Tag Archives: stimulus

Fixing the Ecomony #1

Open the Federal Reserve discount window to states and local government. This initiative uses no taxpayer money, requires no action from Congress, could be implemented immediately and should save state and local governments, as much as $80-$100 billion, each year while providing badly needed economic stimulus or tax relief. In DC, this would be spun, “a trillion dollar stimulus over ten years.”

We already give access to the Fed’s discount window to banks – even non-member foreign banks (yes, among many others, Gaddafi-controlled, Central Bank of Libya-owned, Arab Banking Corp.); Wall Street and insurers of Wall Street including Goldman-Sachs, Morgan Stanley and AIG; and pseudo-banks/auto lenders including GMAC. Why not allow access for our sovereign state governments that are bound by balanced budget amendments –  many of whom now have higher credit ratings than the US government?

Can we do that? Sure. The Federal Reserve has long held the authority to lend to anyone or anything during unusual and exigent circumstances – and the Fed defines the circumstances. Under the 2010 Dodd-Frank Act, the Fed’s authority of extending credit has been changed from “specific individuals, partnerships and corporations” to also give access to “any program or facility with broad-based eligibility.”* Further, the Fed has authority to buy state and municipal securities directly (known as: quantitative easing).

Even without the emergency authority or the expanded authority, states have long been able to simply set up publicly-owned banks** for the specific purpose of Fed discount window access.

The Fed currently lends money from .015% to 1.25%. States and local government now have more than $2.8 trillion in bond debt*** – used to build roads, hospital, schools and universities, football stadiums for NFL teams, the infrequent mass transit project (liberal areas, only), infrastructure projects, attract industry, and other purposes. The Center on Budget and Policy Priorities reports that these bonds cost 4-5% of annual expenditures and recently, typical rates are from 4%-6%.

The potential for fixing the economy, however, doesn’t stop there. Individual states would have authority to use its access to the Fed discount window to finance utility construction and lower costs for consumers (according to the AJC, those in Georgia who will be subject to a $9 a month financing charge for the expansion at Plant Vogtle are ideal beneficiaries). Each state could use lower rate access to provide businesses with capital to expand and create jobs, financing to consumers for environmental improvement, offer lower cost student loans to its citizens, financing for non-profits and a host of other initiatives.

Is it inflationary? Sure, but when growth is at 1%, no worries.

Does it compete with the private sector financing? Yes, but to consider that bad, one should consider that most private financing is done with access to the Fed window and one would also have to answer why taxpayers should pay more?

Will it take a chunk of most lusted-after income out of the pockets of the greedy “masters of the universe” Wall Street investment bankers and hedge funders? Sure, and wouldn’t that be great?

As a by-product, wouldn’t it increase state and federal tax revenues, since so many wealthy investors use municipal bonds to make tax free income? Yep.

Wouldn’t former mayors, council people, senators and legislators who go into the lucrative bond business leveraging their former patronage to call in favors have to find another way to fleece taxpayers after they get out of office? Yes, that, too.

Wouldn’t it help Democrats more than Republicans? I doubt it. The Fed is not political and there are an awful lot of Republican governors who’d jump at the chance to have a little more room in their budgets. Most of those helped would be in the jobs it would save and the new jobs that could be created – jobs regardless of party affiliation.

Author’s note: This is first in a series of commonsense things we can do to fix our economy during this time when the House and Senate can agree on nothing. I invite your comment and suggestions.

Update: The article was updated on 8/8/11 at 1:42 PM.

___________

* Whatever the hell this could possibly mean will eventually be known when Congress approves the 4,000 rules to govern implementation of this bill. Until then, it is anyone’s guess.

** “In North Dakota, the publicly owned Bank of North Dakota (BND) acts as a “mini-Fed” for the state. Like the Federal Reserve of the 1930s and 1940s, the BND makes loans to local businesses and participates in loans made by local banks. The BND has helped North Dakota escape the credit crisis. In 2009, when other states were teetering on bankruptcy, North Dakota sported the largest surplus it had ever had. Other states, prompted by their own budget crises to explore alternatives, are now looking to North Dakota for inspiration.” – ZeroHedge.com

*** General obligation bonds (GOs), Revenue bonds, Conduit bonds, Insured bonds, Original Issue Discount bonds, Taxable bonds, Zero coupon bonds, Pre-Refunded bonds, Escrowed-to-Maturity (ETM) bonds, Housing bonds, Municipal Notes. Current total outstanding is a very difficult figure to come up with. The figure of $2.8 trillion is from Wall Street investment company estimates. The US Census Bureau’s Statistical Abstract was last updated for state and local government debt in 2007 (totaling almost $2.5 trillion), but does not include many types of municipal debt. Dependent upon the purpose, these instruments may or may not be tax free.

