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May 14, 2009
On "drinking ourselves sober"
Topics: Political News and commentariesNeedless to say, it's impossible to drink one's self sober, yet in financial terms that's what we've essentially been trying to do under Obama. What Daniel Hannan, MEP for South East England, told Gordon Brown (very interesting video) in a speech to the EP applies equally as well to Barack Obama: "You have run out of our money," and warned him, "You cannot spend your way out of recession or borrow your way out of debt." However, that's what the Obama administration and the Democrats in Congress have been trying to do.
Regarding such futility, Barry Ritholtz, CEO of Fusion IQ and author of the forthcoming Bailout Nation, reminds us: The financial crisis is far from over.
And at the rate we're increasing our spending and growing the government, it's becoming more and more likely that it may only get worse.
Posted by Hyscience at May 14, 2009 2:39 PM
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