... or at least Capitol Hill wouldn't mind one. The atmosphere there is so anti-growth its difficult to even listen to for a few minutes. Today started out with reassuring data and the markets opened higher yet again, looking to continue what has been a very solid week. Then we had to have Sec. Paulson, Chairman Bernanke, and Com. Cox step into the Senate to answer absolutely ridiculous questions about markets, soverign wealth funds, interest rate freezes, foreclosure moratoriums, etc. etc. etc. As you can see from the above chart, stock markets started to fall almost the instant the diatribes began at 10:30am. Everytime I tune into CNBC to listen to one of these Capitol Hill testimonies I cringe listening to the likes of Chuck Schumer and his cadres blast Chairman Bernanke for letting our economy fall over the edge into recession. "You've created this mess of an economy," the Senators say, "and now WE have to rise to the rescue with a stimulus package to make up for your transgressions." "You greedy people have forced innocent homeowners into the streets, and now WE have to keep you from doing business anymore."
Its ridiculous. Its a total subversion of reality to push a political purpose (it happens on both sides of the aisle now, unfortunately). And markets despise it. Will Washington DC please step out of the way and let the US economy do its thing?
I think the answer is NO.
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4 comments:
Adam Smith wrote in The Wealth of Nations...
"Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer."
Isn't government just promoting the interests of the consumers they represent?
I do agree that these Congressional testimonies are ridiculous because the same question comes up again and again. Maybe they could let their economic aides ask questions for them so we would actually accomplish something with these testimonies.
Amen brother, government should get out of the way and let markets work naturally. They are far more efficient than bureaucracies can or ever will be.
i think government is the consumer.
Bad news
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