A lot has happened this week as far as the markets and the economy are concerned (I’ll give you my take on those within a couple of days), but when reading the provisions of the stimulus package passed by the house yesterday without a single Republican vote, it’s enough to make me sick.
Not only will the stimulus package not work, it’s loaded – l-o-a-d-e-d- with pork… so much for responsibility, change and a new direction. The campaign is over and it’s business as usual for the new batch of politicians taking up space in Washington. After reading some of what the stimulus package contains and comparing it to the rhetoric that I heard during the campaign, I think it might be a good idea to shut down Washington along with the Guantanamo Bay detention camp. Read more »
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One week ago, on January 21, I wrote the following in my blog, referring to the fact that the first bailout didn’t work to rescue the credit markets:
The size of the bailout was too small. Thinking that injecting $350 billion into the banking system immediately would make an impact on the credit crunch is akin to wondering why there is no noticeable difference in the size of the forest fire after unleashing a garden hose on it to douse it. Read more »
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While some may consider it inappropriate to post a blog like this the day after Inauguration Day while the ‘warm fuzzies’ still abound – the headlines relating to the world economy continue to tell a story of a system overloaded with debt and politicians trying to solve the problem by getting banks to lend more money. Although to be fair, it’s not just US politicians – its politicians from almost every industrialized country around the globe. It’s a universal political instinct. Got a problem? Throw money at it, even if you don’t have it. Read more »
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