Wednesday, June 03, 2009

Bernanke on Deficits

It might have been more useful if he’d started beating this drum a few years ago, but while the deficits under Bush were a budding problem, the deficits under Obama are an explosive one.  

One wonders what’s going to be left when we are done nationalizing the auto industry, the banking industry, cripple energy production and use with carbon taxes / cap and trade, and launch a huge new entitlement program when the government finishes it’s take over of medicine.  

Even Obama admits that the USA is out of money. However, in a non-sequiter for the ages, he proposes increasing spending even more.  

Sooner or later, the Chinese won’t be laughing when Timmy Geithner comes to visit.