There is so much going on this week that I can barely keep up! Federal Reserve rates were left unchanged, Cash for Clunkers gets another bad review, banks get an extortion attempt, health care reform gets delayed, Republicans claim victories, and we wait yet another day for a decision on troop levels in Afghanistan. Whew! What a rush!
I really should devote one letter to each issue, but I can't let time go by or I will never catch up. Since the Federal Reserve left rates unchanged, it leads me to believe two things: first, the economy isn't as strong as we would like, but secondly inflation isn't yet a concern. Instead of a postive market reaction, we should see a flat reaction. I find this to be overall bad news. I think Friday's unemployment report will be very telling.
I watched the news this evening and learned that banks were threatened with an FDIC audit if they did not take care of their executive pay excesses. You have got to be kidding me! Since when was this type of action legal? Instead of stifling creativity, why don't you just leave the free market controls alone? I hope this comes back on you in 2012, but I don't think the general populace is smart enough to understand just how bad this is.
I've learned that Harry Reid is delaying the health care reform legislation until some time in 2010. I think this is great. We need a lot more time to debate the details and consider alternatives before we move on a piece of legislation that is worth one sixth of our GDP. There is no reason to rush this reform, but I'm sure you are concerned since this is your highest priority. Slow it down and I think you will benefit as well.
Today, we welcome two new Republican Governors from formerly Democratic states. Apparently, your presence either wasn't enough, or wasn't welcome. So far, Democrats and their puppets in the press have claimed that the elections were not a result of the Socialist programs being worked on in Congress. I think that has a lot to do with the elections, but only the voters know the true reason for this decisive victory for the Republicans. This hurts your efforts though, and I don't think this will help for 2010.
Amongst all of this news, one item was missing: your decision on Afghanistan. We are still waiting, Mr. President.
Sincerely,
Jon Taylor
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