Monetary Stimulus, Lack of Will Could Doom US Economy
At some point you have got to remove the life support and determine if the patient can survive on its own breath.
"Congress has become a structure that accomplishes little of value and impedes progress made by other sectors of society. Term limitation would create a climate in which talented men and women from businesses and professions would want to run for Congress."
--John H. Fund, editorial writer for the Wall Street Journal
91% of Americans are employed by the private sector. During the generation of greatness, private sector profits traveled to Washington to provide a service to the country. Our current leaders are overly focused on personal agendas. What we have playing out before us is a showdown at East Capitol Street with each constituent having its six shooter drawn. With a reformed term structure, there will come with it a new breed of leaders. What America needs is a Congressional Dream Team. Mine would include Bill Gross, Bill Gates, Warren Buffett, Phillip Falcone, Jamie Dimon, and Steve Jobs.
Falcone, who came from nothing, had the foresight to see America's housing horror and he capitalized on it. He now is building a 4G wireless network and is again putting his personal money where his mouth is. Gross knows the bond market better than anyone in the Treasury. Buffett built his business with his bare hands. Dimon possess the moxie to move things forward and isn't the type of individual to back down from a fist fight in a phone booth. Gates and Jobs have the intellectual insight to solve complex ideas. If these men took to the hill, my guess is half of Congress' current roster would be completely outmatched.
Outside of Washington and Wall Street we have what Thomas Friedman declared:
"...a values breakdown -- a national epidemic of get-rich-quickism and something-for-nothingism. Wall Street may have been dealing the dope, but our lawmakers encouraged it. And far too many of us were happy to buy the dot-com and subprime crack for quick prosperity highs."
We need more of our youth to look at the lead by example of Pat Tillman; who walked away from millions when the stakes of his own personal accountability were deemed high and gave his life for what he believed in. Mr. Buffett wrote in a New York Times opinion piece, "Buy American. I am." If I may sir, I am buying because it's my profession, but that doesn't mean I'm a believer. This too shall pass…
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