In his speech last night, the President was moderate, measured and non-confrontational; cold water for dissenters. Yet, elements of the speech implied serious economic implications, including veiled notes of centralization, recklessness and fear.
The President was honest enough to “speak plainly and candidly” to Americans: “You see, the flow of credit is the lifeblood of our economy.”
The line was naked honesty about the President’s philosophy; a belief in quantity over quality.
What the President ought to have said is that the assets, business models and other intangible factors that make people creditable are the lifeblood of the economy. Without this key distinction, one comes away from the President’s line with a very real misunderstanding of value.
Now, to his credit, the President did acknowledge that: “With so much debt and so little confidence…banks are now fearful of lending out any more money to households, to businesses, or to each other.”
He continued…
“We are creating a new lending fund that represents the largest effort ever to help provide auto loans, college loans, and small business loans to the consumers and entrepreneurs who keep this economy running.”
What he didn't address is: How is a centralized government going to determine which entrepreneurial ventures will actually keep the economy running? Where is all this money for this new lending fund going to come from?
Considering the Government's track record of determining who deserves loans, should we trust their judgment? If printing money wasn't good for Germany, why would it be good for us?
He continues, "I say this not to lay blame or look backwards, but because it is only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament."
George Santayana put it best, "Those who ignore history, are condemned to repeat it."
Mr. President, please don't ask us to ignore decades of reckless spending. Please don't conflate opposition with misunderstanding. And please, don't pretend that the American people are helpless , without government programs
Email this post
Subscribe to the feed version of Rick Santelli's Chicago Tea Party in a feed reader.
boundaries thus specially drawn … is to take possession of a boundless field of power, no longer susceptible of any definition."