Wednesday, July 27, 2011

A MODEST PROPOSAL(S)

No, eating children is not a good idea, but what is, is the idot of a Secretary of the Treasury to get up on his hind legs and simply tell the world that the United States will not default on it's financial obligations and will continue to service it's debt.  If he cannot do that, or if he is being prevented from doing that by The Leader and the latter's handlers in the White House he should immediately resign.  Right now he is a disgrace and looking more stupid by the day... a condition not helped by his praise of Greece and the wonderful deal they achieved when evryone in the world knows Greece is as dead as Marley's ghost and the deal simply bailed out banks and politicians on the backs of European taxpayers.

Another modest proposal would be for the rating agencies who should have no credibity whatsoever after their performance over the past few years to shut up for the time being.  Once this situation is resolved, first on the agenda should be the loss of their special status and as suggested by Dodd/Frank in perhaps the only intelligent thing in the legislation--the requirement that certain institutions MUST invest in rated paper--be removed.

Another modest proposal would be for the financial networks to engage only those people who have a clue about the subjects on which they pontificate...beginning with Jim Kramer on CNBC...who may be a whiz on stock picking but knows absolutely nothing about the subject at hand, particularly Social Security.  They are aiding and abetting the creation of a crisis.

Could someone, somewhere simply explain that the only thing the Congression Budget Office does is make sure that 2 + 2=4?  The CBO has no ability--NO ABILITY AND NO AUTHORITY--to investigate the underlying assumptions of the plans that it "scores."  Remember the old computer line?  Garbage in, garbage out.  As such it a exercise worse than useless as it creates a false impression of the actual facts.  Could someone do that...oops I just did.

Could someone get me a drink?




1 comment:

  1. This post on The Economist may interest you
    http://www.economist.com/blogs/freeexchange/2011/07/rescuing-sovereigns?fsrc=rss

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