I assume that President Obama has had a mind-wipe done over the weekend, like Jim Carey in the movie of the title. This is the only way I can explain his admirable determination to halve the federal deficit in four years only five days after signing into law a NZ $1.5 trillion bailout bill. A bill for which he is clearly going to either print money or borrow it.
Not only that, but he reiterates that the bailout bill was only the beginning. He has lots of plans to “stem home foreclosures, repair the banking system, get credit flowing again, and revamp financial industry regulations.” None of this is likely to be cheap either.
Already the “bailed-out” car makers, General Motors and Chrysler, have requested an additional US$21.6 billion. Presumably, they are currently channeling the spirit of Oliver Twist.
Expect many, many more requests of a similar nature, Mr. President.
Of course, if he keeps wiping his memory every five days, he will have forgotten his deficit-reducing promise by Friday and can sign another bailout bill into law. He could go on like this until the US economy collapses. Oh, wait…