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: Chuck NewtonComing Back Online Only To See The Economy In Turmoil
By Chuck Newton
The electricity in the world wide home office came back up last night. It is amazing how much I have missed. I still need to go out and wait in food lines and gas lines today, but it is great to be connected again to the outside World. It is truly impressive to see how much we communicate, in all of the forms and avenues, everyday of our lives. Until we cannot do it, I think we lose perspective.
And, somehow now see where the economy went to hell in a handbag while I was offline and disconnected. I am not sure what all of this economic upheaval means, but in hindsight I think we know this. If our social security money had been invested, as the current administration wished, in broad based, high grade stocks, we would have been invested in AIG, Freddie Mac, Frannie Mae, GM, and Merrill Lynch, not to mention Enron, Worldcom and the like. Whether the government successfully bails out these companies or not, their stockholders would have lost almost everything.
What is amazing to me is the GOP, that is all about the free market and non-intervention, cannot let the constitutional political solution occur to resolve Florida in 2000, and now cannot let bad players fail. We can socialize large insurance companies and mortgage lenders, and allow weakening of safe financial institutions with the acquisition of bad ones, but we cannot involve ourselves in providing reasonable health insurance for everyone (and especially solo practicitioners and children), and we cannot socialize the federal reserve banks and stop debting money into society so as to eliminate the tax structure under which we all suffer to varying degrees.
It is strange that the government is broke and cannot provide the most basic of care to its citizens in the way of health care, and that we give our money (and money creation powers) to independent third parties so that the federal government can borrow it back. If any of us had a printing press and could print (legally) all of the money we needed (not wanted but needed), would there be any reason that we had any debt? Yet, the government is well in debt. And, we pay taxes as a result of this. There has been no serious attempt to correct this since Congressman Wright Patman from Texarkana pushed through both houses of Congress a bill to correct this problem during the Franklin Roosevelt administration. Since buying out large corporations is now in vouge, maybe we need to rethink this issue now?
Well, those are my thoughts after being in a cave for a while. It is at least enough to get the arguments started. I will blog more later.
Full post as published by Chuck Newton on September 17, 2008 (boomark / email).
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