Topic: Economics
Toilet Economy My view of the recession.by Joe W.
(libertarian)
Thursday, December 4, 2008
To be honest, our economy is down the toilet. The stock market hasn't seen a really good day since the crash, the credit markets are a disaster, and many of our biggest companies are asking Uncle Sam for a loan like it some bum going to Amscot. Who is to Blame?
First off, relying on the credit-card mentality of "I can pay for it later," is the root cause. When I was growing up, my Mommy taught me that I had to save my money so I can buy that cool toy myself. However, now everyone wants to buy "adult toys" on credit cards, with money they do not have. This is a dangerous mentality and needs to change.
The second reason, and above all the only reason why we are still in recession, is the Government. Wake up, the Government doesn't know how to manage its own budget, let alone manage the world's largest economy. Congress in 2006 made it easier for people with bad credit to get a mortgage; common sense is clearly not their expertise. The more they get involved, the situation will only get worse and more complicated.
My solution to the economy is simple and straight forward. Tell every company that want money from the government, in the words of the great Gerald Ford, to "drop dead." We have bankruptcy laws for a reason. Wamu and Wachovia were about to go bankrupt, so they were bought by 2 banks that doing quite well right now. If all the troubled banks had been sold before they collapsed, the economy would not be as bad as it is now. Citibank should just meet the same fate as Wamu and be bought out by either Chase or some other big bank.
As for the Big Three in Detroit rock city, they should file for bankruptcy. After that, they can renegotiate their labor contracts and cut everything they do not need. Or better yet, they can all merge into one big happy automotive monopoly, which would still guarantee jobs and make them overall more competitive with Toyota and VW.
Finally, a one year suspension of all state-wide sales taxes and worker contributions to Social Security. Lets face it, the economy will only recover if people have money to spend. Suspending both will not only reduce the price on many products, but will give the average America more spending money.
Did you like this article? If you did, Thumb It! 1 thumb so far
The views expressed in this
article are those of Joe W. only and do not represent
the views of Nolan Chart, LLC or its affiliates. Joe W. is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
Want to comment on this
article? Leave your comment here. Your email address is
required to track your comment. However, we will neither
publish your email address nor distribute it to other
organizations or persons. The only reason we might use
it would be if we needed to contact you regarding your
comment. All comments are subject to our
terms of use policy.
