CapitalistMarks

Palin keeps plowin’ along.

Posted on 07. Feb, 2010 by scott.

Sarah Palin’s publicity train just keeps on smoking along.

Saturday night was her biggest moment yet.  She was the ‘keynote’ speaker for a potential third-party gathering in Nashville (The Tea Party movement).  The message was all any of the paying customers there (a couple of hundred bucks each I understand) could have hoped for.

Cheers and jeers.  Cheers for her digs at the Obama administration and jeers for the lack of meaningful response she gave to the question of whether she intended to run in 2012.  That is just a sampling.

Sure enough she is a big star with the ultra-conservative right wing voters.  The kind of rising star that Barack Obama was three years ago (absent of course any meaningful legislative experience) with far-left liberals.

How big of a star?  Well, Sarah is now the type that can demand, and get, $100,000 for the one hour speech (and Q&A) she provided. That, my folks, is a whole LOT more that minimum wage!

Lots of good theater Saturday night,  too.  For example, pointing out the government’s supposed blunder with the latest ‘underwear’ airline bomber — giving him the rights we as citizens are entitled to.  I suppose she hadn’t heard yet that the A.G.’s approach of ‘Mirandizing’ him and bringing his family to the United States to appeal to him had led to huge dividends. A virtual download of credible intelligence.   That of course the opposite of the “treat him as a war criminal” approach she advocated.

Pretty, former Miss Wasilla, Sarah proved one thing to me: she is at least as good as some of the media favorites like O’Rielly, Beck, Maddow and Olberman. But NOT a bit smarter.

But, she did not change my opinion that she lacks the experience and basic common sense (which, by the way, can only come with adequate background knowledge — which she clearly lacks) to deal effectively with issues such as International affairs, domestic and international Economics, Defense of the homeland, and two wars on foreign soil.  Plus, she has a heck of a time reading from her own notes (while criticizing Obama’s addiction to teleprompters).

I have, in this very arena, noted that almost any average citizen could function at least as well as some of the ‘eggheads’ back in Washington.  It is true too.  Except for one caveat: those average citizens have to possess a basic knowledge of what is going on around us.

Sarah Palin does not.

I hope she limits her public service to blathering on the airwaves just like the aforementioned talk-show wonders.  I am convinced that know reasonable person puts much credence in their ideological blather.

One thing I know for absolute certain:  President Sarah Palin only works for me if it has reference to the local PTA.

Thanks to flickr’s chilinsuch1818 for the photo

Continue Reading

China, year of the tiger.

Posted on 01. Feb, 2010 by scott.

As if America didn’t have  enough problems.

Recession, a still messed up financial sector, overbearing majorities in the House and Senate, two wars, unprecedented unemployment, ongoing political bickering, nutty ideologues on TV & radio, a celebrity President, fearful climate change (?), porous borders, huge deficits, ballooning national debt, rapidly increasing cable rates, Big Macs, french fries and the disappearance, and fall,  of  Tiger.

And thus, speaking of Tigers, on to China . . . a problem that is a growing economic and political threat and one that we are not doing enough about.

China continues to own nearly $1 trillion of American debt (including  $800 billion of Treasury notes), has increasing influence around the Globe, possesses $2.5 trillion of walking around money and is using it to ‘buy’ into future resources that we both need, with a military that is rapidly narrowing the tech gap with the U.S., has a very Communist political system that prohibits real freedom (say goodbye to Google, Shanghai),  can exercise nearly instant and complete control of their seemingly ‘free market’ economic system, and finally, relishes political and economic power that grants them greater clout in the UN and around the world.

On top of that it is the Chinese year of the Tiger.

Seems like everything is going their way.

Should we be worried?

You bet’cha (as Sarah Palin would say from her modest home in Wasilla).

The signs are all over.

Recently, the President confirmed sales of modern Aircraft, weapons and defensive hardware to Taiwan.

China didn’t like that and announced a halt to military exchanges with the U.S. — exchanges that would help lessen the tension and open a mutually beneficial dialogue.

They didn’t care about the benefits — something more was at stake.

Chinese leaders are acting like petulant children who won’t share their candy.  They have always taken such an approach.

