Obama’s Bailout Promises

President Barack Obama on Saturday promised to lower mortgage costs, offer job-creating loans for small businesses, get credit flowing and rein in free-spending executives as he readies a new road map for spending billions from the second installment of the financial rescue plan.

The White House is deciding how to structure the remaining half of the $700 billion that Congress approved last year to save financial institutions and lenders. An announcement was possible as early as this coming week on an approach that would use a range of tools to unfreeze credit, helping families and businesses.

At the end of a week that saw hundreds of thousands of people lose their jobs, Obama also used his Saturday radio and Internet address to tell that nation that “no one bill, no matter how comprehensive, can cure what ails our economy.”

[emphasis added]

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Actually, Mr. Obama, I can think of one bill that would have gone a lot further in the right direction than anything the government has done or is planning so far…

H.R. 2755: Federal Reserve Board Abolition Act

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

But since Congress doesn’t seem to have the intelligence or courage to do anything about the Fed, we’ll have to deal with the futile efforts it is willing to take.

Considering the promises made by Mr. Obama today, futile is indeed the correct word. Lower mortgage costs and “flowing credit”  will not help people who have lost their jobs or fear losing their jobs soon, sir. Small businesses will not be able to create enough jobs to replace the millions already lost, even if they were willing to risk taking out loans in such a volatile economy.

I sometimes wonder just how disconnected from reality the people running this country actually are.

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