The worst thing I faced in both college and graduate school, studying economics, business finance and real estate, was the endless amount of dull reading I had to force our way through. My professors, who probably felt the same way I did when they were in school, always had a question or two from the small print buried in the middle of an article on every test. That was their way of telling us that shortcuts do not count. Consider that old school, verboten, not applicable or simply out-of-step! Our beloved leaders, in particular the Democratic Congressmen, Congresswomen and the Senators feel differently than my professors. If the reading is too much, listen to the news, ask your President or simply read the headlines. Then with a sincerity of purpose pass a spending bill that would shake a skeleton apart with the immense amount of spending for questionable projects they didn't even know were in the bill. The best part, of course, now that we passed it, we need to borrow the money to pay for it. Hallelujah!
Perhaps we can get another country - hopefully countries with enough money to help - to skip the fine print in the indenture agreement and float some really low interest rate bonds for an obscene length of time so our children's great-grandchildren won't feel the pain as much. Could there be such people, not Americans, who we could flim, flam that way? Doubtful on our luckiest day! Look at it this way: even if we have to pay a large amount of interest for a long period of time we have a good amount of people in the top income brackets that can support our debt (with their taxes) for some time. So what's the big deal!
On January 8th of this year I wrote "Where Is The Outrage" and thought at that time I had covered all of the moral indiscretions there were. How wrong could I be? Let us take a look at a group of elected officials doling the unthinkable. They actually agreed to fund one of the largest outlays of money in the history of this country without reading what they were voting for. How do you explain this to the youth in America? It is bad enough trying to make sense of this ourselves, but what do I tell my grandchildren (who, by the way, will be the ones strapped with this mess) about how it passed and became law? And then with a straight face tell them to get back and finish their homework?
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.