Thursday, February 12, 2009

The Definition of Arrogant

Making the same exact mistake as someone else, under the exact same conditions, and believing the outcome will be different because you are special. That's arrogant.

Making certain no one can challenge you after making such an error is equally arrogant.

We heard the Left use the word "arrogant" often to describe President Bush. Strangely, we haven't heard that word used to describe President Obama for making the same stupid decision as President Bush did with the financial bailout.

Bush/Paulson/Bernanke, gave the Obama administration a shining example of what doesn't work (bank bailouts). Obama and his team didn't learn. Maybe they need some picture books or cartoons? I could understand if we were talking 1929 here, but it was just last fall--2008.

In addition, the market is off ~500 points after details of the current bailout were released demonstrating that the market doesn't like the bailout--this is critical. Obama is probably too arrogant to care about the stock market, but if stocks keep falling companies will be unable to capitalize. Assets will fall in value. Banks will become insolvent requiring even more government intervention. See a trend?

The TARP program was rewritten to inject capital rather via preferred stock issues as opposed to taking the bad assets off the private sector's books as originally intended. We, the taxpayers, are all captive shareholders watching Wall St. bleed.

The worst part is that we are unable to challenge the bad decisions that spend the vital capital we need to get out of this mess and rebuild because no one can call Obama arrogant.

No comments: