Jim Blazsik

Here is some quick reaction to President Obama’s speech Tuesday night:

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About that $318 Billion Tax Hike – Heritage

AP
Tuesday, February 24, 2009

The president glossed over a number of complex realities in delivering his speech to Congress and a nation hungry for economic salvation.

WASHINGTON — President Barack Obama knows Americans are unhappy that the government could rescue people who bought mansions beyond their means.

But his assurance Tuesday night that only the deserving will get help rang hollow.

Even officials in his administration, many supporters of the plan in Congress and the Federal Reserve chairman expect some of that money will go to people who used lousy judgment.

The president skipped over several complex economic circumstances in his speech to Congress — and may have started an international debate among trivia lovers and auto buffs over what country invented the car.

A look at some of his assertions:

OBAMA: “We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values.”

THE FACTS: If the administration has come up with a way to ensure money only goes to those who got in honest trouble, it hasn’t said so.

Defending the program Tuesday at a Senate hearing, Federal Reserve Chairman Ben Bernanke said it’s important to save those who made bad calls, for the greater good. He likened it to calling the fire department to put out a blaze caused by someone smoking in bed.

“I think the smart way to deal with a situation like that is to put out the fire, save him from his own consequences of his own action but then, going forward, enact penalties and set tougher rules about smoking in bed.”

Similarly, the head of the Federal Deposit Insurance Corp. suggested this month it’s not likely aid will be denied to all homeowners who overstated their income or assets to get a mortgage they couldn’t afford.

“I think it’s just simply impractical to try to do a forensic analysis of each and every one of these delinquent loans,” Sheila Bair told National Public Radio.

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Olbermann Mumbles ‘Oh God’ After Introducing GOP Responder Bobby Jindal
NewsBusters
By Noel Sheppard
February 24, 2009

In another journalistic new low, MSNBC’s Keith Olbermann apparently mumbled the words “Oh God” after he introduced Louisiana Gov. Bobby Jindal, the Republican who gave the GOP response following President Barack Obama’s address to Congress Tuesday.

With a picture of the Governor’s mansion on screen, Olbermann stated the following (video embedded below the fold):

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Michelle Malkin’s take on Jindals speech:

The cable news talking heads panned Bobby Jindal’s response to Obama tonight.

There were some apparent audio and technical problems. He could have been more specific in his attacks on the porkulus bill, the bailouts, and the coming omnibus spending bill/mortgage entitlement expansion. (Full speech here).

But then, of course, the critics would have accused him of being too wonky.

Can’t win in these situations. The follow-up to an elaborately staged joint session of Congress speech is always going to look diminished. I thought his delivery was fine. And it’s always better to have lowered expectations, anyway. Otherwise, you end up with…the inconquerable hype of the Obamessiah.

Jindal’s strongest moments came at the end of his remarks:

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More on Jindal’s Speech – GOP rebuttal: Jindal calls spending spike ‘irresponsible’ – Washington Times