A shot in the arm? Or in the head?

Great post at:

 http://www.dailyreckoning.com.au/asians-saving-enough-for-world/2008/01/22/

Mr Bonner says: “President Bush is pushing a plan to give the country a “shot in the arm” – at a cost of $150 billion. If Congress would just get behind this thing, he says, we could have rebate checks in the mail in just a few weeks.

Our president misses the point. He, like all the White House hopefuls, wants to keep the phony boom alive – in the worst possible way, by providing more “stimulus” to consumers… that is, by helping them spend even more money they haven’t got on things they don’t really need. What this perverse economy really needs is not a shot in the arm, but a shot in the head.”

Today’s 3/4% interest rate reduction by the Fed is a too little, too late attempt at postponing the inevitable.  I stumbled upon www.DailyReckoning.com.au earlier today, and it seems a wealth of common sense.  Check it out!

gk

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