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"The Price of Freedom is Eternal Vigilance" - Thomas Jefferson


 

          Obama's Trillion Dollar Spending Spree is Beyond Irresponsible

          Putin Warns U.S. About Socialism

          The Federal Government Bailing Out Overspending States - Turning the Original Framework of Our Nation on Its Head



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Here is a Real "Rescue Plan" or
"Plan to Rescue the Economy From the Government"

 

1)  Sell Off Fannie Mae and Freddie Mac

These government-chartered firms are the root cause for the housing bubble and our current woes.  They never should have been created in the first place.

They are nothing more than a large garbage disposal for risky loans, set up as a way to get lower income people into homes they could not afford.  These government entities were making huge campaign contributions to members of Congress.  This is insane!


2)  Eliminate the SEC, the CRA, Sarbanes-Oxley, and Other Erroneous Legislation


Using the Community Reinvestment Act (CRA), the federal government coerced banks into making risky loans: banks had to have a good "CRA score" to get permission to make acquisitions and form mergers.

Overreaching legislation in the wake of Enron's collapse actually ran businesses overseas.

Get the government completely out of finance.  It has shown it does more harm than good.
 

3)  Get Rid of the Federal Reserve


The Fed artificially kept interest rates low for a very long time and this also contributed greatly to the current housing situation.

No one is smart enough to manage the economy.  It is simply too large.  It is comprised of too many transactions each day.  The Fed caused the Great Depression and Mr. Bernanke admitted it.  If they attempt to "fix it" in this case, it will last longer and it will be much more severe, just like in the 1930's.

Paper currency can go to zero value.  The last time we had a Great Depression, our money was backed by gold.  This time it is backed only by the credit and faith in the United States Government.  That should scare the hell out of you.

Let interest cost what it costs in the free market.  Let different commodities compete to be used as money (gold and silver will likely win).  With a stable currency, there will be a very gradual decrease in prices over time due to improvements in production efficiencies.

Booms and busts have actually been worse since we have had the Federal Reserve.  Expanding the stock of money (including credit) fools businesses into making investments that are over-extended, and a bust always follows.

Recommended reading:  The Case Against the Fed by Murray Rothbard.


4)  Cut the Corporate Tax Rate to 0%

The exodus of businesses will cease and we will actually increase the number of companies locating here.

Taxes on business are really just a hidden tax.  The business always passes it on to the final consumer.


5)  Cut Federal Spending to $850 Billion/yr and Immediately Balance the Budget

$ 250 Billion for national defense + $ 600 Billion for interest on the debt.

Cut all taxes such that the government takes in only $850 Billion per year.

Government borrowing is a huge demand for money.  This starves businesses of needed funds.

Government spending is always less productive than that which could have been employed in the free market.

Phase out Medicare, Medicaid, and Social Security; their unfunded liabilities  total over 50 Trillion U.S. Dollars!  This will obviously bankrupt us.  We survived before we had these programs and we will do it again


Other exciting features of the plan:

-  Not one penny of taxpayers' money goes for any bailouts.

-  Not one penny of taxpayers' money goes to ACORN or other organizations that spread Marxist theology.

 

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Recommended reading:
america's_great_depression
America's Great Depression

by Murray Rothbard

This is an amazing "step by misstep" description of how the federal government and the federal reserve turned what would have been a mild recession into a great depression.  Unbelievable, but history may repeat itself as many of these same sorry actions are being proposed today.   

amazon.com link

 

 


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