Rick Santelli's Chicago Tea Party

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So far, Obama says no to California bailout Posted: 16 Jun 2009 01:43 PM PDT Thus far, the Obama administration is resisting the notion of a federal bailout for the bankrupt state.  Let’s hope it stays that way.  We’ll find out if Obama sticks to his guns by the end of July. Bailing out a fiscally reckless state such as California would increase the already gargantuan federal budget deficit, add even more debt, place further pressure on the US Dollar, and potentially open the floodgates for the host of other states that have grossly mishandled their check books. The time is long overdue for California to get its budget under control. Years and years of overspending have lead to disastrous consequences.  Better to take the tough medicine now, suffer some short-term pain, and lay the foundation for legitimate recovery in the years to come. Now, if we could just get the Federal Government to take its own advice.  For the last 8 1/2 years, its motto has been “Do what I say, not what I do.” What are your thoughts on California and its budget crisis? Read here.

Analyst says U.S. may lose AAA rating soon Posted: 16 Jun 2009 07:58 AM PDT Yet another financial analyst is warning that the U.S. could lose its AAA credit rating in the near future.    The “consensus” tends to disagree, though this is the same consensus that failed to predict the stock, credit, and real estate collapse of ‘08. Mammoth debt, huge deficits, and excessive money printing are raising eyebrows around the world.  Facing over $11 trillion of debt, $99 trillion of unfunded liabilities, nearly $2 trillion budget deficits, and a Dollar that has lost about 33% of its value since 2002, the United States is in deep trouble. The previous, Republican administration and a largely Republican Congress, couldn’t even balance the budget.  They piled on more debt and stood idly by as the Federal Reserve devalued the Dollar.  Now, a Democratic administration and a Democratic Congress are creating even bigger deficits, piling on even more debt, and devaluing the Dollar further. At some point, We the People need to step up to the plate if we’re to save our nation from an economic apocalypse.  Ultimately, we’re the ones voting in these politicians. We need to start doing our homework as voters.  We need to look at voting records, instead of listening to empty rhetoric.  We need to start seriously considering Washington outsiders, instead of giving a free pass to the same old D.C. insiders.  We need to start throwing out our own party favorites, instead of justifying their chronically unbalanced budgets.  We need to start thinking for ourselves, instead of allowing our favorite networks and talk show hosts to do our thinking for us. Those are some of my solutions.  What are some of yours? Read here.

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