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U.S. economy humming along nicely
Friday, August 07, 2009
Today's Wall Street Journal carries three stories that are real signs of the times.
While Congress gets a half billion dollars in cushy new airplanes for even more air travel at taxpayer expense, bankers have a growing pot of billions to divvy up based on surprising gains in toxic assets, and the little guy gets $4,500 off a new car, one that comes with a whole new set of car payments.
4 comments:
The Powers that be probably derived a great deal of amusement watching the proles scramble for the small change that they tossed off the balcony. Reminds me of the first chapter of Ralph Ellison's Invisible Man.
Isn't it amazing that the Congress had to spend a whole week pondering whether or not to hand out $2 billion for this program when Fannie let it be know it would be taking another $10 billion this quarter--and no one raised an eyebrow.
Are we still that fat, dumb, and happy?
Clearly, the answer is Yes!
It would be better to just send all citizens a rebate check like President Bush did. Some people will use the rebate to pay down debt instead of making new purchases, but this is a good thing. The sooner private debt to GDP returns to stable levels, the sooner the economy can return to sustainable growth.
Somebody please set up a free trade city state with super secret banking laws in a temperate climate. I will be there with my family and with all of our net worth in pre33 eagles and pre65 silver.
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