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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Fiscally Conservative who wrote (44932)1/22/2006 12:41:54 AM
From: TimbaBear  Read Replies (3) of 116555
 
Finallythere

Do you think 9/11 played any role in our Fed's policy making these past years hence? Certainly,our President acted in a manner he deem appropriate and with a majority support of our Congressional body. Had this not happened,9/11 that is,I wonder if this fiscal picture would not have been entirely different today.

No, I don't think 9/11 did anything but provide an opportunity for the Republican dominated Congress to find more venues in which to be fiscally irresponsible.

Way before 9/11 Greenspan had testified before Congress that the tax cuts were a good idea.

Way before 9/11 Congressional pork packing was out of control. All discipline that had briefly shown up in 1994 was a distant memory and those in line with their hands out for pork were legion.

If 9/11 had not happened, the irresponsibility still would have occurred because there was no power to check its flow. The political party that prided itself on its reputation for fiscal conservatism was a distant memory. In its place was a party with the same name but unbridled, unrivaled greed and pork was now its game.

There's no such thing as a free lunch but somehow I suspect that those most responsible for the tab will be nowhere to be found when it needs to be paid.

Timba
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