THE “STATE OF THE UNION” IS NEVER THE POINT
My latest column is up at PJ Media. It’s a look at last night’s SOTU address and why such formal speeches are worse than useless. Jules Crittendon first offers his thoughts on the speech so make sure you read his take also.
Not a word about the dollar which is tanking in international markets. Nor did the president mention record trade deficits. He alluded to a “decline†in the housing market, forgetting to mention that for the first time in memory, housing values dropped. It also slipped his mind that around 1 1/2 million Americans are apt to lose their homes in the coming year regardless of what he, the Congress, or the entire federal government does about it.
Not a word about the banking crisis as most of our largest financial institutions, having lost billions of dollars, were forced to go overseas, hat in hand, begging for a bailout.
All of this may or may not lead to a recession. But it is equally uncertain whether throwing $130 billion dollars that we don’t have at people in the form of “rebates†will do anything except get most of the Congress re-elected.