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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Lee who wrote (3231)2/6/2002 10:00:05 AM
From: Henry Volquardsen  Read Replies (1) of 3536
 
Lee,

personally I had given up on the stimulus package long ago. Whatever got out of Congress was going to be some ill formed beast larded with political pork and pet projects that couldn't pass the laugh test in previous budget cycles. So I don't lament it's demise and suspect the market impact will be more of a passing thunder shower than any storm.

Of course I am prejudiced on the subject since I believe that government attempts to manipulate the markets always fall prey to the law of unintended consequences. I would much prefer Congress and the administration stop wasting time on vote buying schemes and do a serious job at the current budget. The recent 'revelations' from the Defense Dept show tens of billions in annual waste before even talking about bad programs. I'm sure the social spending side of the ledger is similarly larded. We have an opportunity to say that given the ongoing war on terrorism we needed to look at the entire budget from a zero based budgeting perspective. Eliminate the waste and pointless programs that continue to live on inertia and political expediency. This will free up funding for more effective programs and fund a tax cut that will boost demand. Never happen of course so I prefer they do nothing.

Henry
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