MORNING SHOW – 12/05/22

https://www.youtube.com/watch?v=26q5hWNXJVA

“Government is the great fiction by which everybody seeks to live at the expense of everybody else.” Frederic Bastiat (1848), a man of few words yet much wisdom, offers up his definition of government and sums up our circumstances well.

If you own a business, or seek to build wealth through investing, watch out. Beware the march toward big-government tyranny euphemistically labeled “progressivism” these days. Things will get much worse before they get better, no matter what we do now…but if we’re committed to real American ideals, business (and the people) will return one day to prosperity. The first step, though arduous, is clear: halt progressivism, wherever you find it, in order to return to progress….

A few weeks ago, UK Prime Minister David Cameron urged European leaders to wheel out their ‘big bazooka’ to tackle the eurozone debt problem. That’s mighty impressive language – a bit reminiscent of the ‘shock and awe’ terminology that preceded the last Gulf war. The only problem was that I couldn’t find any decent explanations at the time in the regular news and media outlets of exactly what Mr. Cameron meant by the phrase ‘big bazooka’.

Banks helped themselves to $1.2 trillion in loans at the Fed’s discount window, and they made money in the process. So what’s the problem?

For the past couple of years, we’ve heard about a housing market recovery, government programs designed to encourage a recovery, federal plans to help people avoid foreclosure, etc. It’s worth mentioning, however, that low interest rates and dropping prices are great but falling unemployment rates would be even better.