Heckuva Job, Barry: Part II

Congratulations!  $1.2T in "quantitative easing" from the Fed has bought us an exciting two months of cheap mortgages rates.

Sadly, that all ended today as the bond market woke up and smacked old "It's Not My Fault, Bush Made Me Do It, Did I Mention I Don't Look Like Other Presidents?" Obama in the face.

I cannot emphasize the recklessness of Obama's policies enough.  The Chinese are already stockpiling commodities because they don't want to keep buying U.S. Treasuries when Obama is borrowing $0.50 of every dollar he spends.  That's why Tiny Tim Geithner is on his way to China to smooth the waters.

People, this is madness and it is becoming clearer and clearer how it's going to end.

If you aren't outraged, you aren't paying attention.

Heckuva Job, Barry

Well, it looks like our friends in the international finance community are starting to wake up to the fact that Obama and Tiny Tim Geithner are planning to inflate their way out of the fiscal insanity they are planning.  Let me suggest that Obama is going to have a wee problem funding his insane budget deficits (which are already built on crazy assumptions for Q3 and Q4 growth) if we don't  have access to the printing press.

Obviously I have never been a fan of Obama, but the budgets he is proposing, the incredible amount of borrowing they will require and the very real chance the the U.S. will lose its AAA credit rating are beyond even my worst nightmares for him.  And that's just the normal Federal budget.  The endless string of guarantees he is issuing to all sectors of the economy are a recipe for disaster.

His nonsense about "inheriting" this mess can only go so far.  The financial crisis pre-dates him, but the decision to have the Federal government backstop everything in sight while spending like Eliot Spitzer at a whorehouse on Easter Sunday is all his and it is mind-boggling.

Heckuva job, Barry.

By Golly...

...it's almost as if the Chinese have figured out that he only way out of Obama's insane deficit spending is to completely devalue the dollar and crush the holders of Treasuries.

I still continue to be entertained by the Obama supporters who somehow see no problem with racking up record deficits and piling on a load of debt that will burden us for generations (or at least until we inflate ourselves out of it, which is what will likely be Obama's plan).  This country needs some fiscal sanity and Obama and the Congress have moved us so far from fiscal sanity that we should all be deeply concerned.  And, no, you cannot argue against this by pointing at Bush.  His spending plans angered many conservatives (including me), but they are nothing compared to what Obama is proposing.

It's truly scary.

UPDATE: Good Op-Ed on our inflationary future from yesterday's New York Times.