Victoria’s solution is not realistic. She at least identifies the problem – debt.
What I can tell you is in meetings on the Hill, the conversation is at least intelligent when I meet with the chief’s of staff. When the politician enters the room, the conversation dumbs down.
There is no collective ongoing accumulation of knowledge. Nobody has fought so long behind the curtain than me.
They think only one election to the next. This is why I say we need term limits. Nothing will take place because of the election. The Fed will act, but not politicians, who really do not read the bills they vote on. Their staff does and gives them an outline.
Most politicians have ZERO experience in trading, market history, or understanding even how the economy functions.
If something goes wrong, they BELIEVE the Fed has the job to manage the economy – not them! Why did the Fed not do this or that.
I have started to write question they ask the Fed. This is for committee members who at least think someone is wrong and do care About it. The rest are there for whatever they can carry home personally.
People assume way too much intelligence. I wish that existed.This is not my opinion. It is my observation!
If someone hands you power, you don’t want someone coming to you and then telling you can’t do what you think. The vast majority of politicians on the Hill are lawyers. They see them selves above everyone else. Real Estate in Washington has not declined. They live in a bubble and unless their 401K drops, then I get a call asking do you think we need another QE version. Very few people really care. Why should they? They have jobs for life – no worries. They do not see the world as we do. They concede they could not borrow forever personally and never pay anything back. Yet for the government, they argue that it is the exception. People need their debt so they will always buy it no matter what. That is the prevailing problem. There is no feeling of urgency. No one agrees with Ron Paul and the Press is told to ignore him.
Do not judge government by what you think and believe. Judge them for their actions. NEVER read into it any presumed degree of knowledge that the system will crash. They do not believe that stuff. Look at Europe. They do not understand that they are the problem as a whole.