Normally, I avoid all taboo subjects in this blog, such as politics, religion and sex, and try to keep it all about money with an emphasis on the technicals. After reading some excerpts from President Obama's excuse parade for why the economy is not recovering as planned, I can no longer keep a cork in it. I did however, edit myself heavily so as not to get into a Democrat/Republican blame game.
Here is an excerpt from today's event:
President Barack Obama on Friday cited the earthquake disaster in Japan and high gasoline prices as headwinds that were bumps in the road to economic recovery.
My take - It's not the event its the preparation. We were not prepared.OK, Japanese supplies were limited after the tsunami but what about the years before it hit?
And high gasoline prices? Do you think it may have had a little to do with NOT exploiting our own resources? I am all for going green but unless the Chinese and the rest of the globe stop polluting all we are doing is handicapping our economy. No, two wrongs do not make a right but wouldn't the free market build a better green mousetrap instead of artificially mandating things?
And a banking industry that is more concentrated and abusive than it was in 2007? Should have let them fail and let the free market allocate the billions of dollars dumped on those fraudsters (you know who they are). I will never forgive Comrade Henry Paulson. I still say a temporary Bank of the USA set up to lend direct to small business and homeowners would have been far more effective.
Even today, they are not lending. And corporations are making gobs of cash while unemployment is at 9.1%. Counter intuitive? Not when you realize where the profits are made and why all that cash is not coming home to be taxed and redeployed (by corporations) in business (jobs and R/D).
Yes, it was noble to save the auto industry but at what cost? Would not new quality owners/managers running all those assets be better? Workers would work for the new company because the industry is not going to go away. Perhaps that is just my naivete.
OK, its out. You may now proceed to call me a liberal, tea party, conservative libertarian illegitimate son of Glenn Beck and Ed Schultz. (sung) Don't cry for me Johnny Boehner!