Yellen’s Smoke & Mirrors…..Fitch’s Fiduciary Forecast … Tale of Truth versus Illusion

It was reassuring to receive the email of guidance from the New Hampshire Deposit Investment Pool advising me as Treasurer of our School District that Fitch had downgraded the long-term rating on United State issued debt instruments.

It was totally disturbing to watch Treasury Secretary Janet Yellen attempting to craft some illusionary reality of everything is going great, we have no idea why we were victimized by Fitch in this discriminatory decision.

In one split second you have encapsulated the two Americas that we exist within.

Responsible, Intelligent, strategic organizations like Fitch looking far down the road and telling us in their advisement

….. your house is on fire go find a bucket ..fill it up and BTW…Do Something About It or your home is going to burn to the ground.

Then there is the Biden Administration which has no concern for the future but only of the next year plus to get elected again

….wheeling out by far the most absurd member of their inner circle Janet Yellen.

Yellen possesses the appearance and behavior of a Barney & Bailey side show. It was too much to bear watching her last month in China bowing to communist officials…..OMG !!!

I had a PTSD moment of Biden visit to Saudi Arabia fist bumping MBS who thought so much of his meeting with Scranton Joe that he concluded a diplomatic coup for the Chinese agreeing to a deal with our mortal enemy Iran.

Yellen yesterday reminded me of what an old pastor advised

….if you get to a weak spot in your sermon—Yell Like H _ _ L !

It was a telling sign of just how little these leaders care about the Nation, Our People, and the future of our Children.

I guess Martin Luther was correct

…if you’re going sin/lie….by all means…. do it boldly.

What far more contemptuous is the State Media that like they do in Russia, China and North Korea simply parrot the talking points and still worse proceed on to undermine Fitch as being overreactive.

Of course, in the next breath the commentator told us that this is about our weaken democracy

Yes…. Trump is yet again responsible for this mess.

Donald needs to lose some weight as he has become the biggest, fattest whipping boy that I’ve ever seen.

Do not be surprised in 2024 when Biden claims he cured Cancer, and that Trump was the one that brought this plague into the world

As for the American Public they are fatigued with all this noise and all they want this Summer is to order their forty-dollar lobster roll, wash it down with a nice micro-brew, kiss their grandchildren in the sunshine …absorb the joys of life the Good Lord knows they work increasingly hard to achieve.

Yet my friends no one is home, paying attention or more importantly looking out for your best interest in the cast of characters in this present Administration.

As I wrote the other day….this is not ideological Soviet- Brezhnev corruption but more like Hugo Chavez Banana Republic Power-Greed 101

What should reassure you (as it does me)…are institutions like Fitch, NH PDIP, independent organizations that thankful are unabashed in their responsibility to advise the seriousness of the situation.

The facts are stark…

A massive 32 trillion in Debt…a higher percentage than all AAA Rated Products

No long-term path of Remediation

No New taxes

No Cuts to entitlement programs

Political Insolvency & Gridlock

Compromised Justice System of Political Intrigue

When evaluating the conditions of an institution in an objective manner these are all changes in the normal and ordinary course that this organization has operated within the parameters of their customary performance.

Fact are facts but if you live in the Culture of WDC where everyone is a lair and in fact if you’re not…you’re a fool …..such honest assessments have little value.

Folks in WDC are different than you and I

Watch your pennies and the dollars will take care of themselves is the well known Yankee adage of thrift and providence that is a proven success recipe.

Yet as I said, politicians in WDC have forgotten that as they lunch each day with a $200 tab and attire themselves in their $2000 custom suits.

I remember touring a presidential candidate through the county and we stumbled upon a neighbor that lived on my street.

It was a brisk day…he had on a well-worn ski jacket, seasoned corduroy pants, old Weejuns loafers and his scaly cap

The U.S. Senator sized him up by this outward appearance and basically while being polite was kind of condescending thinking he was just some old working-class man.

As we walked away I chided the senator ….”how did you ever get elected? …You have no intuitive perception.”

This man is one of the wealthiest in the entire county, eight generations in NH all at Dartmouth, personal friend of Senator Dole

I was annoyed with him for the rest of the day…and while I attempted to hide it at end of the day he could tell and showing me the character that he possessed…

…he apologized

“I’m sorry that I offended your neighbor”

This melted me like an ice cream for only good people can do something like that.

Yet it informed me that people in WDC have no idea how hard life is for regular folks and what care we must take in managing our money.

When anyone in a leadership position is so removed from the experiential life of the regular individual, they no longer are entitled to that position for they are totally ineffective.

Yellen is a despicable caricature unworthy of her position.

Such intellectual dishonesty is precisely what motivated the Fitch decision.

I imagine back in NYC the team at Fitch being quite pleased with their assessment for a responsible Treasury Secretary would be contrite …say we have great challenges, have made mistakes, trying to improve, will attempt to do better.

Instead, this Buffon bumbled and babbled out her insincere message

Make no mistake, this downgrade equates to yet another sign of our decline and do not be surprised if Scranton Joe today comes out to tells us that Fitch got this all wrong….Jamie Dimon and all the other rubes will circle the wagons

Far more destressing is the hapless GOP on vacation at the Hamptons, Vineyard ..eating their forty-dollar lobster rolls while Rome Burns

The only good news in this sad tale is Fitch will remain sure footed to their responsibility undeterred by all the noise.

As long as we have even one independent voice that can state the obvious truths

…there is much room for hope.

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