Archive for the ‘Op-Eds on the Economy’ Category

“Less Is More!”

This country needs to heal. But it does not need another layer of bureaucracy. We do not need a Consumer Finance Protection Agency.

Yes, the consumer does need protection from predatory capitalism; from the banks and the financial services community. But adding another complicated layer of protection is not what this country needs.

We have regulators in place, at one time strong regulators. But over the last 10 years the power of those regulators has been systematically stripped from those agencies by an unwitting Congress and an uncaring administration.

The past administration, either out of incompetence, stupidity, or through a diabolical plan, placed impotent individuals in charge of regulatory agencies charged with protecting the consumer—American taxpayers. Not only did we get little for our money, but got screwed in the process.

At a time when deficits are skyrocketing, leaving untenable debt for our children and grandchildren, this administration wants to add more government employees to the already too large bureaucracy.

But, the problem lies with Congress.

How does Congress legislate industry’s that they rely upon to get reelected? How do Congressmen and women protect their constituents from predatory corporations that are counting on considerations for their largess; huge campaign donations? Read the rest of this entry »

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“The Dow at 6,000” (reposted)

Last September, when the Dow was at 9,200 I told several people that we’d be lucky if the Dow managed to stay above 7,000. Now, I predict we’re faced with a Dow at 6,000 or less, maybe even this month. Submitted as an Op-Ed to the Wall Street Journal, April 2, 2009.

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Originally posted – April 2, 2009

It’s been one bumpy ride for Wall Street since the beginning of 2008. It’s been volatile and unpredictable; a bit like Mr. Toad’s Wild Ride, the chaotic and exciting children’s ride at Disneyland. I would have used the E Ticket analogy, but many of the traders would not have understood the classic reference to the level of volatility.

Traders, brokerages, pundits, and analysts vacillate from grave concern to irrational exuberance in the same day, and sometimes in the span of a single hour. It becomes increasingly difficult to predict the direction of the market when the market itself is so capricious.

Some say the volatility is caused by a lack of clear direction from the government. They decry the intervention of the government in private enterprise, protesting that it is leading to socialization. But in the words of the now infamous former Senator, Phil Gramm, they’re a bunch of “Whiners.” Read the rest of this entry »

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