Told You So

An AP poll headlined this morning heralds that the public seems ready to wait on tax cuts. Obama was never going to cut taxes. His redistributionist nature is opposite of that. Now, Obama has the cover of this poll and similar manipulations to come that will indicate that the public is not clamoring for tax relief and recognizes the deep hole Bush left us in. This will be Obama's built-in rationale and excuse for massive tax increases and for the deep and prolonged recession that Obama will exacerbate and might turn into a depression. There is blame to go around-the bets on bets of the derivative markets that mocked fiduciary responsibility and duped buy and hold investors, executive compensation packages and golden parachutes that bore no relation to performance, and the aggressive hunt for redlining that forced banks to make loans that could never be paid back. Borrowers who overbought, developers who overbuilt, unions who made company breaking demands all fed the fire. There is no facile solution to where greed has brought us, indeed there may be no solution at all. Hang on C.W., it's going to be a rough ride.