From the Obama perspective,
the only way out is to go further into debt and beg for more money, mainly
from the Chinese but also from the oil-rich Arabs.
On CNN on January 16, Lou
Dobbs, perhaps the most honest and outspoken major media commentator, told
the truth about the Wall Street bailout. “Treasury Secretary Paulson
basically used the money to bail out his buddies on Wall Street, and don’t
let anybody kid you,” he said.
One day earlier, however,
the Senate had voted 52-42 to give Paulson’s successor another $350 billion.
That successor is supposed to be another Wall Street insider, Timothy
Geithner. He is just as tainted as Paulson.
As President Obama takes
office, America has become an international laughingstock―a
“Bailout Nation” that continues to slide further and further into debt as
bailout after bailout fails to work. Yet, Obama’s prescription is more of