I am trying to watch the “Tea Party” roast of “Obama Does Care” and the usual debate questions and theories regarding getting control of the debt, never raising taxes, reducing and eliminating education and otherwise curing our world of all known and perceived ills, past, present and future.
If we just eliminate the federal government, the states know exactly what to do and how to do it. People need to take responsibility for themselves! Companies can run just fine by themselves! States can handle education. Insurance companies and healthcare companies will work together to provide insurance that is cost effective and meaningful. And the list goes on. Let’s recreate the “Roaring 20’s”.
All the debates seem to miss the tough question. Jobs will not “just start to appear” because more money is available and there is less regulation. Where is the question regarding getting the free market financial house in order? The financial house that still is very overvalued with mortgages that greatly exceed the worth of the property the mortgage is held for. Until someone has the answer for this one we will struggle for more than a decade with a recession or worse a great depression.
When will someone admit the elephant in the room is that most of our banking/mortgage industry should file for bankruptcy and adjust to an asset balance that is true today. Perhaps Bank of America should be nationalized, repackaged and sold in parts. It is time for the stockholders and senior management to pay the price for their transgressions. It should provide for mortgage write downs to today’s values and a four percent interest rate for the consumers with a share of any future profit from a sale going to repay for today’s write down. Only then will we see growth again.
It is time to be honest and deal with the stupid lies permitted by lack of regulation during the Reagan, Clinton and Bush era. America needs to grow up.
I fear seeing a Republican President in 2012. The answers they have are worse than the “do nothing” we have now.