BALI, Indonesia — In response to the current financial and economic turmoil, U.S. politicians wanted to be seen as "doing something" legislatively, even if costly and ineffective, in order to endear themselves to those voters who received benefits. This is evident in that the "stimulus spending" provides more political gains for special interests than economic gains to the country as a whole.
Meanwhile, political leaders around the world are following this lead, falling over each other trying to put together similar spending packages. Taxpayers of the world, look out. You have only your money and future to lose!
Unfortunately, politicians misunderstand the cause of the preceding boom that set the stage for the inevitable recession now upon us. Hoping for short- term political payoffs, they care not that their initiatives will not halt the inevitable adjustments that will have to occur after the bubbles to restore economic sanity.