Obamateurism of the Day

stroll down the Seine,

Everyday is a “potato” moment for this poser.

Baxter Greene on June 8, 2009 at 8:22 AM

It is a good thing the liberal messiah is in charge because headlines like these would lead you to believe that Obama was destroying our economic system while the press cheered him on.

ALL BUSINESS: Bond-market rout lifts mortgage cost

http://apnews.myway.com/article/20090606/D98L67500.html

NEW YORK (AP) – The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market.
But this and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.
That’s the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk.

Don’t worry about the housing market,Barney Frank and that crack staff that enabled Fannie/Freddie to bankrupt us are in charge.

US Unemployment Rate Gallops Ahead of Expectations
By Michael Bowman
Washington
07 June 2009

The White House says America’s employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

U.S. unemployment jumped a half percent in May, to 9.4 percent prompting this comment by Austan Goolsbee, a member of President Barack Obama’s Council of Economic Advisors:

“The economy clearly has gotten substantially worse from the initial predictions that were being made, not just by the White House, but by all of the private sector,” said Austan Goolsbee.

But…But….But the stimulus just HAD to be passed to keep our un-employment at 7%.Surely somebody greater than FDR and cooler than JFK would not be leading us down the wrong path.

New Investor Worry: Treasury Selloff Spiking Interest Rates

The stock market is watching the bond market, wary a spike in interest rates will derail a fragile economic recovery and snuff the market’s rally.

So we have a hard time getting treasuries sold and when we do,it’s kicking up interest rates.Surely that crack staff that has been assembled at the Treasury saw this coming.
Wait…we don’t have a staffed Treasury yet.

Don’t worry,China has our backs:

A ‘Copper Standard’ for the world’s currency system?

Hard money enthusiasts have long watched for signs that China is switching its foreign reserves from US Treasury bonds into gold bullion. They may have been eyeing the wrong metal.

Nobu Su, head of Taiwan’s TMT group, which ships commodities to China, said Beijing is trying to extricate itself from dollar dependency as fast as it can.

“China has woken up. The West is a black hole with all this money being printed. The Chinese are buying raw materials because it is a much better way to use their $1.9 trillion of reserves. They get ten times the impact, and can cover their infrastructure for 50 years.”

“Black Hole!!!!”
That’s not very encouraging.

China has ‘canceled US credit card’: lawmaker

WASHINGTON (AFP) — China, wary of the troubled US economy, has already “canceled America’s credit card” by cutting down purchases of debt, a US congressman said Thursday.

Clearly China does not believe the NY Times,Newsweek,and the other sheep that make up Pravda west.They appear to be jumping ship from the USS Obama Clueless.

Deficits soar even with rosy assumptions in new Obama budget
David Lightman | McClatchy Newspapers

WASHINGTON — The White House on Monday projected 2009 and 2010 federal budget deficits far higher than it forecast just two and a half months ago, even as it continued to defy most experts and predict that the economy is headed for a strong comeback starting late this year.

Economists scoffed at the latest administration predictions.
“If they keep playing this game, they’re going to have real credibility problems,” predicted Brian Bethune, the chief U.S. financial economist at IHS Global Insight, an economic research firm.

That’s okay.
High deficits are only a problem if a Republican is President.

US red ink rising even higher, to $1.8T
US red ink to top $1.8 trillion, 4 times record; gov’t borrows 46 cents for every dollar spent
Andrew Taylor, Associated Press Writer
On Monday May 11, 2009, 3:29 pm EDT

Even Hugo Chavez says Obama is further left than he is.
Looking at this economic spiral,he looks to be right.

GOP Slams Obama & Dems On Historic Debt in Weekly Address
http://gatewaypundit.blogspot.com/2009/04/gop-slams-obama-dems-on-historic-debt.html
Senator Lamar Alexander (R-TN) blasted Democrats and President Obama today in the Weekly GOP Address–
Under President Obama, the nation’s debt is so high already that the US would not qualify to join the European Union if we wanted to.
True.
And, that’s not all…

** Barack Obama signed the largest spending bill, the “Stimulus” Package, in the history of the planet in his first 100 days in office without a single GOP House vote.

** Obama and democrats pushed and passed the largest budget in history without a single GOP House or Senate vote.

** Obama’s budget more than doubles the national debt held by the public, and adds more to the debt than all previous presidents — from George Washington to George W. Bush — combined.

** Barack Obama managed to spend more than the wars in Iraq and Afghanistan combined.

** Obama and democrats have already saddled America’s children and grand children with massive debt before they’re even born! Not that this bothers them.

** Barack Obama is on track to spend more money than any person in the history of Earth.

** The US debt is so large that America couldn’t qualify to join the EU if it wanted to.

** President Obama expects the deficit level to be 12% of GDP this year larger than Great Britain’s record 10% deficit to GDP.

GM bankrupt,Chrysler bankrupt,and Microsoft threatening to move it’s jobs overseas if Obama passes his tax plans.

Yes,we are so lucky to have the enchanted liberal messiah in charge or these events would give the impression that our economy is on the verge of collapse.

Baxter Greene on June 8, 2009 at 9:07 AM