Monday, November 24, 2008

"Too Many Pigs, Not Enough Tits" to Nurse Them -Abraham Lincoln



Abraham Lincoln once commented that those seeking political appointments were aggressive and numerous. "Too many pigs, not enough tits" to nurse them... Wall Street would definitely fit the bill here. With big pigs like Citi, and the three little pigs (Big 3 Auto Makers), rest assured, everyone will get their milk!
The Bottomless Pit?
The United States finds itself center stage in the world financial crisis. The rest of the world has come to expect the United States to be the leader in developing a system to thaw credit markets. With Citi Bank hitting an all-time low, the Treasury had little choice than to dole out more TARP funds to the beleaguered banking giant. Paulson and his cronies are stopping just short of playing God, and allowing institutions like NCC to get purchased for a mere pittance, while allowing Citi to receive a $306 Billion dollar Federal backstop! The government has now pledged over $7,760,000,000,000.00 in tax payer funds to keep the credit ball rolling. This figure equals approximately half of the nation's GDP for one year!!!

However, a conservative think tank known as the Heritage Foundation believes that the government is over-involved in the TARP program. While Paulson said that he needed flexibility to deal with the ever-changing credit crisis, "Not only are there serious questions about the need for these specific actions, but--and perhaps more importantly--the uncertainty created by yet another game plan for the rescue casts doubt on the financial rescue plan as a whole, its administration, and the prospects for its success."(1) The Heritage foundation has cited Paulson's concern with consumer credit markets as a tipping point. As Paulson alludes to the systemic nature of damaged consumer markets, there is a suggestion that companies holding consumer and mortgage debt could well be the next beneficiaries of TARP funding. Interventionist policies could well stop markets from freely functioning, and more importantly allow the ever important price discovery when a bubble is popped. What the markets truly need is time and flexibility to function, not over-involvement.

Re-Rerun Ron...
While many of Ron Paul's political notions may fall left of center. It appears that Paul does have a gauge on the economy. Paul, better than anyone else echoes thoughts from Main Street. Governments have two ways of raising money: inflation or taxation. More importantly, Paul recognizes that government has the responsibility to be stewards of taxpayer monies. Thus far, we have heard that one bailout after another should be the "end" of bailouts. Still though, there always seems to be another piglet's mouth at the hog's tit. Businesses should be allowed to compete, evolve, and if necessary die. A rebirth is often more glorious than the fall. Innovation has always been the cornerstone of American business. To discourage failure it to discourage innovation. To discourage innovation is to destroy the very fabric that makes us winners.

Tiger Calls it Quits...
Everyone knows that hard times have befallen General Motors automotive company.
To add insult to injury, Tiger Woods has quit his celebrity endorsement of GM. Details of the breakup were not known with the exception that the two parties agreed to a parting package. The amicable terms were undisclosed. The world's greatest golfer and GM appear to be moving in opposite directions.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXG9i3RJRRk&refer=home
http://www.heritage.org/Research/Economy/wm2131.cfm
http://www.247wallst.com/2008/11/tiger-woods-end.html
http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,
All,Item%20not%20found,ID=081124_2545,TEMPLATE=postingdetail.shtml

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