Germany Slams Obama, Geithner Plan for Europe

Germany's Wolfgang Schauble on the White House plan for Europe:

"I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

What, they don't want the same result as Southeast Asia after Geithner's "solution" in 1998? It only set their economies back by about a decade.

GM Now Going After China Subsidies For Electric Cars Too

Despite receiving huge U.S. government cash to produce electric cars that nobody wants, GM is now heading to China with its hat in hand to get another $19,300 subsidy per car produced. The catch? It has to give up its technology to China's SAIC Motors and produce the vehicles in China.

Let's see if GM can turn a profit on electric even with these additional subsidies...

EPA So Active It Wants 230,000 More Administrative Jobs

The EPA is so intent on creating a massive amount of regulation that they have requested an additional 230,000 taxpayer jobs.

I think this is how Obama calculates his "saved or created" jobs - he ignores the 1.3 million jobs that will be lost in private industry due to the regulations and counts the new government jobs.

EPA To Ban Asthma Inhalers

Another day, another absurd regulation from Obama's EPA. The agency run-amok is about to ban asthma inhalers and force patients to order a prescription product instead, even if it costs 2-3x as much.

Herman Cain was right when he said the first agency he would abolish would be the EPA.

African Americans Abandoning Obama

According to a new Washington Post/ABC poll, Obama's "strong favorability" rating among African Americans has dropped from 83% (five months ago) to 58% today. And keep in mind it was probably at 97% in 2009.

My personal opinion is that this will keep dropping. But, hey, he promised to unite all Americans, and he's doing that!

Insurance Premiums To Spike 55-85% Under Obamacare

Fewer doctors, higher taxes, more uncertainty, more rationing and now, from a new study - insurance premiums expected to rise 55-85% under Obamacare.

Elizabeth Warren: The Angry Marxist

Meet Obama's former "Consumer Financial Proection" czar and challenger to Scott Brown for U.S. Senate in Massachusetts. In this video clip, she sums up her positions quite well: people don't get rich on their own; they only do it with the government's help. (She forgets to mention, of course, where the government gets its money in the first place...)

She is clearly an angry Marxist/communist at heart, which is obviously why Obama was pushing so hard to get her in control of the entire financial sector.

Bernanke Can't Save U.S. From Obamanomics; Markets Plunge

The Fed can do quite a bit to help an economy from recession. And While Ben Bernanke has been doing everything to prop up the economy, even he can't save the country from Obama's tragic policies. Normally in this situation, the federal government can go for a massive stimulus that works such as a reduction in tax rates. Unfortunately, Obama's already used up all his bullets on massive ineffective cronyism. The market seems to be figuring this out.

Not sure where we go from here but hopefully the wheels don't fall off completely...

Uh Oh: Obama Loses David Brooks?

David Brooks, the Obama-lovin', self-proclaimed conservative columnist for the NY Times, realizes that he has been a sap (can't disagree with him there) for believing Obama was the post-partisan, post-racial person he claimed he would be back in 2008.

And it only took 3 years, $5 trillion in additional debt, a near depression and the rest of the U.S. to figure it out. Boy, this guy is astute.

Andy McCarthy: Obama Committed Fraud With Solyndra

In reviewing previous fraud cases such as Martha Stewart's statements several years ago, Andy McCarthy says that in the case of Solyndra, Obama's actions and statements were much, much worse. Not only did he create a rosy scenario for the company two months after its auditors gave it a "going concern" opinion, he did something much worse. When it was apparent that the company was headed for bankruptcy, he decided to restructure the loan so that taxpayers would no longer be first in line to collect money on the remaining assets. This, despite clear objections from his own agencies.

It's hard to argue against the fact that this was a fraud - which, if committed by a private company CEO, would probably find himself behind bars.

Scary: Obama Wanted to Dissolve Big Banks

In a book from Ron Suskind to be released next week, Obama apparently ordered Geithner to "reconstruct" big banks including Citigroup. He wanted the bank(s) dissolved. Geithner ignored the order.

