I’ve refrained from making any serious comments about what is going on politically because you seem to have lost your stomach for it. But there is a tone of stuff going on that I do not like. Some has passed, some has not so everything needs to be put in perspective.
Obama’s view of the economy: Obama is saying that the problem with the economy is threefold: healthcare, energy and education. I believe that this is a ploy to advance his agendas. Government controlled healthcare would be a disaster and there are free market options that would substantially reduce costs. We would also need to force insurance companies to exclude people with pre-existing conditions. We already spend more per capita on education than anyone else. If the cap and trade program is slipped into the budget and it has any teeth at all, it will have a dramatic effect on our economy and our standard of living.
Tarp, bank balouts etc… Ron Paul has a bill to allow us to audit the Federal Reserve. Given that we don’t know where trillions of dollars are being spent and lent, I would say this is an absolute necessity.
The latest toxic asset proposal: This is a big scam. Private enterprise is taking on no risk since they can sell them back to the government if they don’t work out. And why will it be a secret as to who these 5 bidders are on the toxic assets? I just think full disclosure is the best way to handle anything.
I don’t like that Geithner is asking for alot of power. I don’t think the Fed should have the power to seize non-banks. The reason why they can seize a bank is because they have insurance that guarantees depositors. The last thing I want is a government that can seize an auto company. We have bankruptcy courts, let’s use them to work out their problems.
Headline: Middle class tax cuts: will most likely not make it through the budget process. But of course. You didn’t think he actually meant it did you?
I also don’t like the idea of regulating executive compensation in the financial industry. Granted things may have gotten out of hand but I would much rather see the market move back into equilibrium on its own.
The reality is that we have spent too much as a country. Both in the government and in personal consumption. It is time to scale back, take our lumps and ride it out until we are back to a more sustainable financial path. Spending more money, printing more money and pouring trillions into our financial system is not a sound policy.