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The cure is Folly

February 20, 2009 - Ben Feldman
History is the study of the irrational in man. You ask what exemplifies the irrational. Well you don't have to look far. The president has unleased billions of fiat money with the help of the congress. The Democrats are completely out of control. Over 1000 pages in the spending stimulus bill, read by few congressmen and unlikely to have been read by his Majesty, the President. But here is the problem, the kernel of the madness, the ridiculous in the cure, less than 7% of our Congressmen and Senators have a financial degree or business backround. The President is a business ingenue. Recently, he said this is not the time to be making profits. When is the time? His Chief of Staff, Rahm Emmanuel, has a Masters in Speech. He once studied ballet. Biden is no economist. Barney Frank is a lawyer. What do these guys know about economics, and business? Scant little. And they are overseeing the car industry? Which brings up a debacle. The governments car loan bailout pork is really a replacement for the car market collapse. Cars are not selling. So the bailout is replacement revenue to keep the industry aspirating. But if the market is aspirating in future months what then? How practical is it for the government to be both the producer of cars and market, simultaneously? It's not practical or sustainable. That's the problem, sustainable.Court bankruptcy will have to follow. The cure here is all folly. This is market interventionism of the most aggressive type sure to lead portfolios into shallower waters, perplexing the obama supporter who will decry the free market as the perpetrator when in fact ever since 1913, when the Fed was established, we have not had a free market. Interest rates are set by a group of mortal men, at the Fed, playing like immortalists with interest rates, trying to engineer the myriad of decisions a market makes in determining rates, prices, future behavior, which in the end hurts the country, the heart and soul of its people, trying to manage their lives and being told by the President that we Americans need to live within our means. Really Mr. President, how about you and your colleagues on both sides of the aisle living within your means, and following Grover Cleveland, the last great courageous President who didn't like the way politicians plundered our treasury. Incidentally, Cleveland was a Democrat.


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