Is anybody else disappointed? It looked like we were really close to Ben Bernanke firing up those cash filled helicopters. I was all ready to go scoop up enough cash to pay off my house or something.
Instead, it looks like the taxpayers are firing up helicopters full of cash heading for Wall Street. And paying interest to Wall Street firms, Arab princes and Chinese commissars for the privilege of borrowing the money we’re giving them.
The US economy excluding the financial sector is, just as John McCain has said, fundamentally strong. But the financial sector just saddled that fundamentally strong economy with the costs of its own bad decisions. The stakes just went up by a cool trillion bucks on growing the economy versus trying to live in slow or negative growth liberal la-la-land.
The mother of all bailouts needs to be passed alongside the mother of all pro-growth packages:
- Slashing or eliminating the corporate income tax and capital gains tax.
- Slashing discretionary spending.
- Cutting tariffs unilaterally.
- Increasing visa quotas for skilled immigrants who already speak English by a factor of five or ten.
- Near complete deregulation of energy production (Oil, coal and natural gas production. Nuclear energy. Refining. Power plants.
- Selling federal lands in the Western states where the federal government owns as much as 2/3 of all land.
- Repealing Medicare Part D.