HAPPY ST PATRICK'S DAY.
Not a large Irish contingent here in Miami. But somehow we believe people in the Bars from South Beach to Homestead will find a reason to drink.
Where will you spend St Patrick's day? What's your favourite bar to hoist a few? And where will Rumpole be????
FMOC
The Federal Open Market Committee meets today. This is the committee that sets monetary policy for the United States. One problem- Fed Chairman Bernanke has used up most of the bullets in his gun to combat the recession/depression.
In the past, former Fed Chairman Alan (I used to be a Capitalist) Greenspan (an apropos name for today) used to lower the Fed funds rate a quarter point, wring his hands, mumble something unintelligible about keeping an eye on inflation, and the economy would come roaring back.
Now however, the Fed funds rate is approaching zero. Banks, which got us into this mess to begin with, are making billions loaning money at 5% that they are getting for free, and still the economy is contracting and we are losing more than half a million jobs a month.
What to do, oh what to do?
Well, the "experts" are saying the Fed could start buying US Treasuries. That would lower interest rates even more, and free up more money for mortgages, the reckless use of which also got us into this mess to begin with.
When we hear experts and politicians ponder on the ways to get more money into the lending market so people can start getting mortgages again, we have to wonder where these people went to school? Enabling banks to start recklessly lending again, as a way to jump start the economy, is like a cardiologist telling a patient who just had bypass surgery, "we have to get you back on transfats so you can start enjoying eating again."
It's just plain dumb to want to go back to the era of everyone getting any mortgage they want, especially when banks still have close to a trillion dollars of worthless loans on their books.
As they say in Hialeah, "That dog won't hunt."
16 comments:
Rump, I totally agree. The problems we face today stem from excessive government intervention. Yes, there was an element of greed, but the greedy only exploited, sometimes legally, sometimes not, an opening created by the government. In any case, there will always be greed, it is human nature. Trying to stop greed is like trying to stop money from finding its way into politics, or catching water with a net. Can't be done, and it is silly to waste time trying. Rather, it should be channeled into productive outlets.
Disappointingly, conventional Washington "wisdom" has come up with a typical Washington solution. According to the D.C. establishment (Republicans, Democrats, and RINOs alike) the answer to the problem arising from government-created problems is MORE GOVERNMENT. The definition of insanity is trying to do the same thing over and over again and hoping for different results, and what Washington is doing is insane. Government, any government, is incapable of fixing these or any other problem (see "war on poverty", inner city public schools, fiscal discipline, the list goes on and on....). Thus, the government should simply step out of the way, and let the adults handle this problem. It might hurt a little bit in the short run, but it would avert a great deal more pain down the road as our great-great-great-great-great-grandchildren pay off the trillion-trillion dollar debts, plus interest, that the Obama-Pelosi-Reid tripartite is saddling us with today. This is not a partisan issue, there is more than enough blame to spread out over Capitol Hill. (with all this spending, should we rename it Capital Hill?) As Reagan famously and correctly said, government isn't the solution to the problem, government IS the problem.
Here is a link to a Journal editorial which encapsulates this sentiment exactly. The last paragraph is particularly salient.
http://online.wsj.com/article/
SB123725594071950875.html
Hire richard hersch and in addition to annoying jokes, here's the zealous and well planned defense you receive: ''He killed him because the guy was wanting to hurt him,'' Hersch said during pretrial arguments.
Rump, I hate to disturb you but I haven't seen a market update from you in a bit. Pundits say its time to buy if you're a long term investor and others say the market is acting as if there is no recovery coming. What's your take for those 20-30-40 somethings out there contemplating the market.
Additionally, do you have a thought on the idea of forgiving all outstanding student loans?
Thank you again.
I don't think that was Hialeah - maybe the guy from Haliburton
Didja get kissed by the Colombian yet?
All you civil lawyers--stick to your own blog. Your posts are annoying. If you do not cease, we will have no choice but to sic the one and only Alex Michaels on you.......
THE CAPTAIN WEIGHS IN ...
to 9:58 am.:
If you are going to criticize someone, at least have the balls to not do it anonymously. You are an embarrassment to the legal profession for speaking in a derogatory manner about a fellow member of your profession.
We are constantly preaching professionalism around the criminal courthouse and we are so proud of ourselves at the GJB for being more professional than those over in civil and family.
And, I can tell you that, we are far more professional than those other two groups. Except for people like 9:45 am
Well, 9:45, go take a course in professionalism, and, if that doesn't work, try to remember what your Kindergarten teacher and hopefully your parents taught you:
If you don't have something nice to say about somebody, then keep your mouth shut.
Captain Out ....
Why is your posting cutting itself off? THe text on your blog is all screwed up and impossible to read lately...
O'Rumpolean-You ain't a true Irishman til you drink green beer, wearin green at a pub where traffic lights are green-yellow-red from top ta bottom.
Signed-
PD O'Malley
An when was you' last trip to Boston, mate?
Captain,
You should take your own advice and act professionally. You are the biggest culprit of the lack of professionalism that is evidenced in this blog. You have repeatedly criticized people. Get off your high horse.
If you notice jackass, that comment that is being posted "everywhere" is not being posted on my blog.
"Jackass" Don't kill the messenger. You just lost a reader.
Happy St. Patrick's day from myself, my cousin Phillip MacCrevice, my good friend Pat McGroin and the indomitable Gerald FitzPatrick and Patrick FitzGerald.
Oh my! What shall I ever do now? I guess check the blog counter.
Captain-- you and many others criticize lawyers here all the time. Most of the time the lawyers are not defense lawyers. When you get over your double standard.... well, never mind, that's not going to happen.
2:16, Why else would Sir Rumpole be welcoming the comments? Because Rump is a man who likes a little side of salsa with his meals.
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