Friday, January 25, 2013

How many times are we expected to buy the Brooklyn Bridge? Congress has decided to postpone the debt ceiling debate until May while they work on spending cuts. But this time they are "really, really really, really" going to address the issue. Fat chance. How dumb do we look? I have a better idea, why don't they go into a room and work out the details of exactly what they think we should do in a comprehensive form and present their ideas to the voting public. Is that too much to ask? The argument at the moment is stuck on one side saying "we don't want to pay for the spending we have authorized until you guys cut entitlements" and the other side counters with "we aren't going to do that". So the solution is to delay the confrontation another three months and run to a 24 hours news network and explain how it is not their side's fault.

What is even more unbelievable is the financial press is acting like this time is different.

Same Old / Same Old Department:  According to a NY Times article this weekend three Senators who receive heavy contributions from drug maker AMGEN managed to insert a $500 million price break in the fiscal cliff resolution bill that will be paid for by higher cost for Medicare. So the next time you hear Max Bacus (D- Montana) or Orrin Hatch (R- Utah) or Mitch McConnell (R- Kentucky) talk about cutting the deficit or fiscal responsibility you will know they mean it for everybody but the drug company that owns them.

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