| I should have known this would be a coordinated effort with Washington to placate the masses... We are getting played.. again.
The Crook Dodd is rolling out his "reform" bill today... isn't that like asking the arsonist to help put out the fire? Remember Countrywide?
http://news.yahoo.com/s/ap/20100315/ap_on_bi_ge/us_financial_overhaul
(read the comments at the bottom...)
John Burn's linked article from below is very good.. http://seekingalpha.com/article/193492-america-s-3-ring-economic-circus?source=email The labor numbers are cooked.. and they still can't get them positive.. The Fiscal numbers are worse.. "So bad was FY2009’s shortfall that the report that outlines our actual financial position was delayed nearly 2 full months, FINALLY being released back on 2/26 to an absolutely comatose response from the belly of the NASDAQ. February’s outlay was massive, totally $220.9 billion. Much of it was blamed on stimulus spending, tax credits, and TARP outlays of $2.3 Billion (Yes, they’re still handing out TARP money). The media cooed about the Fed’s contribution to the US Treasury, but says nothing about the fact that every dollar in our system is loaned to us by those same loan sharks at interest. Ah, the conveniences of selective reporting. To date, the Treasury’s gap stands at a whopping $651.5 billion, which is around $65 billion ahead of last year’s record pace. If they maintain this pace for another seven months, we’ll have a cash basis shortfall for FY2010 of $1.563 trillion - around $132 billion more than FY2009. How can anyone in their right mind call the stimulus anything but an abysmal failure? The problem is that the government cannot create jobs. Simple." Yup.. the only way to keep these jobs going.. are more stimulus.. which by definition was supposed to "stimulate" the economy to "fix itself.." Which in practicality.. what we have created is a drug addict.. that requires more drugs to get through the day. Moody's says government spending/borrowing is on an unsustainable course.. This kind of goes along with Rep Paul Ryan's point about the false hope of cost containment in health care reform.. Through any analytical lens, the legislation will not address the central problem of skyrocketing health-care costs. The Congressional Budget Office estimates that families' premiums could rise 10 to 13 percent; private-sector actuarial estimates top these already high numbers. The higher costs are driven by federalizing the regulation of insurance, narrowing consumers' options and reducing competition among providers. The health-care market would be dominated by government programs and the largest insurance companies, operating as de facto government utilities. Rather than tackle the drivers of health inflation, the legislation chases the ever-increasing premiums with huge new subsidies. Already, Washington has no idea how to pay for the unfunded promises in Medicare, Medicaid and Social Security -- and creating this new entitlement would accelerate our path to fiscal ruin. When you strip away the double-counting, expose the hidden costs that must be funded and look at the price tag when the legislation is fully implemented, the claims of deficit reduction are as hollow as claims of cost containment. Who cares how much they propose to spend in Health Care Reform? One Trillion.. Two Trillion.. $2.3 Trillion..?? Who cares we aren't going to be able to appropriated the funds to run it.. or anything else in government anyway.. At this pace by the end of the decade we will have burned through our credit just like Greece and Iceland. We are certainly spending as a percentage of GDP in their range.. the difference is.. we still (so far) have good credit left to burn through... in effect we havn't exhausted our Credit Limit.. However, "it's only a matter of time.." until we do just that at this pace.. So no matter how well intentioned all the goodies in Health Care Reform.. or Stimulus.. or Whatever.. I could promise free lollypops and gummee bears for everyone... but like the Government's Health Care Reform.. it doesn't mean anything IF I CAN'T Deliver on the promise.. and neither will the Government be able to AFFORD what they are promsing.. All the supposed costs savings are out in the 2nd Decade anyway..which by then those who look at the numbers say we will be cooked anyway.. Is the Country ready to face the hard truths? That entitlement spending must be reduced.. http://www.startribune.com/opinion/editorials/87521992.html?elr=KArksc8P:Pc:Ug8P:Pc:UiD3aPc:_Yyc:aULPQL7PQLanchO7DiUr
Edited by JonSCKs 3/15/2010 10:13
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60 Minutes breaks the story of the decade.
