In God We Trust--Oh, Really?

What is wrong with this information? You gather a bunch of yokels together, feed them a line where Talk inhibits true Thought, and force-feed them a set of Prices. The professional investors were not present, and probably had not been there for over a year. Most of the Amateurs do not even bring a Calculator, know nothing of the intricacies mortgage bankers utilize to set Mortgage rates, and jump because the Auctioneer tells them that a Buy is such a good failure. One of four of the Buyers will be refused a mortgage, and one of four of the mortgaged houses will probably be on the auction block again in the near future. Mortgages are still being given because of marginal solvency, but the Sales give Mortgage Banks breathing room, so that they do not have to Write Down additional Paper; the whole Process delaying the violent Storm, at the Cost only of some individual Credit ratings. Lucky bankers may even reach Retirement and Pensions, before the losses actually have to be compiled.

This article should be enjoyed, because it speaks more of Government intention, than it does of Government response to the economic troubles of our Time. It is also mostly a Joke, because it would describe accomplishments never possible with the presence of partisan politics. Such political persuasion always insists on a Quid Pro Quo approach where every Concession must be matched by a Concession from the other Side. For any budget to work under such a system, each Side must be ready to accept only One-Half of what they desire. The reality of Politics states each Side will continue to make Concessions until each receives what they want, or some political reality intervenes to forestall the Garnish program. In no case does any political element feel any loyalty to any budget element, even when they proposed the budget in the first place.

One can attempt Change when there has been marked failure, or one can accept the apologies of Those responsible. The Former places some form of Amateur in charge of major institutions; the Later assures a basic ‘Business as Usual’ as the Players made their Wealth and Position under the old system, and will return to it with any confrontation with adversity. We get inexperienced Stupidity, or expert Chicanery. It is not to say that Old Dogs cannot learn new Tricks, only that Education carries a instructional Cost, and Thieves learn How to better cover their Tracks. Either case costs Money, in addition to What was already lost. One has to ask if We can afford Students when there are trillions of Dollars on the line. Of course, one also has to ask if We can endure Thieves, when We are talking about percentages of GDP. lgl