This time it is different though . . . they don’t seem to care what ‘our’ leaders think about them and they don’t really expect change.  Its all about politics and public relations and the rest of the world is their audience (excluding America).

In their own minds they deserve better–or they just don’t care what we think.  In their opinion the American markets for Chinese goods is shrinking . . . so the leaders in China find us less appealing . . . and other global markets are being targeted.

Heck, the President put off a meeting with the Dali Lama just to please them and they were still somewhat less than civil.

What more do they want?

Chinese leadership is increasingly independent of the U.S., and, at the same time,  best buddies with Venezuela, Russia and even Iraq.

How does that old saying go?  The enemy of your enemy is my friend.

Our leadership needs to beware.

At stake is the once inevitable globalization of our Democratic system — our economic model as well.  China’s recent success has third world and developing nations thinking that the option of democracy and American free-market economics isn’t as attractive as once believed.  China’s model is the new answer.

How would the world look with only two systems?  Ours and theirs.  And, since the majority of nations and populations are in the third world or developing category that are now inclining toward them — we could end up as the minority.  Odd man out.

Not good.

We have to counter with wise policies to end recession and reignite our economy.  We also have to come up with quick ideas to rebuild our demonstrably better political system.

Not going to be easy.

Obama has to lead — not ’shine.’

Congress has to act — not react.

The FED, the Treasury, Congress, and the President have to monitor the recession and start raising interest rates and taxes as soon as a recovery is evident.  Political change is as important as economic change.  And both need to bring a clearly ‘better’ result.  Soon.

Democrats and republicans alike should have enough confidence in themselves and their parties to push for a constitutional amendment that would create term limits on all elected offices.

Further the government, from Washington D.C. to Wasilla, Alaska, should follow-suit .

If we follow this plan we can be back in the global ‘driver’s seat’ in about four years.

American should, and can, return to greatness.

Level-headed economic policy (including debt reduction) and term limits are two good places to start.

2010-2014 can by our years of the tiger-beater (and maybe Tiger Woods will back us up too!).

thanks for the photo to flickr’s law_kevin

Continue Reading

Obama’s mistake

Posted on 28. Jan, 2010 by scott.

I was spell-bound as President Obama addressed the nation last night.  With a wonderful opportunity to unify the nation he struck out.  He disappointed me.  The guy is  real personable and he is on of the best at political rhetoric.  Yet, I believed he failed.

How do I count the ways?

Jeeze Louise, couldn’t he have dropped back just a little bit before making the ‘hail Mary’ pass?

Sure he talked about unemployment and even mentioned a few generalized notions about how to deal with the problem . . . but, nothing specific and nothing immediate.  Strike one.

As I predicted the stock market, which represents most of us through direct investment or indirectly through ownership of funds/retirement accounts or such, tanked.  The DOW was down 181 points early on and was only a ‘fiddy-cent’ away from breaking through the 10,000 barrier.  Anyway a BIG strike one.

The next problem was that Obama apparently has decided to continue his original massive agenda to change America in his own way.  He didn’t back down on a single issue.  This of course diminished the issue of unemployment.  How the heck can he expect a now crippled congress to pursue the ‘Obama’ agenda?  If you are at a huge, expensive buffet — everyone knows you have to pick mostly the best stuff and leave the ‘veggies’ alone.  Every one but our President.   Hence, strike two.

Then the fact that he blamed everyone but himself for our current miserable status.  Wasn’t he the one that promised the stimulus would hold unemployment to 8%?  Dang, he blamed Bush and everyone else who was involved in the previous 8 year administration–as if Obama himself  could have done nothing to save us.  You take the job . . . you gotta take the blame, my man.  Don’t hide in the White House . . . get out and about (not just at democrat fund raisers).

It was such a partisan speech, yet he took big jabs at the dems, and huge one at the repubs.  Shoot, he even managed to offend the Supreme Court and the Joint-Chiefs-of-Staff.  He wants gays in the military, limits on corporate election spending and to tax every state that uses coal to generate electricity?  Why doesn’t Obama just make this great nation one huge state . . . he could be the Governor and run forever.

