Tuesday, February 10, 2009


Another Day on the Planet

Well, the new stimulus plan has been unveiled, and the markets reacted by tanking. We’re off to a great start. But let’s be honest: You’d have to be out of your mind to believe this is a solution in the first place. Supposedly boosting “consumer lending” is going to get the consumers consuming again, and that will help kick-start the economy. In case you haven’t noticed, American consumers — whom all the world depends on to consume, consume more, and consume still more — are already in debt up to their lower lips. No, make that up to their eyeballs. And the answer is to have them take on even more debt? What’s more, American consumers are losing their jobs by the tens of thousands, and the last time I checked, unemployed people don’t do a lot of shopping.

Meanwhile, the US government debt — already over $10.7 trillion the last I checked — continues to climb, states are bleeding red, California is bankrupt, and the world banking system is insolvent, but what the heck, it’s just another day on the planet.

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