Fed's Bernanke sees recession ending 'this year'

 California inmate population

One thing that we know how to do as a nation is provide housing for prisoners:

***  My One Penny  ***

Very sadly interesting to see the table "USA is the world leading Jailer."

Well, it reminds me of a report. "Of course, with 2.2 million people in US prisons, that means there is about 1 lawyer for every inmate."  (http://en.wikipedia.org/wiki/Prisons_in_the_United_States#Population_statistics. 

Don't even want to further discuss the relationship between our GDP which is more than 50% of the world GDP and our lawyer population.  Well, what a coincidence!  We happen to have 50% of the world lawyers, too.  Are they createing the same contribution into our GDP?  

On the paper as Bernanke said "bailout money is not directly from taxpayers," our lawyers did push up our GDP into much higher numbers in PAPER.  In fact, their income is not a creative or productive property in our national balance sheet.  It should be treated as a "passive" or "business costs" ("debts" as a "non-performing asset" in a banker's book) to our GDP in terms of real national production or productivity growth.

I remember a report that Washington state had a biggiest public construction project in the past 10 years.   What's that? A state prison.   That's right it was on where the biggest public money spent in Seattle area in 1980'.  There was a report that prison riot took place.  Why?  Because they don't have a color TV in each room, only black and white one.

We spent about $60,000 on each prisoner per year, since we would provide the most humane treatment in the world.  Yes, we are more modern and civilized than China.  But, I am just wondering how much our average Main Street Mr. Joe could bring home to put breads on the table?  Is it a median household income of $46,000 for the "whole" family?  What kind of reward and punishment system we have?

It also refreshes my memory.  When I was stationed in Seattle, WA in 1980' as a foreign service officer. There is a report that a street people breaking a shop window and what he does next?  He did nothing else, just sitting on the curb of street and waiting. Waiting?  For what?   He is welcoming a police to arrest him?  Why?  Because it is so cold and he is hungry in the cold winter; and all the charity shelter is full.  He wants to be creative enough to have a shelter.  He finds the creativity out of his instincts given by God to survive: by getting into jail for free "social security benefits."

Trust me!  God created us.  He also gave us the power of survival.  So, don't be so desperate to kill yourself or your family as I read some reports telling the US suicide rate is surging.  There is always a better solution than suicide since nothing could be worse than that. 

I am with you wondering what kind of country we have building so far after our ancestors voted by their feet and moved into this NEW WORLD.  Did we fail the wishes of our founding fathers?  

It is also so different in 50 state jurisdictions in "this new world."  Please don't generalize enough to say everything is the same.  No, move your ass if you are unable to survive in California.  Tell you that Texas is booming, i.e.with its cities in the top three job markets now (just as the old day's in 1990'.  there was a saying: "go to Las Vegas, you can always find a job if you are unable to find one in California.")  and being the first exporting state in USA, and foreclosure rate is going down (certainly housing price is appreciating not like California.)

However, no matter what you do, I quarantee you that there would be nobody in Mercedes pulling up to a recycle center in Texas.  Why?  Because Texas politicians have a easy and simple mind, or should I say "not so liberal," "socially green" or "well-managed," there is no such a tax to create "CRV" in soft drink's cans or bottles.  No value added is no value or need to spend gas and time to recover the Californian CRV tax charged in advance.  Save time to everybody, right?

Reading and watching what Fed head Ben Bernanke said last sunday, there are so many pennies coming up in my mind.  One of them is caused by Bernanke's words mentioning "historic lesson" of the Depression and "political will".  Gee! he leads me think about the most political will-strong man Napoleon, the French self-made Emperor:

By comparison of what Ben Bernanke have in his mind, I could imagine what could be the main factor as said by so many scholars leading to the "meltdown" of Napoleon's Empire in early 19th century: A trade boycot against British.  He was so politically powerful and had definitely the most strong will to force other European countries to form a "coalition" to implement the economic boycot.  In the end, what happened to him?  The boycot crashed him into pieces. 

How strong a political willpower Bernanke can ask?  Looking back the recent history, how short or weak is our American people's patience compared to Hu's will of North Vietnam?  Probably no more than a term of presidency, am I right?   Let alone how strong we could be upheld as Napoleon's will.   But, I am really not in the mood to speak out on this subject.

I run into a comment made at MarketWatch.com as follows:

"If your neighbor is out of work it is a recession. If you are out of work it is a depression. If Bernanke is out of work it is a recovery."

What A Nice and Neat Comment by ereilad!  I love it!

***  One More Penny ***

U.S.A.: There is one lawyer for every 265 Americans.

Are you telling me that in USA about 80 families have to support 1 attorney's family to have a decent life?

Are you kidding me?  After California government takes off 10% our anunal meidian household income in the name of property tax only (Yes, tax rate is just 1% per Proposition 13.  But how much money you have to pay?  That's right, it is more thant $6,000 or 10% of what you earned a year in the past 3 years), those lawyers bite another 1.25% off your pizza pie (assume their income are not form offshore). 

Now how much left for you to pay mortgage payment, food, car, utility, cloths, let just ignore all the junk Federal taxes?   Under this increasing huge tax situation, how could our upper class, intellectuals or politicians dare to keep blaming us by accusing Americans of "spending too much, not saving enough."  

What do you expect us to save for tomorrow's pickle if there is not enough vegetable for fresh-eating today?  (NOTE: In the poor China, they express it by saying "青吃不夠﹐還想曬乾﹖" Even I don't make a long-distance phone, my basic bill will jump up from $10 into $21 per month when I add that service on.  Look at those tax items of your long-distance phone bill if you don't realize how much those junks could be and how creative our public servants we are lucky to have are.)

P. S.  Almost everyone points out his finger at bankers or mortgage brokers for the mess of housing bubble.  It seems nobody is willing to discuss the real huge property tax burden that makes a home owner suffered even much worse, particularly for those retirees in Florida whose property tax increased 3 or 4 folds to let them down in foreclosure. 

Those retirees did nothing, no sale, no purchase, no market flipping or speculation at all, but they are victimized by county officials charging more and more by so-called "assessed system," no matter how stable and of no change their income is.  

Why nobody, including the kindest lady Sheila Bair of FDIC, is going to speak out and asking "property tax relief or modification plan" from Obama as she did to those big fat cats?

Excuse me, I know the game rule: it all depends on where you put your ass, right?  Oh, well, I don't mind to put it more politely: it depends on which side of the table you sit.