Obama's Press Conference

Hugh Hewitt comments on the Chosen One's incoherent rambling:

The president's press conference was a huge mistake, not because he made a partisan case for his massive spending plan. Nothing else could be expected.

But when he distorted the GOP opposition as wanting to do nothing he lost the game. The American people are tuned into this debate and know very well that the GOP is committed to a large but balanced stimulus plan that puts tax relief and immediate infrastructure spending to work to immediately surge the economy. They have listened closely to the arguments made on the Senate floor and know that the president's bald mischaracterization of those positions is just false.

Combine that bit of theater with the deeply disturbing answer on Iran --looking for Iran to reach out to us after two weeks of "diplomacy"-- and his incoherent explanatuion of the origins of the financial crisis, and the president left millions cold and worried tonight. He may get his porkapalooza, but the campaign rhetoric tonight is not up to the job, and voters know it.

Many of the younger people who voted for Obama have no memory of the Carter years and, of course, their lefty teachers will not have told them anything negative about that time that might cause them to question the wisdom of the leftist agenda. Only those who are old enough to remember them will be able to see history repeating itself as farce. Obama is a lightweight, not a lightworker.

His explanations on these questions clearly demonstrate that his knowledge of economics and foreign policy are about what you would expect to hear in your average university's teacher's lounge. His belief, for instance, that stimulus equals government spending shows that he does not understand the importance of capital growth as a cause of job creation in the free markets.

The Obama administration is going to be a repeat of the Carter years and by the time his young voters notice it, it will be too late for them. Not only will the economy create fewer jobs for them in the coming years, government fiscal policy will inflate away any savings that they might have accumulated. And the debt put in place by the Obama administration will be paid for by the next generation, not by those of us who are closer to retirement. By the time the Obama administration is over, it will mean that if you are in your twenties, you will have fallen about ten years behind economically than where you would have been otherwise. It will be a painful lesson in the facts of reality.

Those who are older and who have already seen the Carter years will be more likely to act to protect their wealth by moving it into gold, commodities, energy, real estate and international and emerging markets and away from US equities and long term bonds.