More bad economic stuff. That's the subject of this evening's "Talking Points" memo. Alan Greenspan and his merry gang cut interest rates a quarter point and the stock market tanked. Wall Street wanted a half point cut. Can't somebody convince this Greenspan to retire?
Now I don't know what the right rate cut is, but I do know that Greenspan is at least partially responsible for the recession we're in. And nobody's holding him accountable. The American people are in danger here. And there doesn't seem to be much urgency on the part of those in power.
Most of the economic geniuses have lied to us, saying things were not going to be that bad. Well, of course, they are that bad. And now tax revenues are falling because capital gains are down and thousands of Americans are losing jobs.
That means the surplus is shrinking. And that gives the Democrats ammunition to go after the President. Mr. Bush himself needs to show some leadership here and explain to us his strategy to avoid a long recession. The American people need hope or they will curtail spending. And if that happens, watch out below.
You can't blame the Democrats for nailing Bush on the surplus, but their thinking is flawed. First of all, Americans are overtaxed. We all need a refund. Secondly, the feds continued to waste money at an astounding rate and Congress simply will not tighten things up. The Pentagon credit card scam was just a smidgen of the massive amount of fraud and theft of taxpayer dollars. Yet there is no federal agency set up to monitor spending.
Thousands of federal employees have credit cards that are basically unsupervised. Get the picture? Mention the waste of taxpayer dollars to a Democrat and you get a glazed look. The same kind of look that GOP gives you when you ask them how they U.S. economy is going to rebound when corporate spending is drying up.
The suits are scared and so is Wall Street. Something dramatic has to be done. That should be a capital gains tax cut. That's the only thing at this point that would re-energize the stock market. The government continues to spend a massive amount of money, almost $2 trillion each year. And that spending is not going to help the economy.
So Alan Greenspan should quit, President Bush has to get a plan, and the Democrats have to stop spending like the proverbial drunken sailor. Think any of that will happen? And that's the memo.
Most Ridiculous Item of the Day
Time now for the "Most Ridiculous Item of the Day." Bill Clinton baseball cards, here they are, issued by the city of Hot Springs, Arkansas, which wants you to visit there, because the former president grew up in Hot Springs. There are 300,000 of these cards. There are only three poses, but 300,000 cards were made. And on the back, you can read about the thermal waters and scenic beauty of Hot Springs.
Hey, I'll trade you one Bill Clinton for one Barry Bonds. And if you think that's ridiculous, I'll take one Roger Clemens as well.
— You can watch Bill O'Reilly's Talking Points weeknights at 8 & 11p.m. ET. And send your comments to: firstname.lastname@example.org