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Ed Driscoll

Two Time Magazines in One

February 19th, 2014 - 8:07 pm

time_obama_fdr_12-24-2008-3

Past performance is no guarantee of future results:

Obama needs to pump serious cash into the economy in a way that promotes his long-term priorities. That means billions for energy-efficient and climate-friendly infrastructure like wind turbines, solar panels and mass transit, but nothing for new sprawl roads that ravage nature and promote gas-guzzling. That means stronger levees and restored wetlands that will help protect New Orleans from the next storm, but no more traditional pork-barrel water projects that destroy wetlands and waste money. Mostly, it means revamping Washington’s dysfunctional method of selecting and funding infrastructure projects.

* * * * * * * *

To jump-start the economy, Obama needs to spread around hundreds of billions of dollars, and he’d be wise to start with the currently underfunded efforts to restore the Everglades, coastal Louisiana and the Great Lakes; to repair crumbling dams, dikes, sewer pipes and bridges; to promote high-speed rail, light rail and other transit systems besieged by skyrocketing demand; even to accelerate research into renewable energy and alternative fuels.

—Time magazine, “A New, New Deal,” November 5th, 2008. Later that month, the dead-tree edition of Time would feature a Photoshop of the spokesman of the Office of the President-Elect on the cover as FDR. The year after Mr. Obama took office, CNN, another division of Time-Warner-CNN-HBO, would bake a cake on air to celebrate the one year anniversary of the taxpayer fleecing known as “the Stimulus.”

Now let’s flash-forward to today. Cloward, meet Piven:

Data released Tuesday by the Federal Reserve Bank of New York show that at $11.52 trillion, overall consumer debt is higher than it has been since 2011. And more unsettling, debt is rising at rapid levels. Americans’ debt—that includes mortgages, auto loans, student loans and credit card debt—increased by 2.1%, or $241 billion in the last three months of 2013, the greatest margin of increase since the third quarter of 2007, shortly before the U.S. spiraled into recession.

And on an individual level, many Americans are in a precarious financial position. According to a survey released Tuesday by the financial monitor Bankrate.com, 28% of Americans have more credit card debt today than they have in a savings fund. That means that if one quarter of Americans even wanted to use their savings to pay off their debts at this moment, they wouldn’t be able to. Just 51% of Americans have more emergency savings than credit card debt, the lowest percentage since Bankrate begin tracking the issue in 2011. According to the Federal Reserve, overall credit debt increased by $11 billion in the fourth quarter of 2013 to $683 billion, the highest levels since 2011.

That data is part of a disheartening series of figures that show Americans haven’t become much better at keeping track of their personal finances since the recession began in 2008, when homeowners’ risky mortgages and freewheeling interbank lending brought the financial system to its knees. “This is not moving in the right direction,” says Greg McBride, chief financial analyst at Bankrate.com. “American consumers are not showing improvement in these areas. ”

“Americans Are Taking on Debt at Scary High Rates: Overall debt levels rose at the fastest rates seen since 2007, according to a new study by the Federal Reserve of New York,” Time magazine, today.

Why should Americans be bothered to get their individual fiscal houses in order, when Time and CNN, in classic knee jerk New Deal Cargo Cult Mode, expound the virtues of a president who spends, spends, spends, and then spends some more? And that’s despite that fact that, as UCLA had noted in 2004, an earlier attempt at employing such policies by FDR extended the Depression by seven years.

All Comments   (6)
All Comments   (6)
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This sort of thing is infuriating! I'm 8 months away from paying off my mortgage and otherwise have NO debt. My werehusband and I decided when we married that we would arrange our lives so as to be able to live on one paycheck - so when he lost his career 5 years ago, we were ready. (Now neither he nor our son can find work.) We have some nice retirement funds tucked away, which, thank G-d, we haven't had to breach. I live in fear that The Capital will declare us "rich" and "lucky" and proceed to nationalize our nest egg for the sake of the "less fortunate"...
8 weeks ago
8 weeks ago Link To Comment
If Time was more honest Obama would look even more like Mussolini than FDR.

Fascists, and other socialists like communists, must always believe in the state rather than in individuals. It’s in their nature. America's, or Kenya's, Benito Mussolini is Barack "You didn't build that [the state did]" Obama, aka Barackito Obamalini. And whether that be a business or career or whatever, it is pure unadulterated Benito Mussolini, just less erudite than the way Benito Mussolini put it as Obama has a much lower IQ than Mussolini did. So if Benito Mussolini was a fascist, and he was, so is Barack Obama.

Benito Mussolini: "Against individualism, the fascist conception is for the State; and it is for the individual [only] in so far as he coincides with the State, which is the conscience and universal will of man. Fascism conceives of the State as an absolute, in comparison with which all individuals or groups are relative, only to be conceived in their relation to the State. The Fascist conception of the State is all-embracing; outside of it no human or spiritual values can exist, much less have value. Thus understood, Fascism is totalitarian, and the Fascist State -- a synthesis and a unit inclusive of all values -- interprets, develops, and potentiates the whole life of a people."
8 weeks ago
8 weeks ago Link To Comment
I met a man, Objangles, and he danced for me
In 1930’s old new deal shoes
With short hair, a flashy shirt and creased pants
The old new deal soft shoe
He tap danced so high, tap danced so high, then he lightly touched down

I met him in a ward in Chicago
I was so down and out
He looked to be the Messiah of the age
As he spoke right out
He talked of hope, he talked of change
But then he laughed and just clicked heels instead

Mister Objangles
Mister Objangles
Mister Objangles
Dance!!!
8 weeks ago
8 weeks ago Link To Comment
moar corn dole
8 weeks ago
8 weeks ago Link To Comment
This is exactly what the Fed wanted. Isn't the point of zero% interest rates to get folks to borrow and spend and boost the economy? Didn't our betters in Congress pass credit card "reforms" a few years ago to prevent card companies from charging too much interest on credit debt because it was "unfair" or something? Didn't President Have Golf Bag, Will Travel tell us it's those raaaaacists who are sitting on cash that are making him look bad, er, making his summers of recovery unexepectedly cool? Whatever, dudes.
8 weeks ago
8 weeks ago Link To Comment
Have Teleprompter Will Travel reads the card of the man.
A cipher without a thought of his own in what he’s turning into a destroyed land.
His ah, oh, umm, loose mouth heeds the calling of an Alinsky wind.
A man without a clue of his own is the fascist cipher called Obamadin.
Obamadin, Obamadin, Where do you roam?
Obamadin, Obamadin, Just be sure to never leave your teleprompter at home.

He travels on to campaign and deceive whenever he feels he must
His insatiable yearning for power is his guiding lust
These are legends that themselves do spin
Of ValJar the Ventriloquist’s dummy
Of the cipher called Obamadin
Obamadin, Obamadin, Where do you roam?
Obamadin, Obamadin, Just be sure to never leave your teleprompter at home
8 weeks ago
8 weeks ago Link To Comment
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