Michael1942's Blog

This current Presidential campaign has allegations of the President’s policies failing in the effort to kick-start the economy. Part of the issue is incomplete or totally erroneous information regarding the cause of the crisis.In 2003-2005 we had low-interest rates that led to a flow of funds into the U.S mortgage markets as Foreign central banks bought U.S. dollars which aggravated the housing boom and the subsequent bust. This investment in U.S. dollars was influenced by the Fed’s low rates. These low rates caused a housing boom in Spain, Ireland and Greece. These booms and subsequent busts started the European debt crisis which is now threatening the U.S. economy. What needs to happen now is for the Fed to pay close attention to the economic events in Europe especially the global capital flows and the reactions of the other central banks to the Feds decision to set interest rates very low for extended periods of time. This is a short version of an article written by Mr. John B. Taylor an economics professor at Stanford U. The Congress and Mr. Romney should be reading the same information I do to get a clear idea of why the economy is so slow in recovering. Keeping in mind that our current economic situation started before  Mr. Obama ran for the office but Congress (if they knew) ignored(?) the situation and now seeks to blame Mr. Obama for their failings. What comes to my mind is that our sitting Congress is composed of Neer do wells who have slacked in their jobs for so long that it seems Ok to do it but will readily throw some one else under the bus and continue their irresponsible ways. Our economy has been sliding own for some time with the advent of outsourcing by many companies long before the economy caught up and spiralled downward. Understanding that we (voters) expected our elected officials to look after us but we also failed to do our due diligence in paying attention to what they are doing. This upcoming election needs to be about Congress more than the 2 candidates since Congress has the power to make meaningful changes and approve or alter any proposed changes. We as voters can demand term limits that allow new thoughts to come about and we need to make that demand. My suggestion would be a One (1) term of 13 years, with no pension benefit, a cost living increase on par with the average worker and medical benefits that are the same as any other government worker. Certain privileges should be rescinded, such as Franking ( free postage), per diem for overtime,  free air flights except for  certain Congressional business and a bi monthly account of funds used for the performance of Congressional duties.