Is Obama Trying To Bankrupt America?|
March 2, 2010
Inquiring minds want to know: Is Obama trying to bankrupt America? One short year
ago, asking this question would have guaranteed my inclusion among the ranks
of right-wing nuts and/or conspiracy theorists. Today, it is a serious question
being asked by Neal Boortz, Rush Limbaugh and many other leading conservatives. Here's
In the summer of 2008, as John McCain and Barack Obama were campaigning for president,
a series of economic events (started by Sen. Schumer) resulted in shifting the focus
of the presidential campaign off the Iraq war, and on to the economy. These events
ultimately resulted in Barack Obama's election as President.
June 26, 2008
: Democrat Chuck Schumer leaked a memo questioning
the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led
to its failure. Federal regulators pointedly cited U.S. Sen. Charles Schumer,
D-N.Y., in explaining the bank's failure. "The immediate cause of the closing was
a deposit run that began and continued after the public release of a June 26 letter
to the OTS and the FDIC from Senator Charles Schumer of New York."
This event, coupled with the Lehman Brothers collapse in September, marked the beginning
of the current economic meltdown and provided the ammunition for massive government
intervention in the private market.
Sept. 6, 2008
: Fannie Mae begins its downward spiral, which will end
with a crash in November. This crash was avoidable, as the problems with Fannie
Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the
Senate Banking Committee introduced legislation
to address the problem. Democrats,
led by Barney Frank, killed the reform efforts.
Sept. 15, 2008
: Obama and McCain are virtually tied in their race
for the presidency. Out of no-where, in the space of less than 2 hours, the Federal
Reserve noticed a tremendous drawdown of money market accounts
in the U.S. to the tune
of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had
not closed the banks, $5.5 trillion would have been withdrawn from US banks, which
would have caused
the collapse of the US
within 24 hours.
This seminal event marked the ascendancy of Obama's candidacy, and eventually resulted
in his election as president.
Its no secret that Obama is a member of the far left. And he has staffed his administration
with fellow ideologues. Leftists, like former Green Czar Van Jones, who states he
is an "advocate for a socialist utopia." Who believes that capitalism is "oppression
People like Ron Blume, who was appointed to reinvigorate the manufacturing base,
who states, "We know the free market is nonsense."
Any economist can tell you that raising taxes, increasing debt
, printing money and
unbridled spending is not the way to handle a recession. So either Obama is ignorant
of this, or he willfully chooses to ignore the lessons of history. Or he is adopting
a strategy outlined by Cloward-Pivens: Overwhelm the system until it fails, and
then replace it.
Based on Obama's actions to date, reasonable people must allow for the possibility
that the change Obama promised may include destroying the free market economic system
in order to replace it with an economy regulated by government entities.
into bankruptcy might just be our president's way of leveling the global playing
field. By bringing Americas to its knees. Based on Obama's actions, and the actions of his appointees, its time to
seriously consider if destroying our economy is Obama's goal.
*Portions of this article were taken from A Contrived Crisis? Feb. 23, 2009
Nancy Morgan is a columnist and news editor for
She lives in South Carolina
Article may be reprinted, with attribution