View Full Version : economics team not on par with nat. security team.

08-04-2002, 10:49 AM
His economics team isn't on par with his national security team.

When I heard some second-string talking head from the '70's, say that on TV this morning about Bush's cabinet, I just about dropped my hymnal.

The thing is, the Federal government IS in the business of shooting and bombing people. The Federal Government IS NOT in the business of hiring employees and building things.

The fact that a central governing body would have more luck breaking things than growing things, has nothing to do with the skill of any one person. After all, the USSR had the best economics team of all, and it didn't do jack.

The Founding Fathers knew 200 years ago that the Federal Government had no role in business apart from patents, trademarks, weights, and measures. How it is that some earwax dork from the '60's got his head so far up his ass, is beyond me.

The best thing the Feds can do is step aside.


08-04-2002, 03:23 PM
Couldn't agree with you more. There is a good reason why the Fed is independent of the government as a whole and why it is under orders to stay independent. Lawmakers and the office of the President can bitch and moan about this mistake or that mistake of the Fed, but the bottom line is that it does a good job precisely because it is chartered to ignore all those politicized decisions that others in the government want. As for the military, sometimes I think it gets ahead of itself in trying to promote itself. After all, if there is peace and nothing is wrong, no honors go to the military. However, we all have to be thankful that when their number has been called, the military has been of a caliber and class that is expected and demanded.

08-04-2002, 04:13 PM
the the fed. govt. is there for is to regulate things that state and local govts. cant do. it needs to keep us safe from dishonest corporate execs. and to make rules concerning reporting requirements. what has happened is that politicians get their funding from those very people. thats why things have gone to hell in a handbsket. the foxes are watching the chickencoop. the govt. has let accounting standards change so that stealing is ripe and hardly considered a crime. for years now the biggest theifs from corporate finance have gotten slaps on the wrists while walking away with millions and laughing. maybe now its starting to change. i hope so.

08-04-2002, 06:39 PM

08-05-2002, 02:24 AM
There are definitely places for government to regulate things, but accounting isn't one of them. I cringe at the thought of accounting standards being any bit influenced by government. That is a clear no no and anyone that says differently doesn't really understand how accounting works. Accounting is not something that is black and white with rules for every possible occurence. Its full of potential uncertainties and will always be that way because businesses and their situations are all different. I highly doubt anything accounting oversight by the government would have done to prevent any of the problems you see right now. I don't even buy the argument that cutting off consulting would have cleaned it up either. If government gets involved in anything of this magnitude the Democrats talk about, its going to make an even bigger mess. Auditing already has a serious problem of hiring enough talented bodies to do most of the work, they just don't pay enough. I graduated with a degree in accounting and decided being a slave for below-market wage wasn't for me. If you add in costly regulations and surely a bunch of tedious rules to follow, I think auditing will have a near impossible job to do. Further its all a reactionary art anyways. They don't make up rules until they see things happening. The government is notorious for this. They didn't see the concept of a plane being flown into major buildings, surely they never would have seen a company hiding its debts in shell accounts based in some British islands. So where is the next accounting scandal going to come from, outside of just outright cheating as in WCOM? I dare someone to say they think some government lackey is going to figure that one out! We all know if the government gets the job it will be filled with some people that have a clue and others that just are paid friends of whoever is in power. Not an appealing idea by any means to me. Auditing is not an exact science and sure there was a bad case of fraud in Anderson's situation, but I have little doubt in my mind that a government agency wouldn't have figured anything out until it was too late. All it would have done is given the government a chance to levy huge fines and give out punishment. Nice revenge maybe, but of little solace to those that lost money in a stock.