Rep. Ron Paul, whose maverick presidential bids shook the GOP, said in the wake of this week’s elections that the country has already veered over the fiscal cliff and he sees no chance of righting ship in a country where too many people are dependent on government.
“We’re so far gone. We’re over the cliff,” the Texas Republican told Bloomberg Television’s “In the Loop” program. “We cannot get enough people in Congress in the next five-10 years who will do wise things.”
Mr. Paul, who is retiring after 12 terms in the House, said voters on Tuesday rejected…
Barack Obama began his presidency talking about a “New New Deal,” referring of course to his hero Franklin Delano Roosevelt’s policies during the Great Depression. Those policies had the unintended effect of prolonging double-digit unemployment, principally by making it more expensive and difficult for employers to hire people. Whenever something becomes more expensive and difficult, there’s likely to be less of it. In this case, private sector jobs.
Now Obama is presiding over the worst economic recovery since the Great Depression, and if he’s elected for another term, this official “recovery” – with incomes falling faster than during the 2008-2009 recession – could turn into a crushing depression.
In all likelihood, we have already seen what a second Obama term would be like. He wouldn’t need to be concerned about the unpopularity of his policies, since – if the Constitution is upheld – this would be his last term. He could pursue his hardcore progressive agenda without electoral consequences.
Obama seemed to be free from electoral consequences following the 2008 election, because Democrats controlled both houses of Congress. He reportedly told Republicans: “I won. I don’t have to take your ideas.” As we know, he rapidly increased spending. He increased taxes and approved tax refunds for people who didn’t pay taxes. Debt soared, and costly regulations proliferated. He promoted crony capitalism, compulsory unionism and government-run health care. He got almost everything he wanted.
via Wayne Root:
America is staring at economic disaster- Obamageddon. We are the Titanic, headed straight for the iceberg. Even delusional 500 point up days on Wall Street will not change the frightening long term picture. The iceberg is straight ahead.
Obama and his socialist cabal have channeled Hoover and FDR, who turned an ordinary bust into The Great Depression with a toxic strategy of more government, more spending, more debt, more entitlements, more rules and regulations strangling business, higher minimum wages, more power to unions, higher taxes, more printing of money by Fed, and trade tariffs. This is the Obama blueprint squared.
Here’s where the story gets downright frightening. This time the results are going to be dramatically worse than 1929. This time we are facing The Greatest Depression ever. Obamageddon.
Why? Because The Great Depression had NONE of problems and obligations we are now facing:
In 1929 America was not $100 trillion in debt and unfunded liabilities.
In 1929, most of our states were not bankrupt, insolvent and dependent on the federal government to survive. Entering the last Great Depression, California was not imitating Greece.
In 1929, we had far fewer government employees living off taxpayers. Today there are over 21 million federal, state and local government employees. Today 1 out of 5 federal employees earn over $100,000. 77,000 federal employees earn more than the Governors of their states. Government employees retire at age 50 with $100,000 pensions for life. The postal service – without competition- loses $8 billion annually. Protected by their unions and the politicians they elect, government employees are bankrupting America.
In 1929, Social Security, Medicare, and Medicaid didn’t exist. The federal government had no such obligations threatening to consume the entire federal budget within a few years.
In 1929, there was no such thing as welfare, food stamps, aid to dependent children, or English as a second language programs. American’s didn’t consider it the responsibility of government to pay for breakfast and lunch for school students - let alone illegal immigrants.
In 1929, we didn’t have millions of illegal immigrants and their children collecting billions of dollars in entitlements from U.S. taxpayers.
In 1929, legal immigrants wanted only to work. My grandparents from Russia and Germany received no government benefits. They worked day and night to provide for their family and become American citizens. It was sink or swim.
In 1929, we had 150 million citizens with a strong work ethic- all motivated to earn the American Dream for their children and grandchildren. Americans were hungry in 1929. Today the hungry, motivated citizens and entrepreneurs are in China and India.
In 1929, we had an education system that was the envy of the world. Today our public schools are in shambles. We spend the most in the world, and get among the worst results. The difference today? Teachers unions are in charge, instead of parents.
