Saw Jack Welch, former GE chairman, on CNBC's Squawk Box this morning and thought his take on the economy was, as usual, right on the money. In recap, he basically said when you examine the constraints and roadblocks faced by business today, there's no hope for recovery at all. He suggests tearing up or pausing all senseless regulatory requirements until they can be afforded, but believes we'll actually see nothing positive happen for the next fourteen months.
He also believes the American economy is extremely sound at the moment, and is clearly the best in the world, even compared to China. But, what's happened is that successful operators have been forced to downsize and work smarter due to overbearing regulation and government interference. The downsizing has caused businesses to build better internal systems which produce more, better and faster with less personnel.
Therefore, government, as usual, has forced results exactly opposite of what they strove for and have increased unemployment which will not reduce any time soon at their specific fault. Additionally, there's continual hording of cash by a huge number of businesses that are doing quite well, but they won't spend an unnecessary dime on expansion in the U.S. until they're certain of a sensible regulatory environment which the current administration is incapable of providing. And that, he believes, stems from ranks of governmental employees who've never worked in the real world but are all textbook theoreticians knowing nothing about how businesses really work. I especially liked that last part because I've been writing about it for two years now myself.
On another subject, another Republican debate took place last night. And, as I've noted many times prior, I've not watched one for many, many years now because I don't get the point. Everyone knows what the candidates views are, they spout them all day long for months and months. However, since they're politicians, it really doesn't matter what they say or promise in a debate or anywhere else. Because they're going to do whatever they choose if elected, so what difference does it make what comes out of their mouths?
Along those lines, I read something this morning that I think sums up why debates are pointless. This guy, Eric Golub, from Brooklyn and later, Long Island, now lives in Los Angeles. He's a politically conservative columnist, blogger, author, public speaker, satirist and comedian who wrote the following for The Washington Times.
"Even Fox News cannot rescue the farce that the 2011 GOP debates have become. Chris Wallace, Brett Baier, and Megyn Kelly are all serious journalists. Yet the combination of too many candidates and too few solid questions from audience participators led to too much being left out:
The stock market crashed 500 points the day of the debate, finishing down almost 400 points. The overall crash the past few weeks was untouched.
While Solyndra was barely alluded to, questions about the fraud in the environmental industry was beyond that untouched. The Fast and Furious scandal where American guns were given to Mexican drug lords and used to kill American enforcement agents was untouched.
Iranian President Armageddonijad released a pair of American hostages and then spewed venom at the United Nations. This subject was untouched.
Bashar Assad in Syria is murdering his own citizens in the street. This was untouched.
The situation in Libya and the new leaders in Egypt were topics untouched.
The Ground Zero Mosque was untouched.
The decision by Barack Obama to reduce virtually all troops in Iraq was untouched.
The actions of Barack Obama and Eric Holder regarding imprisoning American soldiers, handicapping our military, giving civilian trials to Islamofascist terrorists in New York, and trying to close Guantanamo Bay were all virtually untouched.
Israel was mentioned, but the pursuit of a Palestinian state and the Palestinians burning American flags the day of the debate was untouched. A failed American President begged a third world potentate to hold off, and the potentate told the failed American President to (redacted) off. That story was untouched."
So, I assume that this guy's analysis of the debate was fairly accurate and thus, why waste my time watching a line-up of basically boring people verbally beating each other up. Instead I'll keep watching re-runs of Law and Order and trying to reach my goal of staying awake to the end of an episode, because I rarely do...it's much better than pills.
That's it for today folks.
Adios
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