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Biderman On Obama As The Worst 'Fiscal' President Ever

Tyler Durden's picture




 

The US government will be bankrupt after another four years of the same Obama we had for the past four. Fitch as much as confirmed this when it suggested a downgrade is coming. TrimTabs' Charles Biderman takes us succinctly through the painful math of just what has happened in the last four years: since Obama has been president after-tax take-home pay for everyone who pays taxes is still down by about 5% nominally and more than 10% after inflation. Dismissing GDP as anything but a misguided and misused spreadsheet output, the bombastic Biderman is concerned - and rightly so - as he sums up: "My guess is that Mr. Obama and his close buddies have no idea what they are doing, or else they would not be doing what they have been doing. The most dangerous are those people who think they are smarter than they are."

 

Perhaps it is his ranting tone but the greyness of the storm-clouds in the background are perhaps the best analogy for what is to come...

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Wed, 11/07/2012 - 18:05 | 2958272 Zer0head
Zer0head's picture

Obama Phone

Wed, 11/07/2012 - 18:07 | 2958277 no taste
no taste's picture

Karl Rove is going to need an Obama phone.

Dear Clint Eastwood, A letter from an Angry Republican.

Wed, 11/07/2012 - 18:22 | 2958300 Zer0head
Zer0head's picture

I was going to add that we best get used to it casue 4 years is a long time and very importantly Michelle (to be known as MOBAMA) is ilayng in wait,  and make no mistake she could shred Hillary with one of her amazonian arms tied behind her back.   

Think about it long and hard, we have just completed the first four years of  what will be a sixteen year Obama Reign

 

America is not the America that many thought we knew and that demographic is expanding, by 2024 if you are unlucky enough to still be here words will not be able to describe that world 

Wed, 11/07/2012 - 18:30 | 2958412 goldfish1
goldfish1's picture

Paging Biderman:

NEWSFLASH:

Ain't Obama nuttin but the front man for the owners...

Wed, 11/07/2012 - 19:21 | 2958450 malikai
malikai's picture

Sorry Mr. Biderman, the Goldman horse didn't come in.

Here he was spotted last: http://i.imgur.com/XgRik.gif

Wed, 11/07/2012 - 22:48 | 2959148 economics9698
economics9698's picture

Obama doesn’t know squat about much but he does know communism. 

To quote Russian communist founder Vladimir Lenin:

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

“The surest way to destroy a nation is to debauch its currency.”

Wed, 11/07/2012 - 23:12 | 2959236 blunderdog
blunderdog's picture

Big fan of the bourgeoisie, are ya?

Thu, 11/08/2012 - 02:31 | 2959585 Ayr Rand
Ayr Rand's picture

Obama spent $5T to get 5M people jobs over 4 years. That, my friends, equates to $500,000 per year per job. Assuming these jobs pay an average $100,000 per year, and those getting the jobs pay 18% tax (the average), then the return on investment is -96%.

Of course we don't disagree with stimulus. We disagree with incredibly incompetent stimulus. 

Compared to this, Bernanke's idea of just dropping money from a helicopter ("a trillion here, a trillion there" to use his words) seems pretty cost-effective.

Thu, 11/08/2012 - 16:36 | 2961869 blunderdog
blunderdog's picture

"Obama" didn't spend $5T, though.  He spent about $600B.

Most of the $5T is money that is legally required to be spent.  It just doesn't make any sense to blame the President for Social Security and Medicare--it's not something he can CONTROL.

But my question was: why would anyone feel bad for the bourseoisie?  Think about it: they're the technocrats living around DC and the bankster-boys in Manhattan and Connecticut.  (And their ex-wives.)

economics9698 is CRYING for these people?  What in heaven's name for?  They've never been anything but shills.

Wed, 11/07/2012 - 19:03 | 2958533 rodocostarica
rodocostarica's picture

Michelle as president? Anything is possible but that is a truly frankenstinian clusterfuck of an outcome. She is good though and with the same teleprompter who knows. And Michelle is so into the whole queen thing and would inherit the Obama machine and the money. 

God Im glad I moved down here. We have a woman president but at least she has a decent ass for her age. WTF.

words will not be able to describe that world

That statement there is the truth. No words could describe it.

Wed, 11/07/2012 - 18:11 | 2958306 midtowng
midtowng's picture

When Reagan was running huge deficits I was told it was the fault of the Democratic House.

Now Obama is running huge deficits and I am told it is the fault of the presidency.

someone needs to get a better grasp of the Constitution.

Wed, 11/07/2012 - 18:14 | 2958325 NidStyles
NidStyles's picture

What does the Constitution have to do with the debt?

Wed, 11/07/2012 - 18:19 | 2958350 Spirit Of Truth
Spirit Of Truth's picture

Remarkable coincidence that Wall Street is currently suffering the impact of winter storm "Athena" (read: Athens) as today's break in mass psychology hit:

http://thespiritoftruth.blogspot.com/2012/11/a-break-in-mass-psychology....

