Weekend Update
Just some news from the weekend:
Newt Gingrich was on the radio this morning. On the economy he suggested that the least taxed people in the free world need tax relief. Second, he implored the incoming president to avoid partisanship. Yes, this is the same Newt Gingrich who, as House Speaker, tried to impeach President Clinton and vowed never to pass any piece of Democratic legislation. Lightning did not strike, at least while I was listening.
According to the American Banker, banks are preparing to execute a $30-40 billion securities offering based on ... [wait for it] ... consumer credit card debt. Uhmm ... didn't we just... oh forget it.
There was a story in the newspaper about the burgeoning "Buy American" movement. One person interviewed was very resistant to buying an American car becuase "it was his right as an American" to buy any car he wanted. True. But just becuase you have a right, doesn't mean that its the right thing to do. Like it or not, we are all now co-owners of GM and Chrsyler. Like it or not, their success spins off more prosperity for Americans than does the success of transplants. Like it or not, the sovereign funds of various countries are buying up increasingly large chunks of our eceonomy.
It amazes me that some so called patriots will send a man half way around the world to die "for our country," but balk at the tiniest consumer sacrifice. I guess sacrifice only works if it is someone else's, or it doesn't effect conspicuous consumption. Iraq? Fine. But tell someone they should buy a Lincoln and not a Lexus and you will get an earful about their "rights."
Newt Gingrich was on the radio this morning. On the economy he suggested that the least taxed people in the free world need tax relief. Second, he implored the incoming president to avoid partisanship. Yes, this is the same Newt Gingrich who, as House Speaker, tried to impeach President Clinton and vowed never to pass any piece of Democratic legislation. Lightning did not strike, at least while I was listening.
According to the American Banker, banks are preparing to execute a $30-40 billion securities offering based on ... [wait for it] ... consumer credit card debt. Uhmm ... didn't we just... oh forget it.
There was a story in the newspaper about the burgeoning "Buy American" movement. One person interviewed was very resistant to buying an American car becuase "it was his right as an American" to buy any car he wanted. True. But just becuase you have a right, doesn't mean that its the right thing to do. Like it or not, we are all now co-owners of GM and Chrsyler. Like it or not, their success spins off more prosperity for Americans than does the success of transplants. Like it or not, the sovereign funds of various countries are buying up increasingly large chunks of our eceonomy.
It amazes me that some so called patriots will send a man half way around the world to die "for our country," but balk at the tiniest consumer sacrifice. I guess sacrifice only works if it is someone else's, or it doesn't effect conspicuous consumption. Iraq? Fine. But tell someone they should buy a Lincoln and not a Lexus and you will get an earful about their "rights."
posted by Jack Reed at 10:23 AM
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