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Week of November 9, 2008 - November 15, 2008

President-Elect Obama Needs to Reconsider


His tax cuts for the middle class or for anybody else for that matter.  Now demand-siders may jump on me, but it makes no sense for the government, (which if we really squeezed out the deficit spending wouldn't be able to buy a pair of socks at the local Target), to attempt to salvage this current situation with reduced revenues.  The government needs more revenue. Period.  It needs it like my mower needs gas, like a butterfly needs flowers, like a fire needs wood.  There is no way around this.  We can not, must not, increase the deficit over the absurd, insane, reality-twisting heights it has reached under this departing administration.  Do we really want our government's bonds to be downgraded to AA?  Really?  Well, it can happen and if it does, things will really get ugly.

http://www.reuters.com/article/Finance08/idUSTRE4AB7HT20081112

So my gentle plea to President-Elect Obama is this:  Listen to your financial advisers and if any suggest increasing the deficit....show them the door!
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Lux Umbra Dei

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