So you know by now that I am not a fan of the financial bailout. I have a proposal, though, that I think would encourage people to save and invest, and would also give banks the confidence and incentive to give out loans and save the economy from an all out shut down.
I am not a fan of the government buying all the failed loans from banks with the money that belongs to hard working Americans who are not corrupt. Of course the goal here is that freed from the burden of failed loans, banks will stay in business and start loaning again
However, there is no guarantee this will work. Because it is a Socialistic program, if it fails we will not be able to undo it. Yet, if we do the capitalistic solution, and it fails, we can easily undo it.
The capitalistic solution, though, has never failed. And that's why I think we should try that first before we do something stupid. Or, as I like to say, doing nothing is always better than doing something stupid.
Here is my proposal. I think the President and John McCain should get together and propose eliminating the capital gains and corporate tax for two years. Then you just wait and see how long it takes to make the $700 billion Washington is now proposing to bail out failed banks.
I'd recommend for Obama to do this too, but we all know he is a big government and high tax kind of guy.
We do not need more politics, more regulation, and more federal involvement. What we do need is to deregulate and allow these complanies to do what they need to do to stay in business
We do not need to increase taxes on corporations like Obama wants to do when he gets elected because all that will do is slow economic growth and make the American economy more like France.
But nobody in Washington is talking about capitalism here, they are talking socialism -- even George Bush and McCain.
They are doing that because liberals are in charge of the House and Senate. The same liberals who caused this problem in the first place.
And, as typical politicians, they believe that being seen as doing something, even if it is something stupid, is better than doing nothing at all. Because if you do nothing, people are going to think you don't care.
This is the way liberals think. Liberals want to make decisions that make people feel good rather than making decisions that are sound.
We are at a crosswalk right now. We can choose to go backwards economically and solve this financial crisis in a panicked way with socialism, or we can take the capitalistic route.
Still, if this bill passes, I will be gung ho behind it, because as a good American, I want what's best for my country.
That, my friends, is the thought of the day.