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Joseph L. Shaefer » Comments » BIIB

  • Wall Street Breakfast: Must-Know News [View article]
    "House Speaker Nancy Pelosi suggested recycling leftover funds from the $700B TARP fund to create jobs and boost some salaries."

    And who decides which workers in which industries get a salary boost? The imperial (imperious) monarchy headed by the Queen Bee? Ah, yes, I can hear it now: "When I am Queen, *I* shall decide who gets the goodies and who has displeased me..."

    Here's an alternate plan: give the "leftover" money back to the people who provided it -- the taxpayers. There is no law that says just because it was collected or extorted for one purpose, The Monarchy now gets to dispense it to some other group or for some other purpose.

    And here's an even more radical thought: why not let the marketplace determine the value of goods, services and labor, while the Queen Bee hatches eggs or whatever it is Queen Bees do when they aren't devouring worker bees...
    Dec 04 10:46 am |Rating: +8 -1 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]

    "The U.S. dollar is safe as the world's reserve currency for now, but China took the first step towards a new reserve currency by agreeing to buy $50B of the IMF's Special Drawing Rights."

    Actions have consequences.

    Both the previous and current administrations decided we could mismanage our economy, eschew individual participation in the markets, and continue with 'business as usual' by keeping our largest financial institutions (barely) afloat. This was compounded when they issued a call, not to do the opposite of what got us into this mess and encourage savings, personal responsibility and accountability among the perps who created this fiasco by their greed and arrogance, but to spend more!

    "Here! We'll pay your down payment with $8000 if you indebt yourself further to our financial institutions by buying a house! How's $4500 sound if you buy a car and finance the rest? Need a new refrigerator? Big Brother says you should have one! Buy! Buy! Buy!"

    They may have fooled some of us. They certainly have fooled themselves. But the rest of the world looks at these irresponsible actions and concludes, in consequence, they need to protect themselves from our leadership. The profligacy and ignorance of basic economics at the national level confounds other nations.

    China may be the first to take this step but, unless we change our ways, they won't be the last.
    Sep 04 09:44 am |Rating: +8 -1 |Link to Comment
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