The Economic Impact Of The Four Year Democrat Controlled Congress

Gauging the Economic Impact of Democrat Economic Policies The Last Four Years

Issue/Topic	Democrats	Republicans
Jobs by Year - Average	-1,583,000	+1,672,000
Jobs by Month - Average	-131,916	+139,333
Unemployment Rate - Average	7.48%	5.3%
Budget Deficits - Avrage	$1.143 Trillion	$285 Billion
Dow (DJIA)	0.13% (0.53 Total)	11.04%
S & P 500	1.29%	15.02%
FDIC Bank Closures - Average	79.2	1.75

Any Questions?  The last four years under the Democrat Controlled Congress has given us higher unemployment, less job creation (in fact, job LOSS) and budget deficits that are on average six times LARGER than any budget deficit under George W. Bush.  The Dow Jones has fallen from its highs and still not recovered, and this administration's anti-business, anti-bank, anti-capitalism policies have caused yearly 80 bank closures per year vs. less than two per year under Bush.

It's time to escort these idiots out of Washington, no more "lame duck" Congress, stop the madness!

Is Tiny Timmy Geithner On The Outs?

Plan To Fix Wall Street Does Not Include Treasury Secretary


For those of you who may have missed it over the weekend, Paul Volcker announced his plan to fix the troubled financial system in a New York Times op-ed this past weekend.  Nowhere in that plan or announcement was there any mention of Tim Geithner or a continuing role for the controversial tax-cheating Treasury Secretary.

Here are some of the elements of Volcker's plan:

-- Prevent banks from owning hedge funds and other proprietary trading vehicles (a semi-reincarnation of the Glass Steagall Act that separated commercial banking and investment banking from the 1930s to the 1990s.)  This would prevent banks from making risky investments with account and shareholder money.

-- Give the government resolution authority to step in, liquidate, or sell any firm it deems to be in trouble (including mortgage lenders, investment banks, and insurance companies) or more simply stated, a re-incarnation of the successful Resolution Trust Corporation of the 1980's which managed the orderly liquidation of banks that failed, minimizing the cost to taxpayers.

-- Make shareholders, management, and, yes, bondholders pay for any costs associated with the bank's failure, preventing Taxpayers from shouldering the burden of failed banks.  

If we do only these things, we will have eliminated the most insidious and problematic part of the status quo: Too Big To Fail.   Under Volcker's plan, big firms would be allowed to fail--in an orderly fashion, with their owners and lenders taking the hit.  In good times, they will also remain competitive in a global economy without arbitrary size constraints that put them at a disadvantage versus international banks that face no such restrictions.
 
One question for those concerned with the fate of Treasury Secretary Tim Geithner is why Paul Volcker is selling this plan.  Shouldn't the Treasury Secretary be doing that?

Let the Geithner Watch begin!  It's only a matter of time before the financial midget is out.

Obama Declares War on Banks

Economists Agree, Administration Policies Will Kill Banking Idustry, Availability of Credit

So how does Barack Hussein Obama respond to the Democrats loss of their super-majority in the U.S. Senate?

Simple: By declaring war on America's banking system, implementing depression era, draconian rules on banks which would limit consumer and small business access to credit and in fact their own money!

Obama has now declared WAR not only on U.S. banks, he's declared it on each and every one of us who has a checking or savings account, owns a small business, or require credit to keep cash flow going.

The policies Obama wants implemented will raise fees on each and every bank account holder across the country, as Obama seeks to "reign in" the largest banks.  By forcing banks to pay new fees (read that: TAXES) to the Federal Government, the reality is those costs will be pushed down to each and every bank account holder in the form of fees.

Obama wants a war on you and I?  He's got a war.  The conclusion of which he'll see in November of 2010 when the Democrat Congress gets neutered.

Related Links
Financial Times: Obama Hammers Wall Street Banks
Reuters: Geithner, Obama Split Over New Banking Regulations
ABC News: Bernanke May Not Have Enough Votes for Reconfirmation