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Polyanna Was a Pessimist!

The other night my grandson wanted me to read him a fairy tale - I read him the Congressional Record! (Drum roll please!)

That might be funny if it weren't so damn serious! The President stated in his speech the other night that the economic problems we face are more than you and I are capable of understanding and we should therefor just trust him and leave it to more qualified folks to fix. That would have been bad enough but then he added hypocrisy to arrogance by telling us that politicians are qualified to be the economy's Mr. Fix-it. Beside the obvious condescension of that statement is the implication that the very people who caused the problem are now the best one's to fix it.

Are we supposed to be naive enough to believe that? How long will American's take being bald-faced lied to?

To quote another President who, nearly 100 years ago stated: "Let's look at the record!"

And a dismal one it is.

First, let's see what the Wall Street Whiz Kids are selling us. "Revenue is solid", "corporate bonds are good as gold", rating pimps (sorry, rating agencies) have suffered from 20/20 hindsight for decades and missed FreddieMac and Fannie Mae completely (they still have US debt rated AAA - the lone disenter is Marty Weiss of Weiss Research). Mike Larsen, editor of Safe Money states "If everything's really looking so good, why do I feel so darn bad?"

(to be continued July 25, 2011)


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For the moment, it's not the United States' economic disaster that is in focus. It's Europe and Japan, that folks are concerned about. Compare a chart of the euro to the S&P 500 and you'll see a correlation because the euro tends to have an i...

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