(L-R) Treasury Secertary Timothy Geithner, Federal Reserve Chairman Ben Bernanke and U.S. Secret Service Deputy Director Keith Prewitt attend the unveiling of the new $100 note at the Treasury Department April 21, 2010 in Washington, DC.
Next week is the start of the 2011 fiscal year for the Federal Government. Okay, so what? Well, we are starting the year without a budget. Maybe some people don’t need a budget, but when you are running a government or a business with many departments that need to know how much they can spend for the year, it’s important – very important. If they don’t know how much money they have to spend they might spend too much. – Ya’ think?
Nancy Pelosi said Congress is waiting until after the November election to submit the budget. Huh? There is only one reason a government or company delays or doesn’t come up with a budget. They have lost control. Too much going out, not enough coming in. Pretty simple. But why are they printing more money than they need?
Last week the Treasury department disclosed that it continues to issue 50% more debt than they need to fund the deficit. The question is, where is that money going? Since Tim Geithner works for the government no one seems to care. If he was the CFO for a corporation he would be in prison. But then it’s only make believe money.
Enjoy the late, great Conway Twitty – It’s Only Make Believe: