On Wednesday, the markets did a repeat performance of Tuesday by selling off early and staging a nice rebound in the afternoon. Nothing much changed in terms of our invested positions.
Today’s hat tip goes to Mish at Global Economics for posting a video, which tries to answer the question how some of the trillions of dollars that have been spent are being accounted for.
I had to listen to it twice, because I just could not believe that so much ignorance and incompetence actually exists.
It left a bitter taste in my mouth, and I’m still wondering if anyone is really in charge or feels some sense of responsibility.
Take a look:
[youtube=http://www.youtube.com/watch?v=cJqM2tFOxLQ] Contact Ulli
Comments 12
Hi Ulli,
What a great video as it makes clear just how inefficient our government is and how they really only take care of themselves and their "Good Ole Boy" friends. If I were that lady being interviewed I would either tender my resignation immediately or at least I would hope Mr. Obama would tender it for her. She made herself look so dumb in that interview with no real answers and I am not sure she knows anything about what going on. Maybe that is what makes for a good politician. She should at any rate be replaced with someone competant to do the job.
T.M.
Ulli,
I can't believe someone so ignorant can be in charge of something so important. She has to go quickly I hope. Most of the other videos were equally attended by a bunch of side stepping politicians who don't have any answers so what are they doing in those positions at our expense?
This video just shows another reason why this country is in the bad shape it's in.
What does it take for a person to do their job???
Anyone in the real world would be fired for such incompetence.
Sickening!!!
Extremely disappointing. I can only hope that Obama sees this.
I'm nauseated.
WTF..
It makes my blood boiled hearing that official beat around the bush instead of answering a very clear and specific question.
Kudos to the inquirer for keeping his composure when faced with this type of incompetence.
Btw, I'm not even an american but I am just angry at the way civil servants (yes, servants who are paid by the people to work for the people) have evolved. I'm of the same view of the way the stock market have evolved from a place for private business owners to get capital to expand their businesses to a place for business managers to extract more wealth at the expense of the shareholders.
Do we really want these people (USSA bureaucrats)running healthcare too? I'm sure there will be a lot of "cost savings" and "efficiencies" once new bureaucrats with fat pensions are hired to oversee everything.
Ulli,
If I were that lady in the video I would feel so ashamed of my actions. I too hope someone close to the president sends this video to Mr. Obama as I am sure he would fire this incompetent lady the day he sees it.
Hi,
Wow this lady on the video should be fired on the spot. Can you believe she is in charge? Man if she is in charge and doesn't know anything about what is going on just think how little the people under her supervision must know. These people in government need a wake up call soon.
Attention out there,
If anyone knows Mr. Obama personally please make sure he gets to see this video as I am sure he is unaware as to how inefficient this lady really is.
Thanks
While the incompetence of this woman who is the Inspector General of the Federal Reserve is ghastly, I don't think the president has any power to touch the Federal Reserve, except to make appointments, when the terms are complete, for the Board of Governors and the Fed's Chair. I think when the Federal Reserve was enacted it was set up so that it would be extremely independent of political influence. So, I think the Fed is pretty "untouchable," unless legislation is changed, which I strongly would favor, as I think the Fed's independence has gone way, way too far.
I don't believe the incompetence shown by this woman is any different than that shown by most Senators, most Congresspersons, or much of the staff surrounding Obama. If you doubt this, just watch a few congressional hearings on CSpan and you'll quickly get the picture-by the questions asked as well as the answers. While Obama bemoans the fact that about half the population have no healthcare and simultaneously worries about its cost, he and Summers, Geithner and Behranke throw trillions of dollars at Wall Street and the banks. What is so usual about political incompetence?
When I was national president of a pharmacy association, I used to go to Capitol Hill and meet and talk with the members of the House and Senate. I, like cacurmudgeon, above found most of the Members of the House to be very imcompetent. Members of the Senate were sharper, but it's scarey to think our country is in the hands of people like this. Their biggest concern, by far, is to get re-elected. It's no wonder our country gets into such messes.