Jeff  Carter

President Obama loves to point his little fingers at George Bush constantly and blame him for the economic problems we have today. He conveniently forgets all the meddling his administration did over the last three and a half years to further create uncertainty and screw everything up.

Now, the President of the EC, Jose Barrosso, blames GWB for the economic crisis in Europe today.

“This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.”

I have heard a lot of whoppers in my time but this is in the top twenty.

The EU countries that spent beyond their means, borrowed beyond the capacity of their countries GDP, and over regulated businesses so they couldn’t compete or grow aren’t at fault. Not in the least.

The blame should go to the American banks, and by default George Bush, since it was his policy (not really, Clinton’s if we want to get technical) that caused the entire house of cards to be built and fall. It’s amazing he can shout this with straight face. Does he take people for dopes?

Do I hear a bid for Spanish debt at 8%? Someday you will.

All Barroso wants is America to pay and bail him out. Responsibility and austerity are for the little people.

Without The Private Sector, There is No Public Sector

Liberals I run into are fond of pointing out that “without bridges, roads, and public utilities the private sector wouldn’t exist.” It’s as if the private sector owes government something. They are sadly mistaken in their logic. Without those things, the costs of doing business would be higher. Businesses would build them independently and charge more for the service.

Because businesses could bargain using the principles of Ronald Coase, all those bridges roads and power plants would get built. They’d probably wind up operating them cheaper than the cost today.

In a recent article, I read this.

Jeff Carter

Jeffrey Carter is an independent speculator. He has been trading since 1988. His blog site, Points and Figures was named by Minyanville as one of The 20 Most Influential Blogs in Financial Media.