Thursday, January 14, 2010

Shenanigans and Tomfoolery

This is for your own good, of course.

I discovered that new regulations, proposed by our administration, will make access to the funds in our money market accounts unavailable for withdrawal or transfer in the near future. They are afraid of a run on the banks in the face of financial panic by the public. Your safe, liquid cash won’t be available if Obama and Geithner have their way.  A long, wonkish article at  Zero Hedge is well worth your time.

Funding deficits with de facto asset seizure.

As described in this Bloomberg article, the U.S. Department of the Treasury is now officially looking at ways to force a portion of every 401k/IRA account---or some other as-yet-nonexistent, government-mandated employee benefit account---into "fixed payment annuities", which in plain English, means that most of the money would be channeled into long-term Treasury bonds.

The stimulus package didn't stimulate.

An Associated Press analysis of stimulus spending found that it didn't matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry, the analysis showed.

Welp, just another episode of 'You Get the Government that 51% of All Y'all Vote For'.

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