The stimulus is all set so how did the financial markets react? All major indexes are down. How are bank stocks reacting since a good portion of this is geared towards them? Flat. Look at construction and transportation which should benefit the most. Flat to down. Maybe this will work its way through the system…maybe not. If not it will be one and out for quite a few and if it works it will be a free ride to pile on more debt. IMO the real blame lies in those hardy band of Republicans who captured Congress those many years ago and in a short time tossed their political philosophy to the winds. Republicans want to blame someone? Look in the mirror as their actions begat this.
Bailout II is 1100 pages and was voted upon a scant 12 hours after it was presented. So much for transparency. Over a third of the financial package consists of discretionary spending meaning handouts. Yes…the cities, towns and states “need the money” probably “for the children” and that just covers up fiscal irresponsibility. President What’s His Name left a deficit that is beyond comprehension. In numerical terms it would be a goo goo. However in the spirit of mine is bigger than yours President WOW will exceed that legacy
JP Morgan and Citigroup have announced they are halting foreclosures. That is just dandy as seeing both got a zillion dollars from you, me and some of the folks in foreclosure.
The IRS has announced several programs to help taxpayers who owe and cannot pay. Nothing in the “help” from this most excessive of government agencies about no interest on back due taxes. That measure is the sole domain of President WOW cabinet appointees.
My baseball cap is off to Greg Judd who realized he cannot support a bill or a President that goes against his political philosophy and conscience. Judd is one of the few members of the House or Senate who has been quite consistent in supporting his philosophy at the expense of party agenda.
In Massachusetts the idea of reform and austerity seems like a totally alien concept to our legislative and executive branches. The bloated hacks, who are almost universally Democrats, have long used the excuse that the state has had a Republican governor. That excuse is gone and unfortunately Deval Patrick is not. As long as the Republicans can mange not to find reasonable candidates then the one party dominance and continuing failures will only magnify. Just a scan of pension abuses tells all.
Bosley is out now for his chairmanship. This, like gaming, was inevitable once the latest soon to be convicted felon - DiMasi - was sent packing after, of course, getting an extra year kiss for his pension. Hackerama needs money to keep the bloated oligarchy who feel it is ordained for them to continue avoiding what should be done. Where will it end? Taxes and fees will nickel and dime us to death the taxpayers. Cuts are made to the most needy and vulnerable of services while the elite maintain their family lines of “employment.” Naturally any increases is always “for the children.”
In some parts of the country housing values have dropped a staggering 40% with no accompanying decrease in property taxes. This reflects a tax increase and sooner or later a group of property owners will find a friendly judge who will agree to “adjust” property taxes. Think of the level of havoc that will cause!
The political races will soon heat up in Middleboro as perspective candidates return their papers. I suspect Steve Spataro may be in quite a race to retain his seat on the BOS. Meanwhile the local rumors and gossip will swirl around about the various “players” in our local drama.
Along those lines it was fascinating to hear the collective yawn as Steven Spataro outlined his proposed IGA meetings before the BOS by town department heads. I really expect a whole flurry of critical comments directed at the hand that potentially could feed them. IMO this is a bit too late but the town folk did get a greater frame of discussion time on the IGA than Congress allowed on bailout II.
If anyone wishes to continue the discussion of week twelve you may do it here or continue on that bloated comments list. Post away.