Was re-reading the great Gatsby again last night for the umpteenth time. And while reading the part that describes Cody, the Copper millionaire, I got side tracked to thinking about the economy again. Specifically how we keep spending money we don’t have and need to borrow from other nations and the impact it will have for poor folk the likes of you and me.It seems to get worse, I mean the State of California and major cities within its borders such as Los Angeles don’t have a budget but still wasting money left and right – like giving a $2 million dollar victory parade for the NBA Champion Lakers when they closing schools left and right and classrooms have 50 or more students. True the NBA will pay half of the $2million but still is another example of wasteful government spending.
My concern is that folk keep on doing things just to do them, not because they will work. All of them, Obama, Bush, Congress, the senate and the Federal Reserve Bank. Seems as if they do not know what we are dealing with, whether if this is a structural recession or a cyclic recession. As such, the stock markets may be artificially inflated and short term. I mean I know Tim Geithner is a smart man, but his approach to the economy is contradictive to Obama’s and seems more inline with that of Ronald Regan. After all, I remember when he was a Republican and worked for Kissinger and Associates .
I personally think that he and Summers may be setting Obama up for the Okie Doke, waiting until unemployment gets to near or above 11% nationwide before they actually start the real work on fixing the economy. And I will not be misled by their talk saying the dollar is getting stronger for to me, a weaker Euro doesn’t mean that the dollar is really stronger. The bigger part of the problem remains with Ben Bernanke, for I can’t tell if he will adjust interest rates in terms of current commodity values or the housing market? What ever the case this July 4th, don’t trip if gas is $3.00 a gallon in south - $5.50 or more on the west coast). Just my 2 cents, thanks F. Scott for making me see straight again.
