In parsing the article, a host of good things emerge that the Obama administration wants to look into to cut the deficit.
Repeal Bush Tax Cuts
Examine Privatization of Military, Contractors
Withdraw from Iraq
tax private equity and hedge funds at income level rates
cutting out private health insurers government subsidies when seniors would already by covered by Medicare
create revenue from permits for excessive greenhouse gas emissions
Lookin' good, trimming the fat and no privatization of social security mentioned or reduction of social safety nets.
I would suggest the Obama administration examine corporate offshore tax havens as well as incorporation offshore for tax purposes. Let's call it the global corporate tax shell game.
On Friday there was a conference on the financial crisis. It was held at Columbia University. Some very good interviews came from Economists Stiglitz, Volcker, Phelps and Bhide.
Below is an interview with Economist Joseph Stiglitz clearly stating the United States is putting good money after bad money. This is a fact we, those insignificant regular folk, have been saying for some time. Stiglitz also reviews what should be done with insolvent banks, discussion of Treas. Sec. Geithner's stress test and why a stress test based on a bad model or wrong assumptions is a problem.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
We have some real gems this week! The list is long so make sure you click on the entire post, all are must see videos.
First are two exceptional documentaries, CNBC's House of Cards and Frontline's Inside the Meltdown. Former IMF chief economist Bill Simon gave an truth telling Bill Moyers interview that to truly deal with the financial crisis one must confront and break up the oligarchs. (you know our corporate elite).
Frontline is running a series on the financial crisis and the first installment, Inside the Meltdown is below.
Fears of a nationalisation of Citigroup and Bank of America shook global markets on Friday, sending shares in the troubled banks tumbling and dragging down the entire financial sector.
It emerged that the US government is to begin its planned “stress tests” of banks’ financial health, which Wall Street executives told the Financial Times could start next week.
Gold prices broke the $1,000 a troy ounce barrier, the highest level in 11 months, as investors shunned risky assets for the relative safety of bullion amid renewed fears about the health of the global financial system.
I've been watching IBM on their media barrage trying to get Stimulus money for Smart Grid Technologies.
Don't Give it to Them.
Why would I come out so strongly against IBM as well as G.E. to get government money for a smart grid power distribution system?
It's really simple. IBM offshore outsources and displaces U.S. workers. Also, they seem to be going down hill on efficient and effective project deployment.
Alliance@IBM AFL-CIO affiliated union will tell you all about IBM's labor arbitrage practices. IBM even told U.S. workers to offshore outsource themselves.
This week's Economist magazine finally covered my favorite topic, manufacturing. The leader article is all about it, though of course its from the global perspective. Which if you think about it, makes sense for them. Anyways, read it, basically its "demand falls, too much production capacity" meme.
Well today Obama went to Canada and of course said nothing about our massive trade deficits with Canada or Mexico, instead saying we don't want to be that canard protectionist word.
"Now is a time where we have to be very careful about any signals of protectionism," Obama told a joint news conference after several hours of talks with Harper on his one-day visit to Ottawa.
"And as obviously one of the largest economies in the world, it's important for us to make sure that we are showing leadership in the belief that trade ultimately is beneficial to all countries," he said.
He stressed the United States would meet its international trade obligations and told Harper he wanted to "grow trade not contract it."
Things are going from bad to worse for our largest banks.
The activity in the nation’s banks suggests that investors believe they are circling the drain, zombies needing only a blow to the head once and for all, or facing an imminent restructuring at the hands of the government.
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It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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