Wednesday, January 06, 2010

Back to the Economy. What Unemployment?

What is that? The economy, stupid. Remember that? What Unemployment? The free market economic system has been hijacked by corrupt politicians and feel good liberalism. I continue to be amazed by the political interference in our economy and by the supposed economic stimulation that government apparently provides it. For example I find it comical that Democratic pollster Mark Penn received an economic stimulus contract worth almost $6 million to work on a public-relations campaign to promote the national transition from analog to digital television. Why you may ask? Was this critical to our economy? He made the taxpayers pay him $6 million for 39 days work and has the nerve to state that it saved three jobs. Yes, three jobs. Thus your tax money paid $2 million dollars to save each one of those jobs. I wonder how many people in Connecticut who are unemployed know that? I think $6 million of taxpayers monies could have been much better spent. Where is the outcry by taxpayers or the media? How many actually know of this scam? And the list goes on and on.
Our economy will only recover when we allow the free market system to work again without governmental and political interference. We have an economically illiterate administration working hand in hand with an economically illiterate Democratic Congress destroying our economy on a daily basis so as to promote their inept ego, power and glorification of failed liberal policies.
The days are marching on and November 2010 will be here. A new economic dawn will occur for our economy with a new Congress then. 2012 will follow as quick with a new President. I can only hope those who are unemployed can last that long. Also if you unemployed why not ask Mark Penn for a job-why not make him share his liberal wealth?

1 comment:

David X said...

Fifty percent of all mortgages have been nationalized. The Fed is trying to prop up property prices with low interest rates and wholesale buying of CDO. This will fail. Home prices will continue their slide as unemployment continues to persist and foreclosures continue to rise.

Each foreclosure is a potential loss to the Fed's balance sheet and thus a hit to the soundness of the "Federal Reserve Note" which is "legal tender for all debts, private and public". Yes, these CDO are guaranteed by the Treasury (via FHA) thus the Fed would theoretically recoup its losses from the Treasury ... except that the Treasury is bankrupt.

In an effort to save the economy, the Fed may very well destroy their own balance sheet and what little faith is left in the currency. The Treasury and Congress can not possibly pay its obligations and must default in some fashion or another - either the default on the trillions of obligations for Social Security and Medicare, or default through the monetization of the debt (inflation). History will repeat itself again.

All of this intervention is supposedly because the free market "failed" ... but the truth is that this mess is due to Federal intervention. The free markets were not allowed to function and correct on their own.