Stimulus Hawk

In a dramatic achievement of bipartisan compromise, the Clinton-Obama administration has announced a compromise with Republicans for continued stimulus spending – deficit be damned – as long as the economy, as judged by the Chamber of Commerce, deems it appropriate. No, extending the Bush tax cuts for the superwealthy was so last week. Iraq and Afghanistan.

Stuck in the malaise of the post-prozac depression, we simply cannot afford to have hundreds of thousands of Americans return home off combat pay. The effect on Visa and Mastercard write-offs would be massive. Public relations spokespeople for virtually every economist who has ever appeared on TV, have stated that, “America needs the stimulus from combat-death life insurance pay-outs to the surviving families to keep our communities vibrant and our schools and VA hospitals open.” Were one of these wars to suddenly come to an end, every American would suffer from the effect of those laid-off in the bomb, bullet, flack jacket, tank, predator drone, helicopter, MRE, spy satellite, cargo plane and cable news industries. The effect would be enormous – we would have to go back to watching people talk about abortion and the protection of marriage.

Were the totally implausible to occur, ‘peace’, the opportunity for middle-aged former veterans to sell themselves to companies formerly known as Prince, for only five times what real soldiers make, is over. Stop. Think for a moment. Without thousands of flights per month half way around the world, what would happen to the price of oil? What would happen to community college language programs in middle eastern dialects? What would happen to the army of friendless nerds working for letter divisions of government who spend their waking hours listening in on phone conversations to and from war zones? Zeltch. Nada. Unemployment. Just imagine for a moment how long they could make it on the street as homeless.

We cannot afford to let his happen. We must support the wars. We must stand against peace. Whatever wars they want, for whatever reason, we need this. For capitalism. For free enterprise. For if we stop fighting over there, the war will leave your street and come to Wall Street.

It is cannot be about winning un-winnable wars. Look what happened to Russia when they left Afghanistan – their economy was destroyed and their government overthrown. We’ve been in Afghanistan now longer the Russians. We cannot afford to ever leave.

If you have not gotten it yet, think for a moment about the people. Awash with dollars in a country where malls are made of clay, how could they survive on poppy production alone? What will happen if the Taliban were to take over the Pakistan nukes? Preemptive strike by India? Or will Ms. Clinton invite a short Pakistani general to come back to power? Would Pakistan make new nuke sales to future terrorist states, such as Brazil or Canada or, god forbid, Mexico? Would Osama come out of his cave leaving us with no enemy to be the focus of our fear? No, we must stay the course.

The joint chiefs, in an announcement approved by Hillary Clinton, have weighed in, “No comment.” Unnamed, anonymous and/or innocuous or vague sources have confirmed that “as long as Wikileaks is plugged, you’ll have to check with the White House or, even, the State Department for an official statement that can be parroted in your blog.” China and Saudi Arabia are on board. Publicly, the EU is for peace, but not at the price of not war. The rest of the world is just too busy or hungry to care.

Perhaps, someone like Senator Jim DeMinted (T, SC) will state it best, “In this time when our very way of life is being threatened by godless people who have run out of money, I’m pro-offense spending. Especially, if we have to cut taxes and social security to pay for it.”

We need to stop thinking about war as, well, “war.” We need to cease our fixation with the sounds of explosions, the blood of innocent children and camps of refugees. We need to embrace that war is about the economy and jobs – our jobs. We need to come together and support our troops in protecting our way of life.

