By: Les Dunaway
The subject of the Federal Reserve has generated a lot of smoke, but little light. In my opinion, the Federal Reserve must be changed, a LOT.
However, it performs required functions not related to the creation of imaginary wealth which has caused such suffering. Those who shout “Kill the Fed!” with no understanding of or consideration for those functions and their absolute necessity make the rest … Read more...
By: Les Dunaway
The term austerity has been misused hundreds of times daily for months now! It annoyed me the first time, as calling a leg a tail always does.
If you call a tail a leg, how many legs has a dog? Five?
No, calling a tail a leg don't make it a leg. Abraham Lincoln
It’s reached the point where I’ve got to talk about this latest foray … Read more...
Just The Numbers, Mam
By Les Dunaway
Well the suspense is over – what little suspense there was.
“Super Committee Says It’s Unable to Agree on Debt Reduction Deal“
We all knew that Boehner got rolled on the debt limit deal. [read] [read] [read] He should have asked Bush I about trusting Democrats. At least, he called Obama out … Read more...
By Les Dunaway
During the budget debate last December, during the lead-up the the debt-ceiling debate, … I’ve listened to statements made by various politicians, pundits and some real people. I’ve concluded that there really are people who believe that we can just raise taxes to support any desired level of spending. When they are asked about the example of Spain, Portugal, Greece, Ireland, … they respond “Well, that’s Europe; … Read more...
By Les Dunaway
Well, it happened. Just as the warnings foretold. When will there be some sign of adult behavior in Washington? During the debt cap discussions, the rating companies wrote to the President, the Senate and the House and pointed out that just raising the debt cap would not prevent a rating downgrade. Think about it! Would you see it as positive if your dead-beat neighbor bragged to you … Read more...
By Les Dunaway
Well, it’s been a rough week! With every indication of more rough times to come.
The economy continues to sputter and 1Q11 was worse that we thought [read]
There’s lots of punditry about what the debt ceiling impasse will mean:
By Les Dunaway
I want to refer you to a well written, upbeat-but-not-rose-colored-glasses piece in todays WSJ “The Future Still Belongs to America“. I want to highlight one paragraph which is, I believe, is key to the conclusion
New ideas disturb the peace of once-stable cultures. Young people grasp the possibilities of change and revolt at the conservatism of their elders. Sacred taboos and ancient hierarchies totter; women … Read more...
By Les Dunaway
This week was interesting! We had sort of a replay of how we got where we are – circling the drain, that is. We are running out of runway on the debt ceiling and on the general subject of getting spending under control.
First, we got the news that the housing crash has past the losses of the Great Depression [read]. The underlying causes of … Read more...
By Les Dunaway
This April 18th, 2011 will be one of those dates hated by school kids – because it will be part of the dreaded “essay question”. It’s still to be seen what the essay will describe – the beginning of America’s slide into oblivion or the beginning of her heroic escape from the yawning abyss of Euro-socialism.
One essay tied to 18 Apr 2011 can be written now … Read more...
By Les Dunaway
In a move surprising only those who believe demagoguery is a substitute for economics, the Standard & Poor Ratings Services downgraded its outlook on the US to “Negative” from “Stable”. This is the first step toward a downgrade of the US credit rating from AAA, which would increase borrowing costs and hasten America’s spiral into economic ruin.
“More than two … Read more...