Oh, ohh . . . strike three!

Then there was the 2,000,000 jobs he supposedly saved.  How the heck can he ever prove that! Even if its true it doesn’t comfort the 15 million that are still out of work.

President Obama seems to be living in another world (‘Avatar’?) and not paying any attention to public opinion.  The poor dems must be shaking in their already shaky ‘red’ election shoes.

This unrelenting, strident approach to the Presidency is not working.

The shotgun approach Obama is taking  is clearly wrong and misdirected.  The only thing that I can think is that he is throwing so many ‘things’ out there that he is just hoping  one of them will hit the target and make him a hero.

That is not going to happen.

And what is up with promising that American exports are going to double in 5 years?  CNBC confirmed this morning that the last time we doubled exports it took 12 years.  What is this guy smoking?  Strike four (guess this is a new and different game).

As I wrap this up Ben Bernanke has been confirmed by the Senate to continue as the head of the FED for another 4 years and that should help the market — oww, the DOW  closed down only 115 points.

You paying attention Mr. President.

It is ALL about:

Unemployment, Unemployment, Unemployment!!!!

thanks for the flickr photo to the giant vermin

Continue Reading

Obama gets a 2nd chance.

Posted on 26. Jan, 2010 by scott.

Except for a few die-hard dems there are few American fans  (I exclude Norwegians and Swedes)  of  President Obama’s first year.

A Noble Peace Prize?  Oh come on, who thinks the world is safer or more peaceful than it was a year ago at this time?

Really.

But, with few real accomplishments in his first year, tomorrow presents our  ’celebrity’ leader a 2nd chance to move America forward.  The State of  The Union message is traditionally a time for the President to speak of past achievements and lay out plans for the coming year(s).  This time around there is only cause for future plans.

Tomorrow Obama needs to talk about only three things — unemployment and unemployment and unemployment.

If he does so in a way that is encouraging and restores optimism to the average American,  I think they will give him another chance and perhaps his party too.

If he does not, then I believe both America’s and World-wide stock markets will tank (accelerating last week’s declines) in a visible reflection of the populace’s distrust and doubt regarding the World’s preeminent leader’s policies.

A lot of this will have to do with how the media characterizes the future after the speech, but I believe most American’s will ‘get it’ on their own too.

This  ’do nothing ‘ Democrat-heavy government has got to start focusing on the issue that resonates with Americans of class except the ‘royalty’ residing in plush Washington D.C. homes.

It is not a difficult call.

With 15 million unemployed, 5  million under-employed and at least another 20 million more who are married to, parents of, or friends to the first 20 million, there will be heads to roll in the next election.

That ought to give the D.C. royalty a thing (or 20 million) to think about.

How many voters really give a crap about high falootin and pork belly  health care issues if they or a friend/relative is out of work!

President Obama had better have some genuine solutions for unemployment, and not the income transfering middle-class benefits that have been touted on the news as White House leaks lately.  Giving a few $$ more deduction for kids on someone’s taxes isn’t putting anyone to work!

Things that he needs to promote are:

Immediate infrastructure projects that have real usefulness over the long-term,

increasing military recruitment (to take the pressure off of soldiers who have spent 2 or 3         tours in the battlefields),

immediate, huge  incentives to small businesses to encourage them to hire,

the same incentives to entrepreneurs to encourage them,

and, how about the government hiring another 500,000 or so homeland security types — it isn’t like we don’t need them at our airports, border crossings and in our malls.

We need action that will add jobs within 60 days —  not 3 years!

And, stop VP Biden,  or anyone else in the administration, from talking about the millions of jobs Obama has saved or created . . . that is just political ‘preeming.’

Show us the money!

I’m waiting Mr. President, because I really want you to succeed.

Darnit, I have friends and family that are out of work and can start tomorrow!

Actually day-after-tomorrow will be fine with them.

thanks to flickr’s ewen and donabel for the photo

Continue Reading

Obama goes on the offensive.

Posted on 21. Jan, 2010 by scott.

With the loss of his super-majority in the senate, President Obama has decided to act quickly and decisively — setting the stage for a moderate stance that could work in the months to come.

