Fear

I thought of naming this post, “Jim Cramer is an Asshat,” but realized most people won’t know who I’m talking about (FYI, he’s that ‘Mad Money’ investment guy who helped spook tons of people on the market this week).

I can’t avoid talking about the financial crisis our country is facing, or from reminding people that herd mentality can only get us in worse trouble.  If I had some more disposable income (alas, the price of being a Catholic schoolteacher), I’d be seriously looking to make some major investments prior to the election.  Buy low, sell high.  Soon it’s going to be time to buy low.

Also thought I’d comment on a load of BS that came spouting out of the mouth of Obama a few minutes ago in this second presidential debate.  He said “earmarks” accounted for only $18 billion in the federal budget.  Please. Medicare is wasting $70 billion a year and he expects us to believe the total federal budget only has $18 billion in earmarks? 

I’ve heard some say there is almost $180 billion worth of extra pork in the “Bailout Bill” (which has done nothing to improve the markets over the last three days).  That’s right, $180 billion on top of the $700 billion.  Big government helped get us in this mess in the first place, and big government doesn’t have the power to get us out.  The historical evidence bears this out; the banking crises in Japan and Mexico (and several other nations) were prolonged and worsened when the government bought bad debt.

The greatness of America rests upon the ingenuity and hard work of the common woman and man.  We live in the most prosperous and generous country in the world in spite of the idiocy of our elected leaders, not because of them.

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One Response to “Fear”

  1. Stuart Says:

    McCain should talk about “Pork” in addition to “earmarks.” Obama is using some super-limited definition of earmarks that apparently excludes riders and pork projects. Fact is, gov’t legislation is as filled with fat as a deep fried triple Big Mac on a Krispy Kreme bun.

    As for fear-driven markets and the 8 years of fire and brimstone the Democrats have been preaching, I’ve been looking into past U.S. recessions. According to those, even the 2000-2002 recession was mild, and we’re currently nowhere near the millenial recession. We’re also only a little early on the business cycle downturn that seems to happen regularly.

    Also, looking into history we discover the causes and fixes of recessions. Bad monetary policy, Congressional acts that encourage more consumer and mortgage debt, and high taxes have caused or worsened them before. Oh, and far from our current situation being the worse since the Great Depression, we’ve had numerous recessions far worse than the slowdown we’ve got right now. Heck, even the “mild” 2000-2002 recession was worse than right now. Particularly, though, the recessions of the 70’s and early 80’s saw double digit interest rates, as well as enormous inflation and unemployment rates.

    Nothing but more lies and scare tactics by the Democrats. Kerry actually used the same tactics, if I remember correctly, even though the economy was booming. Note that the economy only started suffering after the Democrats took control of Congress and then refused to do anything about the housing crisis, the financial/mortgage crisis that their policies and oversight contributed greatly to, and high oil prices. Those, by the way, are really the only things dragging down our economy.


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