Sunday, November 9, 2008
Conscience Doth Make Cowards of Us All? How Much is Enough? Obama's Priorities
Conscience Doth Make Cowards of Us All Hamlet Act III Scene I
Conscience is supposed to be the little voice in our head that tell us when we have done something wrong... Our conscience beckons us to return to the ways of honesty... Yet it seems as though a good portion of people in government have lost their conscience, or at the bare minimum have forgotten the difference between right and wrong. Bailouts for instance... sure, a parent may bailout one of their kids when they get behind the eight ball... But we really have to scratch our head when the government bails out businesses like banks, then other organizations like the Big three line up like hogs at the through. Anyone who has a mortgage with Fannie and Freddie now have the option of repaying their adjusted loan. Thirty-eight percent... no current mortgage holder will exceed 38% of their take-home pay. Not too shabby of a deal especially for those who were hit with a balloon payment coming off the 3-5 year ARM.
If their was a degree of conscience on Wall Street or Capitol Hill, I would expect the credit card bailout to lose traction immediately. As I write, there is an uncanny alliance forming between credit card companies and consumer advocacy groups. According to the latest Federal Reserve statistics, there is an estimated $900 billion in consumer credit card debt. According to June Shelby, who had filed bankruptcy several years ago, she believes that all debts should be repaid. There should be no such thing as a free ride! And most of us would tend to agree!!! (1)
How Much is Enough?
I heard John F. Kennedy's speech where he posed "Ask not what your country can do for you, But what you can do for your country! Evidently, the help me and help me now attitude has always existed. In a recent letter to Congress LaTourette, I expressed my concern about the lack of Congressional recourse on the Treasury TARP. AIG has already tapped the table requesting additional operating funds. Housing will undoubtedly look for more monies before it is all said and done. The question becomes "When do you draw a line?" Bloomberg has filed suit against the Federal government so it will disclose where $2 Trillion dollars have gone! The real story here is the continued weakening of the U.S. dollar, and accountability. Congress must get answers, and the responses must be made public. After all, every single person who does business in dollars is at risk. From retirement accounts, pension plans, and your little kid's piggy bank! (2)
President Obama's Top 10 Priorities
1. Continue fighting the War on Terror...albeit different means to an end.
2. Develop a plan to remedy the housing crisis while not punishing responsible homeowners.
3. Address government transparency, that all aspects of Treasury and The Fed have accountability.
4. Energy Independence... Electric, Solar, Natural Gas, and Coal
5. Health Care...
6. Education (Maintaining the best parts of No Child Left Behind...and scrapping the rest. Concentration on Math and Science... directed toward energy independence.
7. Restore America's role as the world leader of Democratic Ideals.
8. Keep China and Russia in check as both will seek to expand power and increase their spheres of influence.
9. Figure out who is going to purchase Treasury Bills as it is increasingly apparent that China, Saudi Arabia, and Russia will be "less interested."
10. Keep the U.S. Dollar the "World's" currency.
Shorts CNK, FXI, BBW, VNO, SPR, RYL, WYNN...
Long Looking for exit points on GE and BAC... preserve remaining capital before it is too late!
Look for other options to the U.S. Dollar.. and consider shorting the dollar as the big spenders are in charge, and they can print all the money they need!!!
Posted by at 6:59 PM