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Print Baby Printl-Mr. Bernanke is Back

Did you notice that the market simply made no positive response regarding the speech made by Mr. Obama in his first inaugural appearance. Many thought this was the speech to lay the foundation for a credible employment plan. All of those 17%plus unemployed glued to the television sets looking for something. It wasn't there because the president doesn't know what really has to take place to provide a framework to build a sustainable work force. Of course, he wasn't short on suggesting to those in ears reach that he'll take any suggestions if anybody has any to give." Where is the leadership? Where is change you can believe in? Mr. Obama will have no problem increasing employment in the public sector. All governments before him succeeded in doing that very nicely. He just has to get the health care plan approved. If Mr. Obama manages to get approval then I suspect he could  easily cut the unemployment by at least a million people. But you have to ask yourself at what cost is this to the economy and to the country as a whole. After all the public sector employment adds little genuine productivity. So by adding more employees to the public sector you need to do one of two things if you were to balance things off. Like tax those who are working to compensate for more public service employees or borrow more money. Now if last year is any guide you can expect more borrowing of money which of course is the least line of resistence. And of course, you have to go after the big banks. So there is some tax relief. That's the Obama bank reform isn't it? In addition, I might add that the next easiest target has to be that list of fat cat rich people. There you have it. That's the easiest plan for Mr. Obama for the coming year. That way nobody suffers any real hardship. That's the easy one to bundle up and package for the year. Does it sound like bundling up asset back paper? But Mr. Obama that's not enough money to carry the country through the year. The President said we would have to put a freeze on spending. Now that is interesting. You got to be kidding? That's a real sacrifice. Wasn't that one of the planks used in recent elections that incidentally blew Mr. Obama's candidates out the door. In reply though Mr. Obama merely smiled and suggested that the independents were mad at everybody not just him. So at least he paid lip service to the spending reduction issue. That's  what the Chinese were suggesting too a while back. Anyway, Mr. Obama had to add a caveat though. He wouldn't implement a freeze on spending right now. Come on! What is he up too! No, next year he'll implement a freeze. Haven't we heard that sort of storey before? It will happen next year, hum. So in the mean time the government will keep on printing money at full tilt twenty four hours a day. No sacrifices this year; it is business as usual. Mr. Bernanke is back so now it's fait accompli. "Print baby print!" LOL Looking after your money.


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