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Sunday, April 05, 2009

Obama's New Banking Deregulation

Barack's turning out to be a very well spoken, intelligent, and *exactly the same* as Bush and Clinton.

Myth 1 & Barack's Solution:

There is a myth that deregulation helps financial markets. This myth caused the current recession. Actually, deregulation allows banks to inflate earnings outlooks and increase leverage.... moving bad results until "later".

Barack just deregulated financial markets further, allowing banks to "invent prices" for assets so they don't look bad on balance sheets. As it is, banks use highly inflated estimates for housing prices, 10%-20% higher than true values. Barack's rule will allow them to put "projected prices" on their books.

Myth 2 & Barack's Solution:

There is a myth that wars make us money and creates jobs. This is a myth. Modern wars take money from taxpayers and blow it up. They are pure waste. (Some have noted that they do reduce unemployment). In the old days we'd annex a colony or take resources to pay for a war. Now we just spend and then spend some more to help rebuild.

Barack's now increasing troop commitments by moving troops to Afghanistan. So, he's still *spending billions on wars we can't afford*. And it doesn't look like that's going to change.

For some, it will be *comforting* that Barack is more of the same. But not for the millions that voted for change. I helped finance his run-up, and I'm not some oddball constituent... actually I'm pretty middle-of the road ... Why is he so disloyal? Why is there no .gov website (as he promised) where I can talk about this stuff and have my concerns assuaged by a well-meaning moderator? I think, at least, we deserve an answer to that.

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