The shockingly scary thing is that a guy with absolutely no business experience, no knowledge of how banks or the economy works and no comprehension of how the private business world works could actually be in a position where he might order the closure of the biggest banks in the financial world. Think about it - do you really want Obama to decide which banks he thinks are safe and which are not? Further, do you really want to trust him not to play cronies favors? I think we've already learned the answer to that...

Jobless Claims Rise..."More than Expected"

"Unexpectedly...," jobless claims rose by 11,000 today. (What is that, 20 straight months of worse than expected performance?)

Obamanomics working well.

Scrutiny on Anita Perry's Salary; None For Michelle O.

This Politico story highlights the "controversy" about Anita Perry's $60K per year salary from a non-profit and explains that it is a way for donors to get "close" to the Perry family.

Funny, I never saw a single story like this from the media when Michelle Obama was given a $350,000 salary from a non-profit the instant her husband became a U.S. Senator (which, by the way, is probably the reason that Michelle wants everyone to go to work for non-profits rather than the private sector).

Republicans Win as Obama Loses Two Seats in NY, NV

Yesterday there were held 2 special congressional elections for seats, both lost in resignations over sex scandals - one was a republican seat, the other a democratic. In both cases yesterday, Republicans picked up the seats, and in New York it is now the first time a Republican candidate has held the seat since the 1920's. Keep in mind that in this NY district, registered Democrats outnumber Republicans 3 to 1! Obama loves to talk about "historical" elections and he should as he had a good role to play, particularly in NY yesterday.

The outcome can only be called a referendum on Obama, as both Republican candidates repeatedly linked the democratic candidates to Obama. Obama stayed away from the campaigning for fear that his Midas Touch would continue it's hot streak when it comes to "special elections. (His campaigning helped Republicans gain the governorships in VA, then NJ, then a Senate seat in MA, and then Senate seat in PA.).

But even though Obama tried to stay away, his "spirit" continues to haunt Democratic candidates, even those trying to distance themselves from him. Democrats poured tons of big guys, like Bill Clinton, and loads of money into NY, to try to hold onto the seat. But it was to no avail - the power of Obama is too strong. Again it dragged down the democratic candidate in a big election in a district that Al Gore won 2-1 back in 2000.

This is only the beginning of an anti-Obama trend that started about 2 years ago with special elections, got stronger last year in the 2010 elections, and will continue until he is out of office. It's just beginning!

The Awful, "As Bad as Obama" Elizabeth Warren to Run for Senate in Mass.

If I were Scott Brown, I would be one of the most excited guys in the Senate. Elizabeth Warren, one of the most liberal, pro-Obama, anti-capitalism women on the planet, announced her plans to run against Brown for the Senate.

Hey, it's Massachusetts so she could win, but it will highlight just how disastrous and radical Democrats have become recently.

Dodd-Frank Achieving Results of Axing Financial Jobs

If Dodd-Frank was designed to increase layoffs in the financial sector, it is an overwhelming success. As the WSJ points out, Bank of America's announcement this week to cut 30,000 jobs is coincidentally tied to the timing of the implementation of Dodd Frank's draconian "swipe fee" limitation, which will reduce revenue at B of A alone by almost half a billion dollars.

Restricting bank profits on a particular product may have obvious populist appeal, but politicians shouldn't be surprised if banks decide that such consumer credit operations aren't good businesses and can function with fewer employees. Add in the various federal programs aimed at extracting penalties for this or that mortgage-foreclosure error and it's understandable that a bank would have trouble forecasting growth to justify its current work force.

...But given the real-world results for bank employees, politicians should not be allowed to pretend that there are no consequences when they deliberately reduce the profitability of employers. Mr. Obama proposed last week to spend some $450 billion more in outlays or tax credits to create more jobs, but it would have cost a lot less to save these 30,000.

Uh Oh: Geithner Going Over to Europe To Advise

Whenever Obama or Geithner try to provide advice on economic issues, it usually results in a bad outcome. Geithner has announced he is traveling to Europe to impart his wisdom (maybe it's a good time to short the market?).

I wonder it people will recall his advice to Thailand, Indonesia and other Asian nations during the 1997 crisis. The result was a disaster - an economic depression that shrank GDP by 20%+ in some Asian countries. Former Australian PM Paul Keating, who was running the country during the crisis, reminded us of Geithner's disastrous "help."