Is democracy failing consequent to the role of the "money masters"?

http://www.youtube.com/watch?v=HfpO-WBz_mw

Wed, 11/07/2012 - 20:46 | 2958805 TheFourthStooge-ing
TheFourthStooge-ing's picture

Spirit Of Truth provided another glimpse into his peculiar world:

Remarkable coincidence that Wall Street is currently suffering the impact of winter storm "Athena" (read: Athens) as today's break in mass psychology hit

Coincidences happen. It doesn't make you Jesus.

Thu, 11/08/2012 - 00:38 | 2959443 Spirit Of Truth
Spirit Of Truth's picture

I'm not Jesus.  I believe I'm the reincarnation thereof: http://thespiritoftruth.blogspot.com/2011/04/ive-been-nailed.html

There's a difference.

Wed, 11/07/2012 - 18:25 | 2958386 alangreedspank
alangreedspank's picture

Apparently, it can be used to limit size and scope of governments. I tried to protect myself from a mugger with a piece of paper the other day and that didn't go over too well...

Wed, 11/07/2012 - 19:11 | 2958559 ACP
ACP's picture

Works better on spiders around the house.

"Hey, how's that guy gonna read that thing with it all rolled up like that?"

Wed, 11/07/2012 - 18:27 | 2958395 RSloane
RSloane's picture

He'll get right back to you on that, I'm sure!

Wed, 11/07/2012 - 18:28 | 2958398 Beam Me Up Scotty
Beam Me Up Scotty's picture

Back then the House actually passed a budget every year.  Obama doesn't even bother to propose a budget anymore. 

Wed, 11/07/2012 - 18:32 | 2958420 goldfish1
goldfish1's picture

At least he's realistic.

Wed, 11/07/2012 - 18:50 | 2958494 Taffy Lewis
Taffy Lewis's picture

I'm glad to see Uncle Charlie back here on ZH!

Wed, 11/07/2012 - 21:53 | 2958998 midtowng
midtowng's picture

If it isn't even part of the budget process then it would be hard to put the blame on him.

Wed, 11/07/2012 - 18:52 | 2958499 Nels
Nels's picture

It is the fault of the president & harry reid.  The supposedly one-time high spending of TARP, etc, was locked in when the obamanation and harry reid refused to pass any new budgets.

Wed, 11/07/2012 - 21:54 | 2958999 midtowng
midtowng's picture

so what you are saying is that Republicans can never be at fault. Period.

Wed, 11/07/2012 - 18:26 | 2958392 zerozulu
zerozulu's picture

This economy has become a runaway train going down hill. No one can stop it from crashing. So do what Romans did when the Rome was burning.

Wed, 11/07/2012 - 18:07 | 2958278 dlmaniac
dlmaniac's picture

The most dangerous are those who don't pay tax and yet are allowed to vote on how much tax everyone else should pay.

Wed, 11/07/2012 - 18:09 | 2958296 Racer
Racer's picture

Like the CEOs of the likes of Amazon and that coffee company what ever it's called, have never used it but know they don't pay taxes!

Wed, 11/07/2012 - 18:10 | 2958304 bobnoxy
bobnoxy's picture

Which is pure horseshit since poor people don't pay taxes, and most poor live in states that vote Republican, but I guess you had no idea, as usual.

Wed, 11/07/2012 - 18:29 | 2958406 alangreedspank
alangreedspank's picture

They vote Republican because they DO expand government. Remember who reformed welfare in the 90s ? Right, Clinton. The GOP talks the talk, but in the end, people know where the govt cheese is.

Thu, 11/08/2012 - 10:17 | 2960167 marathonman
marathonman's picture

Clinton wouldn't have touched that issue with a ten foot pole if it wasn't forced down his throat by the Republicans.  George W. Bush and Barack Obama taught me a valuable lesson.  Gridlock and opposition politics is preferable to one party rule regardless of the party in power since both parties are currencly owned by Goldman Sachs.

Wed, 11/07/2012 - 18:38 | 2958449 zerozulu
zerozulu's picture

Poor spend 100% of their income and give it back to economy. Rich even don't spend 5% and don't give back to economy. Here lies the problem. That's why 5% are hoarding 99% of this country's wealth.

Wed, 11/07/2012 - 19:43 | 2958591 Overfed
Overfed's picture

You're full of shit, Bob. Whenever a politician offers to rob Peter in order to pay Paul, he's going to get the vote of Paul. Dem. or Repub. doesn't matter, stop pretending that it does. They're all a den of vipers and thieves.

Everyone needs to get off the Party platforms and start voting for real change, not just the Dem or Rep ticket. Anyone who claims one party is more for the little guy than the other is a fool and a moron.

Wed, 11/07/2012 - 18:12 | 2958310 midtowng
midtowng's picture

You mean retired people?

Wed, 11/07/2012 - 18:24 | 2958345 bobnoxy
bobnoxy's picture

Partly, as Romney crushed Obama with the over 65 crowd, and who's getting most of the S.S. and Medicare payouts? But also that of the 25 states with the lowest per capita income, 19 voted Republican yesterday. And who's on food stamps and Medicaid? Poor people, right?

We are talking here about the people who don't pay taxes, right?

