of clarity”. We can only hope.

Oh, in addition to the pay cut – I’m sure my taxes will go up to pay for single payer health care.

It’s lose/lose for the working man. Lose/lose/lose when you consider the quality of health care.

…and for what? So I can pay for some slacker welfare case to get medical coverage?

Mr Purple on May 22, 2009 at 8:31 AM

Didn’t you know that when Obama promised to help the middle class, he meant to help us achieve a nice below the poverty level status?

Its the Zimbabwe option….
It’s very easy to pay off a ten trillion dollar national debt, when your printing presses print currency with a face value of 1 billion dollars (USD) per piece of paper. Couple of truckloads of those puppies, and your debt is gone.

Skandia Recluse on May 22, 2009 at 8:39 AM

In that sense it’s a really good time to buy a house. Buy one that is huge with a huge payment, when you’re earning $100,000 a week a $12,000 a month payment won’t be such a hardship.

I have said this numerous times: get a foreign passport ASAP. You will need it sooner than later.

angryed on May 22, 2009 at 8:30 AM

Sad to say, I’ve been coming to that conclusion as well.

I’m invested in Gold – real Gold – not Gold-backed stocks.

By the time folks realize that the hopenchange is one way ticket to hell – it’ll be too late to turn around. Buy Gold – that way you can buy whatever comes after the dollar is destroyed.

And it will be.

HondaV65 on May 22, 2009 at 8:56 PM

What super-markets take gold as payment? <– rhetorical

By the time folks realize that the hopenchange is one way ticket to hell – it’ll be too late to turn around. Buy Gold – that way you can buy whatever comes after the dollar is destroyed.

And it will be.

Does this mean we don’t get our unicorns?

HornetSting on May 22, 2009 at 6:36 PM
Dat’s right, Buckwheat! No unicorns, no rainbows, no lollipops, no sunshine, no hope, no change, no free mo-gage, no free cah-payment, no free cred card, no free jimmychoos. You ain’t gettin nun but sh*t. You gettin the shaft. Ha ha ha ha ha.

/Dat’s what the Prez say behind close do wif Michelle. And Rahm be in the closet and he be watchin them bumpin fist!

Sorry folks, I’m just growing weary.

Key West Reader on May 22, 2009 at 6:42 PM

Tru dat. It is hurricane season, however. I figure the Katrina survivors that are getting evicted are just waiting for another storm to come so they can stay in gubmint housing for another four or five years.
BTW, be safe, Key West.

Fortunately, The One has a super secret plan by which nationalizing health care will actually bring down spending, so let’s look forward to that.

As I saw on a bumper sticker somewhere…”You think healthcare is expensive now? Just wait till it’s FREE“

Does this mean we don’t get our unicorns?

HornetSting on May 22, 2009 at 6:36 PM

Dat’s right, Buckwheat! No unicorns, no rainbows, no lollipops, no sunshine, no hope, no change, no free mo-gage, no free cah-payment, no free cred card, no free jimmychoos. You ain’t gettin nun but sh*t. You gettin the shaft. Ha ha ha ha ha.

/Dat’s what the Prez say behind close do wif Michelle. And Rahm be in the closet and he be watchin them bumpin fist!

Sorry folks, I’m just growing weary.

because the U.S. could simply print more money to pay off its debt and avert any looming default.

Then what the hell do we need Chinese overlords for?

I increasingly believe that the dollar will collapse, and its ramifications could be as violent as when the credit markets cracked in July 2007. Currency collapses are nothing new, just as the bursting of a credit market bubble was nothing new. A dollar collapse could very well lead to carnage in domestic asset markets, whether it be the stock market, bond market, etc. Also, US imports and the overvalued dollar are fueling many of the export-oriented economies abroad, so a dollar collapse could wreak havoc on foreign asset markets as well. And once it happens, we’re going to view the collapse of the dollar as an obvious event that we should have long seen coming. Just as we now view the subprime wreckage and bursting of the real estate bubble as an event we should have easily predicted.

The problem is timing. Does the dollar collapse in 2009, or 2015? And is it a slow depreciation, or a sudden 50% fall?

Why…… Hello Mr. Hyper Inflation!!!

…….. So good to see you.

Here, let me drop my shorts and bend over for you….!”

Dollar Is Dirt, Treasuries Are Toast, AAA Is Gone

KentAllard on May 22, 2009 at 12:50 PM

Check out The Market Ticker, and go down to “CBs and ‘Real Money’ had enough?”

This guy thinks we are weeks away from a bond market collapse. God help us. Spending reductions aren’t even on the Congressional radar so the only option they’ll have are massive tax increases.

I’m guessing that means no more 401(k) exemptions. No more mortgage write-offs. Big increases in income and capital gains taxes, and FICA withholdings. Hold onto your wallets, everyone.

Is this the change we voted for? Although Bill Clinton earned a reputation as a deficit fighter, it’s important to remember that, to a fair extent, his relatively fiscally responsible policies were forced upon him (IIRC; can’t find link) by……