Can I ask a question please, regarding your thoughts on the next G20 summit? BTW, what a day not only for America but for the world.
Should and could Obama be invited to attend?
I lost 455.00 last year.Wealth distribution please! He won....so Im lookin for it.Yea....right
I dont have time for a long answer, you know how busy I have been.
First, I did not complain about the tax cut and suffice it to say I have spent a large multiple of those dollars by investing in my new company and spending it on my family (easy to to with 4 boys!). If Bush would have kept Clintons tax rates and we kept running surpluses I would have been fine with that. If he would have kept those rates and decided to pass out money to low income folks and run a deficit I would have bitched to high heaven!
In the long run I still believe that the best thing we can do for our country is to get our deficits and debt under control. Sure the short term pain could be severe but its a "pay now or pay later" scenario and the pay later option is going to be a whole lot more expensive for future generations. If we dont start now when do we? Interest rates are going to go up. We are getting ready to sell an unprecedented amount of treasury notes in the near future. Add in the fact that we are down to 17 primary dealers (I think we had 30 or 31 when I started in the bond business in 1990) and we have a recipe for much higher rates in the near future. As I mentioned to you privately, as soon as the Fed can they are going to raise rates so we dont have the potential for a Greenspan type bubble....it may be a year or two, depending how deep this recession goes, but it is going to happen eventually.
If you have a friend with is over his head with credit card debt do you tell him to stop getting his Starbucks everyday or do you tell him to cut the card? You tell him to cut the card!
We are so spoiled here in the US that God-forbid anyone go through any short term pain for long term gain. Sure, this country needs to spend a little to help shorten the depth of this recession but giving out money to people wont have any long lasting effects.
I am willing to go through the pain of higher taxes if it were put to good use. Invest in infrastructure, pay down the debt, do things that have lasting value. Stimulus checks are worthless long term.
Dont get me going on healthcare. We cant get the folks coming out of med school now to go into general practice because it doesnt pay enough and there are too may headaches with Medicare etc. The medical staffing firm that is next door to my company says no one wants to be a doctor any more because the pay is not worth the hassle.....doctor compensation would probably go down under national healthcare which would make that problem worse.....but, if doctor comp does go up then its a bigger expenditure for our country.....another conundrum. Additionally, I would suspect that a good portion of those 40% that dont have healthcare already receive treatment at county hospitals and such. My wife is a trauma ICU nurse at a public facility like that and they have very FEW folks come through that have insurance. So I would not expect a big bump from those "new patients"....plus, I hope I dont get sick if THAT many folks are going to be jamming up all of the waiting rooms all of a sudden!
All of the above is my personal opinion which ain't worth much and is probably both right and wrong!
PS. Munis are getting more expensive everyday now ;)