That's the gist of the President's 52-minute address last night. After all these months of economic turmoil, the powers that be cannot clearly define a plan of action. Too many cooks in the kitchen? Elected officials with self-serving agendas? Legislators in the business too long that all they do is conduct hearings and introduce more legislation?
In the meantime, Main Street continues to suffer. Raiding the taxpayers money in government's custody deprives our children of hope for their future. Retirement assets that were diligently accumulated knowing that Social Security might not be there are close to becoming depleted. 529 plans designed to fund college education no longer can be relied upon. Credit variable finance fees are climbing up, how can consumers look forward to the day their accounts are finally paid in full?
Playing into the emotions of the taxpayer effectively sells the big picture which is - more government spending laced on the fringes with tax cuts in the form of reduced payroll taxes. Do you really think that the taxpayer will get some relief?
Financial bailouts have to stop. Give an inch and they need a foot. Help one and not the other. You just can't tell Main Street that it needs to be done and oh, Mr. Biden will police the banks. Just what we need, more regulations on top of a system that is falling apart, if not already broken, as a result of excessive regulations and lack of enforcement.
Paraphrasing Paul McNulty of Pimco, he said that the economy is now in intensive care and the government holds the scalpel to do what needs to be done. No sir, on the contrary the conditions are far too critical to simply forge ahead and take a stab at it. Since Mr. McNulty advises the administration, he should instead recommend to move the patient out of intensive care to another facility.
Why not create an independent agency that will absorb and handle all mortgage-backed troubled assets, deal with foreclosures and at risk property owners? Funding the costs to set this up will certainly not be in the trillions and the taxpayers can hold the government as the sole entity responsible for effective management.
I am not a proponent of Starve the Beast but it seems that the Beast is sitting at the "all you can eat" table. Has the Beast called Jenny yet?
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About Me
- zoni
- I'm your next door neighbor with serious concerns about our America. Most people have been silent about things that matter because they do not have the facts. This blog's mission is to educate you about the issues that impact your financial security, your health and your values. In the words of Dr. Martin Luther King, "Our lives begin to end, the day we become silent about things that matter". Speak the truth. Be empowered and stand on the facts. Rise in righteous indignation and together we can effect the change to take back America.
