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All Seeing, All Knowing, All Gone |
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Written by Richard R. Oswald
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Saturday, 06 October 2007 |
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When it comes to food safety, the Federal Government is all
seeing and all knowing.
Which explains why many of our markets are all gone.
Take the Topps hamburger recall. The government, in its all
knowing ways just knew that the problem wasnt large. The recall was delayed
nearly a month. Then 21 million pounds were recalled. What were they waiting
for? We can only surmise that the attitude at USDA was wait and wait and wait
and wait and see.
Inactive oversight at USDA is an energizer bunny; Still
Growing
Meanwhile the good folks in government have decided that
German chemical and pharmaceutical company Bayer has no need to worry, their unapproved
pre-release of genetically modified rice will be considered no foul even though
it has affected rice exports out of the USA. Rice growers are among the
most surplus laden producers in the US, and rice prices have
contributed to much of the debate regarding subsidies and the amount of
support domestic growers require.
Shades of StarLink. Foiled again. (It was StarLink corn a
few years back that ruined our corn markets for 3 years. Affected producers received about ten cents on
the dollar for their loss. Gee, thanks Uncle Sam!)
Where is the all seeing, all knowing US government when we
need their oversight and protection?
All gone.
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In the news
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The following was written by Peter Morici, professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
Whats Next for the Fed: The Peoples National Bank?
The Federal Reserve has cut the federal funds rate and its short-term lending rate to banks to near zero, but those moves have done little to unlock credit markets. Conventional mortgage money and business loans remain too scarce, as regional banks, which are the arteries and capillaries of our credit system, remain short of loanable funds.
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