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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (665867)	12/22/2004 8:52:58 AM
From: Hope Praytochange	Read Replies (1) \| Respond to of 769670

FRAUD ...

To: Kenneth E. Phillipps who wrote (665867)	12/22/2004 9:35:09 AM
From: Hope Praytochange	Respond to of 769670

kerryboy mentioned enron -- demohacks now stuck with the willie corrupted appointment corrupted falsified accounting demohack appointment Message 20879430

To: Kenneth E. Phillipps who wrote (665867)	12/22/2004 9:53:30 AM
From: Hope Praytochange	Read Replies (1) \| Respond to of 769670

Forcing the Financial Accounting Standards Board to allow falsified accounts to be filed, to the direct cash benefit of your campaign contributors, is corruption in any language. The FASB has already delayed until June 2005 the implementation of its new ruling that properly accounts for stock options; it is to be hoped that Senate Banking Committee Chairman Richard Shelby (R.-AL) and others will prevent Congress from thwarting this essential reform. Even if the election last month had gone the other way, it should not be thought that Washington's penchant for financial chicanery would have abated. James K. Galbraith, professor at the University of Texas and leading Democrat economic guru of the Keynesian persuasion, spoke Thursday at the New America Foundation, but offered no return to financial probity. He celebrated the late 1990s as a triumph of the "Atari Democrats," claiming that the pro-growth wing of the party had been trying to kick-start tech investment for 20 years, and that Bill Clinton and Al Gore's shilling for the Internet from 1993 was a major cause of the amazing run-up in stock prices in the late 1990s. This he regarded as a triumph; it allowed the United States to achieve for a time investment without saving, a Keynesian economic miracle if ever there was one. Going forward, Galbraith proposed a three part strategy. First, U.S. defense spending should be slashed, since an activist foreign and security policy only annoys foreigners (sound economically, whatever one might think of its strategic implications.) Second, the Nirvana of the late 1990s should be re-created in the energy sector, by creating a bubble of investment in energy-saving technologies -- presumably thereby allowing the Atari Democrats to be reborn as Enron Democrats! The idea that you can create stock market bubbles at will, and enjoy them without any adverse after-effect, is particularly prevalent just now, in both political parties; that kind of thinking is what you get when M3 money supply expands by almost 10 percent per annum for a decade. In reality, even though you can delay economic nemesis by rampant money creation and fiscal laxity, as Bush and Fed Chairman Alan Greenspan have done, nemesis always gets you in the end. Finally, Galbraith wants to solve the U.S. trade deficit by creating a new source of foreign purchasing power through forgiving the debt of all those countries that have mired their economies in poverty -- not the successful emerging markets such as China and India, which he regards as a competitive threat, but the unsuccessful ones in Latin America, Africa and the Middle East. Clearly the United States can export goods by giving them away, perhaps entering the name of all Third World inhabitants in a gigantic raffle, the prize for which is a Boeing, but it's not clear in what way this would solve the trade deficit problem, although in a Keynesian world it would doubtless help unemployment. Even this bizarre policy would have less damaging economic effects than Galbraith's proposal, which achieves the same result but launders the money spent through the most corrupt and inept Third World governments, rewarding them for their corruption and ineptitude and penalizing those governments that have successfully fought through poverty to achieve economic competence.