101 Long Economic Days

It has been 101 long economic days. In the past 101 days of this new Obama administration we have seen economic free market systems being torn apart and ill advised governmental spending being celebrated. It has been 101 long economic days when we see an increase in the national debt of over $6.5 trillion dollars with absolutely no long term plan to start paying this debt. A debt which will grow from its current $11.2 trillion level to upwards of $20 trillion by the time this administration leaves office in 2012. Nothing is left to any economic logic nor understanding of economic consequence for these actions. The long term implications of our excessive Federal spending is simplistic, bankruptcy. The Democratically controlled Congress is only concerned with their own self serving interest which will drain the economic vibrancy of our country to the point of no return. Our current national debt will be a cancer that can never be cured for our economy. 2010 can not happen soon enough.

The TARP Scheme

TARP is a scheme. It is a way to steal money legally from the taxpayers who have put up $700 billion dollars to the Troubled Asset Relief Program. It is a way for Barney Franks, who help to create the financial meltdown in our economy to write a provision in the bill for his beloved OneUnited bank. It is a way for confusion to reign for the banks who received the monies and now for New York Attorney General Cuomo to gain political leverage from it. TARP was supposedly set up to buy bad or troubled assets from the banks which were having financial problems in order to help them recover. It has turned into a political free for all with the government wanting to buy shares of stocks in the banks, and to also give financial aid to GM and Chrysler. And the list of earmarks on this program grows day by day.
TARP is a mess and continues to be a mess. It is now a colossal waste of taxpayers monies with absolutely no accountability to the program itself. I am truly amazed that in an economy with many brilliant economic minds we rely upon the economically illiterate to run this program and to turn it into a political gain. What a waste of taxpayers monies once again.

The No Reality Connecticut State Legislature

We have working for us a group of legislators who do not believe in economic reality. They live in a fantasy world, a world of nobility and pomp, a world where rules do not apply to them and most importantly a world which is governed by special interest lobbyists. Two proposed laws truly astound me this session, the one to eliminate plastic shopping bags and the repeal of tax exemptions on heating fuels, prescription drugs and some foods along with many services. The bag ban is ridiculous. Consumers actually use plastic bags to carry out their purchases from a store. I know this sounds amazing to the legislature who obviously does not shop in stores nor buy any groceries. It will hurt mainly older folks who wish to carry smaller bags from the store so they are easier to handle. I know personally my 88 year old Mother prefers smaller bags to carry from the store. Also I am not sold on all of the supposed environmental benefit to banning them.
In an effort to cover up the years of excessive Democratic spending, many of these same Democratic legislators wish to tax virtually everything and many services. Why? To continue their wasteful spending? To continue to hire political hacks in excessively compensated positions (like Chris Donovan's mouthpiece)? What a continual waste of taxpayers monies. And the net result will be more people moving out of our state. We really have a non economic reality state legislature. We really have no representation. Let the tea parties continue...

Economics In The New World

I need to forget everything that I have learned studying economics since I was a Freshman in high school. Yes 36 years of teaching, studying, reading and writing about the subject needs to be emptied from my brain. For economics has been reinvented by the Obama Administration in less than three months. 36 years versus 3 months. Well of course I am going to buy into the 3 month plan. Highlights of the 3month plan include but are not limited to doubling the national debt in one year, greater and more costly borrowing to finance the debt, tax evasion by cabinet members, in particular a leader of the actual treasury agency who does not need to pay taxes, stimulus which equal pork dripping overpriced work projects which do little stimulus if at all, and most importantly excessively high spending to go along with excessively high taxes. We are looking at a bankrupted future due to the new economic concept that government not the private sector trickles down money not the private sector. I guess that makes sense for someone who has never worked in the private sector yet earns the bulk of his income for 2007 and 2008 from it (book sales last time I checked were private sector although I could be wrong today).
The tea parties will continue and will gain even more strength much to the chagrin of the administration and the media. Economics 2009 leaves a great deal to be desired.

The New Revolution

The economic seeds of discontent have been sown and the result is a new movement to take back our government at all levels, federal, state and local. The April 15th Tea Parties represent our nation's future. Common citizens of all walks of life, Republican and Democrat, Independent and non political are fed up with economic policies which will ultimately lead our country to ruin. We are fed with a $11 trillion dollar national debt and a debt which is owned by foreign countries. We are fed up with nationalization and socialization of our economy. We are fed up with taxation without representation. We are fed up with special interest groups dictating what legislation passes and what we as taxpayers can and can not have. We are fed up with government trying to control every aspect of our lives with the ultimate result being a continuing decline in our quality of life. Liberals and socialists in our government are fearful of the Tea Party movement for it represents the new dawning of politics. Politicians are self serving, non ethical and ruthless in their supposed representation of the common citizens of our economy. The time has come for real change, the Tea Party movement will now go forward and facilitate it.

Don't Forget The Tea Parties on April 15!

Don't forget the tea party protests for April 15th:
Here is the info for all from the The Federation of Connecticut Taxpayer Organizations site

THE FOLLOWING APRIL 15 PARTIES ARE PLANNED….

· The Norwich tea party will be held at 3 p.m. Wednesday at Howard T. Brown Memorial Park on Chelsea Harbor Road , roadrallyct@yahoo.com

· Westerly/Pawcatuck tea party will be at noon Wednesday in Westerly at the Rhode Island Department of Environmental Management's parking lot at 99 Main St .

