Charles Payne

When it was announced that Jay Z and Kayne West won best rap song at the Grammys, neither was there to pick up their awards. I'm not sure what West was up to, although there had to be some artist there happy he wasn't around to snatch a mic. On the other hand, Jay Z was at home with his wife Beyonce and their new born baby-Blue Ivy Carter.

The couple created a stir when the name was released to the public, with a variety of opinions from it's really creative to "Blue" seems sad. Of course, in the world of stardom these days the name was actually pretty run of the mill. George Foreman gave his sons "normal" names, but they were all "George." Other than that, there seems to be a game of one-upmanship in entertainment.

It got me to thinking why Washington doesn't adopt this hip approach to naming their pet projects or other endeavors.  For instance, the budget put out by President Obama yesterday was such a farce it screamed for a funky name. The budget was a giant spend-fest with nothing but a blueprint for how to shake down a modern society.

In addition to the $1.33 trillion deficit, the budget reaffirms the fact that TARP has become the personal piggy bank of the White House. Now we are told it will cost taxpayers $68.0 billion because a lot of money will be used to bail out homeowners. Last March, the CBO modeled for the bailout package to cost Americans $13.0 billion.

Ironically, despite the billions expected to come in from TARP, the White House raised the amount it wants to tax banks to $61.0 billion and called it a "financial crisis responsibility fee." That is almost laughable. Responsibility fee is rich coming from the administration that will bring the nation four years of trillion dollar deficits. It is really almost laughable, but I'm too busy crying.

Then there's the revelation that social security runs dry in 2020 when it will have a $2.2 billion deficit after paying out $1.4 trillion, or double this year's anticipated payout. I still think it's dumb not to put that money into the stock market in great American companies like Apple and Deere.


Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.
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