In the latest attack -- and it's right out of the Saul Alinsky playbook. In the latest attack on the American private sector, Barack Obama this morning in Washington at the White House spoke about a new tax on banks.
Democrats Push to Kill Capitalism; Obama Uses Alinsky Plan on Banks
RUSH: Rush Limbaugh on the cutting edge. I told you this yesterday. We were the firstest with the mostest about a secret backroom deal between the White House and labor unions over the Cadillac health insurance tax. "Officials say the White House and labor leaders have reached a tentative agreement on how to tax high value health insurance plans to help pay for a revamped medical system. The proposed tax has been a major sticking point because labor union leaders fear that their members with some of the more lucrative benefit plans out there would be hurt. President Obama supports it as a way to hold down costs by nudging workers into less pricey coverage." People going out and buying what they want, or getting what they want, Obama thinks they're spending too much. Barney Frank today is all over, (paraphrasing) "We are going to legislate compensation everywhere we can on Wall Street. There's no reason for these high bonuses to be paid. I'm not aware these guys could all play Major League Baseball." They're moving in for the kill of the capitalist system.
Now, the unions were always going to be exempted from the Cadillac tax plans, they were always going to be exempted. They are the major contributors to the Democrat National Committee and to Obama. They are the foot soldiers. They're the goons that are dispatched to keep people in line at town hall meetings and so forth. The only problem here is how to justify it because everybody else with a Cadillac health insurance plan is going to get this big tax, and it could be as much as 40%. The unions would be exempt from it. The trick here is how to justify it and how to avoid, if possible, not ticking people off who don't get the exemption. The Amish, by the way, will be totally exempted on religious grounds from any of the new health care mandates. That religion may grow in tremendous numbers. And other religions say, "Why just them? You know, why not us?"
"Retail sales unexpectedly fell in December --" This is State-Controlled Associated Press. "-- leaving 2009 with the biggest yearly drop on record and highlighting the formidable hurdles facing the economy as it struggles to recover from the deepest recession in seven decades. In another disappointing economic report, the number of newly laid-off workers requesting unemployment benefits rose more than expected last week as jobs remain scarce." Here's a quote from Jennifer Lee, a senior economist at BMO Capital Markets: "We cannot expect a true turnaround in consumption until the jobs numbers improve significantly and consistently."
Now, given this obvious statement, why is any negative economic news unexpected? I swear it's in the template. Command-U writes "unexpected." When the private sector's capital is deleted, job creation is depressed. This leads to spending decreases by consumers. That leads to lower sales and profits, and it all results in the erosion of the tax base, which then shrinks tax revenues. And only an anti-capitalist statist would conclude that this situation requires tax increases, which starts the process all over again. None of this is unexpected. This is totally predictable. I, your host, El Rushbo predicted it on the same day that I expressed my hope that Obama fail in his policies.
So let's go through the progression here. When the private sector and its capital, money, is depleted, when it shrinks, job creation is depressed, that leads to spending decreases by consumers. That, in turn, hurts sales and profits. And it all causes an erosion of the tax base, federal and state, which reduces tax revenues, which reduces revenue to run governments in Washington and state capitals. At this point, only somebody intending for all this to happen would then talk about tax increases. Because tax increases will start the whole cycle all over again. It will lead to more unemployment, more depletion of the private sector's capital, spending decreases by even more consumers, more sales and profits hurt, more tax base erosion, less tax revenue to state and federal governments. And then, oh, my God, another double down, more tax increases. Only a statist, somebody doing this on purpose, would employ the policies that we are employing.
"Decline in Auto Purchases Sinks Retail Sales." "Sales at US Retailers Unexpectedly Fell in December." What is unexpected? I just gave you the progression of how things happen. It would be insane to expect sales to go up in this climate. As more and more people file claims for unemployment more and more people are obviously out of work, more and more people are not even looking for work anymore. The situation is bleak. Why would it be unexpected that retail sales would fall in December? Even the media told us it's not going to be a good Christmas. Who told us it was? Who are these people that expected retail sales to go up in December? "Consumers spent less on cars and an array of other goods during the holiday shopping month, data showed on Thursday, raising concerns about the durability of the economic recovery." There is no recovery! Right after Christmas they said we were in a recovery. They've been saying we're in a recovery since November, but we're not. "Compared to December 2008, sales rose 5.4% but fell 6.2% for the whole of 2009. That's the biggest decline on records that go back to 1992. The only other year that sales had fallen was 2008, when they slipped by 0.5%. Motor vehicle purchases fell .8%."
