Spencer's Super-Happy Fun-Time Right-Wing Word Pit

Obama admitted last night that his economic policies have failed, and now proposes new economoc policies consisting of the old policies. Did I miss anything? Claiming a Job saved/created rate of 150,000 in the face of 1.6 million lost is sycophantic and diminishes his credibility. I can do math. I can see that there is a NET LOSS OF JOBS. Not a gain. This song and dance of "spend our way out" of trouble has been tried by many nations, many times in history. I dare anyone to show me evidence of it ever working. There is a fundamental truth is that you cannot stimulate any economy by removing competition and incentive. It just doesn't work. Take the auto-bankruptcy for instance. In this scenario, the government is re-writing the bankruptcy laws to give unsecured stake-holders preferential treatment before secured-shareholders. This dangerous precedence of denying bondholders their rightful claim will change the way business is done. The reason that home loans are usually obtained at a lower rate is due to the fact that you loan is secured by bondholders. Moving these people to the bottom of the list will mean that securing a loan comes at a significantly higher risk. The riskier an investment becomes, the less likely it will be that investors will invest thus fewer debts (read: loans) can be secured. The ramifications of this manuever will bring us back to the good ol' days of the 35% home loan. Well done Obama.

But don't forget - it was Bush that started this whole bail-out thing.

And now that we have spent ourselves into oblivion - lets nationalize healthcare.