Obama Commerce Nominee Says Obama Will Bankrupt US
I’m glad Gregg’s coming around.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration’s economic policies.
The senator said Obama’s spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.
The short article also said that Gregg said that the Obama administration is on course to save the financial system. But at what cost? Is it worth it to bankrupt everybody to save one segment of the country?
The financial system got us into this mess. I think let the bad ones go and count on the ones that actually know what’s going on grow. If these up and coming banks need some additional financing that the market can’t supply maybe then there might be a place for government action. My legal adviser says that under bankruptcy laws that shouldn’t even need to be necessary.
