Sense on Cents

Does anybody believe Barack Obama, or anybody in his cabinet, when it comes to fiscal discipline? I mean, really. I have no doubt that Barack and team know what is coming in November so they are working feverishly to get programs passed now.

How do you think the crowd in Washington is feeling today listening to the winds whip across the Atlantic from the UK? What is in those winds? Let’s review a Bloomberg report, U.K Coalition Government Plans Deficit Cuts, Bank Bonus Curbs:

Prime Minister David Cameron’s Conservative Party and his Liberal Democrat partners put cutting Britain’s record budget deficit and tighter banking regulation at the heart of their coalition agreement.

Some of the savings will be used “to support jobs, for example through the canceling of some backdated demands for business rates,” according to the text of the deal released today by the parties.

Yes, Barack, jobs. America wants focus on jobs, too.

The coalition also promised “robust action to tackle unacceptable bonuses in the financial-services sector,” without specifying what it would do, adding that the measures would be “effective in reducing risk.”

Wall Street paid record bonuses in 2009. American taxpayer dollars went in the back doors of the banks and right out the front door in the form of bonuses.

An independent commission will bring forward proposals within a year for the separation of retail and investment banking.

There is your Volcker Rule. Bloomberg further reports, King Welcomes Cameron Deficit Plans, Warns on Growth:

Bank of England Governor Mervyn King welcomed Prime Minister David Cameron’s plans to cut the U.K.’s budget deficit as the euro region’s fiscal crisis threatens the country’s economic recovery.

King, who was briefed on the new government’s plans today, has spent more than a year urging U.K. politicians to take faster action on the country’s record deficit and said Greece’s fiscal crisis shows what can happen when budgets run out of control.

The U. S. and U.K.’s debt clock is ticking, ticking, ticking. The voters in the U.K. just threw Gordon Brown out. Barack, are you listening??

LD

This entry was posted on Wednesday, May 12th, 2010 at 2:07 PM and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.