Posted on 09/29/2008 11:43:59 AM PDT by quesney
G*d Bless America!!!!
I had my doubts. I really did. I forgot that this is still America and there are still enough Americans who know what that word means!
We should all now support a pro-growth alternative that reaffirms fundamental American political and economic principles and reinforces our economy's inherent strengths and advantages.
Get free-market economists together to advise on a solution that softens the necessary adjustment, prevents us from ever going down this road ever again -- a solution that strengthens American political and economic principles instead of compromising them.
A Rescue Plan that solves the problem without socialism, without rewarding irresponsible excess, without breaking the Constitution and violating this country's founding principles
1. Instruct the geniuses from Fannie/Freddie to Wall Street to deal with it. They made this mess; they should mop it up. Cut back, sell assets, develop fresh services, or get new jobs. Absent a federal bailout, Lehman Brothers sold parts of itself to Barclay’s Bank.
2. Give the capital-gains tax a two-year vacation. Suspending capital gains taxes would bring as much as a trillion dollars of capital sitting on the sidelines back into the market.
3. Cutting America’s 35-percent corporate tax — the industrialized world’s second highest, after Japan’s — would boost U.S. global competitiveness. Since equity prices partially reflect long-term after-tax profits, lowering corporate levies should buoy stock markets.
4. Denationalize, then privatize Fannie and Freddie. These troubled financial Frankensteins — created in a government laboratory — are not creatures of the free enterprise system...We must ultimately take their monopoly powers away and return them to the marketplace. Why not array Fannie’s and Freddie’s loans according to mortgage holders’ surnames? They then could be divided alphabetically into 26 units and auctioned off.
5. Waive “mark-to-market” accounting. When distressed mortgage-backed securities sell at bargain-basement prices, unhelpful new bookkeeping regulations require that similar instruments elsewhere — including viable loans — be valued at equally low prices. This needlessly stains balance sheets.
6. Strengthen the dollar. Bernanke should boost U.S. currency, not pose as America’s uber-stock broker. A strong dollar lowers inflation, cheapens oil, and soothes world markets.
Excerpted from Delroy Murdock column: http://article.nationalreview.com/print/?q=YmMxNTg0Mjk3MmM3YmExNTI3MzY0NDVjYWMxMDE2ODI= Cut for brevity
This is a gigantic opportunity for McCain. He and the House Republicans can take the lead.
Absolutely....
PC be damned!!! Enough is truly enough!!
We have been ACLUed, greened,PCed and hyphenated-americaned to the point of virtual extinction. We are seeing only the tip of the iceberg (or is that melting glacier?) on this thing.This madness has got to stop!
BWaaahhaaaaaa!
Actually it’s this vote: http://clerk.house.gov/evs/2008/roll674.xml
That vote was a preliminary vote early this morning. That is not the actual vote for the bill, which took place late morning/afternoon.
Exactly....I think we will end up with a WORSE bill.
Some may ask?....Why scrap CAFE Standards....If we stop $pending....and reduce some Government (dumb) controls on the Auto Mfg. could / would restore equilibrium to the Auto Mfg. Industry.....cheap Autos....more output...give Americans what they want....
I don’t think we are necessarily screwed. With no gov’t bailout in the picture, I think markets can finally capitulate, and then turn around. There will be big risks taken, big profits, and big losses. Investors can buy “distressed assets” at fire sale prices, and some will make huge profits. Some will lose their (_!_). There is a lot of $$$ waiting on the sidelines looking for investments, but waiting to see if they can find bargains. With no bailout, there will be bargains. I’m going bargain hunting myself in the next few weeks.
Having said that, we may still be screwed. I don’t think the socialists are giving up. At least 50% of the people are kleptomaniacs, expecting the government to steal for them. That is an unstable situation.
STOP FEEDING THE GREEDY POWER MONGERS! NO BAILOUT...After 9/11 the markets took a terrible hit - It was in the LOW 7000s at one time and we recovered. So, let the market correct itself and weed out the problems - otherwise we’ll just be back here again sooner than we can imagine and it will only be worse NEXT time!
7. Repeal Sarbanes/Oxley.
GEORGE: No, but you . . . you . . . you’re thinking of this place all wrong. As if I had the money back in a safe. The money’s not here. Your money’s in Joe’s house . . .
(to one of the men)
. . . right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others. Why, you’re lending them the money to build, and then, they’re going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?
I wish it otherwise, but I can’t foresee private interests stepping in anytime soon and putting their own capital @ risk when it’s against their own self interest to make that bad bet. The Long Depression in the late 19th century took 20 years for private interests to sort it out.
Welcome to Socialism.
Elect Obama and your makeover will be complete.
nice summary. That’s my reading of the situation.
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