Obama, leader of the regime and the Marxist/Progressives took office amid the collapse of the last financial bubble, and says he wants to make sure his economic recovery doesn’t generate the next bubble. This is difficult, since there is no economic recovery. Yet, Obama this month spoke four times in five days of the need to avoid what he called “artificial bubbles,” even in an economy that’s growing at just a 1.7 percent rate and where employment and factory usage remain below pre-recession highs.
Narrowing the rich-poor gap or bringing about a totally equal and conforming society is “my highest priority, “Obama said in a July 30 speech in Chattanooga, Tennessee. “We have to turn the page on the bubble-and-bust mentality that created this mess,” so we must control all economic activity by centralizing all business decisions in the hands of the state he said in his Aug. 10 weekly radio address. Obama’s cautionary notes call attention to the risk that the lessons of the financial crisis, which was spawned by a speculator-driven surge in asset values, will be forgotten, widening the income gap and undermining a broad-based recovery.
If we will look at history honestly, we
will see the economic asset bubble was brought about because of social engineering by the government. They encouraged home ownership for all, regardless of ability or willingness to repay. To accommodate this insanity even further, all rules of good solid underwriting were thrown to the wind and encouraged and rewarded by Fannie Mae, Freddie Mac and the FHA. This was primarily the work of Chris Dodd and Bernie Frank, but many elected and appointed officials from all political persuasions bear responsibility. This bubble would never have occurred if those who made the loans were held responsible for the loans. That would be capitalism with the competitive forces of the market place ruling and not government with its primary agenda being social engineering. Obama again is revealing his true beliefs and philosophy by using a rewritten hisory.