Posted on 09/17/2008 2:46:43 PM PDT by Mr. Brightside
Senate Majority Leader on Economic Woes: 'No One Knows What to Do'
September 17, 2008 2:03 PM
ABC News' Z. Byron Wolf reports from Capitol Hill: Don't look for any legislation in the near future to address the financial crisis.
Senate Majority Leader Harry Reid, asked today what new regulatory actions Congress can take, said, bluntly, "No one knows what to do."
(Excerpt) Read more at blogs.abcnews.com ...
“No one knows what to do.”
Never stopped him from proposing stupid legislation in the past.
LLS
And these kinds of people should be running our country? WTH!?
Wouldn't that help get the economy going?
Harry Reid tells the truth for the first time in his life.
“When government gets involved in trying to “fix” something as broad, fluid, dynamic and organic as our economy, surely no good can come of it.”
Just wait until you see how well “fixing” global warming works out.
Well, isn't that special. Harry, you stink.
“No one knows what to do.”
I do know one thing to do. Vote for conservatives in November.
We do have a big problem, and there is plenty of blame to go around. But I want free market solutions as much as possible to fix this.
Look what happened the last time socialists took over after a economic calamity (not saying this is a calamity right now). FDR most likely slowed our recovery by a number of years from the Depression, with his anti-business attitudes.
And he left us with a partially socialized economy with monsters like Social Security and farm subsidies.
Here’s what I would do:
1. Once they’ve returned to solvency, fully privatize Fannie and Freddie. Current status notwithstanding, Fannie and Freddie never had any real restraint since they always had the underlying belief that the government would bail them out. Being totally private with no underlying “guarantee” will go a long way. FHA can still exist but as a single entity and requiring a REAL down payment (no “down payment assistance” like they have now.)
2. Phase-in a privatization of Social Security. A tiered system where new workers (under age 25 or so) pay their 6%, matched 6% by an employer, fully into an individual account (like a 401k) that has a cash value. They can see it, see what it’s worth, etc - but can’t touch it at all, unlike a 401k. This will be placed in one of a choice of safe deposits, such as a CD, annuity, etc...(if they want higher-yield and higher risk stuff, they can still have a 401 or IRA under more or less the same rules as now) and pay them a lot more at retirement than SS would. When they die, whatever cash value is left, goes to their heirs. This is a way to guarantee that most people will have an inheritance for their heirs, yet, it’s their own money, not the government’s.
For those older than 25, it’s a split - at 30, 75% goes to the retirement fund, and 25% to existing retirees...at age 40, it’s 50/50...or whatever.
3. Spending cuts - cut the fat. This will A - help keep social security (in its current form) alive while current retirees and soon-to-be retirees still get benefits without breaking the bank.
4. Eliminate federal departments in any area where such an issue could be perfectly handled (Constitutionally and practically) by the States.
5. Drill for oil and also offer tax breaks for real, useful, economical alternative energy, but don’t “force” people to adopt them.
No problemo. It is too late to do anything to prevent the coming crisis. So our idiots in government are off the hook, though I am sure that they WILL do something, and I am sure that it will do more harm than good.
But the economic pain is already baked into the cake. There is nothing to do now but watch the devastation that always comes with a collapsing credit bubble and enjoy the ride to hell in a handbasket. Somebody has to pay for the sins of the fathers.
All that proves is that we have fools on both sides of the aisle.
We once had too much regulation. Now, we have too little, and the American taxpayer is left holding the bill for Wall Street's follies.
Do they actually have this idiot saying this on tape?
Next arrest Jamie Gorelick.
Ok John and the Republicans. Here is your chance to smack these guys out of the park!
Reid speaks for the DNC and says they don’t know what to do.
Also note that Biden has said he is not the most qualified to be VP.
Also note that Biden has said he is not the most qualified to be VP.
Also note that Biden has said he is not the most qualified to be VP.
Thanks for this information
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