Peter Blane

The Thanksgiving Haymaker

Posted in 1 by wusspett on November 24, 2009

As you are probably aware, there has been quite a stir over the financial landscape this year.  This is year is a time of self discovery where we – as a country – ask what we’re made of.  I think everyone realizes it, and everyone is taking advantage to push their agendas.  I challenge you, therefore, to consider what you believe about the science of economics (as a relatively young science), who you are voting for, and why you believe the things you do at this point.

There is a lot going on in the background of what the media is pushing into headlines and through your tv screen.  For instance, Timothy Geithner got grilled on his performance thus far for his role as treasury secretary – finally.  As you can tell, i’m not the biggest fan of timothy geithner.  The reasons include: 1) His encouragement of an economic “stimulus“, 2) the article he and larry summers wrote, and 3) his inability to accept responsibility (site any Congressional Oversight Panel video with him).

Speaking of stimulus, I have been against the ideas of Paul Krugman for a while.  There is, of course, a group of economists that agree with him.  The latest news is that we in need of a second stimulus.  The reason we need a second stimulus is because:

“skyrocketing debt is far less of a concern than letting the country’s people and productive capacity lie fallow for the decade or more that it will take back to get to full employment.”

By the way, if reading this article was the first time you heard of the Congressional Oversight Panel, it was formed last year.  It was formed in lieu of the TARP program to keep track of developments and to ensure the program’s succeess.  So, everytime there is a new program, remember: as programs increase, the government grows, and that requires more tax revenue.  You know how many people pay income tax?  130 million people – less than half the population.  If you pay income tax, I would encourage you to think about what programs the government should have – since you’re footing the bill.

What has also been funny to watch is the developing investigation of ACORN.  Apparently, all that we needed to do was look under a few rocks, and the corruption just spills out everywhere.  I wonder what an unbiased investigation of the government and the federal reserve would reveal?  I’ve said it before, but, currently, the Fed CANNOT be audited for the following:

  1. transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
  2. deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
  3. transactions made under the direction of the Federal Open Market Committee; or
  4. a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection of US Code.

So, why hasn’t Paul Volckner been in the news?  He’s the Obama Administration’s economic czar, but, given the “economic crisis”, I haven’t seen this guy in the news once!  I was happy about Obama’s choice to nominate Volker because Volcker helped us through the recession in the early ’80s.  This guy is saying some pretty intense stuff too.  Like “I don’t remember any time, maybe even the Great Depression, when things went down quite so fast.”  Dude is 82 years old, so he was about 8 years old in 1930.  I would listen to this guy; he REMEMBERS the Great Depression!  Why is he not being heard?  There’s a list of articles that, as Obama’s head of  the Economic Recovery Advisory Board, should be paid some attention.

Go be angry.