He announced today a number of initiatives to limit the ‘free-market’ activities of big banks. The implications to future profitability for those institutions (think here of JP Morgan, Wells Fargo, Goldman Sachs and such) is going to be significant.

Apparently investors think things are going to get a bit darker for the ‘biggies’ as a result.  Stocks of most of them took a big hit today.

thanks to adobemac for the flickr foto

Summarizing Obama’s speech is easy.  He doesn’t want the big banks to be able to take risky bets on other people’s money.  Heck, what precipitated the recent recession if not the big banks (financial institutions) and their Las Vegas style of money management?  The President gets it.

At first I was a bit disappointed.  You know, here goes the democrats putting new regulations and restrictions on free enterprise.  But on further reflection I am inclined to take a Keynesian mock-liberal view.  Do what is best for the country.

In fact I believe the President’s action will go a long way toward limiting  future financial crises.

You see, what happened in the past few years is that financial institutions had every incentive to take the ‘big’ bets.  Low interest rates made money readily available.  The banks ability to leverage ‘our’ money made it even easier and potentially more profitability.  There seemed little or no risk to taking big bets.

Lack of regulations in that  wild-west landscape?

Even Greenspan admitted that financial executives were legally (morally?) able to operate for their best good at the expense of ‘us.’

Bottom line:  I approve of the President’s anger and response.

Financial institutions should be free to do whatever they want with their own equity (money they have put up).  But, as regards to all of ‘our’ depository money (which gave them huge additional leverage)?

Whoa cowboy, keep that money safe and even off the freaking radar of the overpaid money managers who just loved to bet ‘our’ money so they could get any spoils but not risk any of their own $$.  $20 million bonuses?  Easy money folks.  But not so much now.

Good work, Mr. President!  Keep thinking outside of the box . . . you may even be able to persuade a republican or two to consider legitimate health care reform.

Continue Reading

Crack in Obama’s dike? Scott Brown . . .

Posted on 18. Jan, 2010 by scott.

The special election in Massachusetts tomorrow is about more than a simple Senate seat.  Read on.

We all know that Senator Kennedy was considered an icon . . . bigger than life and all that.  His stated goal for the last few decades has been to reform health care and that goal, which seemed so ‘given’ in the last month or so, is now in doubt.

The lowdown is this:  if the republican candidate, Scott Brown, wins then the entire balance of power in the Senate will change dramatically.

Obama’s entire economic/political strategy would have to change and he is getting worried.  He even went to Boston to push the dems to get out the vote.

you see, the democratic candidate, Martha Coakley, had a big lead until recently and there was no real issue other than the coming special election.

However, now that Scott Brown has stumped the polling specialists and pulled into a marginal lead the whole economic and political future is at stake.

If Brown is elected the dems will lose the critical 60 seat super-majority in the senate that made their idealogical dreams safe from a republican filibuster.

HELLO!

Yep, the dems much touted health care bill may be headed for the garbage heap of failed health care reform.  Sure, they are trying to put together a strategy that will avoid this by getting the House dems to just accept the Senate bill and send it to the President.  Then Obama could just sign it into law.  Game. Set. Match.  Ouch!

Ah, hemmm.  If a republican takes over the Kennedy senate seat an alarm will go out in Washington.  Dems have held the seat since the ’70’s.  A republican?

Shoot, all the dems in the House and the Senate will be scared . . . too scared to vote for a partisan health care bill that will be the primary reason for the (potential for now) change in Kennedy’s relm.

You mean they might even have to consider tort reform (doc’s paid $8 bill. in premiums last year)?  Or national competition for insurance companies?  Hck yeah!

What do I want?  The republican to win.  You should to.

A super-majority is dangerous.  The need for reasonable ‘across-the-aisle’ debate is out the window.  Whoever is in charge in such a case has an unhealthy (for Americans) control of developing legislation.

A change in Mass. politics would be good.  For everybody.

Would it kill the important health care legislation?

I really hope not because we need real change in this regard.  All the dems would have to do is start taking into account the opinions of others (including the angry electorate that want more effective health cost controls and not just ‘income transfers’ from the rich).

