Barack Obama and the Death of America

WASHINGTON (AP) - The nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession. Jobless rate bolts to 8.1 pct., 651,000 jobs lost

COLUMBUS, Ohio (AP) - Calling the latest job losses astounding, President Barack Obama said Friday he will not accept a future marked by a recurring cycle of Americans forced out of work due to the economic crisis. Obama calls latest job losses astounding

NEW YORK (AP) - Wall Street has given up early gains and has turned lower as the severity of U.S. job losses began to register with investors. Stocks turn lower after February jobs data

WASHINGTON - The truisms have been familiar to generations of Americans: As General Motors goes, so goes the nation; Citigroup is too big to fail; General Electric, one of the 12 original companies in the Dow Jones industrial average in 1896, brings good things to life. America’s corporate giants crumbling

WASHINGTON - Senate Banking Committee Chairman Christopher Dodd has moved to allow the Federal Deposit Insurance Corp. to temporarily borrow up to $500 billion from the Treasury Department, The Wall Street Journal reported Friday. Report: Bill seeks $500 billion for FDIC fund

The above is just a sampling of the financial and business news from the reports today.

The jobless rates have gone UP, in a large way. Barack Obama, the guy that never really held a JOB, is ‘astounded‘. The stock markets are all but in the tank because of the financial mess this nation is in, and the stock markets are responsible for that situation, in a very large way. The biggest corporations in America are crumbling, Obama and Company are throwing BILLIONS of our TAX dollars at them in an effort to save them, and then the news comes out that it appears that no matter what is done, some of these corporations are done for anyway.

That’s bad news folks, it’s terrible news, but it doesn’t bother me nearly as much as the last little blurb concerning the FDIC.

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. FDIC

I don’t mean to be an alarmist, but for some reason, when the FDIC has to borrow money to guarantee MY deposits, I get a bit nervous! What I get from this story is, the Feds are propping up the FDIC in an effort to make this stimulus and all the extended credit that Obama and Company believe will bail out this nation become a reality with an infusion of an additional $500 BILLION.

Seems to me that all we are doing is robbing Peter to pay Paul. I believe what we are seeing is called shuck and jive on the street, and unless you are the gullible *mark* that falls for the 3 card shuffle and the shell game, you know as well as I do, this crap is NOT going to work and all Obama and Company are doing is throwing good money after bad.

And now we are hearing that Bernie Madoff may be about to enter into a plea deal, Prosecutors indicate Madoff plea may be in works, I’ll bet that makes the folks that lost BILLIONS in his ponzi scheme feel a lot better…

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