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Thursday, July 1, 2010

The current temperature

Jim Cramer, who writes for RealMoney.com, had this to say this morning about the current state of affairs:

"I am wondering if the economists who make these prognostications are all ridiculous optimists or Democrats who are drinking the almost-dry Kool-Aid. Yes, I am that cynical, because these days only a few hardcore-left Democrats, President Obama and Rahm Emmanuel among them, are maintaining the fiction that they are pro-growth and pro-job. Oh, and of course, the adoring media that verges on being Nixon-like for those who disagree vocally....

"Congress and the president have frozen business, but they refuse to even acknowledge it. That's why predictions for unemployment should be going back to 10%-11% and claims will soon be over 500,000. How can they not? Who would possibly hire now?"

(Cramer voted for Obama.)

I also got few emails this morning from people who didn't vote for Obama. One wrote:

"NYC will allow anyone, including illegal immigrants to live in an apartment or space that they have been living in illegally for up to one year, courtesy of new protection laws from the state of NY. Many of these are lofts in abandoned buildings where landlords are collecting some sort of rent under the table. So, once again, protection for all that break the law. This story was on NPR this morning.

"Also, I went to refinance yesterday. I have to apply for full refi and cant get a modification unless I have trouble paying my loan, have a loan to income ratio of greater than 31%, or have some kind of hardship.

"So, paying my loans, keeping my credit score in check, and saving money is a bad strategy? What a joke."

Another friend wrote:

"Obama is Mr Half-Fix. He is addressing the key issues, but just not doing a good job. For instance, on the stimulus. Big money was needed, but he spent poorly, it was basically all favors for Democratic pols with no strategy for the back end.

"Health care: all his focus was on universality, with no focus on reducing cost. The result? Accelerating cost increases plus future high taxes for the wealthy.

"Financial reform. Some patchwork initiatives -- but fundamentally fails on too-big-to-fail and incentive reform, and no reforms for failing government institutions like FANNIE and FREDDIE.

"Expect more of the same on immigration."

Yet another said:

"I was daydreaming yesterday about a plan whereby if in a given year Congress passes an unbalanced budget that requires debt to fill this gap, then each congressman would have his salary reduced by his share of the debt: $300 billion annual deficit divided by 300,000,000 US citizens is a thousand dollars a person. Multiply that by, say, four people in the congressman's household, and his salary is reduced by $4000 that year."

(What a great idea.)

I can't recall a time people were more fed up with the government.

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