Obama, GM, and Depression

Despite his recent comment that current US deficit spending is “unsustainable” ( <!– /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:””; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-fareast-font-family:”Times New Roman”;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –> Runningen R, Nichols H. Obama Says U.S. Long-Term Debt Load ‘Unsustainable’. Bloomberg.com May 14, 2009 19:40 EDT. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJsSb4qtILhg viewed 05/16/09), President Obama decided that it was necessary to provide billions more to General Motors to prevent a depression:

Obama Says GM to Revive; Collapse Might Have Led to Depression

By Kim Chipman

May 23 (Bloomberg) — President Barack Obama said General Motors Corp. will reemerge from financial turmoil a “strong company” and that permitting it and Chrysler LLC to collapse could have triggered an economic depression.

GM got $4 billion in additional assistance to continue operations, the U.S. Treasury Department said yesterday. The assistance brings to $19.4 billion the total GM has received from the government so far, according to a Treasury Department document.

Allowing either automaker to liquidate would have been a “huge anti-stimulus on the economy as a whole and could have dragged us deeper into recession or even depression,” Obama told C-SPAN in an interview.

“Ultimately, I think GM is going to be a strong company and we are going to be pulling out as soon as the economy recovers and they’ve completed their restructuring,” Obama said in the interview. http://www.bloomberg.com/apps/news?pid=20601103&sid=aA2bEvRvgZsg&refer=news

Obviously no one in the USA wants a repeat of the Great Depression, but whether GM and Chrysler would be the tipping point is somewhat uncertain.

The President continues to make short term gambles that he hopes will keep the economy of the USA from completely collapsing. And in the short run this approach seems to be effective.

However, the Bible is clear that in the long run, deficit spending is more than simply “unsustainable”, it will lead to destruction. Thousands of years ago, God inspired the Prophet Habakkuk to write:

3 For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry…
6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases
What is not his–how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you. (Habakkuk 2:3,6-8)

The above prophecy will be fulfilled at the time of the end. This will be worse than any depression scenario the President and his staff have ever seriously considered as the result of US debt accumulation.

No nation has gotten itself into as much total debt as the USA. And no other nation seems to be determined to increase their debt by an amount close to that which the USA seems to be intent to increase its debt (though the percentage by the UK is even higher overall).

And while GM may stay around for a time, the entire USA is doomed towards not just depression, but total destruction as a nation, without deep national repentance. The time is getting closer.

Several articles of possibly related interest may include:

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ny of their predictions will be looked to in the 21st century.

End of Mayan Calendar 2012–Might 2012 Mean Something? There is a Mayan calendar prediction for change in 2012. 2012 changes were also centuries ago predicted by the Hopi Native Americans. Do Mayan/Hindu/Hopi/Buddhist/New Age/Nostradamus prophecies have any value here? How might world leaders be involved? Why might Satan have inspired this date? Does the Dresden codex show destruction of the earth by flood? Can the great tribulation start before 2012?