The media bombardment is in overdrive to convince the public that herein lies the path to salvation. First we had the guarantee that three million jobs would be created out of thin air only to be bumped up to four million. These are nice round media friendly numbers which have no basis in reality. With each passing day the sands are shifting on exactly how the money will be spent. Ben Bernancke' s speech at the London School of Economics on Tuesday hinted strongly that the emphasis has now shifted to bailing out the banks one more time by buying more toxic assets to clean up their collapsing balance sheets. After seeing $8.2 Trillion vanish in to Insurance, Banking and a moribund auto industry with absolutely no concrete result except for the tightening of credit, the increasing losses of Big Banking and the GM chairman having to queue for his airline ticket, the Fed, backed by Obama, continues to beat the dead horse.
The scariest aspect of this is the speed at which this 18 wheeler disaster is being driven toward the rabbits in the headlights. We haven't yet seen any Senators or Reps being threatened with the imposition of martial law, but we have seen Obama introduce the possibility of actually vetoing his own fellow Democrats if they do not rubber stamp the proposals he has been instructed to deliver. Nobody has even taken a vote yet and already the gloves are off. Bailout Bill One and the Patriot Act were pushed just as hard. The only legislation that gets the hard sell seems to involve either stealing the taxpayer's money or their rights.
Judging by his actions so far, Obama has done absolutely nothing but continue the transfer of wealth from the American taxpayer to his Wall St. campaign contributors. There has been absolutely zero positive impact on the real economy as the increasingly horrific indicators continue to mount and the prospect of an unprecedented Depression continues to rise over the horizon. The idea of propping up the Banking sector, no matter how corrupt and insolvent, was always a disastrous policy. Economic reality was left on the back burner and the capital that could have paid for Obama's fantastical "stimulus"- plan 5 times over has been sunk in to the imploding financial sector, who no doubt will be back for more.