Anybody want to take a guess as to why? We predicted this! Cash for Clunkers. All Cash for Clunkers did was move purchase decisions up a month or two. It didn't increase auto sales at all. We predicted this. We are not economists here at the EIB Network. We are not highly trained economic experts. But we know more about it than those who are. We are able to predict it more than those who are. Cash for Clunkers came along and it was designed to make it look like Obama had done something spurring economic growth. "Wow, it's going, it's going, it's going," but we knew that this was facilitating people buying cars earlier than they were already going to, and this statistic proves it. "Decline in Auto Purchases Sinks Retail Sales. The data coming in the wake of a report last week showing a surprise drop in non-farm payrolls in December could add to worries that the economic expansion that started in the third quarter of 2008 could falter once government stimulus --" this is just plain old ridiculous.
"Stubbornly high unemployment remains the weakest link in the recovery from the worst economic downturn since the thirties." Stubbornly high unemployment? Oh, so unemployment out there is an "it." Unemployment is a thing, and it's stubborn. Unemployment is fighting Obama. They're in a death match, unemployment versus Obama, and Obama is raising taxes, and unemployment is saying, "Screw you, buddy, I'm not working." What is this stubbornly high unemployment, as though unemployment is working against Obama's great and courageous efforts to do something about it. And this, ladies and gentlemen, is not all of the bad news. From those unfazed at Reuters: "US foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday. A record 2.8 million properties with a mortgage got a foreclosure notice last year, jumping 21 percent from 2008 and 120 percent from 2007, the Irvine, California-based real estate data company found. The loan failure rate -- and thus the fallout for home prices and the economy -- would have been even worse without foreclosure prevention programs and loan processing delays caused by sheer volume, the company said."
It would have been even worse had it not been for Obama's foreclosure program, but we have also heard that hardly anybody is accessing the foreclosure program. They're behind on their payments and it's worse than being said because some lenders exempted December payments because of Christmas just to be compassionate and keep Obama off their back, like he's on the backs of the bankers right now. "US foreclosure action shattered all records, despite aid." Despite Obama's courageous efforts to help, foreclosure actions shattered all records. It's no wonder that only 39% of the American people would again vote for Obama if the presidential race were held today.
Democrats Push to Kill Capitalism; Obama Uses Alinsky Plan on Banks
RUSH: Rush Limbaugh on the cutting edge. I told you this yesterday. We were the firstest with the mostest about a secret backroom deal between the White House and labor unions over the Cadillac health insurance tax. "Officials say the White House and labor leaders have reached a tentative agreement on how to tax high value health insurance plans to help pay for a revamped medical system. The proposed tax has been a major sticking point because labor union leaders fear that their members with some of the more lucrative benefit plans out there would be hurt. President Obama supports it as a way to hold down costs by nudging workers into less pricey coverage." People going out and buying what they want, or getting what they want, Obama thinks they're spending too much. Barney Frank today is all over, (paraphrasing) "We are going to legislate compensation everywhere we can on Wall Street. There's no reason for these high bonuses to be paid. I'm not aware these guys could all play Major League Baseball." They're moving in for the kill of the capitalist system.
Now, the unions were always going to be exempted from the Cadillac tax plans, they were always going to be exempted. They are the major contributors to the Democrat National Committee and to Obama. They are the foot soldiers. They're the goons that are dispatched to keep people in line at town hall meetings and so forth. The only problem here is how to justify it because everybody else with a Cadillac health insurance plan is going to get this big tax, and it could be as much as 40%. The unions would be exempt from it. The trick here is how to justify it and how to avoid, if possible, not ticking people off who don't get the exemption. The Amish, by the way, will be totally exempted on religious grounds from any of the new health care mandates. That religion may grow in tremendous numbers. And other religions say, "Why just them? You know, why not us?"
"Retail sales unexpectedly fell in December --" This is State-Controlled Associated Press. "-- leaving 2009 with the biggest yearly drop on record and highlighting the formidable hurdles facing the economy as it struggles to recover from the deepest recession in seven decades. In another disappointing economic report, the number of newly laid-off workers requesting unemployment benefits rose more than expected last week as jobs remain scarce." Here's a quote from Jennifer Lee, a senior economist at BMO Capital Markets: "We cannot expect a true turnaround in consumption until the jobs numbers improve significantly and consistently."