Violence can only be concealed by a lie, and the lie can only be maintained by violence. ~Aleksandr Solzhenitsyn

No matter what political reasons are given for war, the underlying reason is always economic. ~A. J. P. Taylor

When a war breaks out, people say: “It’s too stupid, it can’t last long.” But though a war may be “too stupid,” that doesn’t prevent its lasting. ~Albert Camus

One is left with the horrible feeling now that war settles nothing; that to win a war is as disastrous as to lose one. ~Agatha Christie

No protracted war can fail to endanger the freedom of a democratic country. ~Alexis de Tocqueville

A great war leaves a country with three armies: an army of cripples, an army of mourners, and an army of thieves. ~Anonymous (German)

War is not an adventure. It is a disease. It is like typhus. ~Antoine De Saint-Exupery

Make wars unprofitable and you make them impossible. ~A. Philip Randolph

Pledge to America: the cliff notes

The long awaited sequel to Newt Gingrich’s 1994 “Contract On America,” is out. Here are cliff notes. A summary of sorts inspired by Cliff Hillegrass’ original, but written for the lemmings expected to be led and fall from the cliff.

Overall:

Republicans pledge to reconnect with their version of the “permanent truth” of long-buried, rich, slave-owning white men – none of whom were Baptist – who lived in a time before indoor plumbing, electricity, automobiles, telephones, television, internets, rights for women or people of color, automatic weapons, predator drones, polling, political action committees, Republicans, Democrats, citizenship, elections, Wall Street, public libraries, credit cards, corporations, health insurance, retirement plans, banks, dollars, and the life expectancy was about 30.

Republicans pledged to offer a “plan,” rather than an “agenda.” They announced their firm patriotic pledge to be against uncertainty, red-tape factories specifically located in Washington, D.C. (other color tape factories and those red-tape factories in other areas are apparently just fine) and people not working. They reaffirmed their pledge to listen to the minority mob at this critical time when those elected by the majority don’t seem to be listening to Fox.

Based on the 50 photos in their 48 page pledge, they are also pro-cowboy hats and are really really pro-white people – only one person of color was shown, John Boehner who is orange.

Jobs, Jobs, Jobs:

They believe our economic problems are caused by heavy hands, a dead economist, and the continued cowardice of business owners. They believe the Democrat bill that provided the largest middle class tax cut in history, revenue sharing to the states to keep schools open and teachers and police on the job, and investments to rebuild roads and bridges that put construction workers back to work should have been cancelled.

They pledge to put people back to work by not spending money and definitely not hiring them by the government. They believe that it is critical to give people making so much money that they couldn’t find enough tax dodges and have to report over $250,000 in earned income a 3% tax break. They believe the Republican initiative to save Wall Street has caused investor uncertainty, but that if Wall Street has to obey the rules, they won’t take risks and our economy won’t trickle on middle class and poor people.

They pledge to end the deficit by permanently not raising taxes, giving more tax deductions to corporations, repealing the requirement for corporations to report expenses over $600, and requiring an act of Congress for almost any new business regulation. The Republicans pledge “put us a path to balance the budget and pay down the debt” by immediately cutting $100 billion from the stimulus bill that would have been used to buy American products and hire Americans to rebuild decaying public buildings and bridges. They pledge to go back to the Clinton-era, Obama-endorsed, pay-as-you-go strategy on new spending, except in the cases of unexpected emergency Republican spending such as highway funding, new subsidies for agriculture, more fighter jets built in Republican districts, etc. They also have pledged support of Obama’s plan to re-privatize Fannie Mae and Freddie Mac.

Healthcare:

They pledge to immediately repeal healthcare reform and replace it with common sense, allowing HSAs to be used for anything in a drug store, getting rid of state regulation of health insurance companies, and, of course, tort reform. No mention of the 50+ million Americans who don’t have health care coverage. They also pledge to discontinue the federal prohibition on abortion funding and replace it with a prohibition on abortion funding.

Government Reform:

The Republicans pledge a requirement that every law carry a Congressional version of a Bush signing statement – just a little something to clarify intent which can be used before the Supreme Court or campaign contributors. The idea is that regardless of whether the bill is constitutional, if they say it is, and the President signs it, they agree on intent, which should put the judiciary on proper unconstitutional notice not to disagree.

They pledge to require that all bills be posted 72 hours before a vote as the Democrats already do. The theory is that it will give Rush, Glenn and Sarah more time to alert the radio, cable and tweetisphere to alert the people to alert the pollsters to alert the staff to alert our leaders how to vote.

They pledge to require that at any point in the process, any legislator can offer an amendment to reduce spending and send the bill back to a committee to restart the never ending process which should, once and for all, mean that Congress will never pass another bill while a black man is in the White House. If that doesn’t work, they also pledge to make sure measures are passed “one at a time” rather than bundling a critically important-to-K-Street bill with other bills not considered important by Republicans. And if that doesn’t work, they also pledge to put an expiration date on all federal programs to coincide with election years including Social Security, Medicare, and Medicaid, but plan to save Social Security by cutting benefits until it is so unpopular that we won’t want it any longer.

