Why This is an Obama Recession
It’s the Dem promise to starve us of energy, dating back to mid-2008. Find it here:
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Starting in June (2008) and all the way through to Election Day, Nancy Pelosi, Barack Obama, and Harry Reid repeatedly told the country that they were ready, willing, and would soon be able to starve the country of the conventional sources of energy it needs to keep its economic engines running, regardless of the consequences, bowing before what may be the greatest hoax in human history. Enough high producers to make a difference believed them and abandoned their previous guarded optimism.
Starting in June and all the way through to Election Day, Pelosi, Obama, and Reid — but especially presidential nominee Obama — told the country that they were ready, willing, and would soon be able to punitively tax the 5% of the nation’s most productive so they could redistribute money to everyone else. Enough high producers to make a difference believed them and abandoned their previous guarded optimism.
In September, the decades-in-the-making, Democratic Party-driven housing and mortgage lending mess came to a head at Fannie Mae and Freddie Mac. Washington then allowed itself to be blackmailed into a series of financial sector and other bailouts that appeared to be, and have turned out to be, seemingly endless. Enough high producers to make a difference headed for the lifeboats and abandoned what little optimism remained.
Enough high producers to make a difference abandoned their spring (2008) optimism, not because of then-current economic conditions, which were at worst mediocre. They did so because of their assessments of what economic conditions would be in the not-too-distant future, based on the perilous pronouncements of Pelosi, Obama, and Reid. Many of those who didn’t catch on during the summer did so after observing the reckless September-October actions of the Washington establishment.
As a result, they took steps that businesspeople, entrepreneurs, and investors ordinarily take when a serious recession takes hold — not hiring, not expanding, letting people go and not replacing them, making worn-out equipment last longer instead of buying new, and others — before the serious recession took hold. They deliberately downsized in response to stated promises by powerful government officials Pelosi, Obama, and Reid to penalize and punish them and the economy as a whole, if and when they gained power.
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This is an excerpt from a much longer article which details the dishonest accounting of the Obama administration which understates his deficit by a significant amount.
Read the whole thing.
