While all eyes were riveted on Barack Obama’s jobs speech, there were two other speeches this week that had just as much significance.
The first was delivered by John-Claude Trichet. In his usual monthly update, he surprised some of his listeners by finally admitting what most people already knew.
Trichet said the growth rate of the European Union was slowing dramatically, to the point that inflation was no longer a concern. (Some even felt he was hinting at future interest rate reductions.)
That admission marked the crucial turning point in the so-called battle against inflation. From Greece to Spain, Italy to Germany, all are reporting significant slowdowns. Trichet gave assurances that everything was under control, and that he would inform everyone at a later time regarding the actions he would take.
We have to wait, how disappointing. Next, we heard from Ben Bernanke, who also stated that inflation was not in the forefront of his concern.
He promised the Fed has the tools to help reverse the same lack of growth currently enveloping Europe.
However, Ben still appeared dismayed due to his failing strategies. I guess the moment wasn’t right for more information because similar to his most recent Jackson Hole speech, and much like Trichet’s lecture, Bernanke promised to enlighten us at the next Fed meeting on September 21st.
A second disappointment.
Finally, the time for the One came.
The vacation was over, and Barack Hussein Obama took center stage.
I won’t bore you with the details, they’ve been hashed enough.
I will say the speech writers must have taken Oratory 101. To say something over and over usually engrains the thought as a positive in the listeners mind.
However, in this instance, saying “pass it now” over and over again became an irritant. It kept me yelling at the television, “pass what, there are no details!”
Once again, I guess the details will come later. Incidentally, I did learn one thing.
As a business owner, I could conceivably fire an employee, hire someone else (who has been looking a job for at least six months) and receive a $4,000 credit.
So, let me get this straight. I go one-for-one (no increase in the number of people employed), and the government will subsidize the salary. Sweet!
That was really well thought out!
Maybe it’s good we don’t have more details. Three major speeches in one week all culminating in one conclusion.
The three leaders have absolutely no clue, and will continue doing what they’ve always done, expecting a different result. I believe that’s called insanity.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at email@example.com and on Twitter @tatroshow.
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