They particularly are against big government, but pledge no specific size goals. They are also pro-accountability and transparency, which is code for, “we can’t wait to start the inquisition of Obama.”

Security:

Not much here. I suppose they got to their page limit. They pledge to pass a “Clean Troop Funding Bill,” I know it sounds as if the Republicans are anti-dirty troops, but they aren’t. The pledge is totally meaningless except to provide some cover should they fail on other pledges and have to pass a military funding bill that includes bridges to nowhere.

They also pledge to “demand an Overarching Detention Policy” to prevent those illegally detained by our government anywhere in the world, but especially those in Guantanamo, from having a fair trial, to fully fund the fully funded Star Wars missile defense shield, even though it is still illegal by treaty and will never work, but Reagan wanted it, and they reiterate their dislike for Iran and immigrants, but pledge no specifics of how they are going to make their lives worse.

Energy:

They pledge they are for domestic energy production and against cap and trade, but pledge no specifics and certainly didn’t pledge anything to address global climate change or new energy sources.

The complete 48 page Republican “Pledge to America” can be read here.

Our forests are too overgrown to fail

An economic analogy.

We have been preventing and fighting forest fires for a couple of hundred years believing it was the best way to preserve our forests and our way of life. We were wrong.

Left to themselves, naturally occurring forest fires were frequent, slow moving and limited. These fires cleared the weak, dead or dying trees. These fires burned the brush and vegetation from the forest floor, which supports destructive insects and has become the fuel of the major fires we know today. These fires diversified the environment, made the soil richer and forced the trees to develop thicker bark, which protected them from the heat. Many types of trees require the heat from these fires to release their seeds. New growth occurs most often within a couple of weeks as the vegetation thrives in the nutrient rich and uncompressed ash left from the fires and the lack of competition for sunlight.

Since we have protected our national forests, fires are less frequent. They are also much hotter – often consuming the old growth trees and moving too fast for the forest animals to escape. With enough firefighters and money, we can protect some special sections of the forest, but the moonscape left everywhere else takes much longer to grow back.

Mother nature, nor mother economy, will not be denied. No matter how many trees you plant, or how much stimulus fertilizer you provide, it is just going to take a while – that is, unless, there’s another fire.

###

Postscript: I was torn as to whether I should share this as it may have seemed that I was both uncharacteristically hopeful and suggest that I am anti-regulation or anti-stimulus. I am not. BTW, if there is another fire, it’s best to run like hell or jump in a lake with the other animals and the snakes.

Dog Days News

So Blago’s guilty of lying, but after six and half years of Justice Department investigations, many millions spent, federal prosecutors couldn’t convince 12 of his peers that he was guilty of any of the other 23 charges. Blago will likely be re-tried.

Our hemisphere is having the hottest summer ever recorded – wildfires in Russia, an iceberg four times the size of Manhattan has broken off Greenland, and Pakistan has more than 20 million affected by flooding with 8+ million in desperate need of food and clean water – yet, the Climate and Energy Bill is being held hostage by Senate Republicans who continue to deny global climate change has been caused by their hot air.

Caffeinated by the tea party, a one-word “no” platform, 309 Senate bills on Republican hold, gay marriage and immigration laws in the courts, a Muslim community center in Manhattan, and the Bush economy/legacy of failure abandoned on Obama’s doorstep, the Republicans are so poorly managed they only have $10.9 million for fall campaigns – now they get a $1 million partial bailout from News Corp., the owner of the Wall Street Journal and Fox Not-Really-News.

With a “real” unemployment rate of 16.5%, a net loss of 131,000 jobs last month, wage growth a misnomer, the current rate of bankruptcies near a 5-year high, record numbers without health insurance, record numbers of foreclosures, exports tanking, trade deficits exploding, bank earnings weakening, 80% of the exiting stimulus allocated to the states, but only 47% spent, and a second stimulus bill dead in the Senate waters –  the $10 billion subsidy just passed to pay states to keep or hire teachers has many school districts saying they aren’t going to rehire teachers, they’ll try to save it to help next year which is sure to be worse.

