A few days ago I commented on Geithner’s toxic asset plan as the second quarter drew to an end. The problem of reporting toxic asset values at current (massively depreciated) values looms for banks’ earnings reports. A bloodbath was on the horizon. Magically, the Federal Accounting Standards Board did what bureaucratic offices rarely do: it […]
The financial system in the Unites States (and globally, really) is a complex ball-under-the-shell game, with about a couple thousand shells involved. This allows any given official to say, “We’re fixing the problem,” when in reality they’ve simply moved it out of sight once again. By the time you catch up (or think you’ve caught up) they’ve moved it three times more. The public, and most of the financial press, takes the official’s word for it. They’re too confused to do much else.
The switch-a-roo continues with the latest revealing of a plan to remove “toxic assets” from bank books. Obama’s Treasury Secretary Timothy Geithner laid out details that would effect a transfer of as much as $1 trillion in assets, using a combination of public and private investing along with FDIC insurance. The stock markets jolted upwards, signaling what some see as a reversal of the economic crisis. But what is really happening here? While not confident that I understand every detail in this melee (does anyone?), I have a some firm suspicions about the big picture.
Gary forwarded to me some more of American Vision’s hate mail. The vituperative personality behind this exhibits, once more, how sadly our “rational” skeptics reason. Our critic’s “observation” follows below with my intermittent comments. He writes,
There is not even one word written, in any language, by anyone who lived at the time, that verifies that the person of Christ even existed…
To which one should only respond, “Pure hogwash.” This well-trodden and thread-bare skeptical claim really means, “There is not one word written that I will countenance,” because nearly all scholars agree that the NT books (even accepting the latest dates for them) record oral tradition that appeared in Christian preaching for years before. More importantly, the letters of Paul would have been written in the 50s and 60s AD, and these have several references to Jesus as an historical person. Apparently, Paul and the Gospel witnesses do not count as “anyone who lived at the time.” I have written an entire book containing a detailed refutation of the awful falsehood that this critic repeats. See my Manifested in the Flesh: How the Historical Evidence for Jesus Refutes Modern Mystics and Skeptics for more.
In just another case of how liberals and secularists attempt to evade logic and reason using appeals to emotion and pity, a recent columnist “argues” for gay marriage by telling a tale of misery and despair. A tactic for many other untenable (and unpopular) liberal positions, here we find one more illogical and unreasonable (and therefore dishonest) appeal.
Tuesday night Obama warned Congress that we need to “sacrifice some worthy priorities … and that includes me,” but his peers in Congress, and his own budget plans speak loudly otherwise. He calls his multi-Trillion dollar deficit a “vision for America.” This is an article about hypocrisy, and about the real American Vision’s alternative methods.
Perhaps the most telling signal that Obama has no fundamental change in economics came during his December 9 interview on MSNBC’s “Meet the Press.” After discussing his plans for billions of dollars in new bailouts and billions more for government infrastructure programs, he faces, of course, the question of how to pay for all of this. His advice: “we can’t worry short term about the deficit.” In other words, in the short term, print, borrow, spend!