Apparently, Barack Obama has been meeting regularly with a group of financial heavyweights in order to create a strategy for dealing with our nation's economic problems.
"I want to see a stimulus package sooner rather than later," Obama said. "If it does not get done in a lame duck session [of Congress], it will be the first thing I get done as president of the United States."
Nancy Pelosi, she of the lame duck Congress, has talked about $100 billion or more of stimulus plus permanent tax cuts. In the 37 days of this fiscal year, the U.S. Treasury has already increased its net borrowing by over $600 billion. (Note that 37 is about 1/10 of 365).
Obama has also said, with regard to the economy, that he wants to "hit the ground running" when he takes office in January.
We have a group of people who have no idea what to do and a lot of power with which to do it. Economic policy, however, is best left to those who don't know what to do but have no power (Harvard professors, for instance).
This will all end in one of two ways: Somebody, perhaps Obama, will realize they are doing more harm than good, stop the interventions, and let America be America.
Or, the economy will crash under the weight of bailouts and false promises.
Until one of these things happens, Life At The Margin recommends that people with savings refrain from buying U.S. stocks, bonds, or any other promise to pay American dollars. If you cannot make it into a pretty necklace, burn it to make energy, or store it in a silo, it aint worth having.
For if pessimism is the contraction of the soul toward darkness, overoptimism is the contraction of the bank account toward zero.
As for the first thing to "get done" as president, Life At The Margin hopes the elected will reconsider. Invite some friends over, Mr.Obama, and throw a party. The White House is a beautiful place; its most productive use is entertainment. Party on, Barack. We'll all be better off.