Midweek briefing ... sadly, the curtain has just openedSubmitted by northstar on Wed, 02/04/2009 - 03:33
Short article, but straight to the point:
Congressman Ron Paul of Texas notes that $79 billion of the $819 billion economic stimulus package "bails out states that haphazardly expanded their budgets during the bubble years but refuse to retrench and cut back, as their taxpayers had to do, during recession years." This is as bad as rewarding corporate failure. ... Speaking of which, ABC News reports that Bank of America, recipient of a $45 billion bailout, sponsored the "NFL Experience" at this year's Super Bowl. Bank of America defends the event, saying, first, the contract was signed last year, and, second, the event (among others it does with the league) "generate significant revenue streams." Good, use those "streams" to pay back the public. ... George Mason University economist (and Trib columnist) Donald J. Boudreaux says President Obama's demand that China "correct" its "trade imbalance" with the United States is nonsensical: "With one breath he argues for a $1 trillion stimulus plan that will require Uncle Sam to borrow unprecedented sums. With the next breath he tells the Chinese to reduce the amounts they lend to Uncle Sam. This isn't leadership; it's an act in the theater of the absurd." And sadly, the curtain has just opened.