CASPER AND NEWT
Posted: Fri Sep 26, 2008 7:10 pm
CASPER AND NEWT MUST BE CHANNELING THE SAME SOURCES
HAHAHAH
Newt Gingrich - The economy can't wait
September 23, 2008
Vol. 3, No. 39
The Economy Can't Wait, Change Friday's Debate: Candidates Should Focus on Economic Priorities
By Newt Gingrich
This week I will bring you up to date on the latest plans for Solutions Day, this Saturday, and spell out the dangers of the Paulson bailout/power-grab plan now being debated in Congress. But first, a word about Friday's presidential debate:
Senator McCain should call for Friday's debate to be about the economy We are seeing a meltdown in our financial system because our political system - the Congress and the President - has refused to confront how big the challenges are and has refused to enact real change.
We do not need a series of gimmicks and bailouts which leave us weaker and more in debt than ever. We need a serious, pro-growth plan for America's long-term economic health.
The economy is in crisis. The Paulson bailout will fail.
Senator McCain should seize this moment and demand that Friday's presidential debate focus exclusively on a pro-growth economic plan for America.
Foreign policy can be covered in a future debate.
Now to the Paulson Disaster We are living through one of the most challenging periods in modern America.
I cannot remember any time in my lifetime when we have had such a combination of big challenges, bad policies, and bad political leaders.
After a summer of failing to solve our energy problems, failing to solve our economic growth problems, failing to get federal spending under control, failing to modernize the health system, we now have an absurd and dangerous proposal to give a former Chairman of Goldman-Sachs $700 billion of our tax money to bail out Wall Street.
Treasury Secretary Paulson had two years to get ahead of the financial problems and failed.
Fool Us Twice, Shame on Us We were told this summer that when the terrible $300 billion-plus housing-bailout bill passed the Congress it would solve the problem.
It didn't.
President Bush signed a housing bill that gives $500 million a year to ACORN, a very leftwing political organization, because it was going to solve the problem.
It didn't.
Now we are told the next $700 billion spent by Secretary Paulson will solve everything.
It won't.
No Economic Growth = No Recovery = No End to the Financial Decay The most important thing to remember is that without economic growth there will be no end to the downward spiral.
Without economic growth there will be another bailout next year and another bailout the year after.
The number one goal should be to restore economic growth.
Only through economic growth can we generate the resources to soak up the bad debt and heal the broken institutions which litter the landscape.
In the 1930s, faced with an immediate crisis of bad debt, the government adopted a series of bad ideas - tax increases and regulatory interventions that allowed the Depression to extend until World War II.
If we're not careful we're going to allow bad politics in Washington to lead to bad policies and the result is going to be a long period of weak growth and massive indebtedness.
In other words, politician, lobbyist, bureaucrat and lawyer generated economic decay.
Pro-Growth or Pro-Decay: Silicon Valley or Detroit as America's Economic Future The stunning difference between a pro-growth and pro-decay policy was driven home by the three days I spent in Silicon Valley late last week.
While Washington and Wall Street were in a panic, the venture capitalists, entrepreneurs and creators of new technologies, new solutions and new wealth in Silicon Valley were too busy inventing the future to worry about Secretary Paulson.
I drove a Tesla, a new electric sports car that goes 0 to 60 in 3.8 seconds. It is a Silicon Valley invention built in San Jose. It is telling that it was not designed by the old auto world or produced in Detroit.
While Silicon Valley has been creating new wealth, new technology and new products, the city of Detroit has been decaying. In 1950, Detroit had 1,800,000 people and the highest per capita income in the United States. Today Detroit is below 900,000 people (the first major American city to drop below a million) and ranks 62nd in per capita income. Half the housing stock in Detroit is unneeded. Imagine what that does to the value of the rest of the housing supply.
Silicon Valley is a product of a combination of science, technology, entrepreneurship, venture capital and very educated people.
Detroit is the product of two generations of bad politicians, bad bureaucracy, high taxes and crime.
We are at a crossroads between Silicon Valley and Detroit.
The Paulson bailout would move us one step further toward Detroit and a failed future.
Secretary Paulson, Meet Lord Acton In the mid 19th century, Lord Acton warned that "power tends to corrupt. Absolute power corrupts absolutely." Note that he dropped "tends" in the second sentence.
Secretary Paulson's proposal for a $700 billion grant of power with no legislative oversight and no judicial review is a fundamental violation of Lord Acton's principle. It is an invitation to corruption and tyranny.
If Russian leader Vladimir Putin had written the plan, I would have understood it. But having an American Secretary of the Treasury write such a plan is such a fundamental violation of our constitutional processes that it makes you wonder how Secretary Paulson can serve in the Cabinet.
Danger One: Crony Capitalism The first danger of the Paulson bailout proposal is that it will create crony capitalism. People who are failing in business will hire lobbyists and curry favor with politicians to protect them from their own mistakes.
You cannot have capitalism on the way up and socialism on the way down.
