Friday Five, Sept 28

I’ve been away for a while, so I thought I’d better get back to doing my regular Friday Five. This week is a fun week to post. Read on.

You all know that I’m a fan of Richard Fisher, President of the Dallas Fed. Here is an excerpt of his latest speech:

Just recently, in a hearing before the Senate, your senator and my Harvard classmate, Chuck Schumer, told Chairman Bernanke, “You are the only game in town.” I thought the chairman showed admirable restraint in his response. I would have immediately answered, “No, senator, you and your colleagues are the only game in town. For you and your colleagues, Democrat and Republican alike, have encumbered our nation with debt, sold our children down the river and sorely failed our nation. Sober up. Get your act together. Illegitimum non carborundum; get on with it. Sacrifice your political ambition for the good of our country—for the good of our children and grandchildren. For unless you do so, all the monetary policy accommodation the Federal Reserve can muster will be for naught.”

I continue to believe that our country’s problems were not caused by one party – either one, frankly. Both parties and Presidents of both parties have spent like drunken sailors – and that’s being kind to drunken sailors. As a nation, we have voted for this debt. We have met the enemy and it is us. We have no one to blame but ourselves. It’s time for us to give up our perks and benefits – entitlements, if you will – from the Federal Government. We must do this – echoing David Fisher – “for the good of our children and grandchildren”. I’m not kidding. It’s time for us to stop feeding off the nipples of the Federal Government.

On another note, I had one family member who was overtly happy over the good economic news – the housing market is starting to bounce back. The problem, as I see it, is that the bounce is not terribly strong and the remedies to fix the crisis from 2007-2008 are, in and of themselves, major problems now. I’m of the opinion that we will have an economic downturn that is worse than the one we’ve recently been through. I don’t know when, but I’d be surprised if it doesn’t happen within the next five years.

I must admit that I find this interesting. I wonder what it says about me?

Finally, as a Christian, I do believe the Bible is the Word of God. I know many will not agree with me on this, but if you’re interested to learn more from one of my life-long teachers, you can listen to this defense of the Christian faith. I don’t ask that you automatically agree with him, but you do have an opportunity to learn.

Bill English, CEO