What do you think of this? I am truly swayed by many things in the course of my life, and David Altig provides such an astute rationale. I have always believed in Bank supervision, and have never thought much of Monetary policy. I have never considered the later a primary impulse for economic growth, thinking a real economic growth environment cannot be generated by what is basically an escape from the real Production Costs associated with the economy. I further hold the Thought that counter-cyclical economic factors negate any reduction of those Production Costs in the interim period. Most economic schools disagree with my assessment of course, but it does not lower the essence of my distrust of Monetary policy. I also do not believe that the Fed should interfere in Market flows, with a standardized rate of Return for Treasuries based on 4.2% for the Ten-Year Treasuries. It implies a correct rate of Taxation, both Apparent and Hidden, which impels a sound fiscal policy. We have went from a free market economy, to a Government-sponsored economy since the Great Depression; We were too far one way, so We went too far in the opposite direction. Someday I will be able to clearly define the bad habits of excess assumption of either direction, though the language currently escapes me!
David Lightman reports on the Gridlock in Washington. He insinuates that it is bad, though I imagine that anything inhibiting Congress from Spending more is a good thing. No amount of Tax Breaks are going to help, if Consumers are not buying the Product produced before or after the Tax Breaks. We need basic reform in almost every aspect of federal budgeting, and We are getting only rhetoric. We need to get something done, but it need be something which is positive. Asked What I could possibly suggest as economic relief, I proposed recently a million-man (or Woman) expansion of the National Guard; with the proviso that National Guard Salaries and Employments be exempt from consideration of Employment status for the receipt of Unemployment Benefits. We would get a trained semblance of a military force, though they would need significant Training before any deployment; a huge flow of Cash into households; even some constriction of the rates of obesity in this Country. It is something We can get both Sides to agree on, and it would be a significant benefit to businesses focusing on Military provisions.
I thought to provide this Piece also this morning, but decided it was a Weekend, and Why work hard? It basically only covers the ground I already covered, but from a semblance of support for the regime labor. So I will also present this material. We went from too little Government to too much Government, and Most think We have somehow become more successful. I personally believe We have only technologically advanced; something which would have occurred anyway. Still, my Readers are given a Counterpoint, while I can post this, and go out slumming and spending money I don’t have. lgl