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Enough Is Enough Is Enough. Time To Issue A Fair Warning

A week or so ago I wrote a piece asking when the public would reach its tipping point in regards to the ongoing human slaughter at the hands...

Wednesday, March 23, 2011

Obama says "I quit!"?

At what point is it possible that President Obama just throws up his hands and says "I quit!"? Who could blame him? Among the universal traits of all politicians is either creating a mess and leaving it for others to clean up or inheriting a mess and making it worse. Add in those other problems that are beyond a limited capability to comprehend, never mind find a workable solution for, and you have all the markings of (A) cutting and running and being labeled a coward and a fool, or (B) hanging on and assuring you will be recorded by history as arrogant, incompetent and a fool,

That seems a pretty harsh assessment so let's look at it from a case in point basis.

When elected and faced with $100 Trillion in unfunded liabilities in Social Security, Medicare and Medicaid, did he address those problems? No, he decided to expend countless hours and all available political capital in essentially doubling down on that astronomical number by passing a new unfunded liability, health care "reform." Small wonder this dog came back to bite him the next time the voters went to the polls.

When elected the nation had a cumulative debt (and this only at the Federal level) of over $8 Trillion and a deflationary housing crisis not seen since the 1930's. Did he cut the budget? Did he rein in the Wall Street banks? Did he shut down Fannie and Freddie that along with the banks had created the housing mess? No, he shoved another $5 Trillion into the bottomless pit of government debt and deficit spending. Then as if to make things even worse he awards Ben Bernanke with another term as Chairman of the Federal Reserve Board, giving the all clear signal to the banks to keep on keeping on with their gouging the public and the taxpayer, and paying out those huge bonuses, as unemployment rises and GDP and tax receipts fall.

It's not just Obama and the Democrats that have chosen this path to fiscal self-destruction; they are after all, just following the European model they seem to so greatly admire. And just how is that working out? While having been eclipsed of late by the glare of events in Japan and the Middle East, financial conditions in the Euro zone continue their deterioration unabated. German/Greek bond spreads have reached almost 12% as that government seem incapable of doing anything. Irish bond yields are above 10% on rumors of coupon payment failure and increasing signals from the newly elected government is not going to go along with the ECB/IMF bank bailout program and the dictated austerity budget that came along with it. Portugal's government appears on the verge of falling under circumstances similar to the Irish. The Italian government, already racked by their never ending corruption problems, now faces an energy crisis as they are more dependent on Libyan oil, natural gas and capital than any other European State. In just three months inflation in the UK has reached 4.4%, and that's just the "official" number. Annualized it would be almost 18%! Never mind Belgium, they haven't had a sitting government in six months and nobody seems to care.

When elected the situation was by no stretch of the imagination stable, but at least it wasn't anything approaching the utter chaos we have now. I guess that Chamberlainesque apology and vacillation tour didn't work out so well. Perhaps now sensing that those tanking approval numbers really do mean something , he has taken another swipe at the tar baby of Arab tribal warfare, only to see his UN mandate and NATO cohesion start to come apart after less than a week. The Arab League started to go wobbly almost as soon as the first bombs hit the ground; The Germans have said "no thanks" and withdrawn all their assets from the region. Although the Brits and the French remain resolute for the moment, neither has the depth of financial of military infrastructure to maintain any protracted engagement. Guess who that will leave holding the proverbial bag and with his fist firmly embedded and stuck to the tar baby?

The implications of all this for an ongoing and already disastrous domestic energy policy are all to obvious to even elaborate on.

So the question for President Obama becomes will it be A or B above? Or is there perhaps a scenario C we are not seeing? That being the possibility of the Clintons playing a Machiavellian power game just below the surface wherein Obama resigns, the bumbling Biden becomes President and appoints Hillary as his VP and then he in turn resigns for "health" reasons, handing her an unelected Presidency and an almost unassailable position in the upcoming election.

Just a thought, but I don't think it's outside the realm of possibility, or of the Clintons' twisted machinations.

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