Wednesday, November 26, 2008
Paulson, Paulson, Paulson
"Paulson pulling more tricks to bolster US economy"
Finally, an honest headline about the parlor games and sleight of hand tricks that are being implemented to maintain the facade of never-ending growth and good times. I saved it, so here are a couple of excerpts I find particularly telling.
"With the economy showing further signs that it is headed into a steep swoon, Treasury Secretary Henry Paulson is pulling more tricks out of his bag to try bolster the country's battered financial sector."
"To revive the economy, President-elect Barack Obama has said a top priority will be working with Congress to enact a stimulus package with the goal of creating 2.5 million new jobs over the next two years. Analysts believe such an effort will require spending between $500 billion to $700 billion, a figure that would be on top of all the money being spent to stabilize the financial system."
Ah, the old stimulus package, as if the economy somehow just forgot to work and needs to be prodded to get back to business. You know, if it wasn't for the wisdom of governments here and abroad, concepts like an economy just couldn't exist. At least that's apparently the thinking behind the philosophy of government stimulus (aka interference). Oh, and that 2.5 million new jobs should really help alleviate the pain of the 10 million+ jobs that will be lost over the same period.
Will governments ever learn? I doubt it. It's not in their nature to let markets operate independently, only insuring that force or fraud are not present (something they haven't been doing, which is part of the reason we're in our present pickle). If they did that, people would soon see that very little government is needed to live a full, productive life, and where is the advantage for politicians and bureaucrats in that?
The only way the US government will stop (temporarily, at least) is when it has so thoroughly bankrupted and discredited our economy and, by extension, itself, that it has absolutely no more credibility with anyone anywhere in the world, much less its own citizens. Will our present crisis lead to that apocryphal event? I do not know, but it looks to be a good start.
Good luck in the future. I'm not going to let this stuff bother me because, as I've always said, "living well is the best revenge" (on your enemies). With that in mind, I believe I'll steal a few hours and head to the range to try out some new loads I made up (range report to follow, if I go).