Saturday, September 12, 2009
College Football... Have We Learned Our Lesson? Liar...
College Football Selections
East Carolina +7.5
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Have We Learned Our Lesson?
If the goal of the U.S. government in general and Wall Street in particular was to re-inflate the bubble, then it is working. Sure, the markets might have been overly beaten down last March. Sure, pessimism was at its highest in March. But what has really changed? Are we as a nation doing business any differently? Is Wall Street more cautious today than they were in March? We all know the answer to those questions.
However, after every recession and economic downturn there are always a clear list of winners and losers. Whether it was a successful business model. A great product. Pure innovation. Access to government officials. Or, quite simply a premonition that a major shakeout was on the horizon, one thing is for certain. There are a number of sectors and businesses that will emerge stronger and more efficient from this crisis. Yet, we know that a number of losing businesses were saved as well. Stupidity, excessive risk taking, and lobbying kept a good portion of companies that should have failed into the pits of bankruptcy. Trust me, no one wants to see American businesses succeed more than I do. However, we are reminded that aide and propping often times do more long-range good that bad. (See McKinley's tariffs on textile imports... when the business was on its way out of the United States.)
According to Tim Geithner, there is a major re-structuring of Wall Street that is in the works. Dare he say the word reform? However, I believe most of the proposed reforms will be phoo-phooed by the likes of Barney Frank, Chris Dodd and friends. In the end, the true reforms will be lost somewhere in the Congressional Offices in D.C..
In a recent Townhall Meeting, Representative Steve LaTourette suggested that the Healthcare Bill will have a provision which allows coverage for illegal immigrants. I believe LaTourette is telling the truth. And while the Democratic Party is currently running the table in D.C., it is likely they will have their way in ANY kind of legislation.
The question is should a Congressman call the President a "Liar" during an address to Congress? If we were in Great Britain where Parliament meets, I would say yes. (Click Here for a snap shot as to the way the Brits. run their government meetings.) However, we are Americans. The Republicans do not have the same access to media outlets as the Democrats. I am certain it is a source of frustration. There is desperate need for fairness (an ideal of any democracy prevails at all time.) Yet, if you agree with the President or not, there is a time and place for everything. The truth must be told... The 5-10% of Americans who actually pay attention to political debate... those digest legislation... and those who can make an informed decision must stay connected to these political debates.
Posted by at 4:20 AM