Someone or something doesn’t like this post. It has disappeared twice.
So I listened to our new Treasury Secretary –“he who can’t figure his own taxes” — unveil the “new” plan to save our financial system. Appropriately, he spoke from the “Cash Room” at the Treasury Department. I don’t know why I do such things as listening to a speech like this. I should have been doing something more productive like getting my garden ready to plant potatoes.
Anyway, it looks to me like he is proposing another three trillion or so in this latest attempt to re-boot the financial system. The problem of course is that the whole schtick is geared towards getting the old “borrow and consume” system back into operation, but that is dead as a doornail and it ain’t going to get better. We can sit at the door of the tomb all day and night and chant “Financial System, come forth!” but the corpse will remain inert, stinking with death, decay, and corruption.
Our treasury secretary thinks the solution is to get We the People who have cut up our credit cards to report those cards “stolen” so that new ones will arrive in the mail, whereupon even more episodes of binge spending/consuming can rescue us from our folly. More folly will somehow erase the consequences of previous folly? I think not. When the blind lead the blind, both fall into a ditch.
In other words, “new boss, same as the old boss”, and who’s stuck with the bill? Main Street of course. Our tax-cheat Secretary of the Treasury proposes to take even more money from the productive and give it to the liars, thieves, thugs, and fools on Wall Street and in the “big bank system”. But then, when you have a crook as your Secretary of Treasury, a proposal like this should not be a surprise.
Folks better get busy working their own personal and local financial survival plans, because there are no good outcomes on the horizon from all this macro-economic balderdash emanating from the Republicans and the Democrats in Washington. As I said early on in this crisis, government hasn’t a clue, their ideology does not permit them to get a clue, and everything they are doing will make the situation worse. The financial Titanic is sinking, if you don’t have a life-raft, start building one immediately or you will go down with the ship.