The problem with politicized policy

[Dave Farber <dave () farber net>]

> Date: Fri, 08 Aug 2003 09:09:03 -0400
> From: Barry Ritholtz <ritholtz () optonline net>
> Subject: The problem with politicized policy
> To: Dave Farber <dave () farber net>
>
>
> Hi Dave,
>
> (for IP)
> You've touched upon the aggressive use of politicized intelligence 
> regarding the Iraq war; What I find so disconcerting is that this 
> methodology runs across all manners of White House policy areas. Its also 
> true in the Stem Cell debacle and appears to have been true for Global 
> Warming -- see Nicholas Thompson's piece in Washington Monthly, titled
> "Science Friction" 
> <http://www.washingtonmonthly.com/features/2003/0307.thompson.html>http://www.washingtonmonthly.com/features/2003/0307.thompson.html. 
>
>
> In my own work analyzing and strategizing the Equity and Bond Markets and 
> the broader economy, the same processes are taking place.
>
> For example, this budget deficits are projected at $455B; But that 
> includes the social security surplus, so the actual shortfall is much 
> higher (this accounting sleight of hand also occurred under Clinton, but 
> on a much smaller scale. Plus, the deficit was eventually closed during 
> his administration).
>
> Next years deficit, projected at $475B, is more likely to be $600B -- 
> thats with the social security surplus included. Incredibly, these 
> projections do not include continued funding for either Iraq or Afghanistan.
>
> Of course, its to my professional advantage to understand the misleading 
> numbers, and invest accordingly. But that still leaves me possibly living 
> in a country 20 years from now with intractable social and fiscal 
> problems. That's not in anyone's interest.
>
> I've posted a more complete analysis here:
> 2004 Deficit: $600 Billion+
> <http://bigpicture.typepad.com/comments/2003/08/2004_deficit_60.html>http://bigpicture.typepad.com/comments/2003/08/2004_deficit_60.html 
>
>
>
> Regards,
>
>
>
>
> Barry L. Ritholtz
> Chief Market Strategist
> Maxim Group
> britholtz at maximgrp.com
> (212) 895-3614
> </blockquote></x-html>

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