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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Best of Aubie Baltin
August 4, 2010
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Former FED Chairman Greenspan says Congress should let the Bush-era tax cuts expire in order to help trim the mushrooming budget deficit. I guess all his experience and education has NOT YET taught him that the only to way to cut Government Deficits is by way of GDP GROWTH. And that any 1 or even 2 year extension will do more harm than good as no businessman would ever take any action based on a tax policy that expires in less than 2 years. Does that answer your questions as to why businesses are sitting on their cash instead of investing? UNCERTAINTY BREEDS INACTION.  For your information, in 1929 corporations were also sitting on record amounts of cash on the balance sheet.

The Philly Fed July Index of Manufacturing Activity fell to 5.1 and the New York Fed's Empire State Index of Manufacturing Activity plunged to 5.08 from June's reading of 19.57. This economy is not getting better it’s getting worse, just as I warned you it would. Not because I have a crystal ball, but because it is just the natural result of the phony numbers generated in the 1st quarter by borrowing sales and other numbers (like inventory) from the future and then comparing to the worst recessionary year in since 1930.

Meanwhile, the Government has been relentlessly trying every trick in the book as well as pumping $100’s of billions into the stock market in their attempt to fool the public into believing that their $870 billion nonsensical Stimulus (welfare) Package is working and creating jobs. Do the continuous extensions of unemployment benefits not tell us what the TRUE unemployment picture really is?

Even the Fed's own Beige Book has now put off any real recovery for another 5 to 6 years. As long as the policies of the USA, Europe, China and Japan continue on with out change, recovery will only become possible after a complete collapse, forcing, after 100 years, a change in direction away from Socialism and back towards Capitalism.  This will be the only way that can possibly save us.

Meanwhile, the Government has been doing everything they can think of to paper over the ever expanding cracks by juicing up the US Dollar and the Stock Markets, including making every attempt to drive down the price of GOLD. However, all manipulations will fail as they must eventually come up against REALITY and God’s Natural Laws of Economics.