Haiti is still in ruins, 1.5 million people are still displaced, only about 10% of the money pledged (including the US contribution) has actually been given, Bill Clinton is out doing collections while Hillary is leading by example: she’s contributed $10 via text to relief efforts, but there’s still hope – Fugees’ rapper Wyclef Jean is running for President.

Gone in August:  Oscar-winning actress, Patricia Neal (84, lung cancer); Bobby Hebb, ‘Sunny’ singer-songwriter (72, lung cancer); “Shot Heard ‘Round the World” baseball player Bobby Thomson (86, long illness); jazz singer, civil rights activist, Abbey Lincoln (80, long illness); actor Paul Rudd (70, pancreatic cancer); film and TV producer, David Wolper (82, heart failure); former Alaska Senator Ted Stevens (87, plane crash in the bad weather that they didn’t check for before taking off); celebrity plastic surgeon, Frank Ryan (50, texting while driving); writer, pundit, segregationist, James Kilpatrick (89, heart failure); Gap Band musician, Robert Wilson (53, heart attack); singer for the Diamonds, Ted Kowalski (79, heart disease); Pardon by Bill Clinton for accepting kickbacks, 18 term Congressman and former Chairman of the House Ways & Means Committe, Dan Rostenkowski (82, unspecified); bluegrass bassist, Mitch Jayne (82, cancer); guitarist, Catfish Collins (66, cancer); writer, philosopher, Mary Anne Warren (88, unknown); Georgia goobernatorial candidate, Karen Handel (48, failed to convince 1,244 more voters she was less evil than Nathan Deal); HP CEO, Mark Hurd (53, complications from greed and sex-related hubris); hate radio host, Dr. Laura Schlessinger (63, fatal hemmoraging of the N word on air); the last US combat troops in Iraq (7, campaign promise); unimaginable numbers of aquatic creatures and birds, plus 80% of the oil that leaked into the Gulf from BP’s Macondo well (3 months, greed, negligence, inadequate regulation and political bribery).

Update, August 21, 2010:

  • Blago: Jurors report that there was only one holdout juror unconvinced of Blago’s guilt on most of the other charges.
  • Hottest Summer: Now heavy rains have devastated China and North Korea leaving 4,000 dead or missing, more than 50,000 displaced and ‘extremely dangerous” cracks have been found in the Three Gorges dam threatening hundreds of thousands.
  • Republican Fundraising: Politico reports the RNC now has only $5.5 million on hand for the midterm elections and $2.2 million in debt.
  • Jobs: For the week ending Aug. 14, new unemployment filings exceeded 500,000 – the worst job report since Nov. 2009.
  • Hope in Haiti: The Haiti electoral commission ruled yesterday that Wyclef Jean is ineligible to run for president .

It’s still the economy, stupid

migrationOne can hardly pick up a newspaper or turn on the TV news without a story about the economy. The Clinton campaign mantra, “it’s the economy, stupid” will soon be the mantra of the Obama White House – just as soon as he can stop answering questions about the wars, health care, the environment, Wall Street reform, what he thinks about Tiger Woods, etc. ad nauseum.

ProPublica reports that we have now spent a whopping 30% of the stimulus money. Those filing for unemployment actually decreased a little last month (or gave up trying) – click here to hear today’s NPR coverage. The FDIC shut down 6 more banks and 130 have failed so far this year – click here to read HuffPo’s story. Reuters reports a 26% jump in hunger assistance as family homelessness rises in cities across the US. And pundit after pundit prognosticate on when it will turn around – here’s a sampling from the Daily Beast.

noveau_poor_hatDiscoverCard.com reports on its website (disclosure: I don’t have a Discover card) results of their research under the heading “November Highlights” that, “Economic Confidence Plunges; Low Expectations for the Holidays.” Here are some of the lowlights:

  • Economic confidence among America’s small business owners plummeted in November, as more owners cited serious concerns about cash flow and saw economic conditions for their own businesses getting worse. The Discover Small Business Watch index fell 12 points in November to 76.5 from 88.5 in October.
  • 52 percent of small business owners say they have experienced cash flow issues in the past 90 days, up from 44 percent in October.
  • 53 percent of small business owners see conditions getting worse in the next six months, up from 43 percent in October.
  • 62 percent of small business owners rate the economy as poor, an increase from 55 percent in October; 30 percent rate it as fair, and 8 percent say it is good or excellent.
  • 53 percent of small business owners think the overall economy is getting worse, up from 44 percent in October.
    Only 11 percent of Small Businesses Expecting Increased Sales This Year
  • Small business owners have a glum outlook on the holiday season: Only 11 percent expect to see more business this year over last, while 46 percent of them are expecting less business than last year.
  • 73 percent of businesses that extend credit say that they have customers who have delayed or asked to delay a payment in the last three months.
  • 68 percent of consumers say that they have made purchases at a small business in an effort to keep it from closing.

