GOOD MORNING. That cold front we were expecting has arrived. It' 59 degrees this morning at 7:00 AM. The high today should be 75 and that pattern of lows in the high 50's and highs in the mid 70's should last through next Monday.
New West Palm Beach State Attorney Michael McAuliffe is proposing to use private attorneys as part time prosecutors in County Court. The Attorneys, mostly former prosecutors, would volunteer and assist in misdemeanor cases so the State Attorney can concentrate resources in Felony Court. Talk about new ideas!! Maybe someone could discuss that with our State attorney when she gets back from vacation?
CAN I PLAY?
And in Florida's own mini-replay of the Senate controversy, Palm Beach "Judge" William Abramson has not been seated and sworn in, despite winning the election. Governor Crist has not yet issued the certificate necessary for Abramson to be sworn in. Abramson joins "senators" Burris and Franken as those desperately seeking an election certification.
One thing about Florida, under no circumstances will we let the national government take the weird spotlight away from us.
The West Palm Beach Post here quotes the Chief Judge of the Circuit as noting that the 91 day suspension is what makes this a problem, as after the 91 days, Abramson still needs to apply for re-admission to the Bar. What if he is not accepted? Hmmmm. The Bar wouldn't do something like that would they?
UPDATE: After Burris met with Senate Majority Leader Hang em High Harry Reid, Reid and the Democrats, following a "wink and a nod" from the President Elect, indicated that Burris would be seated "sometime before the end of the year or when we can get around to it".
Anyway, we're on the downside of the first week of the new year. One down, 51 to go. (sigh).
Here's a little personal financial advice: If you're thinking about buying a house- do it now. If you have an ARM, refinance now. In a year from now interest rates will be through the roof. Think late 1970's and 10% plus.
President elect Obama recently warned of budget deficits above a trillion dollars. Someone has to finance this deficit spending. And China, which financed our current spending crisis through the early part of this decade, is signaling an unwillingness to continue buying US Debt.
Plus, if you think about it, even if the Chinese or any other nation wanted to buy US Treasury Notes, they need cash to do it. And in this global recession, many nations no longer have the spending power they once did just a few short months ago. Even the oil nations have less spending money as oil has fallen over $100 a barrel since the spring.
What does this mean? If the US can't find a sucker to buy our debt, the government can no longer pump cash into the economy through the FED. Less available cash= higher costs of borrowing = higher interest rates.
Just watch these dominos fall. It won't be pretty, unless you have cash now. If you have cash, hold it, and when those interest rates hit double digits, start buying bonds and secure your retirement.
One of the many reasons we don't sleep well at night.