Rick,Comment Posted By Farmer Don On 2.04.2009 @ 21:36
You and your government agree that banks have to be saved.
That costs money.
Taxes are going up.
Get used to it.
Since you are a self described "Right wing nut", why don't you prescribe the cure of the market? Let the insolvent banks go broke. Let the ones who made better bets expand.
How can a conservative say that spending more is the way to cure the problem of too much debt?
Why do you want to amplify and transfer this problem to your children, instead of taking your medicine now?
A decade or more of bad polices are now coming home to roost.
Does the TARP program fit into your idea of self relience and fiscal responsibility?
Because if we "let them go broke" they would take thousands of other banks with them. Should they "take their medicine" too? It would be an irresponsible government that sat by and watched the country dive into a depression we would be a decade or more - if ever - recovering from. The "market solution" in this case would mean the literal destruction of the American banking system. It simply cannot be allowed which is why it is probable that we will spend trillions to try to stave of disaster. Don't like it but the alternative is worse.
ed.Comment Posted By Farmer Don On 8.02.2009 @ 13:25
Take it easy Rick,
Not being the unitary super power is NOT the end of the world.
It's just not as exciting.
You're missing the point. We faced a similar crisis in the early 70's when the rest of the world finally recovered completely from WW II. Nixon, for all his faults, did stuff like go off the gold standard, the opening to china, established a more useful relationship with the USSR, and many other things that allowed us to come through that period with the least amount of disruption. The resulting stagflation was partly his fault but mostly Ford and Carter. All it took to recover from that was Reagan's and Volcker's monetary and tax policy changes.
This is different and it worries me that we will reach the other side of this epoch in much worse shape. The US can hardly help but be a superpower what with a $13 trillion economy and 5,000 nuclear weapons. But our ability to influence events will be much diminished relative to what it is now.
Unitary superpower? Of course we will be for the reasons mentioned above. But also in some respects, a paper tiger which is not a good thing for America.
ed.Comment Posted By Farmer Don On 28.09.2008 @ 13:50
Love him or Hate him, Obama's the man.Comment Posted By Farmer Don On 10.06.2008 @ 20:18
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