The Obama Timeline

In a staged photo op, Michelle Obama dishes food at Miriam’s Kitchen, a soup kitchen not far from the White House, to show that “she cares” and to encourage others to volunteer to help the less fortunate. At the scene, a homeless man waiting in line to be served by the First Lady takes her picture with his cell phone camera. She does not ask how he can afford cell phone service if he is unemployed, where his cell phone bill is mailed if he is homeless, or whether he owns a computer for downloading and printing photographs. (But she does support her husband’s $3.6 trillion budget, which calls for a substantial increase in welfare spending over the prior year’s federal budget.) [2123]

A “Geithner motion” is filed in federal District Court to dismiss the case United States v. David Jacquot (Case Cr 080-1171) on the basis that Jacquot was not treated in the same manner as politically prominent persons. Jacquot intends to subpoena Secretary Treasurer Timothy Geithner and Congressman Charles Rangel who, because of their political connections and “elite status” escaped prosecution for failure to pay proper income taxes. Jacquot claims the IRS harassed him because of his successful defense of clients against the federal tax agency. (One judge sided with Jacquot and awarded his clients hundreds of thousands of dollars in attorney fees for having to defend themselves against a bogus case brought against them by the government.) Jacquot’s corporate law firm tax returns were investigated four years in a row and it was ultimately decided that not only had he not underpaid taxes he had reported too much income. [1703, 1704, 1705]

The Washington Times reports that Obama’s Economic Recovery Advisory Board includes big campaign donors, a union official who pleaded the Fifth Amendment rather than testify in a federal investigation (Richard L. Trumka, who helped to illegally divert $150,000 in union funds for the re-election of Teamster president Ron Carey in 1996), and a billionaire friend who led her Chicago bank to failure because of its approval of subprime mortgages (Penny Pritzker). Obama says the group brings “…a diverse set of perspectives and voices… to bear in the formulation and evaluation of economic policy.” (It is unclear why Obama believes someone whose bank failed should be involved in shaping the nation’s economic policy.) Other members of Obama’s economic advisory board include Jeffrey Immelt, CEO of General Electric (which has received federal bailout funds), Mark Gallogly (director of Dana Holding Corp., who raised $200,000 for Obama), and Robert Wolf (who raised $370,000 for Obama and who is head of the American branch of UBS Investment Bank, which is infamous for helping wealthy Americans shelter income in Switzerland to avoid taxes). [1544, 1594]

Sweden’s Social Democratic Workers’ Party (a leftist-Marxist party that is often referred to as simply the Social Democrats) engages Thomas Gensemer and his company, Blue State Digital, to help it win elections in 2010. Blue State Digital was used by Obama to drum up early support and to collect tens of millions in Internet campaign contributions (many of which were poorly documented and may have been illegal foreign contributions). [1546]

It is reported that Syria is building a new chemical weapons factory adjacent to a long-range missile base and hiding evidence of a nuclear weapons program. Syria receives funding for the projects from Iran. Obama, rather than getting tougher on Syria is doing the opposite, having approved the export of repair parts for Syria’s Boeing 747 aircraft fleet (which has been used to deliver weapons from Iran to Hizbullah terrorists in Lebanon). Over the last six years Syria’s weapons budget has grown from $100 million to $3 billion, largely through the help of Iran. (In the event of an Israeli strike against Iran’s nuclear facilities, Iran will expect help from Syria if it retaliates.) [1549]

On March 5, the stock market’s DJIA closes down 281 points, dropping 4.1 per cent for the day. Since Obama was inaugurated investors have lost an estimated $2.5 trillion dollars, and the Dow has lost 20.4 per cent since his swearing in ceremony. The stock market is understandably reacting negatively to Obama’s $787 billion stimulus bill, pending $410 billion spending bill, $3.6 trillion budget, $634 billion health care plan, and $1 trillion (or more) in tax increases; it sees no end in sight to his massive deficit spending that will be a monumental drag on the economy. [1550]

The Federal Reserve Board states that over the previous five months the U.S. money supply has almost tripled, increasing by 271 per cent. The eventual release of that cash into the consumer economy will result in price increases, because the amount of money will have increased while the amount of goods and services has remained relatively static (or has even been reduced, by virtue of a decline in the Gross Domestic Product). More money chasing fewer goods and services necessarily results in inflated prices, the result of the increase in the money supply by the Federal Reserve Board. The incredible deficit spending of the Obama administration will continue into the future, forcing additional increases in the money supply. The eventual resulting inflation is likely to be the highest Americans have experienced since Jimmy Carter was president in the 1970s. The problem faced by Obama and the Federal Reserve Board’s Ben Bernanke is that they have “no more bullets left in their gun”—there are no other policies to which they can turn. Either the massive deficit spending will adequately “prime the pump” and get the economy moving again or it will not. Even if their policies work, inflation will necessarily appear somewhere down the line. (Never in the history of the world has a government inflated the money supply without causing price increases.) If their policies do not work (which many economists say is likely), the nation will be faced with both a struggling economy and inflation. [1775]