NO CONFIDENCE IN CONGRESS

... How can we tell if Congress understands its role in causing the problem and what it must do to help solve it? Here are some signs:

• If Congress passes a stimulus package that simply gives people money, they don't get it; rebates will not stimulate the economy and will not solve the underlying problem.
• If Congress tries to "help" the people who cannot afford the house they are in, be assured that we are wasting money and delaying the recovery; Banks can decide better whether to foreclose or make a deal far better than any governmental entity.
• If Congress forces the Treasury to provide cheap equity to companies which are solvent, or to automobile companies because of the debt owed unions in a politically important state, or if it continues with politically motivated spending, all of us will suffer a long and deep recession.
• If Congress raises marginal tax rates and erects trade barriers, and makes it easier for unions to organize without secret ballot through "card check" legislation, then the recession will be even longer and deeper.

Source: Harvey Golub, "I Vote No Confidence in Congress," Wall Street Journal, November 5, 2008.

READ MORE