Wednesday, October 01, 2008

Good advice from Chuck Muth

From Chuck Muth's News & Views e-letter:


A number of readers have written emails along the lines of "OK, it you don't like the $700 billion Bush/Paulson/Pelosi taxpayer bailout, what's YOUR solution." Fair enough.

First...stop and take a deep breath. Fools rush in where conservatives fear to tread. Don't rush to pass a bill for the sake of doing "something." That's how we got the Patriot Act and the moronic TSA which confiscates your toothpaste before you board a plane.

Secondly, give conservatives a chance to fully assess the situation and provide alternatives...something already underway.

Grover Norquist of Americans for Tax Reform has come up with some suggestions. The fiscal conservatives at the Club for Growth have come up with some suggestions. Newt Gingrich is planning to unveil a plan today. And the conservative members of the House Republican Study Committee have even more ideas.

Let's wait and see ALL our options and alternatives before Congress does more harm than good in fixing a problem with $700 billion taxpayer dollars that Congress created in the first place.

1 comment:

Brian Schwartz said...

I think the media has put the country in a position that doing nothing is no longer politically palatable for either party.

The fear mongering and drama they have injected into this situation has created a great deal of fear in investors, mortgage holders, and the general public.

What is happening is nature taking its course. In the early 1990s, we had a recession where the American economy adjusted to the international labor situation. companies downsized, leading to high unemployment. The savings and loan "crisis" exacerbated the situation. All those institutions who made faulty loans were purged from the market.

Now, investment banks that botched the housing boom are being driven from the market. Let them fail. New institutions will rise in their place.

The media is also tossing around the word "depression". Balderdash! If we are in a recession (and that's a big if), it is relatively mild on a national scale. The economic situation in the late 1970s was much more dire.

It's hurting in Ohio more, but Ohio has created most of its own problems.

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