October 20, 2010 1 Comment
BECKLEY— Interestingly enough I was reading CNN and found an article with some halfway good advice. The government adviser pointed out the following:
“It would be presumptuous and wrong to encourage people to spend beyond their means, but the rebuilding of higher saving coupled with consumption growth that’s proportional to income growth is a model of a sustainable business.”
— Austan Goolsbee chairman of the Council of Economic Advisers to CNNMoney.com
It’s kind of like a parent lecturing a child on smoking while they themselves have a cigarette hanging out of their mouth.
Really! Can you believe the nerve! Anybody REMOTELY associated with the government leadership who is in a position to influence policy that can come out and lecture the American people on their spending and savings has SOME nerve. Why? Simple the government does such a horrible job at saving and spending our money they have no place to talk. They are the worst on the block. It’s like taking business advise from Enron, Worldcom, and Arther Anderson all rolled into one!
Mr. Goolsbee, please give your advice to President Obama and the U.S. Congress. Don’t come to the American people expecting us to fix politicians mistakes when the politicians continue to spend, tax, let inflation rise, threaten more Quantitative Easing, carry 10s of trillions in debt, run multi-trillion dollar deficits and more!
It’s kind of like the drunk and abusive husband who while he beats his wife tells her if she’d only have dinner ready on time, his laundry clean and pressed, and the house neat he wouldn’t have to beat her!!!
They ask us to SAVE, why because interest rates are so good? Where should we save Mr. Government Adviser? Treasuries is what he’d say. Where should we invest? American companies! Yeah, they want the American people to come bail them out. They want us to save in banks that earn nothing, invest in American Companies, and buy U.S. Treasuries! While taxing us with 8% inflation and raising taxes on the biggest taxpayers of them all the business owners and investors!
You all that know me know my advice. Yes, save more and spend less. But DO NOT save your money in this country. Get your investments in something of value. Stay away from the dollar. Stay away from Treasuries and Bonds. Until we see a real correction in asset prices through some serious demand destruction, huge spending cuts in government, and meaningful economic policy get your money out of the asset classes of U.S. Consumer companies, Dollars, Bonds and Treasuries. Save more and spend less, just don’t save in this sinking ship.