This did not surprise me. What did surprise me is that they can cut the rate and have to a negative number.
I was an economics major in college. The most important things I remember are that economics is not a science. Economist can be all over the place and have great credentials and still be 100% wrong. Our guru of grus Alan Greenspan had to admit before a Congressional Committee he was wrong. In our current situation we can only hope that government does not make things worse. Some of the same people who helped us get into this mess, IMHO, such as Barney Frank is now a Chief Inquisitor in the epic entitiled "The Blame Game".
I posted this under a different thread as well but this is an important read, especially the end of the article (I just posted the first few paragrpahs
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Plumbing the Depths of Depravity
by Rob Kirby | October 29, 2008
PrintFirst, for a bit of historical context, a little bit of fact-finding pertaining to Henry Paulson, complements of my friend, Jesse: “I didn't know he was a member of the Nixon White House as his first 'real job.' In 1970, fresh from the Masters program of the Harvard Business School, Paulson entered the Nixon administration, working first as staff assistant to the assistant secretary of defense. In 1972-73, Paulson worked as office assistant to John Erlichman,assistant to the president for domestic affairs. Erlichman was one of the key figures involved in organizing President Richard Nixon’s notorious "plumbers" unit that carried out illegal covert operations against the president’s political opponents, including espionage, blackmail, and revenge. Erlichman resigned in 1973, and in 1975 he was convicted of obstruction of justice, perjury, and conspiracy, and was imprisoned for 18 months. Utilizing his connections, Paulson went to work for Goldman Sachs in 1974. In a 2007 feature, the British newspaper the Guardian wrote, "Not only was he well connected enough to get the job [in the Nixon White House], but well connected enough to resign in the thick of the Watergate scandal without ever getting caught up in the fallout. He went straight to Goldman back home in Illinois."
Birds of a Feather Fly Together: The Plumbers Live On in Infamy
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The current administration is littered with retreads from the Nixon and Reagan administrations. A more thoroughly corrupt and inbred group of idealogues would be difficult to find.
Well put.
SG
it only appears insane to those outside the asylum.
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