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How Stupid Does Congress Think We Are?

That’s My Congress quotes Democratic U.S. Representative Hank Johnson as repeating Reagan-era economic catch phrases like “morning in America”, even as he gives a speech before Congress trying to convince Americans that Barack Obama’s economic recovery is something more than just a rehashed version of the very Reaganomics that brought our country to ruin in the first place.

Congressman Johnson reported,

“I am happy to report to you that Congress and the Obama administration have departed on a new course of action–no more voodoo economics, no more trickle-down economics. These are failed policies, and it is time for something new.”

No more voodoo economics? No more trickle-down economics? Let’s look at what the bulk of the economic recovery spending does: It goes to fund the economic elites in our country, going directly into the bank accounts of big Wall Street firms. The idea behind doing this is that the Wall Street firms, after they’ve skimmed off to suit their pleasure, might lend some money out to big corporations, which in turn might spend some of that money, which might create some jobs, which might bring some money into the pockets of working Americans.

That’s trickle-down economics, to a T. Just how stupid does Hank Johnson think we are… and are we willing not to be that stupid?

3 comments to How Stupid Does Congress Think We Are?

  • qs

    Do you realize that the Fed is buying its own treasury bonds now? Everyone knows this is completely insane, but like John Hawkings said…

    ” Living in this country today is like sitting in the back seat of a car that’s hurtling towards the edge of a cliff at a hundred miles an hour while the driver fiddles with the radio and the guy in the passenger seat mocks the very idea of using brakes.”

    Laugh at our government, buy gold and bury it as deep as you can under your house so the Obama agents won’t find it when they come to steal, and buy lots of guns! That’s about where we’re currently at in this country.

  • Kevin

    “Do you realize that the Fed is buying its own treasury bonds now? ”

    err. yes. did you know that they buy and sell T-notes and bills all the time? its called http://en.wikipedia.org/wiki/Open_market_operations

    The real problem is that since overnight intr-bank rates are almost zero, they cannot use straight monetary policy to stimulate the economy and so are injecting large amounts of liquidity by buying debt (including some crappy MBS) and putting in on their balance sheet.

    Its now about 1.8 trillion but they’ve have announced they are going to add another trillion to get to 2.8. I think it used to be around 500 million.

    anyhoo its not the govt debt you should worry about. and keep your eye on the Term Auction Facility (TAF). that will blow up.

  • qs

    liar. We’ve NEVER done quantitative easing in this nations history so your claim that this is done all the timis false.

    Secondly, we don’t need the economy “stimulated.” We need to liquidate all the bad debt.

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