Thought this rant pretty much sums up why the Congress has the lowest approval rating in history! Hope it wont drag down the approval rating of our President:
Courtesy Chuck Butler, President, Everbank World Markets.
OK, speaking of stimulus... I'm very upset with the "new and Improved" stimulus package. I'm sure you've figured this out already from previous rants. However, now... I'm even more ticked off! Oh, and the TV / Cable media are swallowing the propaganda from the White House, hook, line and sinker! Here's what I'm talking about folks...
The package has a "buy American" portion in the package... This is protectionism folks... And here's what gets my goat the most about protectionism at this stage of the recession... Fed Chairman, Big Ben Bernanke, is supposedly a "U.S. depression guru"... Well, Big Ben, wasn't the protectionism of the 1930's one of the reasons for the Great Depression? And is just so happens that now we've had "the cheater's" confirmation, calling China "currency manipulators", and that was followed up with the "buy American" portion of the package...
Look... There's nothing wrong with the slogan, Buy American... In fact, I think it would be a great thing to go around saying and doing, based on our manufacturing prowess... But, that's not what I'm talking about here... I'm talking about protectionism, at a time when the global economies are hurting and need to export to us... I'm really surprised that the currency traders haven't seen this and taken the dollar to the woodshed... But then, maybe they're getting the wool pulled over their eyes...
The other thing that ticks me off on the "new and improved" stimulus package is the fact that a very small piece of the $816 Billion (before the Senate adds their pork!), stimulus is for the infrastructure projects that have been billed as a "major piece" of this plan! HOGWASH! Now, I'm not going to sit here and pass judgment on all the "items" that are being allocated Billions of dollars, like $1 Billion to deal with the census problems, and $88 Billion to help move the Public Health Service into a new building next year, and $650 million for TV Converter boxes. The list of items like this goes on and on... And all worthy items, I'm sure... But none of these types of spending allocations, and I repeat this so you get the full force of this statement... None of these types of spending allocations are doing anything to create jobs. Oh... And just for those of you keeping score at home... $50 Billion is allocated to bricks and mortar... Infrastructure... Which has had "top billing" on this package... Well, the truth is out... I sure hope someone takes their lawmakers to the woodshed for this!
Showing posts with label Schumer. Show all posts
Showing posts with label Schumer. Show all posts
Tuesday, February 3, 2009
China: money fleeing,economy declines
Beware what you wish for Schumer et al. What happens when this situation changes?
China's money in full flight to foreign refuges: The flow of capital into China has reversed. Money is going out as the nation's growth rate plummets, with experts estimating that as much as $240 billion left during last year's fourth quarter. Chinese investors are sending their money out of the country; the foreign affiliates of Chinese companies are parking their money elsewhere; and foreign investors are increasingly pulling their money out.
A senior Chinese government official said 20 million migrant workers have lost their jobs because of the economic crisis, a figure that is two to three times higher than what the government forecast. Chinese Premier Wen Jiabao assured an audience in London that the government will "take forceful steps" to prevent the nation's growth rate from falling significantly below 8%.
Bloomberg
China's money in full flight to foreign refuges: The flow of capital into China has reversed. Money is going out as the nation's growth rate plummets, with experts estimating that as much as $240 billion left during last year's fourth quarter. Chinese investors are sending their money out of the country; the foreign affiliates of Chinese companies are parking their money elsewhere; and foreign investors are increasingly pulling their money out.
A senior Chinese government official said 20 million migrant workers have lost their jobs because of the economic crisis, a figure that is two to three times higher than what the government forecast. Chinese Premier Wen Jiabao assured an audience in London that the government will "take forceful steps" to prevent the nation's growth rate from falling significantly below 8%.
Bloomberg
Monday, January 26, 2009
Geithner China Comment
Is Tim Geithner's recent China bashing comment a goof?
I think so. Read this story from China:
"BEIJING (Nikkei)--Calls are growing in China for the government to reduce its holdings of U.S. Treasury securities, as some observers expect their prices to decline amid heavy issuance to fund U.S. economic stimulus plans.
Such sentiment -- in part motivated by indignation over recent American assertions that China is partially responsible for the global financial crisis-- threatens to cast a cloud over relations between Beijing and the new U.S.administration.
"China should sell some of its U.S. government bonds and increase its euro and yen assets," Yu Yongding, a former member of the People's Bank of China's policy board, wrote in a Chinese newspaper earlier this month. Yu warned that the supply of Treasuries may far exceed demand in the future.
Such remarks by Yu, who currently serves as director-general of the Chinese Academy of Social Sciences' Institute of World Economics and Politics, has sparked discussion within the government on how to manage its foreign reserves, according to a source familiar with the matter."
I'm not saying that "this is finally the last shoe to drop" . Just because a Chinese official calls for Beijing to sell their Treasuries, doesn't mean Beijing does. However, look at the damage done to the dollar, and Treasuries when we have a single individual within China calling for this!
A shot across the bow to Geithner, Schumer et al. China bashing is not only wrong in theory but has real world consequences for the USA. The US $ dropped nearly 1% over the weekend.
I think so. Read this story from China:
"BEIJING (Nikkei)--Calls are growing in China for the government to reduce its holdings of U.S. Treasury securities, as some observers expect their prices to decline amid heavy issuance to fund U.S. economic stimulus plans.
Such sentiment -- in part motivated by indignation over recent American assertions that China is partially responsible for the global financial crisis-- threatens to cast a cloud over relations between Beijing and the new U.S.administration.
"China should sell some of its U.S. government bonds and increase its euro and yen assets," Yu Yongding, a former member of the People's Bank of China's policy board, wrote in a Chinese newspaper earlier this month. Yu warned that the supply of Treasuries may far exceed demand in the future.
Such remarks by Yu, who currently serves as director-general of the Chinese Academy of Social Sciences' Institute of World Economics and Politics, has sparked discussion within the government on how to manage its foreign reserves, according to a source familiar with the matter."
I'm not saying that "this is finally the last shoe to drop" . Just because a Chinese official calls for Beijing to sell their Treasuries, doesn't mean Beijing does. However, look at the damage done to the dollar, and Treasuries when we have a single individual within China calling for this!
A shot across the bow to Geithner, Schumer et al. China bashing is not only wrong in theory but has real world consequences for the USA. The US $ dropped nearly 1% over the weekend.
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