Now, given this obvious statement, why is any negative economic news unexpected? I swear it's in the template. Command-U writes "unexpected." When the private sector's capital is deleted, job creation is depressed. This leads to spending decreases by consumers. That leads to lower sales and profits, and it all results in the erosion of the tax base, which then shrinks tax revenues. And only an anti-capitalist statist would conclude that this situation requires tax increases, which starts the process all over again. None of this is unexpected. This is totally predictable. I, your host, El Rushbo predicted it on the same day that I expressed my hope that Obama fail in his policies.
So let's go through the progression here. When the private sector and its capital, money, is depleted, when it shrinks, job creation is depressed, that leads to spending decreases by consumers. That, in turn, hurts sales and profits. And it all causes an erosion of the tax base, federal and state, which reduces tax revenues, which reduces revenue to run governments in Washington and state capitals. At this point, only somebody intending for all this to happen would then talk about tax increases. Because tax increases will start the whole cycle all over again. It will lead to more unemployment, more depletion of the private sector's capital, spending decreases by even more consumers, more sales and profits hurt, more tax base erosion, less tax revenue to state and federal governments. And then, oh, my God, another double down, more tax increases. Only a statist, somebody doing this on purpose, would employ the policies that we are employing.
"Decline in Auto Purchases Sinks Retail Sales." "Sales at US Retailers Unexpectedly Fell in December." What is unexpected? I just gave you the progression of how things happen. It would be insane to expect sales to go up in this climate. As more and more people file claims for unemployment more and more people are obviously out of work, more and more people are not even looking for work anymore. The situation is bleak. Why would it be unexpected that retail sales would fall in December? Even the media told us it's not going to be a good Christmas. Who told us it was? Who are these people that expected retail sales to go up in December? "Consumers spent less on cars and an array of other goods during the holiday shopping month, data showed on Thursday, raising concerns about the durability of the economic recovery." There is no recovery! Right after Christmas they said we were in a recovery. They've been saying we're in a recovery since November, but we're not. "Compared to December 2008, sales rose 5.4% but fell 6.2% for the whole of 2009. That's the biggest decline on records that go back to 1992. The only other year that sales had fallen was 2008, when they slipped by 0.5%. Motor vehicle purchases fell .8%."
Anybody want to take a guess as to why? We predicted this! Cash for Clunkers. All Cash for Clunkers did was move purchase decisions up a month or two. It didn't increase auto sales at all. We predicted this. We are not economists here at the EIB Network. We are not highly trained economic experts. But we know more about it than those who are. We are able to predict it more than those who are. Cash for Clunkers came along and it was designed to make it look like Obama had done something spurring economic growth. "Wow, it's going, it's going, it's going," but we knew that this was facilitating people buying cars earlier than they were already going to, and this statistic proves it. "Decline in Auto Purchases Sinks Retail Sales. The data coming in the wake of a report last week showing a surprise drop in non-farm payrolls in December could add to worries that the economic expansion that started in the third quarter of 2008 could falter once government stimulus --" this is just plain old ridiculous.
"Stubbornly high unemployment remains the weakest link in the recovery from the worst economic downturn since the thirties." Stubbornly high unemployment? Oh, so unemployment out there is an "it." Unemployment is a thing, and it's stubborn. Unemployment is fighting Obama. They're in a death match, unemployment versus Obama, and Obama is raising taxes, and unemployment is saying, "Screw you, buddy, I'm not working." What is this stubbornly high unemployment, as though unemployment is working against Obama's great and courageous efforts to do something about it. And this, ladies and gentlemen, is not all of the bad news. From those unfazed at Reuters: "US foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday. A record 2.8 million properties with a mortgage got a foreclosure notice last year, jumping 21 percent from 2008 and 120 percent from 2007, the Irvine, California-based real estate data company found. The loan failure rate -- and thus the fallout for home prices and the economy -- would have been even worse without foreclosure prevention programs and loan processing delays caused by sheer volume, the company said."
It would have been even worse had it not been for Obama's foreclosure program, but we have also heard that hardly anybody is accessing the foreclosure program. They're behind on their payments and it's worse than being said because some lenders exempted December payments because of Christmas just to be compassionate and keep Obama off their back, like he's on the backs of the bankers right now. "US foreclosure action shattered all records, despite aid." Despite Obama's courageous efforts to help, foreclosure actions shattered all records. It's no wonder that only 39% of the American people would again vote for Obama if the presidential race were held today.
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