Our dumbed-down students are taught socialism and the great benefits of big government. They graduate with few skills, qualified only for low paying manufacturing jobs that no longer exist- they’ve been shipped to China and India. How will this hopeless, helpless, clueless workforce earn a living for the rest of their lives?
In 1929 taxes were much lower. Forget the tax rates- they were meaningless. In those days we had a cash economy, so most businesses paid little or no taxes. Sales and FICA taxes didn’t exist. Today the combined local, state, property, gas, sales, FICA and federal taxes are the highest burden in history. This stifles entrepreneurship and hinders the financial risk-taking necessary to create jobs and get out of a Great Depression.
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“It’s going to be more inflation, more money printing, more debt, more spending…”
A newly re-elected President Barack Obama will continue encouraging loose monetary policies that will fuel inflation rates down the road, and investors need to get ready now, said famed commodities investor Jim Rogers.
Under Obama’s first term in office, the Federal Reserve slashed interest rates to near zero and pumped the economy with trillions of dollars in fresh liquidity via a monetary policy tool known as quantitative easing, under which the U.S. central bank buys bonds from banks and floods the economy with excess money supply to encourage investing and hiring.
Republican challenger Mitt Romney has said he opposes such policy and suggested he would not renew Fed Chairman Ben Bernanke’s term when it expires in January 2014.
Now that Obama is set to preside for another four years, expect the Fed to keep monetary policy loose with the aim of spurring investing and hiring, when in reality, inflation rates are on the rise.
“It’s going to be more inflation, more money printing, more debt, more spending,” Rogers told CNBC just prior to Obama’s re-election.
Marc Faber, publisher of the Gloom Boom, & Doom Report, told Bloomberg Television’s Trish Regan and Adam Johnson on “Street Smart” today that “Mr. Obama is a disaster for business and a disaster for the United States” and that he “thought that the market on his reelection should be down at least 50%.”
Faber also said “I doubt [Obama] will stay at the presidency for another four years. I think there will be so many scandals” and that investors should “buy themselves a machine gun.”
Faber on President Obama’s reelection:
“I am surprised with the reelection of Mr. Obama. The S&P is only down like 30 points. I would have thought that the market on his reelection should be down at least 50%…I think Mr. Obama is a disaster for business and a disaster for the United States. Not that Mr. Romney would be much better, but the Republicans understand the problem of excessive debt better than Mr. Obama who basically doesn’t care about piling up debt. You also have in the background Mr. Bernanke, who with artificially low interest rates enables the debt to essentially escalate endlessly.”
On where he sees the equity markets given Obama’s reelection:
“You have offsetting factors. The problem with Mr. Obama is that you get more regulation and it’s disincentive for businessmen to hire people. You probably also get higher taxes, so in terms of the economy, he is very negative in my view. But you still have Mr. Bernanke, and you still have because of money printing very high corporate earnings. They are now coming down, but they are still at the elevated level. You have money printing supporting the market and on the other hand, you have an economic slowdown globally which will affect earnings negatively. It is difficult to tell where the market will go because we have so much manipulation. I think, minimum, it will drop 20%.”
On how investors should protect their assets:
“They should buy themselves a machine gun…I need to buy a tank. Joking aside, look, we have manipulated markets. Whenever you manipulate markets, you will get unintended consequences. i think the reelection is unintended consequence of money printing, that favors the so- called 0.25%. It was easy for the Democrats to attack the wealthy fat cats of Wall Street, the elite, and the privileged people to portray them as a profiteer of the system, which to some extent, they are. Not because they wanted to but because Mr. Bernanke enabled them to be profiteers. We have a situation where you have today Mr. Obama, I doubt he will stay at the presidency for another four years. I think there will be so many scandals, but that’s another story.”
The following are 16 quotes that show how much people are freaking out about another four years of Barack Obama…
#1 Rush Limbaugh: “I went to bed last night thinking we’re outnumbered. I went to bed last night thinking all this discussion we’d had about this election being the election that will tell us whether or not we’ve lost the country. I went to bed last night thinking we’ve lost the country. I don’t know how else you look at this.”
