Business Week has a revealing interview with President Obama. Here's a quote from Obama :
Let's look at the record. I've been in office six months. So far my only tax policy has been to cut taxes for 95% of working people. I haven't signed a bill that's raised taxes yet.
Obama forgot about the cigarette tax. But, notice Obama claims he hasn't raise taxes
yet. Here's another revealing quote:
For the transition and the first three months of the Administration, we were in crisis mode. A huge amount of the conversation revolved around how vulnerable the financial system is, what's required to stabilize it, and how we make sure that as we stabilize the banking system we're not creating new problems in terms of moral hazard or squelching innovation. There was a certain, very instrumental, solving-the-problem-right-in-front-of-you flavor to the conversations we had. If I called [Berkshire Hathaway (BRKA) CEO] Warren Buffett, it wasn't to stargaze; it was to ask him what he's seeing in the marketplace right now. If I talked to [General Electric (GE) CEO] Jeff Immelt, it was [about] what's needed to jump-start corporate borrowing.
The fact that Obama's taking "advice" from GE's Jeff Immelt speaks volumes. GE needed a $139 Billion guarantee from the FDIC to help their shifty balance sheet which Immelt is responsible for. Check out GE's monthly stock
chart. It sounds like Obama wants to take advice from a company that is looking to loot the taxpayers because they don't make things consumers want.
