Some very rational people have made some interesting comments on the past and current bank stimulus plan:
- This is like providing more cocaine to addicts!
- The plan is like putting really bad tires on a sports car which routinely runs at over 90mph. The tires have blown on four separate occasions, yet you continue to buy the same bad tires!
Meanwhile Geithner who has come from the uber secret Federal Reserve is now in the control seat of the Treasury. Both Bernanke and Geithner know the modus operandi and will continue on its secret path as best they can despite what the Fed sees as possible impediments by the U.S. Government. One has to question the wisdom of choosing Geithner for this position. After-all, in the testimony of the much lauded Harry Markopolis in the Madoff ponzi scheme, Markopolis said that the Federal Reserve has done a worse job at regulating the banking industry than the SEC has done regulating Wall Street. That testimony should be eye opening to everyone.
And too, I wonder why we don't have a think-tank of economists putting together a well engineered stimulus package rather than politicians? One has to wonder at the sensibilities of the government sometimes. Every year, the world awards intellectuals, yet government doesn't seek their help to solve worldly problems, such as the one we are in. The brightest minds on earth are left to linger when the world is in need. Go figure!
How long will we do more of the same, before we acknowledge that we need a new approach to problem solving? Or, are the powers that be fearful, that a new approach will make them impotent in the aftermath?
"Performance measured is performance improved."
- Paul J. Meyer
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