Home > CO2-Free Energy (Example: Solar Electricity), Fande = Fact & Evidence, Original Thought, The Economy > Dow Jones touches the 9…Did I hear a niner in there?

Dow Jones touches the 9…Did I hear a niner in there?


“After falling below 10,000 and then 9,900 amid worries about the recovery and Europe’s debt woes, the Dow clawed back in the final hour of trading.”

Time for a Public Works Program like FDR used to put unemployed Americans back to work building a sustainable infrastructure for generations to come. The roads, bridges, aqueducts and dams those men built in the 1930s, we’re still using them today. This time with Obama, we can build a CO2-free infrastructure. We can put out-of-work men & women back to work installing solar electricity, for example. Hammer-and-nail jobs, manufacturing jobs, management jobs. And we can take control of the cost of running our homes and offices again. We can become energy independent, which is good for our national security, too. The icing on the cake: we  can help to preserve our environment, as well.

You can’t trust the private sector to do the right thing. You give the banks $700 billion to buy up their bad assets and clear them off the market, and the banks don’t buy up the bad assets but instead cover their holes, start investing again and assigning record bonuses to their employees…as if they hadn’t just caused a financial meltdown. The banks were supposed to lend that money to the general economy, so that small businesses could continue using commercial paper to cover payroll and monthly expenses (just in case payments from their customers were a few days late, they could still stay in business). But no, because the banks did not lend the TARP money, the credit markets froze and unemployment increased. Yeah, it was called “Troubled Asset Relief Program,” but the banks did not use the TARP to “cover” their losses. They used the TARP as a man-made trampoline…you know, where a circle of people heave somebody high into the air, like at a beach party in the Hamptons. Those clever bankers. They really are the smartest people in the world. They will figure out a way to maximize profits for themselves with whichever prop you throw at them. (Not all people in the private sector are scoundrels. But the scoundrels are winning these days, and the majority of hardworking Americans are getting rolled.)

Here’s how Larry Kudlow, conservative financial commentator who served in the Reagan administration, put it. He said the Federal Reserve’s monetary policy of low interest rates “amounted to throwing red meat to a pack of sharks in the deepest waters.” Subprime was then right around the corner. Of course, the Bush White House condoned subprime by not regulating it. They were busy spending $700 billion dollars-plus on a war in Iraq that we supposedly started because there were “Weapons of Mass Destruction” ready to be used on Americans. There were no WMDs, but that price tag is accurate. Has anybody done the cost-benefit analysis on the Iraq War yet? Damn, what a waste. Of human life, of hundreds of billions of dollars. A waste of our time, resources and energy. But we’re all here on this planet. So let’s get to work making it better for the majority of people who live here.

Source: http://article.nationalreview.com/421241/obama-rewards-losers-punishes-winners/larry-kudlow

Since the private sector has proved that they consistently overvalue assets to the detriment of the society at large, most recently in 2007-2008 with the subprime-mortgage-backed securities scandal and subsequent bailout (Crashes of ’29 & ’87 also come to mind)…I think it’s time to get a government-backed, meaning government funded, Public Works Program going. We get Americans back to work rebuilding our country for generations to come. I wish every Wall Street banker or affiliated hedgie in Connecticut, or wherever around the world you guys and gals are trading paper like hagglers at a flea market, would just every once in a while, stop, and look around. Recognize you are not in a flea market, you are not on the floor of the NYSE, you are not in a cushy office with a scenic view (well maybe you are on the floor of the NYSE, and maybe you are having your third course of lunch served to you by white-gloved attendants in the executive suites overlooking the water)…remember to have a global view when making your financial decisions. That big blue and green ball you are on, we’re on it, too. One World. One Love.

Wall Street, you got a lot of making up to do. If you don’t get it by now, your actions hurt a lot of people. President Obama, you’ve got a lot of rebuilding to do. Yeah, Bush left one hell of mess to clean up. It’s time for some solar-electricity installations with the stimulus money. Not tax credits. Not tax incentives. Not tax benefits. Not tax whatever, whatever, whatever. I’m talking about a department, fully funded (hey, maybe with the bankers’ bonus money?) and ready to make employees out of the American unemployed. Please.


Fande = Fact & Evidence; Cande = Conjecture & Exaggeration

Bring your Fande, leave your Cande!

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