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What if I had told you in October 2008…

That Will Never Happen In America

Steve McCullough

What if I had told you in October 2008, before the last presidential election, that before Barack Obama’s first 100 days in office, the federal government would be in control of both the mortgage and the banking industries? That 19 of America’s largest banks would be forced to undergo “stress tests” by the federal government which would determine that they were “insufficiently capitalized” so they must be supervised by the government? Would you have said, “C’mon, that will never happen in America”?

What if I had told you that within Barack Obama’s first 100 days in office the federal government would be the largest shareholder in the US Big Three automakers – Ford, GM, and Chrysler? That the government would kick out the CEO’s of these companies and appoint hand-picked executives with zero experience in the auto industry and that executive compensation would be determined not by a Board of Directors but by the government? Would you have said, “C’mon, that will never happen in America”?

What if I had told you that Barack Obama would appoint 21 “Czars”, without congressional approval, accountable only to him – not to the voters – who would have control over a wide range of US policy decisions? That there would be a Stimulus Accountability Czar, an Urban Czar, a Compensation Czar, an Iran Czar, an Auto Industry Czar, a Cyber Security Czar, an Energy Czar, a Bank Bailout Czar, and more than a dozen other government bureaucrats with unchecked regulatory powers over US domestic and foreign policy? Would you have said, “C’mon, that will never happen in America”?

What if I had told you that the federal deficit would be $915 billion in the first six months of the Obama presidency – with a projected annual deficit of $1.75 trillion – triple the $454.8 billion in 2008, for which the previous administration was highly criticized by Obama and his fellow Democrats? That congress would pass Obama’s $3.53 trillion federal budget for fiscal 2010? That the projected deficit over the next ten years would be greater than $10 trillion? Would you have said, “C’mon, that will never happen in America”?

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