Banchee on Wall Street

By: John Law | Sun, Feb 22, 2009
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Irish folklore has it that the Banchee is the female spirit that comes to collect the dead, just prior to. Seems as if she's patiently waiting for so many banks, investing in them now would be the proverbial exercise in futility. What's needed now is a new beginning, new management, new investors, and new boards of directors, in some cases new institutions. Obama's stimulus spending bill, the magic elixir? Or snake oil?

In the 1930's total federal interest payments 1 billion now they have zoomed to 200+ billion, not incl. bailouts, Iraq, Afghanistan it is the largest item in the federal budget after military and S.S., the we are looking shabbier compared to the ourselves, in 1933 Professor Abba Lernr wrote- nothing wrong with Public debt because "we owe it to ourselves" enormous amount of difference whether - one is a member of the "We" (burdened taxpayer) or of the "Ourselves"(those living off the proceeds of taxation).

If gov't spending (last 8 yrs.) were the true secret to economic growth, we should be living in the Paradise Age, seems now those seeds that were sown brings the Age of Distrust. Thomas Jefferson was right on so many, when we the People fear our Government, there's tyranny. When the Government fears the People, there's Liberty.

"We are spending more money than we have ever spent before, and it does not work. After 8yrs. We have just as much unemployment as when we started, and an enormous debt to boot."
U.S. Treasury Secretary, Henry Morgenthou
May 1939


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Author: John Law

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