Let's be frank. This bailout legislation is the first step in an effort to socialize debt -- while it attempts to keep profits private.[i]
The potential for further (and far more extensive) corruption in the credit markets under the legislation is almost too vast to conceive. The possibility for graft is both short and long term.[ii][hence the support for it within government]
This quasi-socialist economics cannot and will not work. When a government nationalizes its country's debt, it makes rational assessments of risks in the private market all but impossible. Is it risky to invest in "The Fiduciary Bank of Loans to Unqualified Borrowers?" [snip]
The time has come for a free market strategy to insure long-term capital growth in America:
1. Privatize Fannie and Freddie ... [snip]
2. Repeal the Community Reinvestment Act (CRA) ... [snip]
3. Repeal the capital gains tax ... [snip]
4. Reduce the corporate tax rate ... [snip]
5. Fix the mark-to-market ("fair value") rule ... [snip]
6. Repeal the Humphrey-Hawkins Full Employment Act ... [snip]
7. Repeal Sarbanes/Oxely ... [snip]
8. Drill. Drill. Drill. ... [snip]
9. Privatize Social Security ... [snip]
With the exception of the "study" of the mark-to-market rule, none of these free market proposals are on the table. We are told that we face an economic disaster of titanic proportions and then, in the next breath, we are told that only a massive influx of taxpayer dollars can save us.
People with sound economic sense know that this is not true.
It is time we started looking to the market place for solutions to our economic crisis. If we continue to look to the federal government to fix the problem, we will eventually corrupt and destroy America's free market system ... and lose ever more economic freedom.
[details of each point within, Highly Recommended > ]
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