With the massive failure of the bailout and stimulus bills becoming harder and harder to deny and polls beginning to suggest waining faith in the President and his fiscally irresponsible agenda, Obama went into campaign mode again this week, trying to distract attention from the disaster that is his so-called economic policy. Obama is executing what is known as a misdirection play in football, getting eveyone to look in one direction so they don't see what is really going on in the other direction. He's feigning mock outrage at 165 million in bonuses being handed out at AIG, to distract from the fact that his administration has used AIG to funnel billions to prop up foreign banks including banks in Germany, Scotland, and France. The Federal Reserve has refused to give details about the huge transfers of taxpayer money to foreign corporations.
As the Democrat Congressional leaders responsible for destroying our economy, (Chris Dodd, Barney Frank, etc . . .) are coming under increasing pressure for their handling of the bailouts, at least one congressman is appearing to turn on the President. Today, Sen. Dodd, (chair of the banking committee that failed to regulate AIG) admitted that his team added a bonus provision to the stimulus package at the request of the Obama administration, to specifically ensure that AIG bonuses would not be impeded. This new revelation flies in the face of the ridiculous posturing and mock outrage by the President, who has been pretending for the last few days that he had no idea that AIG executives could still receive bonuses under the bailout plan. It is now clear, however, that not only was his administration aware of it, they were the ones who demanded it.
The big joke in all of this is that this problem was obvious from the beginning. Both Congress and the administration were well aware of this inevitablility. Critics of the bailout have been warning about this for months, including before the bill was passed. When Democrats are allowed to write legislation in secret and Obama and the Democrati leadership refused to give anyone time to read the bill, it is no surprise that atrocities like this will turn up.
The interesting thing will be to see how self-destructive the Democrats will become throwing blame at each other in an attempt to pass the hot potato before they get burned. It all seems like a effort in futility to me seeing as Obama, Dodd, Frank, Reid, and Pelosi have the fingerprints all over this, and will have a very difficult timing hiding it.
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