Tom Keating is dead set against the broadband stimulus plan proposed by President-Elect Obama. He believes in government getting out of the way of people and generally I agree with him. I do however believe that broadband is like air, water, highways, bridges and other core infrastructure and the government should aid in ensuring the US is a leader in internet access.
Yes, industry is getting broadband to the masses but that is not enough. Broadband is strategic and allows workers to work for companies anywhere in the world. I for one believe the ingenuity and inventiveness of Americans is something we have which differentiates us from workers in many other countries.
This means a new wave of entrepreneurs could start companies like Google and Yahoo! given access to better and faster broadband connections.
Tom is simply wrong on this matter. He is passionate and he makes great points but in the end, where would this country be without our highways and byways.
In case you didn't notice - Tom and I do work for the same company and this is a great example of the diverse views TMC presents to the market. TMC and TMCnet does not rely on just my voice or Tom's but a blend of hundreds of voices from thought leaders mixed in with the latest news and comments of the community of readers. This community ranges from 2-3 million viewers per month.
This potentially ironic situation was not lost on the sharp people over at snapvoip in a post titled Tom Keating, Rich Tehrani et al Battle IT Out For Barack Obama's $40 Billion Broadband Stimulus Package.
Be sure to see the post which kicked this all off. What's your opinion? Don't have one? Well consider you and your kids are paying for this stimulus - you didn't tell the government to do this... They just are.
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>>Tom is simply wrong on this matter.
Actually I'm right & you're wrong. Until my annual performance review by you - the boss. Then you're right.
To be quite frank, this is not a situation confined to a ' tiny locale', its across the GLOBE. So, the stimulus packages, in their current form in USA, will not work.
Its now 14 Feb 2008...the dice continues to be rolled, at the expense of ordinary hard working people, jeopardising people in the 'now', let alone talk of generational debt.
Just how intelligent are most economists? It would seem, 'not very' . Only the world's dumbest economists would think that 'the banking sector needs a fix, then everything else will fall into place'. ''Get real'' economists : you have a consumer base thats being eroded on a daily basis. Every single person that gets 'unemployed' is one less consumer.
So far, some big banks and big corporations are floating on FALSE balance sheets by including any liquidity injections in any form derived from 'bailouts'...so, even as you scan the economic horizon of the markets, you are fooling yourselves by reading into a falsification, and still pricing 'that' in , along with your so called 'toxic debt' , that nobody can really put a value on. Its a laugh.
Are not the unemployed of today the investors of yesterday? Are these not ex contributors to society? Don't they make up 'consumer spending' ?
At what point do you cash in on that insurance policy or savings investment if you suddenly can't meet repayments? How long do 'savings' really last for the average unemployed person?
Which El Dweebo exactly thought up the 'bad bank' idea?? It must be quite a big idea, because the 'MiniDweebs' are doing all the spadework to push the word out.
Since the 'toxic assets' as most so politely term them, spread across continents and markets , how do you expect to 'quarantine'them? You ask banks about their investments in the Caymen Islands etc..all that happens is bankers get a bit fidgety, and shrug that off. Transparency ? It has to be hilarious.
Look again carefully, and if your sense of calculating reason is still functioning , you will understand that as any consumer base erodes, so do the markets. No 'credit flow' can stop that. Sure, some small businesses etc may qualify for credit lines, but really, would you give a person that is 'jobless' , any form of 'credit'??
Problems and attempted solutions may trickle down from governments , but debt works from the ground up..and its mounting really faster than most can perceive.
..anyone home? Perhaps there's no real need to close Gitmo..maybe just the inmates need to be redefined. Tea and cake can be served, and thats quite humane. In essence, that'd just save the President a whole lot of work.
I'm not exactly the first person to see the stimulus fail. The mere fact that all those bankers are free men, ensures that the stimulus will fail. I saw someone read a message that someone suggested they all be jailed. Quite the stunning piece of advice to the President
So, they are called in before a senate to give a 'testimony' ?? Its interesting and ironic to know the meaning of that word in the present context.
What's the outcome of such a hearing? Is there any real merit in it at all, except to fool taxpayers and constituents that 'something is being done' ?
Definition: a solemn statement made under oath.
Its among one of many definitions, but you might get the drift. In today's society and legality, the general core of the base meanings of words, can dissolve in technicality and context.
How can the stimulus work, if billions evaporate before it even hits the ground?
So, let's look at things again, in the smallest retrospect of just '3 weeks'
You have 'stimulus' funds passing through the hands of those in part , AND overwhelmingly 'responsible' for the economic equivalent of AIDS ( High Investment Vaporization ?? Highly Inventive Volatility?? ) being immunised by 'bailouts' - but refuse to indicate how, and where '' investments'' are wheeled and dealed...and a
'' government website'' where taxpayers can go, and see how 'every cent' is used' ?? As with the dreaded disease, its carriers outlive the victims , to inflict maximum damage because even if they know they're severely ILL, their mentality convinces them that there is no problem.
I heard it said that 'Transparency' , means different things to different people , so perhaps the above is one such thing. It smacks of such high accountability but it's apparently not really too much of a concern in passing an 'astronomically flawed' bill. All such concerns obviously mean nothing n the realm of 'too big to fail' ..its a virtual melting pot of 'anything goes' , even if its taxpayer dollars..give or take a few BILLION here or there..whats the trainsmash?? Its just some dollars that even a generation of taxpayers won't really recover from.
Its pleasing to note that some economists and strategists see the danger of China holding $ trillions of US goodies in 'reserves' , with a rapidly shrinking export base. It makes for quite an explosive clash on issues of ' Trade Protectionism' in the near future.
How do you really slide down the blade of a double-edged sword, in a catch 22 situation without being severely slit?
The stimulus bill, seems to be more about fulfilling a bit of 'political promise' rather than holding ANY real regenerative capability. Sure, the tax cuts for 95% may turn a few mesmerised heads for now. The huge talk of all the millions of jobs that will be generated may sound highly appealing today.
Did I hear someone say the 'toxic assets' aren't necessarily 'toxic' ?? So, sipping a bit of poison isn't really dangerous..it could just materialise into an elixir for life on the way down right?? Sorry, perhaps I imagined that out of context. I'm just in the ranks of ordinary people, and not an 'expert' , so perhaps my degree of commonsense is actually ludicrous at an 'economics' level.
There may be merit in 'stimulus'actually working, if the ground rules are intrinsically 'correct'.
When the objectivity of good reasoning, is left behind in the wake of slick vocabulary that mesmerises a nation, the perceived light at the end of the tunnel is usually the oncoming train.
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