We can hope.

Tomorrow’s election will be real interesting.  I will be up late watching for the final returns.

Go change go!  Go change go!

thanks to david reece for the photo from flickr

Continue Reading

President Obama on Afghanistan. Huh?

Posted on 02. Dec, 2009 by scott.

I am sure most of us were waiting with bated breath for President Obama to reveal his new strategy on the war against terrorism in its Afghanistan spectre yesterday.  What a disappointment.

Attendance was mandatory at West Point (he is the Commander-in-Chief afterall) and still the reception there was muted at worst and respectful at best.

What up dude?  Why did this strategy take more than 3 months to formulate?

What’cha got?

Adding more troops as General McChrystal (the commander in the field) had requested, though not as many as the good General had hoped for.  A plea for help from our allies (who are they any way?).  And the incredibly naive promise of beginning withdrawal by the summer of 2011.

Hello!  That wasn’t a strategy, it was an admission of failure to date and an unequivocal assurance to the Afghan people that America is tired of this war and will try a bit more but not too much before leaving with our tails between our legs.

Yechh!

I am flat out disappointed.

You should be too.

Why is it that our political leaders never seem to reflect the views of our military leaders (which they always seem to seek).  The military types are professionals, the political types are glad handers.  It should not be too difficult to recognize that professionals have a broader and better perspective on any issue than part-time thinkers (congress–you pick the subject).

You can’t run a war on a schedule and President Obama should know that despite his lack of real experience.  Putting an end date on a war that has lasted 8 years while Americans died (a century or more if you want to count the Russians and British) is downright  folly.

With all the hype leading up to the speech at West Point yesterday we should have been given more.  How in the world do the democrats put a positive spin on this mess?

President Obama was perfectly clear vague on the details and preciously void of any understanding of what is happening in Afghanistan relative to the Taliban and Al Queda.  Where has he been for the last 8 years?  Doesn’t give me any confidence and it sure can’t be very promising to our men and women-at-arms.

If you want my prior views (unchanged to date) on the Afghan war go back to here.

My worst fears at the election of Barrack are being realized and I don’t see any turn for the better in the near term.

Hew as a great campaigner and does really well reading off scripts from the teleprompters . . . but what happened to the great ‘mind’ the democrats and broad minded independents were voting for?  To the Nobel Peace Prize winner who ‘earned’ the medal before doing anything to merit it?

91 days to come up with this plan?

If our President doesn’t understand the issues in this war then how is he going to get our allies (again who are they?) to step up more than they have in the last 8 years.

Here is what I see with the plan as it now stands: 30,000 more Americans will show up (but with uncertain directions), $30 billion more will be spent next year on this ‘war’, a few (compared to our 100,000) troops from other lands will arrive to direct traffic (but not fight), the Taliban and Al Queda forces will rally their own troops (knowing they only have 18 months left to kill infidels with hidden bombs and suicide idiots), and then . . . America will withdraw like we are doing in Iraq and declare that the local government is going to be in charge from now on because we trained them so they can . . .

End of story.

The political bottom line:  President Obama is NOT proving possession of great intellectual capacity, is proving to be indecisive, continues his efforts to change perceptions of America in the rest of the World (with a hopelessly inept diplomatic approach — Iran, North Korea, Russia, China, Iraq, Afghanistan, Venezuela, California . . . ) at a cost to be determined later, watches as unemployment keeps on climbing, AND . . . proves why his popularity diminishes further.

Oh, what great hopes I had.  At least President Bush (the worst President in my memory), didn’t care about celebrity.  He always (when not on vacation) seemed focused on the job.

Come on President Obama, you still have 3 years left to show us what you got.  The first year is a dismal failure in my estimate but hope reigns eternal!  I don’t know who I am more disappointed in — Tiger Woods or Barrack Obama.

Forget the celebrity, stop needless travel (foreign leaders can come here for crying out loud!), start focusing on the real problems and pay attention to the ‘experts’ you hired!!

thanks to isafmedia at flickr for the photo

Continue Reading

T-day views before the feast.

Posted on 25. Nov, 2009 by scott.

