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September 14, 2010 07:03 AM UTC

Fiscal Crisis? Too Much for the Buck N' Bennet show to handle?

  • 3 Comments
  • by: charleymiller2010

Look, On Oct 1, our nation will begin fiscal year 2010. My predications, I could be wrong here, is that the House and Senate will get absolutely nothing done on the budget. I am not a pessimist but a realist, when I say and predict there will be no way Congress will have a budget in place by then. I seriously doubt that lame duck Senator Bennet or any of the Senate will have even the simplest of appropriations even completed.

My point is from past experience both Ken Buck n’ Senator Michael Bennet haven’t done too well with their responsible budgets. Whether, it is as Superintendent of Denver Pubic Schools or DA of Weld County. But that isn’t really the point I am trying to make. I mean who am I to judge, right now my checking account I believe is overdrawn, so if you say give me ten bucks it may get to zero. When I say I am the “little guy” I mean it.

So, for me, I understand that sometimes throwing “good money after bad” doesn’t help. As in what our current adminstration has done, thrown a trillion at a trillion worth of debt.

Now, here’s the point I want to make. Has the Buck N’ Bennet show offered any real means or methods of “Fixing the economic mess?” Is it just me, or is this one of the major issues facing both Colorado and the USA? In fact, as I see it, it’s a world problem. Its number one.

Look, I worked in Banking during the S&L crisis and I really don’t want to go over all of that, no matter how similar it relates to our current crisis. The reason is, none of those matters now. I know that but these two don’t even have a clue to what’s going on or how to fix this mess.

What are they going to say, when people realize that 2011 will be the year of a 3.7 trillion budget deficit, and a national debt approaching 16 Trillion to boot? Your nose bleeding yet?

For me, I believe we can not only balance the budget in four years but we can also reverse our economic downturn in the process and start reducing our national debt load. I will release this plan say after Oct 4th. So, before I offer my solution, I am still trying to figure what these guys are even saying.

Lets do a fast recap, correct me if I am wrong, since some people, cough cough, have been changing their positions more times than a football team on the losing end of salary caps.

The following comes from the Denver Post, 8/22/2010, “Senate candidates Bennet, Buck trade accusations on economy, education” by Allison Sherry.

For Buck, he was about a balance budget amendment.

For Bennet, he fancy names his thing, “Deficit Reduction Act that would do something similar, to cap deficit at 3 percent of GDP with real enforcement mechanisms to lower spending.”

Is that it?!?!

Comments

3 thoughts on “Fiscal Crisis? Too Much for the Buck N’ Bennet show to handle?

    1. Short of the Depression,  4,000 banks failed, the S&L crisis was slightly similar, and 2008 to today, who knows?

      Today, we have a huge disconnect.

      1. Instead of letting, financial institutions fail, we did what?

      2. Where is the OTS (Office of Thrift Supervision) now?

      3. How many people have been convicted, or even charged?

      Listen, anyone here locally can remember, Neal Bush, of Silverado.

      Today, we are approaching a similar crisis, what 25-30% of banks here are under some kind of Federal oversight.

      In 1984, I moved to Arizona. I worked in one way or another with Pinnacle West .aka. Keith Turley. First under APS (Arizona Public Service), then under ANPP (Arizona Nuclear Power Plant), actually under Becthel, but thats not too important.

      In 1987 thru 1989, I worked for Merabank, under Gene Rice, well actually, Pinnacle West, soon to be floating under the OTS/RTC (Resolution Trust Corp. Merabank was purchased by Pinnacle West. It would eventually become a holding company (Under the RTC) for alot of bad paper. Most notable, would be Charles Keating’s Lincoln Savings, and Neal Bush’s Silverado Savings, but there was much much more.

      Around then, only a few thousand, hmm maybe tens of thousands of people lost their jobs, 1300 financial institutions with branches across many states failed, and personally, I am proud of the federal government. NO BAIL OUTS, banks were NOT too big to fail.

      Well, in a nutshell, I worked under the head guys, in Corporate, so thats the top floor of the top building where all the corner offices are “C” (something), and if you are not an EXE-VP, you are the hundreds of senior, or whatever VP’s. along with the many CPA’s on the floors below. I was hired to fix the mess internally, as an systems analyst under those head guys. I did alot of work, and eventually, I developed the “Final Bid Evaluation” which was a one page piece of paper that was used to finalize the sale of this huge piece of mess to BoA (Bank of America) for something like 4.5 billion, I dunno I wasn’t there then.

      My sad moments I must admit, since I wasn’t into banking before, was seeing lots of people lose their jobs, seeing how that was accomplished. I wasn’t pessimistic I was a realist. “Take the package, leave this sinking ship.” No one believed me, the writing was on the wall. They stayed. I personally knew the very last person. She was a Telco person who was there to transition the phone network, that was it. The rest were gone. That was one.

      The other was when someone asked me, “Hey, we have Meratel, theres 300 system programmers, systems analysts and the such over there, use all you can, how can they help?”  I didn’t think about it, I knew I alone would have to write the program, so I muttered, ” I don’t need anyone from there, sorry.” The next week they were dissolved. I ran all the reports and this was the final one, when it was done, when it audited to within dollars I was done also.

      I think the total cost to the American public was what 250 billion, a small pittance compared to the what trillion we threw into this current mess.

      Can you see why I was seeing “Red” when President Bush threw out TARP I? Now we have Tarp II and, might as well call it TARP III, all the other stuff since.

      I don’t even want to discuss the Dodd Frank Nightmare.

      I personally know that all the talk about recovery, the growth of mergers and acquisitions, is only a sign that thousands more are losing their jobs.

      SO what happened, where are we now?

      1. Instead of letting, financial institutions fail, we did what?

      ANSWER: 1 Trillion good money gone after bad.

      2. Where is the OTS (Office of Thrift Supervision) now?

      ANSWER: 12 more regulatory agencies – see Dodd Frank act. Wall Street Reform?

      3. How many people have been convicted, or even charged?

      ANSWER: Minus the SEC Ponzi schemers  (who really are not under this issue), we have what, let’s even throw in any SOX (Sarbanes Oxley) into this…come on…how many…?

      But the answer is really not all that bad. I know we can do it. I saw the REP and Pres. Clinton (DEM) accomplish a similar feat.

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