but if you try sometimes, you just might find, you get what you neeeeeeeeeeee-ee-eeeeeee-ee-eeeeeed (ooooooo oo oo oooooooo). *grin*
What to say about today’s Jack Kelly column ? Well, I majored in econ (as well as poli sci) as an undergrad (a quarter century ago) but would not call myself an economist. But I wouldn’t call Mr Kelly one either.
I will bring up my own favorite left field loony idea. Kelly brought up numerous critics to “quantitative easing”: the Chinese, the Germans, Republican leaders, the Chamber of Commerce and somebody called Charles Hugh Smith. The one group he failed to mention is the one group I have been suggesting he is court (although I confess I don’t know why he is doing that). And mind you the group is more of a loose movement that doesn’t have specific leaders or anyone that can set specific policy or even articulate agreed upon goals; they’re more like a mob that picks up a chant. The group of which I speak is of course the Tea Party. Both Sarah Palin and rand Paul have spoken out incoherently against Fed Policy. I couldn’t say whether any of Bristol’s dance numbers were supposed to be interpreted as comments on Fed Policy (instead of comments on how dumb we really are).
So can I say Kelly is wrong about the effects “quantitative easing” will have? No, I am not that smart, and to be fair, there are a fair number of critics besides the obvious opponents of the Obama administration like Republican politicians and their patrons the Chamber of Commerce. I can not see how the Fed’s ultimate articulated goal of stimulating commercial lending will affect the extremely high unemployment rate (15%) of Americans without high school degrees. As I have said before, spend money (maybe the same amount as would be spent on quantitative easing) on transportation projects that give hiring preference to people without high school degrees (if that is feasible to do). As an executive department decision, call it a defense priority (national emergency highway system) and let Defense run it.
And something like that may still happen if Congress gridlocks next year. Meanwhile, though, after watching “Inside Job” I am unhappy about feeding the banks even more money, especially since they aren’t lending with the first round of money they were given. But the banks are where commercial lending takes place, so I suppose we still need to deal with them.