Direct Quote/6/16/12 Financial Times/Market Society

Everyone is free to comment on the “state” of various societies!  This from the FT.

  • “In the US a dysfunctional political system and burgeoning deficits mean fiscal stimulus is a non-starter.  Sadly part of the reason for the massive deficit stems  from the way the last round of fiscal stimulus degenerated into pork barrel boondoggles, rather than laying the foundations for solid future growth by upgrading America’s third world infrastructure or retraining workers.
  • Meanwhile, meagre returns on savings will lead to huge headaches when today’s workers become tomorrow’s  retirees.  But since that is tomorrow’s problem, sadly nobody is worried sufficiently about today.”

Sound familiar.  Here’s one example of our dysfunctional political process:  Jamie Dimon given only soft ball questions by The Senate Banking Committee.   It turns out,  the Bank’s lobbyist is an aide to Senator Chuck Schumer and others serving on the Banking committee are equally compromised along with those serving in the House of Representatives.   The list of cozy relationships between lobbyists/ government/private industry and regulators continues.  The carousel goes round and round and the American people continue to suffer.

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