Dear Mr. SpeakerBudget Deficit Email
As Speaker of the House, you have a duty to watch out for all citizens of the United States, not just your own Ohio constituency or the bank lobby.
As such I kindly ask you honor the will of the people and appoint Ron Paul as chairman of the Monetary Policy subcommittee.
Thank you.
Mike "Mish" Shedlock
My second Email to House Speaker John Boehner is regarding the budget deficit.
Dear Mr. SpeakerPlease email House Speaker Boehner Regarding Ron Paul to let him know how you feel. That link will put in a subject line of Ron Paul for Monetary Policy Chairmanship.
Polls show 75% of the citizens of this country place a priority on reducing the budget deficit.
Yet, somehow we see a compromise proposal from President Obama that goes back against his promises to tame the deficit.
We cannot afford this proposal. You know, I know it, and the public knows it. In fact, the only group supportive of this alleged �compromise� proposed by President Obama is Congress.
Congress Thinks It's Time to Party
To congress, the word "compromise" does not mean giving up anything you want. Instead, it means giving the other guy something you do not want him to have.
The process is much like asking a group of kids at a birthday party if they want cherry pie, chocolate cake, or fudge for desert and if there is no consensus winner, everyone gets a full slice of each, with chocolate chip cookies thrown in for good measure because that�s what Cousin Susie likes. It�s irrelevant whether or not Cousin Susie is even at the party.
I am thoroughly disgusted with Congressional �compromises� that look like a birthday party for 8-year olds. Yet that is exactly what we saw in this �compromise�.
Chocolate Chip Cookies for Susie
Susie was not at the party. Nonetheless, like a bolt out of the blue, president Obama proposed that kiddies get two additional cookies not previously on the menu.
1. A two percent payroll tax reduction
2. A full, upfront deduction for equipment purchases, in lieu of depreciation
The deficit-busting problem is the huge out-of-the-blue payroll tax reduction coupled with the "temporary" extension of income tax reductions for everyone.
I am all in favor of cookies, especially tax-cut cookies. However, I want to know how the deficit-hawk hypocrites on both sides of the aisle intend to pay for them. The answer is they don't intend to, which of course is what makes them deficit-hawk hypocrites in the first place.
The war-mongering will continue and so will the earmarks and so will a host of other things we cannot afford and do not even need.
But, hey, let's pig out. Cookies are on the table.
Bond Market Revolt
Mr. Speaker, the bond market reaction to the Fed�s QE policies and to this disgrace of a budget proposal was swift and severe. I have a picture of it for you right here.
That is what the bond market thinks of Ben Bernanke�s plan to spur inflation but hold down treasury yields.
The ovals show today�s bond-market reaction to the budget deficit that Bernanke will no doubt monetize as part of QE III and QE IV when this round of �quantitative easing� blows up in his face.
Mr. Speaker Where is Your Backbone?
We need genuine watchdog over the Fed. You can and should do that yourself by chairman of the Monetary Policy subcommittee.
We also need backbones from deficit-hawk hypocrites in both parties who claim to be fiscal conservatives yet they support this ludicrous compromise everyone knows we cannot afford.
Finally, Mr. Speaker, you need backbone as well. Please tell the President and your party that you insist on a genuine plan, not a party for 8-year-olds who do not know how to say no to more cookies.
Mike "Mish" Shedlock
Please email House Speaker Boehner Regarding the Budget. The second link will put in a subject line of $900 Billion Budget Compromise.
Just click on the links and type away to your heart's content. If your browser does not interface with email, then simply email Boehner at AsktheLeader@mail.house.gov
Send an Email a day until the chairmanship is decided and this Budget Compromise is scrapped.
Phone: (202) 225-4000
Fax: (202) 225-5117
Please phone, Fax, and email today. Please forward to anyone willing to email Boehner.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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