A friend just sent me a taped speech of Nancy Pelosi (speaker of the U.S. House of Representatives) stating that we lose 500 million American jobs each month that we don’t pass her $800 billion stimulus package. I am getting used to politicians overstating their positions, but Nancy has outdone herself here. There are only 300 million people in the U.S. and some of us are still working. Barack Obama promised change, but where is the change? He appointed the same bunch of tax-dodging Washington dunderheads to his cabinet that got us into this mess. No change there.
GW just offered up a multi-billion stimulus package a couple of months ago and he gave more billions to bailout Bear Sterns, AIG, and other collapsing financial institutions after Lehman Brothers bit the dust.
Now Pelosi and Obama come along throwing another $800 billion after GW’s trillions. And already our tax-dodging Secretary of the Treasury, Timmy Geithner, is talking about another $1 trillion financial package on top of Pelosi’s swine-laden shebang. I say swine-laden partly because the Pelosi stimulus package includes $1.5 million earmarked to build a prostitute shelter in Dayton, Ohio. Prostitute shelter? Is that what they call them in Ohio? I guess Nancy figures that ought to jump-start the economy and put some dollars back into circulation. More change we can believe in?
It seems to me that a rational Congress might take a second look at Nancy Pelosi before giving her keys to the Federal Reserve’s printing presses. What if she screws up (no pun intended) and prints a gazillion dollars? She’s obviously no whiz with figures.
Our government is responsible for what they call the “economic crises.” They consistently blame the problem on the deregulation of our financial institutions, but quite the opposite is true. Remember as you read from this Steven A. Holmes article in the September 30, 1999 New York Times that the Fannie Mae Corporation is a government-controlled institution. Holmes writes:
“In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.
“By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.”
The government forced banks to make home loans to folks who couldn’t pay them back. What better way to trash the housing market and the financial institutions with one throw of the rope? It makes me wonder if Fannie Mae was being run by terrorists or idiots in 1999.
This is just one of hundreds of government-mandated, dimwit policies that left our financial ship without a rudder. It was mandated socialistic (distribute the wealth) policies that got us into this mess. Now, we are asked to believe the same people who engineered these failed policies will pull us out of the mess they created?
Free enterprise works when it is allowed to function without government interference. If an industry or institution fails, so what? In a free economy, if the demand for goods or services is there, someone will step in to fill the void. Of course, in today’s socialist economy that isn’t likely to happen. Why risk capital and labor if the government is going to take what you produce and give it to someone who doesn’t work?
Congress needs to slow down, quit throwing our money at the problem, and take a look at the real cause. We should not be rushing to replicate $1 trillion stimulus packages.
The situation we are in reminds me of the city slicker that came running into the cowboy bar. “Where’s the men’s room?” he yelled looking right and left in an obvious panic.
The bartender indicated a door with a sign declaring, Bulls whereby the intruder whirled, jumped a table and crashed through the door. Minutes later the patrons heard a blood-chilling scream coming from the aforementioned door. Seconds after the scream came an agonizing shriek and the bartender hurried to investigate.
As he passed through the door leading to the restroom, he noted the door to the broom closet was ajar. Sure enough, the flatlander had taken a wrong turn and was perched on a bucket in the broom closet. “What seems to be the problem?” the bartender queried.
“Every time I pull the handle to flush this thing, it grabs me,” wailed the stricken man.
“Well, you are sitting on the mop bucket pulling the handle on the wringer,” observed the bartender.
Barack and Nancy are pulling the handle, but it is the American taxpayers with our financial tails in the wringer.
Com Siempré, Jinx