Tuesday, October 20, 2009

A Perfect Summary of The Current State of Affairs By Gary Kaltbaum

I just caught Gary Kaltbaum's most recent column and had to post some of it here as I thought he pretty much summed up everything I think about on a daily basis as I watch what is going on in our nation's capital. I usually don't post or link to other articles, but I thought this was worth it. He also talks about the markets - check it out for the full read.

"The Department of Energy was instituted on 8-04-1977. The stated objective for this department was to lessen our dependence on foreign oil. Fast forward 32 years...how has this department done in lessening our dependence on foreign oil? No need to answer! And at what cost? The budget for another government behemoth is in the range of a measly $24 billion/year....16,000 federal employees with a much bigger amount of contract employees.

Need I say more of what I think of a health care bill that will be voted on soon...by elected officials that have not read it...foisted upon good Americans by elected officials that in the past few months have floated a: VAT TAX...SODA TAX...STOCK TRANSACTION TAX...SURTAX ON THE WEALTHY...this on top of rising INCOME

, ESTATE, CAPITAL GAINS TAX...on top of the CIGARETTE TAX...and TAXES, FINES and FEES in this health care bill if you do not follow the Bolshevik's government mandate. Oh yeah...and the lowering of deductions on charity and others.

Remember what I have been telling you for a very long time. The scam is simple...scare the heck out of the American public in order to spend money...then tax the heck out of people in order to gain more control and more power over those same people...in order to re-distribute that money to "the masses" in order to tell "the masses" how wonderful you are...in order to have those "masses" continue to vote for you. And who heads the tax committee....someone who did not pay their taxes. Do not forget, this nonsensical bill will not come into play until after 2012 yet most of the taxes would kick in immediately.

There is only one bit of good news from all this...Americans are catching on...and are starting to get the scam. Remember, you and I have not caused the massive deficits. It is 535 people...most who have never run a business or handled a checkbook...but now tell us they can now spend $875 billion TO SAVE MONEY! And we are supposed to believe that that will be the actual cost...and we are supposed to believe it will save money? Name one government program that came in as expected...name one program that lowered deficits. Come on...I will give you all the time in the world to come up with just one. The other bit of good news is in a number...383 days. Yup...383 days until the next election with a few in between. I think it is pretty simple...run all of them out of Washington...into their next job...which of course would be lobbying....and bring in all new elected officials...and tell them if they want to keep their jobs, they will no longer spend OUR money into oblivion and mortgage

our children's and grandchildren's future. It's that easy!"


Anonymous said...

I don't expect Mr. Kaltbaum, or anyone else in his position, to say anything differently. He is a member of the elite, the investor class, whose sole interest is to preserve and grow the immense wealth that he personally owns and manages as well as his clients'. He is excellent at what he does and I will listen to what he says about the markets but I do not share his political views.

Mac said...

I agree that he manages a lot of money but I have read his work over the past year and he has consistently spoken out against ALL of the bailouts/handouts that have been going on. He may indeed be in the investing "elite" - I don't know - but I think his main point is that the government is bankrupting our country and I don't know how anyone can disagree with that assessment. the facts are there.

His other point was that the government getting involved with anything usually leads to more trouble, and the facts back that up as well. Just my opinion however.

Anonymous said...

What's bankrupting our country is companies moving more and more of our higher paying jobs overseas ranging from manufacturing to engineering. As a result, our government takes in lower revenues from income taxes. Since most of the things we buy are also made overseas, this is causing trade imbalances which will continue to get worse as long as this trend continues.

Do you realize how much money we spend on the military each year? Do we really need to have that much military personnel around the world? Why should we be burdened with the costs of protecting other countries, why not have the Europeans, Arabs, Japanese, etc. pay for our services?

As for the bailout, it was started by Hank Paulson, Bush's Treasury Secretary and former GS CEO. If the financial system was going to collapse, and every major player looked like they were going under including GS, I don't see what else could've been done. We need financial markets today so that companies, states, governments, groups, etc. can raise money and pay for everyday expenses including wages. My major problems with the bailout are that not a single player who caused the crisis was punished or even fined (Madoff was just a token scapegoat), there is still no financial regulatory reform to prevent this from repeating, and the players who were bailed out and made rich again on taxpayer money get to keep most of their wealth.

I don't want to go on and get political on your excellent trading blog. I just wanted to say that while I respect Mr. Kaltbaum's talent very much, he is not looking out for my interests since I'm not part of the investor class yet (where you don't need to work to live). Everything he advocates benefits that group the most, at everyone else's expense.

I admire your work and honesty very much and look forward to reading your blog every day.

Best wishes.

Mac said...

No problem - I actually agree with your comments on the military, jobs, and the fact no one has been punished. But when the head of the IRS doesn't get punished for not paying his taxes, what do you expect? That's the culture of Washington.

jeff said...

Ya think this might have anything to do with the Energy Department's being lame.........just maybe. a wee little bit?????

Big Oil, Big Influence

"During the time that Bush and Cheney, both of whom are former oil executives, have been in the White House, the oil and gas industry has spent $393.2 million on lobbying the federal government. This places the industry among the top nine in lobbying expenditures. The industry has also contributed a substantial $82.1 million to federal candidates, parties and political action committees, according to the Center for Responsive Politics. 80 percent of the industry's contributions have gone to Republicans."