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View Rob Viglione's Comments
Global Markets, Meet President Obama. Now What?
I'm having a tough time reconciling the statement "I fully believe we’ve elected the right man for the most important job in the world" with the subsequent laundry list of anti-growth, protectionist, garbage policies listed in this article.
A unilateral government, imbalanced by checks and balances, extremely motivated by leftist ideology spells a prolonged period of low growth, if any, and implementation of broader non-discretionary entitlement expenditures that will no doubt push our country's already precarious fiscal position to the limits. How, then, is this the "right man for the job?"
This year's financial disaster was a consequence of over-leverage throughout all elements of society, from individuals, city, county, and state governments all the way through the federal government. We have gone through many decades of legislative forcing functions that imbalanced market realities, shielding legitimate feedback information from the public. To think that instituting larger government manipulation of the economy, and a desperate combination of fiscal and monetary stimulus (i.e. flooding the country with new money to spend) is going to herald "change" for the better, is nuts.
Reality always has a way of catching up, and at some point - sooner rather than later - Americans will find that we desperately need to de-leverage, cut back on the borrow-spend disease. People must suffer as the economy contracts and asset prices drop. Companies, and entire industries, that have invested in too much capacity must shed it, along with the jobs created along the way. There is no way around this reality and attempts to obscure the truth through manipulative government policy can lead to disaster. Every force introduced to every market has consequences, all of which are measurable and predictable. We are not the first country or the last to attempt to debase our currency to alleviate short-term pain at the expense of long run prosperity.
Nov 15, 2008. 01:21 PM
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