#2 Sarah Palin: “Well, unfortunately, we know what we will get with four more years of Obama. This really is a catastrophic setback to our economy and to any opportunity that we would have for Supreme Court justices to be appointed who would be strict adherents to the traditional interpretation of what our Constitution says.”
#3 Marc Faber: “I am surprised with the reelection of Mr. Obama. The S&P is only down like 30 points. I would have thought that the market on his reelection should be down at least 50%…I think Mr. Obama is a disaster for business and a disaster for the United States. Not that Mr. Romney would be much better, but the Republicans understand the problem of excessive debt better than Mr. Obama who basically doesn’t care about piling up debt. You also have in the background Mr. Bernanke, who with artificially low interest rates enables the debt to essentially escalate endlessly.”
#4 Ron Paul: “The majority dictates against the minority. So, right now the majority are receiving a check…That is why people were sort of surprised with these conditions that this president can get reelected. That is a bad sign in that there are more on the receiving end. People do not want anything cut. They want all the bailouts to come. They want the Fed to keep printing money.”
#5 Donald Trump: “Our country is now in serious and unprecedented trouble…like never before.”
#6 Jim Rogers: “It’s going to be more inflation, more money printing, more debt, more spending”
#7 Glenn Beck: “So I sat there on my set last night and what I said, I think about this time yesterday, was I caught myself halfway in the middle of a monologue and I think I cleared my throat and I said, I’m biting my tongue here to say things that I ?? hopefully I won’t have to say tomorrow. But I got up yesterday at 3:00 in the morning and I knew. And I couldn’t sleep and I started to say my prayers and I got up and kneeled down by the edge of my bed and I knew that ?? or I suspected that my mind’s not God’s mind, and the peace and the comfort that he had given me and so many of my friends was not about an election. God’s about a bigger picture than an election or a candidate. God is about the freedom of mankind. God is about the Constitution, which is a divinely inspired.”
#8 Tanner Lee Cook: “I am honestly sick to my stomach. I have lost all hope in America as a nation. Its time we start to feel sorry for ourselves.”
#9 Laura Ingraham: “Axelrod’s mustache lives. America’s economy dies.”
#10 Robert Sewell, MD: “Notice to all patients, Prepare for LONG LINES & government denial of care. That’s what you have voted for today. Hope you Love Obamacare”
#11 Richard Viguerie of ConservativeHQ.com: “The battle to take over the Republican Party begins today and the failed Republican leadership should resign”
#12 Bryan Fischer: “Today was Pearl Harbor. Tomorrow we begin planning for Normandy.”
#13 A Small Business Owner In Nevada: “I had to lay off 22 people today to make sure that my business is gonna thrive and I’m gonna be around for years to come. I have to build up that nest egg now for the taxes and regulations that are coming my way. Elections do have consequences, but so do choices. A choice you make every day has consequences and you know what, I’ve always put my employees first, but unfortunately today I have to put me and my family first, and you watch what’s gonna happen. I’m just one guy with 114 employees — well was 114 employees — watch what happens in the next six months. The Dow alone lost 314 points today. There’s a tsunami coming and if you didn’t think this election had consequences, just wait.”
#14 Ted Nugent: “Goodluk America u just voted for economic & spiritual suicide. Soulless fools”
#15 Michelle Malkin: “My counsel to you tonight: Please, do not be bitter. Do not fall prey to the Beltway blame game. Do not get mired in small things. Do not become vengeful creatures like our political opponents who voted out of spite instead of love of country. We still have boundless blessings to count — and to secure. I remain a proud, unrepentant believer in the American Dream. And I know you do, too. Freedom will endure because we will keep fighting for it. We can’t afford not to, friends.”
#16 Joseph Farah: “For many of us, the unthinkable has happened.
America has decisively turned the corner away from the constitutional principles of limited government and self-government with the re-election of Barack Obama.
There may be no way home for us.
For those of us who fundamentally reject Obama’s policies, things are going to get very rough for the next four years. We have allowed our fellow Americans to pronounce judgment on the nation.”