From Bloomberg - Fed Pledges Top $7.4 Trillion to Ease Frozen Credit
We cannot guarantee our way out of this economic mess! We cannot spend our way out of this economic mess! Bailout of Banks! Bailout of Insurance! Bailout of Investment Companies! Bailout of Deliquent Mortgages! What's Next? Who's Next? When does this stop? Where does this stop?
Harry Hipps has it exactly right in this article, http://commonsenseandclearthinking.blogspot.com/2008/11/keynes-ghost.html. This is Keynesian Economics on steroids. Franklin Roosevelt's schemes were a result of the tooling of John Maynard Keynes' socialist policies. We are revisiting that era. Roosevelt's policies did not get us out of the depression, they extended it.
It isn't time to spend. It is time to take a chainsaw to government spending. I think that most people realize this, but we weren't presented with that option during the past election. When you are in financial trouble, do you keep spending money? Are you presented that option?
Government can turn our money into Monopoly Money and enforce a confiscatory tax structure. We will now pay the price for the government's willing failure to understand Common Sense Economic Principles. Let's hope we can recover some day.
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