· Hartford's tea party is at noon Wednesday on the north steps of the Capitol Building, 210 Capitol Ave., hartfordteaparty@gmail.com

· New Haven's tea party is 11 a.m. Wednesday on Long Wharf Drive on the water, with parking available at Ikea, newhaventeaparty@gmail.com

· Greenwich Tax Day Tea Party is from 3 to 5 PM at Town Hall, Field Point Road , Contact Matt Lechner , mattlechner@optonline.net,

Please attend and let us all take back our state and country from taxation without representation. Enough is enough.

Pirates = Terrorists, Hostages = Weak Leadership

Take your pick, a pirate is the same as a terrorist. Money is involved in both examples, the Somalian pirates enjoy their brand of shake down terrorism by extorting ransom monies from their captors. How much for a United States ship captain? One million, maybe two million? What is the price for human life, especially for someone from our country? And why the diplomacy involved? These pirates are the same as terrorists and should be treated as such. Our military should be eliminating these terrorist pirates from the seas so that law abiding ships can pass through the waters. Obviously the Somalian terrorist pirates are accepted and enjoyed by the rogue Somalian government. And to this current administration it is a distraction to the countless and endless pursuit of economic stimulus which is just not happening with the recent pork bill that passed. Distractions do not occur to the Obama Administration. I guess this situation is not real? Why haven't we used our military power to free a United States citizen? What happened? We have lost our ability to lead in scant few months? This reminds me of the Iranian hostage situation when President Carter did not have the guts to resolve it militarily. History does repeat itself with a weak American leader. We can only pray for the safety and lives of the thousands of new hostages which will be taken over the next four years.

Chris Dodd Won't Just Go Away

No he will not go away. The Chris Dodd, I did nothing wrong campaign for re-election for Senator is in full swing. Dodd, realizing that he lives in Connecticut again rather than Iowa is now showing Connecticut residents all the great things he has done for the state over the past 34 years of imperial power. He was in Middletown, a few days ago, buying some votes to anyone who will listen to him. Several letters to the editor have been published stating that he really did not do anything wrong but get some political payback, therefore one must assume that he is actually entitled to it being a United States Senator.
To myself and many other voters, the facts are clear. Dodd has corrupted his office and help cause one of the greatest financial meltdowns in our nation's history. He can not run from the responsibility of it. Affordable housing and the covering up of Fannie Mae and Freddie Mac are on his watch and leadership. He has misused and lied to the people he represented and will lose his office in 2010. No amount of campaigning for him can undo the mess he has created. Dodd will lose in 2010 and Connecticut will finally have a new Senator who is not corrupt and unethical like our current one.

North Korea's Nuke Launch-What Response?

So what was America's response? Run to the United Nations and hear what, see what and explain what? I think the bigger question that Americans need to ask from this administration is why was this missile allowed to take off in the first place? Why was it not intercepted by our intelligence agencies? We now have a rogue nation which is fast becoming a major threat to our country and all our President is concerned with is granting concessions to Russia with regards to the missile shield we should be building in Poland. Why has this become American policy is just three short months, bowing to your enemies and alienating your friends? Where will this get our country? Back to a new cold war? For what reason, because of the lack of experience this administration has in all aspects of foreign policy? There are many questions that need to be answered quickly by our country. The campaign is long over, maybe this administration needs to start showing some leadership against the new threats it has help to create on a global scale.

Another Bitter Democratic Budget-Tax and Spend

I wonder why Connecticut Democrats hate taxpayers in our state? With their laughable current budget proposal they truly show their hatred of those who work for a living and own businesses here in Connecticut. How is their budget actually a budget? To me as an economist, it is just a massive increase in spending coupled with a massive increase in taxes. It is difficult to view in any other manner. Yes there are magical and mythical types of savings based upon some sort of projected cuts and increases in revenue although I personally can not figure them out. But the focus of the Democrats budget is simple, increase taxes on virtually everything especially the income tax and continue to spend at higher levels. This you can figure out even if you are not an economist. Thus this budget is the same that we have seen when the Democrats control the legislature, no programs can be cut, no spending can be decreased and most importantly taxes must increase. With these increases we will see more of the same in Connecticut, more businesses moving out and more young people moving out of the state. I know the Democrats are proud of the current mess they have created. 2010 can't happen soon enough.

What Is The Point In Running General Motors?

What is the economic point in running General Motors? Or Chrysler? I did not know President Obama is versed in economic issues nor had a degree in Business Administration? I also do not know what 60 or 90 or 120 more days will mean for General Motors if there are not major pension/benefit concessions by the UAW. Oh I forgot whoever is actually running GM must now do so without any change in the current debacle of a labor agreement that is has with the UAW. I forgot whoever is actually running GM can strip its preferred stock and bond holders of what is rightfully and legally theirs and not worry about any type of labor concessions. Maybe it is time for raises for UAW members for their non productivity and years of retirement.
The sad part about the whole situation is that GM could have gone into restructuring over a year ago (bankruptcy) and they would be well on the road to recovery with realistic labor agreements and a smaller line of vehicles (and actually make a profit on the cars/trucks they sold). In economic terms this fiasco for GM is only the beginning for poor governmental decision making intervention in what should and needs to be a free market capitalistic economy, where supply and demand rule and the invisible hand weeds out poorly managed and unprofitable companies. Is anyone in Congress listening? Or are they too busy running their feudalistic serfdom now called America?