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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.
----------------------------------------------------------------------------------
Recommended reading:
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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