As the President of Silkin Management Group I have written many blogs, along with our Silkin consultants, about a variety of topics including practice management tips as well as issues concerning current events such as the health care legislation. Because I like to write timely blogs I keep an eye and ear out on current events.
Yesterday, while driving, I was listening to the news on NPR and didn’t believe my ears concerning a statement made by President Obama. Note: I am a registered independent and have no leaning toward any political party. If anything I am liberal on social issues and conservative fiscally – a viewpoint that doesn’t safely belong with either party. Thus my amazement/bewilderment with what I heard has nothing to do with any political leaning. When I heard this statement I was so stunned that I yelled “you’ve got to be kidding!” so loudly I was very happy nobody was in the car with me.
Here’s the statement I heard. The President proudly said that there was about $700 billion in TARP money (the money that our government so kindly came up with to bail out banks, car companies and other needy corporate conglomerates) that it looked like these corporations didn’t need. So, he said, instead of lending it to the corporations, it could be used for other things including reducing the deficit. That’s right, reducing the deficit. Realize that this money itself came from the government borrowing money from the Fed and/or through issuing bonds bought mostly by China.
That struck me as a ridiculous statement and the kind of economic “slight of hand” that is the standard economic policy of this country. As an analogy it’s like borrowing money from one bank to pay for a house, then deciding you weren’t going to buy the house and instead using the borrowed funds to pay off another loan and now saying you are reducing your indebtedness when you still owe the same amount of money!
I hope he handles his personal finances better than this.
Larry Silver
President, Silkin Management Group
For more information about Silkin Management Group, Silkin’s management programs or any questions about practice management contact us at: info@silkinmanagementgroup.com or visit our website at: www.silkinmanagementgroup.com
Visit our other blogs:
practicemanagementblog.com
silkinmanagementgroup.blogspot.com
blog.silkinmanagementgroup.com
{ 3 comments… read them below or add one }
Yep you heard that. New Math is so passe!
This illustrates why China and India are going to expand their economies.
Sometimes you just have to shake your head.