In response to all the bad news, his visit last week to Allentown and the his big jobs forum, the President spoke this morning at the Brookings Institution (click here to read Facing South’s analysis of the speech) and here’s some of what he had to say about plans and possibly spending the $200 billion left over from the TARP (click here for the full text).

… That’s why it’s so important that we help small business struggling to stay open, or struggling to open in the first place, during these difficult times.  Building on the tax cuts in the Recovery Act, we’re proposing a complete elimination of capital gains taxes on small business investment along with an extension of write-offs to encourage small businesses to expand in the coming year.  And I believe it’s worthwhile to create a tax incentive to encourage small businesses to add and keep employees, and I’m going to work with Congress to pass one.

Now, these steps will help, but we also have to address the continuing struggle of small businesses to get loans that they need to start up and grow.  To that end, we’re proposing to waive fees and increase the guarantees for SBA-backed loans.  And I’m asking my Treasury Secretary to continue mobilizing the remaining TARP funds to facilitate lending to small businesses.

… Now, there are those who claim we have to choose between paying down our deficits on the one hand, and investing in job creation and economic growth on the other. This is a false choice. Ensuring that economic growth and job creation are strong and sustained is critical to ensuring that we are increasing revenues and decreasing spending on things like unemployment insurance so that our deficits will start coming down.  At the same time, instilling confidence in our commitment to being fiscally prudent gives the private sector the confidence to make long-term investments in our people and in America.

Over Stimulated in Atlanta

Post_PropertiesDon’t get me wrong. I’m all for the stimulus bill. I think it is absolutely appropriate for Washington to replace the imaginary money lost on Wall Street with imaginary money from the treasury.

Don’t get me wrong. I know they have to spend it on something. Roads are easy. Might as well add a lane or two everywhere. It means jobs, which means people can eat. And, I love the hardworking people we have invited from other countries to do the work. It’s just, well, I really don’t like the inconvenience of the construction delays.

I think it might have been much better for all of us if the stimulus bill was just spent on government buildings. For instance, why not rebuild the Capitol, the White House and the Treasury Building? Do the same at the Stock Exchange. Yeah, they’d have to tear the buildings down first. Then it would take years to rebuild. Couldn’t that be wonderful? They’d be soooo inconvenienced. It would be years before they screw us further. We need a local stimulus, too, so we could do the same in each of the states and our cities.  That could be even better.

This morning (Saturday), the workers appeared on the scaffolding outside my window promptly at 9:05 AM. They won’t leave until about 6:00, unless it rains. They have been at it for almost three months and will be here at least another two. They are wonderfully hardworking, respectful and well-mannered young men. No, none of the 120 workers on the crew are female. A handful do speak English, but mostly it is a Spanish lesson for us.

They are repairing the building I live in because the owner needs to sell it (Post Properties; current stock quote). Something about a bad economy, a depressed stock price and needing to raise cash. They tried hard last year to dump it, but the windows weren’t flashed correctly and there was some wood damage under the stucco in a few places. The section of the building I live in was perfectly fine, but they replaced the doors, ripped off the stucco, re-flashed, re-insulated, etc. anyway. Made a real mess. Loud. Dirty. Stressful. No privacy. No views. Makes me angry to walk down the hall and feel the crunch of construction debris under my feet. To see the security doors wide open. To hear the saws and the hammering. I truly hate them for it. Good for the economy, I guess. Just not convenient.

I talked with some of the workers about it. I asked what it is like to tear down a perfectly good building and build it back? The younger workers looked to the older ones for signs of how to answer this Anglo. They smiled and nodded politely. Laughed. Waited patiently to see if I were going to continue asking them questions in a language they didn’t understand. I knew I was talking to myself, but they were the only ones who would listen.

The stimulus spending will start most everywhere soon. You’ll learn what it is like. Inconvenient, but good for the economy.