An Irreversible Situation, Mr. President?

President Obama continues to sound the alarm. "Irreversible situation", "worst economy since the Great Depression", "catastrophe" awaits, etc...is the President's approach to halting unemployment, foreclosures, and contracting GDP.

Congenially the President held his first news conference. He said that some, meaning Republicans, "want to do nothing". Doing nothing, according to the President is not an option.

The $820 billion stimulus plan is "not perfect" the President opines. But we must forego perfection to avoid "catastrophe".

The President's dire language may compel Americans to trust him as Americans trusted Bush and Paulson's secret $700 billion TARP give-away plan intended to stablize the financial sector and the American economy. It did neither. Bad banks are still bad banks and not loaning money. Credit remains touch and go. Housing has continued its downward climb. Even while Obama's American Recovery Plan is being shoved down the throats of citizens, Americans are not privy to the allocation of the initial $350 billion of TARP I. Which banks received how much funding? The public, Treasury Secretary Paulson said, was not allowed to know for fear of the public producing a run on the bad banks in question.

Even more mesmerizing is that Elizabeth Warren, the chairperson of the Congressional Oversight Panel in charge of monitoring TARP bailout funds, delivered some stunning news. In crunching the figures of the initial TARP I cash injection by Paulson, she found that the government had injected $78 billion toward bailouts that had been lost. Where did the money go? Apparently, it' s too difficult to track.

How do you lose track of $78 billion? Lose a wallet, keys, notebooks, etc...are understandable. But lose a pot of money the equivalent size of the GDP of dozens of nations around the world?

The "Gong Show" continues. President Obama has stated on several occasions, as if American's still aren't sure: "I won the election". The President's insinuation is that Americans are expected to accept the looting of their treasury under the guise of saving Americans from apocalyptic Armageddon.

So times are bad. But they aren't the days of the Hoover Hotels, long soup lines, and the Dust Bowl. The majority of banks are solvent versus 1/3rd of the banks going under in the 1930's. About 93% of Americans continue to be employed. About 94% of Americans with home mortgages are making their payments. For the lower end of the pay scale, free health care, free education, free job training, several months of unemployment benefits, free food stamps, free or reduced housing, free children's healthcare insurance, etc...have made the poverty line of families the equal of the American family in the 1960's as a measure of wealth.

And President Obama is reduced to fear mongering language to compel Congressional passage of a poorly constructed spending plan?

Contrary to President Obama's mesasge, the CBO (Congressional Budget Office) has concluded that the American Recovery Act written as it is will actually be more harmful than actually doing nothing.

"We must do something" is no rational reason for propping up the same-old failed policies that FDR and LBJ so coveted as President. After eight years as President, Morgenthou being FDR's Treasury Secretary stated:

"We have tried spending money. We are spending more than we have ever spent before and it does not work ... After eight years of this Administration we have just as much unemployment as when we started ... And an enormous debt to boot!"

The Harvard Review President should be wise enough to learn history's lessons if he would dare open his eyes to their truths. Spending the people's money with reckless abandom is folly beyond measure. Slashing government spending and sending the people's money back to them in the form of tax cuts and business incentives is the wiser course of action.

No one man will destroy this great nation with a set of impoverished policies. The spirit of the people is too great.

But the impoverished policies of this administration draw us near to the immortal words of Thomas Jefferson. A generation who willfully incurs debts for the next generation to pay is an "immoral" generation.