Obama Will Be Cleaning Up The Collapse Of FDR's Doings 70 Years Ago

Just like Bush had to spend his cleaning up after Bill Clinton's 8 year vacation at the White House getting himself serviced by interns and whoever else we don;t even know about as Al Queda attacked anything and everything AMerican around the world starting at the WTC in 93 and ending with it's final collapse in 2001.

Maybe they should let Obama move in early like they were begging to do a few weeks ago, let him and cronies take control of the Welfare state FDR created 75 years ago that's come home to roost.

Obama Hears a Giant Sucking Sound -

Obama gets taked for a ride by the UAW
WSJ.com: "His friends advise Barack Obama to launch a 'New' New Deal. Maybe that's because the old New Deal is sinking fast.

Mr. Obama's one deeply false note during the campaign was his harping on 'deregulation' as if that were the source of current troubles. His real problem is the crack-up of the world FDR built.

Fannie Mae was a New Deal creation, subsidizing the securitization of mortgage debt. FDR's successors piled on the subsidies for housing debt and incentives directed at low-income borrowers. Kaboom.

Then there's the UAW, born in 1935. For decades the UAW steadily traded away domestic auto market-share to imports and transplants to keep its aging membership toiling away toward their golden pensions and collecting wages and benefits twice those of their competitors. It worked for a while . . .

Mr. Obama must be looking around and beginning to suspect he will be pouring his political capital, along with considerable taxpayer capital, down bottomless holes for the next four years. He won't be building a legacy as the new FDR, but cleaning up after the last one."

"Fannie and its twin, Freddie Mac, have already come back for a second helping of taxpayer money as their once-profitable business model devolves into a politically directed subsidy machine for propping up home prices and delaying foreclosures. Their next meltdown, in government hands, is all but written in the cards.

AIG, an otherwise healthy insurance company that went bust betting on housing debt, has already consumed taxpayer loans and capital injections nearly as big as AIG's $200 billion market cap when it was one of the world's most admired firms. AIG still has a valuable insurance business, but ignoramuses in Congress and the press are busy destroying it. The company sells many of its products through busy independent agents. It uses lush 'seminars' to encourage them to sit still for pitches about why AIG should still be trusted despite AIG's purgatory in the headlines. But these seminars only produce more outraged grandstanding from the political commentariat.

It will take years for the government to get AIG off its hands, and there likely won't be much value left for taxpayers when it finally does.

But the really giant sucking sound is the auto sector, getting ready to gobble up whatever hopes Mr. Obama might have had for an ambitious, forward-looking presidency.

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