Here is the problem, The number of "underprivileged" greatly outnumber the "privileged", and we have champion of the "underprivileged" in office. The economic landscape is providing the perfect canvass for economic reform that will forever change all our lives.
"O"binhood and his merry men are working their magic for the masses. Once the handouts begin and wealth redistribution is tasted by the masses they will never be voted out of office. As the wealthy have pillaged the country to stuff their coffers, the quality of life for the rest has been dismantled. The promise of the American dream has been erased in two years.
I first noted what I saw as Obinhoods first big move in Remain Calm Shanky. Breathe And Count To 10 where the first antitrust moves were announced. I believe that the credit card crisis and the perils in California will set the stage for broad strokes in "relief" to the general public.
In Credit Card Defaults At Record Highs But Worst Is Yet To Come Mish covers the most recent and staggering default numbers for the industry. These default rates are really something and will get worse. Credit is the lifeblood of all Americans and many small businesses, and without it the general public really can't buy anything.
Mish battles the Keynesian Camp in Obama Budget Chief Promises Free Lunch, Says "Economy Almost Bottomed Out", where he takes down several Ivy Leaguers and their free lunch theories on socialized health care and its affordability at this time.
I believe the key driver to Obinhood's dream will come from the sensational issues California is facing. How things get fixed there (right now they are looking to tax the rich to give to the poor) may just bleed over to the rest of us in some screwed up policy the Obinhood's merry men will put into law. In California's Budget Deficit: What The Hell Is It? Mish addresses the topic of taxation and how it is not the right way to solve the problem.
Folks bigger government is uppon us and unless we can place our own operatives in Obinhoods group of merry men we're screwed. The more O promises to redistribute the wealth the more "underpriveledged" voters he will amass (not to mention all the illegal aliens they are bringing in to reinforce their defences with). Get out your checkbooks and hang on. The world you know is about to change forever. IMO of course.
(I know it was a Mishfest tonight, but weekend news was not that hot. Sorry. Let's see what GM has to bring this week and what "good news" spin I can slash and burn there!)