Time for a timely look back.
A Time To Act …
So, today …I’m looking back to 2007 to review statememts which came from Federal Reserve Chairman Ben Bernanke.
In review, I have to ask my self; if Obama and the Congress don’t heed this intelligent fellow, who will stop this dragon in Washington?
Who has the sword and the courage to take the head off the beast?
Who has the body, soul and spirit required to turn this mess around?
I rather doubt that it is a Harry Reed …or a Nancy Pelosie.
Here’s the bitch of it all; if Ben gave us the opportunity to act nearly three years ago; how much longer and how much more damage will be done before the American people realize how screwed they all have become in putting their trust and faith in such an indecisive politically destructive process?
Who is there who has the chutzpah to put their foot down …before it is too late?
If January 2007’s warning wasn’t a good enough time to pay heed to a warning …is today not still more urgent enough?
Are not tax receipts scarce enough? Are the costs associated with America’s Public Debt set to rise? Are inflationary pressures subsiding? Will Washington’s willingness to lower taxes gain wisdom and understanding in consideration of the private sector’s power to do the heavy lifting? Will energy costs fall? Will wages rise? Will expendable income go up? Will discretionary spending rise? Is housing making a turn for the better?
How is it that Washington can’t get it?
Are they losing it; or …have they already lost it?
One thing is for sure, the citizenry’s patience is running on empty in the wake of the last few years of shame and blames’ finger pointing.
America can no longer afford to waste time in grasping at straws.
Now …since last November’s mid-terms …even the blame de-jour …The
tea Party is being spun as the lastest in a long line of what is being portrayed as the politically incorrect problem.
Oh Brother, please!
And if today if is not urgent enough; why give and allow politicians the luxury of another opportunity in still …the greater self-service of merly mismanaging one more crisis-management moment?
Now is not the time to allow Congress to kick this growing crisis-in-the-making further down the road.
Today is the crisis when the patient fails to realize the size and scope and the potential of the illness whose grips deciets are stronger than the will of the patient.
America is beset with political pride, and is blind to its ill-borne affects.
Now is not the time to engage in more blame and shame.
Now is not the time to put off until tomorrow what should be done today.
To do so …is to become the problem’s better …most principal part …the cancer which will not go away, but grows faster than the exasperation of the crisis itself …especially in the wake of blame and shame’s pride; the lord of plausible denial …behind which is hinding …no vialbe workable alternative solution.
Today is time to turn on a dime and sieze the day.
And on this dime, isn’t it time to grow our way out of this organically …rather than with smoke and mirrors?
I say that it is time to call a senator or two.
I say that it is time to call a few representatives.
And I say that it is time to call all and hold our collective bad selves to new standards of honest accountabilty.
No pain …is not …no pain.
Pain can no longer avoid the consequences …just ask Ben again.
With that in mind, I am posting the letter below which I blasted out via e-mail back in 2007.
Hope it serves well in view of how little has changed to lift the governments increasing growth of its unfunded social services mandates and entitlements.
All the best today as it were …same as it ever was; same as it ever was …
It isn’t going to be getting any better …in Mr. Obama’s disenfrachised mantra of hope and change …which by the way; I did not inherrit.
I merely have stood up and spoke out against such bogus unpromising notions.
P.S.: Where is the solution in sight? Where is the leadership? Hiding and living under a rock …or, what?
Fed. Chairman Ben Bernanke Says Baby Boomer Spending Should Be A Capitol Concern
Thursday, January 18, 2007
PAUL KANGAS: Federal Reserve Chairman Ben Bernanke raised a yellow caution flag on Capitol Hill today at a Senate hearing on the long-term outlook for the Federal budget. Bernanke is worried that entitlement spending could get out of control if something isn’t done sooner rather than later. Washington bureau chief Darren Gersh reports.
DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: Ben Bernanke is not the first Fed chairman to warn the government’s spending habits could damage the economy in the long run. But he may be the most blunt about it. Calling recent reductions in the deficit the calm before the storm, the Fed chairman warned interest payments on the national debt could triple as deficits rise to pay for entitlement programs supporting baby boomers in their retirement.
BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: If early and meaningful action is not taken, the U.S. economy could be seriously weakened with future generations bearing much of the cost.
GERSH: We can’t grow our way out of the problem, Bernanke said, because Social Security and Medicare spending increases with the size of the economy. Without reform, Bernanke warned the nation may find itself in a vicious cycle of rising deficits, higher interest payments and skyrocketing debt. Given the risks, New Hampshire Senator Judd Gregg asked why the bond market doesn’t seem to be reacting.
SEN. JUDD GREGG (R) NEW HAMPSHIRE: If I was buying long term debt 10, 15, 20, 30 years out, I would sure want a much higher interest rate than what appears to be what the markets are demanding today. What are they assuming we’re going to be doing that I’m not aware of?
GERSH: Alan Greenspan called that question …the bond market conundrum. So why are long-term interest rates now about the same as those on a five- year bond?
BERNANKE: Either this is a trading phenomenon and holders of the bonds are not really thinking about the out-years in the future, but the other possibility which is that one way or another, the bond holders do expect that Congress will take whatever measures are needed to insure that the bonds are paid off and that it’s done in the context of price stability.
GERSH: For his part, Bernanke says the Federal Reserve would not allow the government to inflate its way out of this problem by printing money, though he is unlikely to be Fed chairman 15 or 20 years from now when the big bills come due for the baby boomer retirement. Darren Gersh, NIGHTLY BUSINESS REPORT, Washington.