In this time of thanksgiving and being grateful . . . I look for signs to rejoice about the economy and the political/social scene.  Here are a few to ponder on while you rest from gorging yourself  with the traditional feast.

The national credit card delinquency rate fell for the first time in 10 years.  Smakin’ and smokin’ this really is good news.  Details:  the % of U.S. credit card holders who are more than 90 days delinquent fell from 1.17% in the second quarter to 1.1% in the third quarter.  Means that consumers are paying off debt and controlling new debt at a much better pace.  If that is real then they must also be feeling better about both saving and spending.  Three stars!

The somewhat powerful influencer ‘Conference Board’ has informed us that consumer confidence rose from a 48.7  revised figure in October to a preliminary 49.5 in November.  Also good news even though it takes a number above 90 to reflect a more balanced economy.  Two stars!

President Obama has finally made up his mind about Afghanistan and will announce his revised strategy at a nationally televised press conference next Tuesday.  Whisper numbers are an increase of around 35,000 troops.  More than anticipated but less than the General in charge wants.  Two stars!  (would have been more if he had decided earlier)

The Indian Prime Minister Manmohan Singh has met with President Obama this week and bowed when he met our President.  Even lower than Barrack Obama (apparently as a private individual since American’s have a general disregard for hereditary leaders) bowed to the Emperor of Japan recently.  Four stars!  (just kidding but wouldn’t that be great!)

On that note I am leaving to buy the biggest bird in the city which I will proceed to masacre in a cruel and unusual manner which will make it barely edible but certainly something else to be grateful for.    5 stars and counting.

thanks for the photo to cygnus921

Continue Reading

Earnings and the Economy. A tough read.

Posted on 21. Nov, 2009 by scott.

With the third quarter’s earnings reports just about finished it seems the news has generally been pretty good.  However, with the average better than expected, to me it seems the corporations doing best are those that are large and that have significant international exposure.   The defensive plays as I call them (not the traditional ones you will hear about on CNBC though).  Companies such as Proctor & Gamble, IBM, and Intel.

This is to be expected I suppose with the continuing weakness of the Dollar.  You sell the same, or perhaps a few more, number of products overseas at the same price in local currencies and you are going to get more $$ in return.  This is particularly true of the companies mentioned above because they have a big presence in countries like China, India and Brazil where last quarter’s (or 2009) GDP estimates are MUCH greater than those in the U.S.  For example, China’s economy is expected to grow at a rate of over 8% in 2009 (negative 2.4% for the U.S.) and Brazil’s GDP grew nearly 8% in the third quarter, or more than twice the GDP growth rate for the same period in the U.S.

Governments and people alike are spending in these countries.  And they are buying great consumer products made by American companies such as those I mention above.  Cause for joy?

Tack on to this a DOW that is well above 10,000 (even with a 100+ point loss in the last two days of last week).

Sounds pretty good doesn’t it?

Maybe so, but I am concerned about a few things . . . like Obama’s public satisfaction ratings dropping below the 50% level in two major polls this week.  I think that these polls are forward looking (6-12 months) just as much as the markets normally are (and here I feel I must remind you that they are still WAY below levels from two years ago).  Hold on here buckaroo!

Tack on to that a few other parcels of data such as the unemployment rate at post-depression highs, the real unemployment rate about 17.5% (adding in those job-hunters who have just quit looking or have taken part-time/underpaying jobs), almost ONE IN FIVE AMERICANS un- or under-employed, more than 120 banks have failed this year, lenders are being more restrictive, consumer confidence is low, and credit card companies are raising rates (in the face of record low rates from the FED) and they are adding all kinds of crazy fees for dumb little things (you know what I mean if you have read a CC statement lately).

This has been a good year as far as market equities go (since March 9’s low anyway) but after any kind of Santa Claus rally there is bound to be  a big dose of concern and dubiosity.

Ah huh, times are great for employers (who are still in business)  . . . they can hire the best talent out there on the cheap, and they are cutting costs in other ways too.

However, you and I know that this is not a great time for consumers or workers and it sure as heck isn’t a good time for government (spending our tax dollars for the next five years this year).

Truly, this is all a tough read economically right now.

