Monday, June 13, 2011

Allen West: Obama is General Custer at Our Economic Little Big Horn

If there's a Congressional award for being blunt and truthful, Rep. Allen West has my vote.

We still have no definitive plan for the debt limit coming from the Obama Administration, regardless of the “negotiations” being led by Vice President Joe Biden...

...When President Obama stood with German leader Angela Merkel and stated that he was not concerned about a double dip recession, that made me think the statement would be similar to General George Custer stating to the Troopers of the 7th Calvary at Little Big Horn, “Hey, nothing to worry about.”

One needs only to look at the economic indicators of job growth, quite anemic to say the least, and the fact that the Dow Jones had its sixth straight week of negative slide. These are the first six straight weeks since 2002.

This month the Federal Reserve’s Quantitative Easing (QE II) will come to an end. It means that the federal government has been monetarizing our debt by buying its own treasury bonds, printing more money, and lowering interest rates to rock bottom, yet these steps have not produced any sustainable improvements.

We could seriously be on the verge of an inflationary fiscal environment. And if anyone from the Obama Administration recommends increased Keynesian style stimulus spending, well, let us go back and look at how many stimulus packages Japan initiated.

We are so not out of the woods, and last year’s “Summer of Recovery,” has now turned into the possibility of a dubious and dastardly double dip recession.

I think West is being optimistic. We've never left the economic downturn.

And the administration's devotion to crony capitalism and job-destroying policies are keeping us in the muck and mire.

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