Wed, 11/07/2012 - 18:45 | 2958477 Things that go bump
Things that go bump's picture

Ah yes, those who don't know which side their bread is buttered on.  Idiots.  

Thu, 11/08/2012 - 03:20 | 2959620 John_Coltrane
John_Coltrane's picture

Romney crushed Obama with White people all over the country (+20% among males, +10% among white females).  The poorest states in the country based upon debt are California and Illinois and both have very large minority populations hence huge welfare costs.  The demographics in this country don't bode well for future wealth production unless you aspire to be like Mexico.

Thu, 11/08/2012 - 10:20 | 2960179 marathonman
marathonman's picture

Demographics is destiny.  I guess we're both rascists now.

Wed, 11/07/2012 - 18:23 | 2958374 Waterfallsparkles
Waterfallsparkles's picture

Retired People are the ones that will have to pay more.  They are the ones that are living on Dividends and they will be forced to pay 25% in taxes.  They also have not gotten increases in Cola for their Social Security.

 

Wed, 11/07/2012 - 18:32 | 2958419 Beam Me Up Scotty
Beam Me Up Scotty's picture

Thank the Bernank for all of that.  Can't earn any interest income, so they are forced to buy stocks that pay dividends.  Wait until those stocks take a big hair cut and it wipes out all of the dividends that they ever made on said stocks.  And no COLA for SS because CPI is pencil whipped to say whatever the Bureau of Bullshit wants it to say.  Its like a Jedi mind trick-----this isn't the inflation you are looking for.

Wed, 11/07/2012 - 18:52 | 2958500 gmrpeabody
gmrpeabody's picture

There's no inflation here..., move along.

Wed, 11/07/2012 - 18:40 | 2958452 LMAOLORI
LMAOLORI's picture

 

 

True and just because a person is retired doesn't mean they don't pay taxes they sure as hell do even on Social Security they pay federal taxes just like anyone else depending on their income, many states charge taxes on Social Security as well.  In addition to taxes on their pension, state taxes, local taxes,property taxes, etc.

 

Wed, 11/07/2012 - 19:01 | 2958528 Beam Me Up Scotty
Beam Me Up Scotty's picture

Taxes, taxes, taxes. I can't believe people want ever more government in all aspects of their lives. Talk about begging to be a slave.

Wed, 11/07/2012 - 19:10 | 2958553 LMAOLORI
LMAOLORI's picture

 

 

I know it seems the only way to escape taxes is death or by living on Welfare or a low income job because any taxes they pay, i.e., sales taxes is given back to them by the Earned Income Credit

 

The 49 Percent That Defeated Romney: Young Voters

http://www.bloomberg.com/news/2012-11-07/the-49-percent-that-defeated-romney-young-voters.html

Wed, 11/07/2012 - 18:19 | 2958348 Zero Govt
Zero Govt's picture

DLmaniac  "The most dangerous are those who don't pay tax and yet are allowed to vote on how much tax everyone else should pay."

Never known any voter, taxpayer or not, ever in the history of democracy (cough) get to vote on the tax rate

Wed, 11/07/2012 - 18:31 | 2958416 alangreedspank
alangreedspank's picture

Voting for the anti-business, rich hating guy = voting for potentially more taxes.

Wed, 11/07/2012 - 21:04 | 2958863 dirtbagger
dirtbagger's picture

When one's choices are between a mediocre leader and a duche bag, mediocrity will win out every time.

Wed, 11/07/2012 - 19:05 | 2958539 Matt
Matt's picture

Take a look at the California Ballot Initiatives. They got to vote on:

Raising sales tax from 7.25 to 7.5%, creating new tax brackets over $250K ---> Passed

http://ballotpedia.org/wiki/index.php/California_Proposition_30,_Sales_and_Income_Tax_Increase_(2012)

Charge out-of-State businesses California income tax on sales made in California (sounds like a big deal, could affect products sold in California) ---> PASSED

http://ballotpedia.org/wiki/index.php/California_Proposition_39,_Income_Tax_Increase_for_Multistate_Businesses_(2012)

Raise sales tax and use the proceeds for education --> REJECTED

http://ballotpedia.org/wiki/index.php/California_Proposition_38,_State_Income_Tax_Increase_to_Support_Education_(2012)

Wed, 11/07/2012 - 19:09 | 2958552 Zero Govt
Zero Govt's picture

Matt, i stand corrected, thanks

thanks and "f'n hell" ..i never thought the Progressives of California would allow anyone a right to vote against their theiving!!

Wed, 11/07/2012 - 19:28 | 2958628 Matt
Matt's picture

In California, the legislature needs a 2/3 majority to raise taxes. They also seem to have a huge problem with partisanism and encumbants lasting forever. As well, cutting spending is unpopular. Getting the people to vote on the taxes is the only chance they have to balance the budget / reduce the deficit.

Wed, 11/07/2012 - 20:25 | 2958776 Zero Govt
Zero Govt's picture

as you know the correct way to balance the budget is to stop/cut spending, not grasp the wrong end of the stick, ala Christine Lagarde, and blame taxpayers for not contributing enough

not like politicians understand common sense things like that

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