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Thursday, June 4, 2009

3 Wood: Bernake's Clue Bat?

Weird Al Yankovic
I Lost On Jeopardy

Well, well, well, lookee here. Fed Chairman Bernanke has finally figured out that the Messiah's outrageous deficits just might have a a negative impact on economic growth:

Federal Reserve Chairman Ben S. Bernanke said large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall. “Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Bernanke said in testimony to lawmakers today. “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.”

Now, we all know that Obama has absolutely no intention of cutting spending, other than for the military, of course. So that leaves the options of raise taxes, or keep spending (and borrowing) until the economy totally implodes.

My best guess is he will start down the pathway of keeping spending but will eventually adopt some confiscatory tax rates to prop up his budgets. Either way, those who have managed to save a dollar here and there over the years can kiss them goodbye. You will lose purchasing power indirectly through hyperinflation, or directly through confiscatory taxes.

If you think I'm exaggerating, go ask Hugo Chavez. Hugo thinks both he and Castro are likely more conservative than Obama.
~ 3 Wood

Chavez Jokes He Is More Right-Wing Than 'Comrade' Obama

Obama's Red Chorus

Text of Obama's speech in Cairo

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