Pretensions

Donald Lambro outlines the attempts by some Congressmen and Senators to block more Pork Spending through Budget Year2007, with a valiant effort to explain the horror of earmarks. The entire effort edged towards failure, not because of poor writing, simply because the Subject boggles the mind. Case in Point: The DoD Budget is far greater than was the War Dept. Budgets of WWII, both in nominal and real terms, yet We cannot fight a War without an additional Special Expense budget for each year of the Conflict. They do not call these special Appropriations any form of earmark, simply due to magnitude, but the Comment is the same, "Oh, by the way, We have to actually fight a War, so shell out the Cash; We don’t want to spend our own budgets."

Chris Dillow sets himself to an impossible task: defense of the current round of Bonuses for the City Workers. He suggests that for the ‘Rank and File’, the practice holds more than simple ‘Rent-seeking’; the practice common to big Executives. He may perjure himself with the statement that he was a previous member of the ‘Rank and File’, and his words might damper the injustices of a past life (Just kidding!). The debate, though, could be transferred to New York and the Brokerage firms. The facts really state that Investors must Vote with their feet, a very ineffective means to counter outrageous Charges; much lessened due to the monopolistic control of Brokers over the mechanisms of Investment. The highly competitive labor market holds no water, as it consists of Brokerage firms competing with each other; does Anyone know Anyone else who wants a broker as a Personal Physician, CEO of their manufacturing concern, or even a Fourth at Bridge?

Steven Kyle worries about the potential crisis of the Dollar, I hope Everyone caught the WSJ discussion between Kash and Menzie Chinn. The question I pose must be: Why does Everyone expect China to continue to buy U.S. paper? China has always had an antipathy to the U.S. Government, if not Our economy. They are busy developing alternate Resources throughout the World economy, and actively pursue Market outlets for their Products outside the United States. Many would claim Chinese bankers hold too many U.S. denominated assets to risk a sharp decline in their value, but do We actually know the inscrutable Chinese? lgl