Never Forget
Say it with me: The New Deal prolonged the Great Depression. In fact, if anything it was the New Deal itself that made the Great Depression “Great.” By 1938 one in six Americans were still without jobs. It wasn’t until WWII, when FDR started describing himself as “Dr. Win the War” instead of “Dr. New Deal” that America finally started to lift itself out of its state-imposed economic stupor.
I haven’t said anything about The Stupid Bailout Plan around here because I don’t think I need to. Any money that goes from The Fed to The Street will be a waste, and anyone with two braincells to rub together already knows that. The RNS regulars have way more brain cells than your average lurker.
First, repeal Sarbanes-Oxley and the CRA. Next, seeing as how they’re now suddenly solvent, sell off Fannie and Freddie and AIG and any other miscellaneous crap crap we’ve bought up. Give it a few months and look it over. In the meantime, set rules for loans that give concrete definitions of who is above-prime, who is prime and who is sub-prime. Let the market attach the appropriate risk to each loan.
And then mandate that the government can never again get involved in the mortgage business.
It is government’s fault we’re in this mess in the first place. Yes, punish the leaders of industry who did illegal things with jail time. The ones who did stupid things get punished by not getting paid. But the ones who need the most punishment are those with the words Senator and Representative as titles.
Hopefully, and if this is a just world, that will happen in 40 days.
I used to advocate for the “Tobacco Road” solution as well, Phil, but having seen the depth of the problem,
http://www.globalresearch.ca/index.php?context=va&aid=8634
I don’t feel that we can afford to just let everything crash now. You advocate selling off these assets that the dot.gov has acquired, but who would buy them, and with what kind of specie? The problem is that the whole money system of the entire farking world is bogus now, and selling anything of that nature just brings you more bogus money in return for it.
The only real solution is for the nation to go back on a secured-money basis, ie, the gold standard. Until we do, we are just kidding ourselves by trying to bail out anyone or anything.
That said, even the bogus-money bailout is better than a full-fledged crash. Yes, you and I may be better positioned to survive such a crash than most, but it’s still going to be Hell on Earth, and I don’t think we could wish that on anyone.
I don’t think we can go back to a gold standard, as there is not enough gold to cover the amount of money out there.
“if this is a just world, that will happen in 40 days.”
Yeah, you taking bets on that actually happening?
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A man has to have his dreams, AoD.
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