Mar 18, 2009
Dog and Pony Need Veterinarian
If there is any lesson from the last six months, it must be that there are between very few and no financial experts. The brokers who work at the major investment houses are salesman, and our taxes are now being used to bail out the advise they passed on from their esteemed analysts. Those fortunate enough to have had savings, have seen their nest-eggs reduced by 20 to 40%. When Allentown Mayor Pawlowski announced his blue ribbon panel of experts, and our City Council applauded, I snickered. My fellow blogger, Lehigh Valley Clancularius Introspectives*, who also has a post on this topic, links to the city web site, listing the experts. In all due respect to these experts, most are not; many are old dogs who will have a hard time even staying on the pony. We knew Pawlowski was no Bloomberg, but how could anybody not foresee the coming shortfall this past November and December? Likewise, how can he now not take immediate action and count on this panel for solutions? How can a City Council buy a ticket to this third rate show?