Tonight on Fox News' Special Report, "The Panel" discussed the financial overhaul bill passed today. Statements by A.B. Stoddard and Charles Krauthammer stood out in particular. Krauthammers' comment was tossed out a casual throw-away line,yet both deserve some further analysis.
At the risk of belaboring the obvious, Stoddard's comment was only significant in illustrating the Pravda like nature of the MFM. She repeated the shallow talking point that "business is sitting on 1.8 trillion dollars". To be fair to Ms. Stoddard, Ben" Just shut up and fly the helicopter" Bernanke said the same thing the other day. Implied by each was that there is some sort of capital strike going on,and depending on who you chose to listen to the answer differed.
Ben's ( and for that matter several others of a conservative bent) opinion seemed to be based on uncertainty caused by the socialist takeover efforts of the Democratic Congress. A.B.'s take seemed to be drawn from some updated Democratic mythology of the FDR years. The gist being that the remaining Big Business Gorgons were just pissed that Perseus Obama had cut off their sisters' head to impress King Moulitsas, and they were withholding their statuary trade.
For those of us mere mortals whose closest brush with Delphi is new spark plugs, the question is begged; What exactly makes up that 1.8 trillion and who exactly is holding it? We are told BUSINESS is hoarding this cash. Does this mean all business? If so, my buddy Stinky Jim owes me some money.If not any business, what kind? For instance, if a handful of megalithic banks are holding that money in Fed reserve as opposed to loaning it out, well then by God Congress should pass a law. Oh wait, they just did. I'm sure that will fix it,if it turns out that is the problem.
Having taken care of that, the other consideration is that the 1.8 trillion is being held by Robber Barons other than banks. In that case, so what? If we assume that the 1.8 trillion are profits, and given that we are relying the Fed Chief and the MFM for that number so you make the call on the veracity, BUSINESS will have to get shed of that amount and shortly. Given the likely expiration of the capital gains cuts at the end of the year, I'd say it's looking like "Hello Monaco and Ms. Supermodel" time for dividends.
In the closing remarks of segment on the Financial Overhaul, Krauthammer casually made the point that bill had special favors for unions included, because the Democratic Party controlled Congress and that's how Congress works. I found this unusual because Charles Krauthammer didn't complete that thought process. I feel sure he meant to conclude that segment with a maniacal laugh while pointing at the camera and telling middle America "You're screwed,screwed I tell you".