Shocker: Obama to Pay for "Jobs Bill" With Tax Increases

No surprise that Obama's "jobs bill" (aka his latest re-election bill), which would do nothing to create jobs, would be paid for through tax increases.

WASHINGTON (AP) -- In a sharp challenge to the GOP, President Barack Obama proposed paying for his costly new jobs plan Monday with tax hikes that Republicans have already rejected, and he accused them of political motives if they still refuse to go along.

"The only thing that's stopping it is politics," Obama declared.

Because we all know this would do so much more than just create or save millions of Obama voters and continue his wealth redistribution plan...

President Bush Speaks at Flight 93 Memorial; Obama Serves Gumbo

President Bush got a standing ovation for a speech he delivered to commemorate the 9/11 anniversary. Meanwhile, Obama served gumbo in DC to commemorate how he views 9/11 - a day of service.

Some people might think a day of service is a great idea, but I think it's just very odd and replaces the meaning of the day.

Media Rewrites Obama Transcript To Cover Up Gaffe

Obama made a might gaffe that would have been headlines around the world had it been said by Palin, Bush or any leading Republican. In the speech, the teleprompter (who soon will be fired, no doubt) told Obama to say that Abe Lincoln was the founder of the Republican Party. Of course, the Republican Party was founded in 1854 and Lincoln didn't join until 1856.

So...PBS altered Obama's speech transcript to cover it up. The media covering up for Obama again...who would have guessed?

The Market Confirms: Obama Plan Just a Campaign Speech

There's not much point in discussing the absurdity of Obama's "jobs plan" and how it is supposed to be offset by additional deficit cuts 10 years from now. I think the market is speaking quite clearly as the Dow is down over 300 points today.

What do you expect from a guy who's never held a private sector job?

Typical Obama Speech

Obama's speech was as expected. He blamed gridlock for his problems but forgot to mention that for two whole years, he controlled Congress and chose to do everything but help the economy. NRO's Chris Edwards summarizes the speech with a few bullets:

● A temporary payroll tax cut is not a tax cut at all if the president “pays for it” with tax hikes later on. And if it’s temporary, it won’t encourage businesses to hire additional workers anyway.

● An “infrastructure bank” would reduce transparency in federal spending, which would go directly against a key Obama promise of increased budget transparency.

● Since the 1960s, federal jobs-training programs simply haven't worked.

● New business hiring tax credits won’t work, and, by making the tax code more complicated, such credits would encourage more tax cheating. They would be the exact sort of tax loophole that Obama claims to hate.

● “Government and business working side-by-side” sounds like crony capitalism to me.

● Extending unemployment insurance for another year will help keep the unemployment rate high.

Ron Paul: Ideas Overshadowed by Craziness

The GOP debate last night was pretty good (apart from the usual, idiotic moderator questions from NBC that did everything it could to try to take down the candidates). However, Ron Paul, despite some good ideas on the economy, has proven himself to be a complete kook once again.

Previously Paul said that Islam was no threat to us (perhaps he thinks 9/11 was an inside job). Last night he said that the border fence to help stem illegal immigration is really designed to trap us in. (Because we all know so many people who are trying to escape into Mexico on foot through the desert...)

Solyndra: Obama Cronies Who Made 20 Trips to White House

Solyndra, the near fraudulent solar company that spent $535 million of taxpayer dollars, was very cozy with Obama, having visited the White House 20 times prior to receiving part of the taxpayer dollars that has since become Obama's crony slush fund.

*Update*
FBI raids the company that Obama praised so much.

Jobless Claims Rise....Unexpectedly, of Course

When will economists mute their expectations given the obvious Obamanomics disaster?

Jobless claims unexpectedly rose to 414K last month.

Elsewhere, as Obama is about to say that "urgent, immediate" steps are needed for the economy, I wonder if it's so urgent that he's willing to repeal his policies that have created the mess.

NBC's Pollsters "Are Concerned" For Obama

Throwing away all impartiality, NBC's Chuck Todd said, "our pollsters are concerned" about Obama's poll numbers.

Don't think there's much ambiguity about who they're still cheering for...

