Patricia W. Chadwick has had more than 35 years of investment experience. She is the founder and president of Ravengate Partners LLC, a consulting firm that provides advice on financial markets and global economics.
The Wall Street Journal’s weekend editorial “It Isn’t Working” lamented that “three years of spending and monetary stimulus haven’t helped jobs”. While making a number of valid points...it failed to point out that the Federal Government has provided a significant amount of valuable and essential stimulus to the economy with an important part of the stimulus program – namely, in refurbishing the highways.
Now is not the time to cut off unemployment benefits in this country. Admittedly, extending the benefits will add to the Federal budget deficit, but not doing so will add to mortgage delinquencies and homelessness and will only serve to impede the still fragile recovery currently under way.
The real problem that faces the public sector – Federal, State and local – is its lack of accountability, its lack of competitiveness and its bloated cost structure. That is where the knife needs to be used.
Lo and behold a couple of weeks ago, some of the channels on my TV stopped working. I realized it when I tried to watch MSNBC’s "Morning Joe", a simply must have for me first thing in the morning - great guests, good politics and economics and lots of humor.
Banks and finance companies are doing everything in their power to rebuild their balance sheets, and in the process of trying desperately to survive and eventually some day to thrive once again, they are abrogating the very rationale for their existence, says Patricia Chadwick.
It is surprising to me that there is not more consumer advocacy on the subject of credit card interest rates. They are utterly abusive to consumers while reaping extraordinary profit margins for the lenders.