Friday, February 20, 2009

The Hypocrisy Of The Phrase: Failed Policies Of The Last 8 Years!!

First, A Market Update

On December 8, 2008, I wrote the following:

"We will have the analysts and the "experts" explaining why, after this rally off of the lows set a month or so ago has already taken place, that we have seen the bottom. That we are forming a base, backing and filling, poised to now go much higher and all of the other cliches that you will hear on T.V. These are the same guys and gals who simply go with the momentum trade disguised by fancy talk. When oil was at $140 a barrel, there was no doubt that it was going to $200. Now that it is $40 a barrel, there is no doubt that the next step is $20."

In typical Wall Street analyst fashion, the "experts" were wrong and Thursday we took out those lows and now could have another leg down to who knows where. In another example of investors voting with there feet, excitement and more importantly confidence has not been created in the fiscal stimulus and mortgage plans announced by the Obama administration.

You Want It Fast Or Right?

I still know the drill all of you apologists out there. He has only been in office _____(fill in the blank) days.

The problem is that in this case there are no do overs or mulligans, and if he had not properly vetted his plan with Wall Street and others to make sure it would not only be received well but also be the plan with the highest probability of working, then he should have waited. It is arrogance of the worst kind to believe that you know better, particularly with some of the culpable players you have surrounded yourself with.

It rings like an echo in my mind, another Washington cliche that is always rolled out (except in this case where fast was the main goal): You want it fast or you want it right?

Mr. President, we want it right, because the economic stability of country's around the world depends on it. You hopefully did not over play your hand by setting the artificial drop dead deadline that you did.

A Revealing Walk Down Memory Lane

On a separate topic, you will not believe that I am having a real problem with some of the sanctimonious politicians i see on T.V. that speak of the failed policies of the last 8 years as if there was a finite break between the time that the Clinton administration ended and the Bush administration began.

Remember some of the players and situations from before Bush took office? Bill Clinton, Barney Frank, Chris Dodd, Melvin Watt, the expansion of the Community Reinvestment Act in 1995, the political clout of Fannie Mae, the political contributions made by Fannie Mae (now President Obama was a substantial beneficiary), sweetheart mortgage deals, the attempt to reign in the problem that was blocked by the Democrats when Bush was in office and so on and so on.

I know the rules of Washington. What you say in front of the cameras today is the new reality that wipes out any of your actions that have actually occurred through the years (i.e. Chappaquiddick, sorry couldn't help myself). Even though I know these rules, you reach a point where you just can't listen to it anymore without expressing some outrage.

The clip below was made during the presidential campaign, but is an excellent depiction of when the problem that we now find ourselves in originated.

It will also give some pretty credible evidence to the fact that some of these guys that stand up and say those famous words "the failed policies of the last 8 years" should look in the mirror and understand that while the American public might buy the arguments because no one is really pointing out the reality, they are not really fooling anybody.

Watch The Clip, And After That I Promise We Will Only Look Forward, At Least Until The Next Time.


  1. hey mike,....i think your losing your mind (and your readers) continually site the problem and no solutions..any and every asshole can do that.wher's ted stevens with some solutions...where are the republican majorities in both houses....nowhere, they couldn,t get re-elected i guess that's because bush had some great productive years there..the proof is in the pudding...within 2 months of being in office obama has had more press conferences has spoke on national t.v. more that that tail between his legs hiding bush...i would hide also if every republican didn't want to be anywhere near me for fear of not being re-elected...mike, you are the new ann coulter and you know what i'd like to do to her....peace

  2. First I don't worry about losing my readers as long as I have you.

    Second, if I was smart enough to have the solutions I would be in Washington putting them into effect. That's why we pay and elect the clowns we have there now who then appoint the other clowns.

    Third and equally important, there is no question that Obama is a great speaker who loves the limelight and who loves to hear himself speak. The problem is that once you are president, the things that both you and your minions say now matter.

    So far, the things they have said and the ideas that they have put forth have not been well received.

    Come on Anon., it is like I said the other day, rhetoric and words work fine on the campaign trail, but he is in the show now. He better realize it!

    Fourth, I am looking for you to recruit new readers, and I would like to hear your ideas for the solution to this problem.

    Happy Friday.

  3. mike, we established the other day that there probably isn't 1 person or a team of people who can solve this or repuplican there is no textbook answer to this crisis...bush couldn't do it and thats understandable..his problem was he ran away from the issue and severly hurt our country and your least obama has acted..its the concept of lets do something rather than nothing (bush) do you think it possible to have the effect of the stimulus bill in 1 week? obama may be wrong but who has the answer rush limbaugh the head of your party?.please answer this question,. is this true?

  4. There is no question this is correct.

    My problem is twofold. First is having to listen to the politicians that helped to create the problem accept no blame for it. This blog gives me the forum to voice my frustration as well as the frustration of many others.

    Second is the fact that because this problem is so large and pervasive, before a plan was rolled out, the Obama administration should have made sure that the experts on the outside were comfortable with it.

    Whether it will actually work from there is anyones guess because no one can know.

  5. Yeah, Mike, you are totally douchebag. Speaking of "loving to hear himself talk"! Pointing out hypocrisy while being a hypocrit is double the hypocrisy! Where were you when the world was buring to the ground? Where was the crystal ball-like foresight you pretend to have 4 years ago when your guys were in power.

    This is just more hating by the party that brought waterboarding and evesdropping to a community near you!

  6. Speaking of hating, between the two of us only one of us name calls and has hatred in their words.

    I hate to say that is the liberal democrat way, but that is the liberal democrat way. I have noticed it on TV and radio that whenever a liberal disagrees with something someone says, they go straight to the labeling and namecalling as opposed to having dialogue.

    Could it be it is all a cover for the fact that they don't have an argument? Maybe.

    Instead of calling me a douchebag, take the two points that I made and make an argument as to why they are wrong. Can we do that? What do you think?

  7. too tough to argue with an asshole

  8. I hear you, but I am going to keep on trying. And by the way, don't be so hard on yourself.