Hoffa's Thinly Veiled Threat of Violence; Obama Silent

Just before Obama's Labor Day speech, Jimmy Hoffa threatened violence against millions of concerned citizens who think the government is too big. Naturally, Obama praised Hoffa and was totally silent about his call for violence.

So if we have another Giffords-style shooting, will the media call Hoffa and Obama the responsible parties? Or maybe this is what Obama considers using "words that heal, rather than words that wound?"

Romney to Unveil Economic Plan Tomorrow

Mitt Romney shares a preview of his economic plan with USA Today this morning. While the full plan details will be released tomorrow, I like what I've heard of it so far.

First, President Obama has raised or threatened to raise taxes on both individuals and businesses. I would press hard in the opposite direction. Marginal income tax rates and tax rates on savings and investment must be kept low. Further, taxes on interest, dividends and capital gains for middle-income taxpayers should be eliminated. Our corporate tax rate is among the world's highest. It leaves U.S. firms at a competitive disadvantage and induces them to park their profits abroad, benefiting the rest of the world at our expense. I will fix these problems with permanent solutions. Ultimately, I will press for a total overhaul of our overly complex and inefficient system of taxation.

He also talks about cutting spending, repealing Obamacare and costly regulations. It sounds good so far and should contrast 180 degrees with Obamanomics.

Jobs.....Zero....Lower than Expectations

Shocker. The economy created zero jobs in August, below expectations of 70,000.

Obamanomics is in full force and working as expected...

US Government Agency to Sue Big Banks?

This should really help job creation. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, is expected to sue more than a dozen big banks today over the quality of their mortgages.

It probably doesn't need repeating, but first the government forces banks to lend money to people who have very questionable credit, then when those people default, they decide to sue those same banks and accept no blame for the two institutions (Freddie and Fannie) that were responsible for guaranteeing these mortgages. That makes sense but only in a Barney Frank world...

*Update*
Meanwhile, the Fed has asked BofA for contingency plans in case the economy turns for the worst. Hmm...not a bad way to force BofA into a large settlement (ie. to extort billions from the bank).

Unemployment Claims Spike Due to...Verizon Strikers?

Unemployment claims apparently spiked due to striking workers at Verizon. I never thought about it much, but when workers voluntarily strike and are not laid off, why in the world should taxpayers have to fund unemployment for them? Another ridiculous entitlement, in my opinion.

$535 Million Taxpayers Won't Get Back

Just last year, Obama visited Solyndra, a green energy company that Obama praised as leading the country forward. In a way, Obama was right. Solyndra and its $535 million stimulus funds from U.S. taxpayers are now gone - a symbol of Obama's awful economic policies over the past two years that have destroyed all hopes of real economic growth under his presidency.

Remember this next time this guy talks about more stimulus money or trying to promote companies that he has no clue about.

Best Economic Plan Goes to...Jon Huntsman

I am skeptical of anyone who praises Obama and tries to deride global warming skeptics. However, the tax plan proposed by Jon Huntsman is actually very very good.

“Simplify The Personal Income Tax Code And Lower Rates. Rather than nibble around the edges of the existing tax code, Gov. Huntsman will introduce a revenue-neutral tax plan that eliminates all deductions and credits in favor of three drastically lower rates of 8%, 14% and 23%. Eliminating deductions and credits in favor of lower marginal rates will yield a simpler and more efficient tax code, decreasing the burden on taxpayers…

“Eliminate The Taxes On Capital Gains And Dividends In Order To Eliminate The Double Taxation On Investment. Capital gains and dividend taxes amount to a double-taxation on individuals who choose to invest. Because dollars invested had to first be earned, they have already been subject to the income tax. Taxing these same dollars again when capital gains are realized serves to deter productive and much-needed investment in our economy.

“Reduce The Corporate Rate From 35% To 25%. The United States cannot compete while burdened with the second-highest corporate tax rate in the developed world; American companies and our workers deserve a level playing field. With high unemployment, it is important that we not push corporations and capital overseas. We need employers to be based in America if they’re going to provide jobs to Americans.”

Regardless, he has set the bar high for other GOP candidates to set forth their own plans, which can only help the cause.