Presidential Press Secretary Dana Parino would not commit to that statement today.<\/p>\n
Since my last entry, just over 72 hours ago, my Grandchildren bought AIG, Bank of America swallowed Merrill Lynch (absent First Franklin which Merrill got rid of a long time ago) and Lehman Brothers is gone.\u00a0 Barclay’s will be occupying Lehman’s building in N.Y.\u00a0 What a week.<\/p>\n
Now we get to listen to all of the analysts tell us what went wrong.\u00a0 It’s not that complicated when you break it down to greed.\u00a0 Corporate financial execs were forced to show an increase in revenues or lower than anticipated losses to maintain market share values.\u00a0 To achieve this analysts and lawyers found or created loopholes providing short term gains while the bottom fell out because of bad lending practices.\u00a0 The short term returns ran out and the reality of a pure debt economy caught up.\u00a0 And we’re not done yet.\u00a0 By the end of next week WaMu should be owned by another institution, possibly JP Morgan.<\/p>\n
But let’s not regulate, oh no.\u00a0 That’s “socialism”and infringes on the free market economy.\u00a0 It’s still “buyer beware” as others gamble with your investments.\u00a0 So the way to revive our economy, according to the GOP, is to increase tax breaks to the institutions responsible for this mess in the first place.\u00a0 “It will create jobs”, they say.\u00a0 Bullshit, I say.\u00a0 I call for industry regulation with the same tenacity McCain used to call for domestic drilling.\u00a0 Regulate here, regulate now!\u00a0 Self-regulation is an oxy-moron in finance and industry.<\/p>\n
Regulation does not interfere with, but serves to compliment and protect the free market.\u00a0 Removing the intentional corruption, gouging, legal loopholes and fine print used by corporate think tanks to generate revenue at any cost to the consumer will reinstate the consumer confidence necessary to get the US economy moving again.\u00a0 Any less than a complete resurgence of American consumer confidence will be detrimental to all global markets.<\/p>\n
So the resounding and obvious answer is: NO Dana the US economy is not stable even though you did a good job avoiding the question.\u00a0 Good little Press Secretary.\u00a0 Your input and statements were as valuable as those from my desk lamp.<\/p>\n","protected":false},"excerpt":{"rendered":"
Presidential Press Secretary Dana Parino would not commit to that statement today. Since my last entry, just over 72 hours ago, my Grandchildren bought AIG, Bank of America swallowed Merrill Lynch (absent First Franklin which Merrill got rid of a long time ago) and Lehman Brothers is gone.\u00a0 Barclay’s will be occupying Lehman’s building in … Continue reading Is the US economy still stable?<\/span>