International Law

Bait and Switch from Obama

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Canadians are used to pomp and ceremony as we have a Queen for the head of state.  Lots of stype points, but no management of parliment.

Sam Antar warns that Obama may be sailing into a fraud storm, starting with his high priced inaguration.

"Local governments and special interest groups will bait the federal government with sales pitches of combating poverty, reducing unemployment, green technologies, and fixing crumbling infrastructure and instead use such funds to subsidize wasteful spending projects and line the pockets of their constituents.

After all, the Bush administration has already subsidized bad, irresponsible, and in some cases criminal behavior by lenders, investors, and borrowers with its $700 billion "Troubled Assets Relief Program," also known as "TARP."

The Obama campaign spent $740.6 million to capture the presidency, or almost $100 million more than all of the candidates combined just four years ago. They may consider it money well spent, since they won the election."

Larry Ribstein echoes my own sentiment about the hype about Obama:

"I have every wish for the new President's success. I'm just hoping he's not crushed by impossible expectations."

My guess is that Sam is right on the money and in two or three year, we will be talking about stimulus fraud. See also the reference at Mariginal Revolution about the inherent fraud that comes with big package spending.

Full post as published by Misleading Advertising Law on January 19, 2009 (boomark / email).