Thursday, January 08, 2009

Cheney lies, Obama is wrong, Paul gets it right

While Vice President Dick Cheney uses his final days to tell lies:

During an interview Thursday with The Associated Press in his West Wing office, Cheney defended the administration's performance on an economy that is growing weaker daily and which recently collapsed in spectacular fashion. Cheney said that "nobody anywhere was smart enough to figure it out." (AP, by Deb Reichmann)

And President-elect Barack Obama starts giving clues about how he'll exacerbate our economic problems without providing a workable long-term solution:

(Obama) plans... a sweeping re-regulation of the U.S. economy. One of the leading ideas would combine the Securities and Exchange Commission and the Commodities Futures Trading Commission into a super-regulator that would be like another Federal Reserve as a cornerstone of the U.S. financial system. (Politico, by By Jim Vandehei & Mike Allen)

Congressman Ron Paul continues reminding us of the root cause of our economic problem:

“It’s not the fault of the individuals at the [Securites and Exchange Commission]. They have an impossible job and they have to pretend they’re doing something to feel relevant, the same way we do here, in the Congress. We have to feel relevant in this,” Paul said, “Instead of saying what we need is the market to work, we need to get rid of the bad policies, the monetary system, and this mountains of debt. We say, well, we’re relevant because we’re going to hire more bureaucrats and we’re going to appropriate more money that we don’t have and we’re going to solve all our problems.” (WSJ, by Susan Davis)

I left a job in 2004. I left mainly because I got tired of the commute to Stamford. But there were other reasons. One of the lesser reasons was that I was being asked to understand MBS' and CDS'. I knew at the outset that they were complex products... and they would take a great deal of time to handle.

If Obama thinks he can create an agency that will be able to recruit people who can keep pace with Wall Street traders... then he and his advisers are kidding themselves. They will not find people capable of regulating the ever-new exotic derivatives that will be created by Wall Street.

For the most part, those people simply do not exist... and of the ones that do... they certainly won't work for a government salary indefinitely. It's a pipedream.


It won't work. Ron Paul is right.

And here's a "super-regulation" to which Dr. Paul alludes... it's a great idea that would restore confidence in the US Dollar and in the economy:

The Congress shall have Power... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures (US Constitution, Article I, Section 8)

Tim White

1 comment:

Anonymous said...

Enough with Ron Paul. If we followed his advice, we'd quickly become a third world nation.