If you read or hear about highly positive thoughts from economists in the next couple of weeks you had better check who they are working for (banks, lenders, GM, or others with TARP $$).

If you hear or read about highly positive vibes coming from any politician in the next couple of months you had better check who they are working for (and it ain’t you my friend!).

Two problems reign supreme  now: unemployment and public (the government’s) debt.

If President Obama and Congress don’t get a handle on BOTH of these pretty quick then you had better lock the barn doors and hide the chickens.

This isn’t a gloomy forecast . . . it is more of a warning of what could be ahead IF . . . . . .

And, IF you want change you had better be calling and writing your elected leaders to get to work on the two problems noted above.

It doesn’t take a genius to recognize this (I am sure you do) but our elected leaders are rarely genuises (as history has amply proven).

That means you know what to do even if they don’t!!

thanks to flickr’s danoxster for the photo

Continue Reading

The Senate greases their re-election with unemployment!

Posted on 05. Nov, 2009 by scott.

Of course you have heard that this week the Senate (asleep at the wheel again)  passed a bill providing for extension of unemployment compensation.  No one should be surprised.  Billions of $$ down the drain . . . that is how I feel about it.  And, of course, yet another reason for term limits.

The details aren’t all that important to most of us — including the 15,000,000 unemployed — because while the bill shows some elements of ’sensitivity’ to the problem it isn’t for charity’s sake but rather to keep the Senators who are running for office next year from joining those 15 M in the unemployment lines.

The bill provides for up to 99 weeks of benefits . . . much longer than ever provided before (the previous record was 65 weeks in the 1970’s).  That is an extension of another 20 weeks and the fourth extension since June of 2008.  You can do the math yourself knowing that the average benefits are $300 per week.  Billions of $$ that should, and could, be better spent elsewhere.  And I really am for helping the unemployed . . . but remember that if you teach a man to fish he can live forever!

While you can do the math, you may not be prepared (mentally or emotionally) to figure out what this really means.

Let me tell you.

Numero Uno.  Ninety-nine weeks of unemployment.  That is nearly two years and isn’t higher than that only because of the political implications of providing TRIPLE-DIGIT UNEMPLOYMENT BENEFITS!    So the main reason for this is political . . . not economic.  Okay . . . we got that straight.

Secondly.  It is  businesses who pay for much of this benefit by nature of their contributions to the unemployment funds of each state and the federal government.  So, on a macro-micro level this benefit represents billions of $$ that businesses simply can’t spend on JOBS!  Ah, know you are seeing further political implications here . . . more democratic income shifting (a favorite ploy of the socialist left).

Thirdly and finally.  This extension of 99 weeks means that most (or at least a whole lot) of the unemployed (and their friends and family) will appreciate the impacts of these benefits extended right up to the critical elections of 2010.  Oh, yeah!  Get the picture?? What a dang obvious ploy by the majority democrats (and all of congress)  to buy votes so that they can stay in office (if it isn’t a direct political maneuver, it sure stinks like one).

Or course anyone who has been reading CapitalistMarks for more than a week knows that our #1 priority right now is unemployment.  But paying people to stay on unemployment even longer just isn’t right.  Fact is I know of one talented young guy who feels perfectly comfortable taking unemployment benefits (just about anyone can live on $1,200 a month tax free for 99 weeks) until he simply has to look for work.  That isn’t good for him and it sure isn’t good for you and me.

Congress is enabling again.  Just what we don’t need.

What we really need is all of those billions of $$ being spent to CREATE jobs (and a few hundred billion $$ more).  Stop paying people NOT to work and create jobs for them.  Or provide education so they can get better jobs.  Put them to work and not in front of their TV’s.

Another failure of moral balance by our Congress (democrats and republicans alike really).  Another great reason for term limits.  Another great reason to NEVER, EVER, EVER vote for an incumbent (and that goes quadruple for any that have had two terms or more!!!).

Light up the phones once again.  Swamp the web.  Write those snail-mail letters.  Get congress back on the right track.  Get America back to work.

Thank you and good-night for Pete’s sake!!

thanks to flickrs kaibara87 for the phots

Continue Reading