No No No

I didn't watch the president's speech. Not because I wasn't interested, but because I knew from experience that I would end up throwing things at the television and frankly, in the Obama economy I can't afford to break my television.

I have read the reports on the speech and I just cannot fathom how anyone so dense could become the leader of this country. Granted, the last guy was no genius, but exactly what planet is Obama on? We've plunged a trillion dollars into the banking industry, and he basically said we're going to go spend even more money later? WHAT!?!?! We haven't spent so much as a dime to fix the mortgage crisis that is driving the economy downward. As for the president's plan to have a mortgage relief that doesn't reward unscrupulous buyers who bought homes they couldn't afford, that's the most asinine thing I've ever heard. It's the irresponsible buyers who are driving the economy downward. We've bailed out every other undeserving schmuck, why aren't we cutting home owners a break?

Not that it would matter if we did. There's a lot of talk about modifying loans, adjusting mortgage rates, etc. I'm going to tell you right now that this is all a mistake and these efforts are only going to prolong the agony of our faltering economy. Credit is not moving because of uncertainty. Uncertainty is being caused by the fact that a lot of companies have assets and they have no idea what they might be worth because real estate is essentially worthless as long there's an endless supply of foreclosed houses going on the market. It does not matter what the interest rates are, or what adjustments to principal are made. There are a lot of homes occupied by people who will never in a million years be able to afford to own a home. Not if the interest rate were -2% could they afford the payments. Rather than dragging this thing out by trying to keep people in homes they are going to inevitably lose, we should be speeding things up. We need to get people out of those houses and get the house sold to someone who can afford it. Once the houses are all sold, the real estate market will recover its value, and we can start rebuilding the economy.

In the meantime, the idea that we can throw money all over the place and the economy will magically heal is just insane. It hasn't ever worked in the past, the bailout shows no signs of working now, and it is the very definition of insanity to think that it will somehow start working in the future.

As if that weren't bad enough, the President then went on to say how he's found two trillion in savings from programs he's going to cut (not true, see links at end of post) promised to cure cancer, make us a green economy, and to get everyone a college education. WHAT? Ignoring that there is no conceivable way to pay for this, there is still no physical way to accomplish these goals. Not everyone can go to college. An outrageous number of kids can't pass the high school exit exam, how are they going to go to college? I also find it laughable that Obama would promise to end costly agribusiness subsidies, when he has continued to support the Ethanol, the largest agriculture swindle in America. This whole speech was outrageous and just plain idiotic. If you bought any of it then I suggest you have your head examined.

The fine folks at factcheck.org have weighed in on the stimulus plan. Their review can be found here (short version: It's Bull).

Also, the fact checkers at mywaynews had a thing or two to say about the speech tonight, story here (short version: you could fertilize your lawn with that speech).

P.S. Ben Bernanke said he thinks that the recession will end this year. Based on what? Where on earth do you get the facts to support your starry eyed optimism, Mr Bernanke? Please, share with us the figures that indicate any kind of trend towards recovery. Show us what facts convince you that all of the experts who say 3-5 years until a recovery are in fact wrong.

Don't believe the madness. Fiscal responsibility is our only way back to success.