You cannot create a welfare state for rich investors.
Danger Two: Bureaucratic Capitalism The other great danger of the Paulson bailout is that to avoid crony capitalism we will create bureaucratic capitalism.
Already there is talk of salary caps and other government regulatory requirements which would drive the "private" out of "private enterprise."
Bureaucratic enterprise is no replacement for free enterprise - it's a contradiction in terms.
The Paulson bailout holds the potential to slow down American economic growth for another decade.
Or, as in the case of Detroit, forever.
What Should We Do? As I wrote on Sunday on National Review Online here are four immediate steps we can take:
Eliminate the "mark to market" accounting provision which is driving companies into bankruptcy unnecessarily.
Repeal the Sarbanes-Oxley law which failed in every case this year and which burdens new companies with a $3 million-a-year accounting fee.
Join China and Singapore in eliminating the capital gains tax and watch money pour into the system from private investors at no cost to the taxpayer.
Pass a strong energy bill to return at least $500 billion a year in energy money to the United States.
If we had an extra $5 trillion in energy spending in our economy in the next ten years with a zero capital gains tax and a liberated entrepreneurial sector no longer crippled by Sarbanes-Oxley we would generate the wealth to absorb all the current losses.
A No-Growth Bailout Just Sets the Stage for More Bailouts Congress should pass no bailout without attaching a powerful economic growth component to it.
A bailout in isolation simply sets the stage for more bailouts.
In the absence of economic growth the economy will decay and debts will decay and they will be back next year for even more of your money.
Economic growth is the only way to get America on the right track.
Action item: Call your Congressman and Senator today and demand they vote "no" on Paulson and "yes" on economic growth.
Newt Gingrich
HAHAHAH
Newt Gingrich - The economy can't wait
September 23, 2008
Vol. 3, No. 39
The Economy Can't Wait, Change Friday's Debate: Candidates Should Focus on Economic Priorities
By Newt Gingrich
This week I will bring you up to date on the latest plans for Solutions Day, this Saturday, and spell out the dangers of the Paulson bailout/power-grab plan now being debated in Congress. But first, a word about Friday's presidential debate:
Senator McCain should call for Friday's debate to be about the economy We are seeing a meltdown in our financial system because our political system - the Congress and the President - has refused to confront how big the challenges are and has refused to enact real change.
We do not need a series of gimmicks and bailouts which leave us weaker and more in debt than ever. We need a serious, pro-growth plan for America's long-term economic health.
The economy is in crisis. The Paulson bailout will fail.
Senator McCain should seize this moment and demand that Friday's presidential debate focus exclusively on a pro-growth economic plan for America.
Foreign policy can be covered in a future debate.
Now to the Paulson Disaster We are living through one of the most challenging periods in modern America.
I cannot remember any time in my lifetime when we have had such a combination of big challenges, bad policies, and bad political leaders.
After a summer of failing to solve our energy problems, failing to solve our economic growth problems, failing to get federal spending under control, failing to modernize the health system, we now have an absurd and dangerous proposal to give a former Chairman of Goldman-Sachs $700 billion of our tax money to bail out Wall Street.
Treasury Secretary Paulson had two years to get ahead of the financial problems and failed.
Fool Us Twice, Shame on Us We were told this summer that when the terrible $300 billion-plus housing-bailout bill passed the Congress it would solve the problem.
It didn't.
President Bush signed a housing bill that gives $500 million a year to ACORN, a very leftwing political organization, because it was going to solve the problem.
It didn't.
Now we are told the next $700 billion spent by Secretary Paulson will solve everything.
It won't.
No Economic Growth = No Recovery = No End to the Financial Decay The most important thing to remember is that without economic growth there will be no end to the downward spiral.
Without economic growth there will be another bailout next year and another bailout the year after.
The number one goal should be to restore economic growth.
Only through economic growth can we generate the resources to soak up the bad debt and heal the broken institutions which litter the landscape.
In the 1930s, faced with an immediate crisis of bad debt, the government adopted a series of bad ideas - tax increases and regulatory interventions that allowed the Depression to extend until World War II.
If we're not careful we're going to allow bad politics in Washington to lead to bad policies and the result is going to be a long period of weak growth and massive indebtedness.
In other words, politician, lobbyist, bureaucrat and lawyer generated economic decay.
Pro-Growth or Pro-Decay: Silicon Valley or Detroit as America's Economic Future The stunning difference between a pro-growth and pro-decay policy was driven home by the three days I spent in Silicon Valley late last week.
While Washington and Wall Street were in a panic, the venture capitalists, entrepreneurs and creators of new technologies, new solutions and new wealth in Silicon Valley were too busy inventing the future to worry about Secretary Paulson.
I drove a Tesla, a new electric sports car that goes 0 to 60 in 3.8 seconds. It is a Silicon Valley invention built in San Jose. It is telling that it was not designed by the old auto world or produced in Detroit.
While Silicon Valley has been creating new wealth, new technology and new products, the city of Detroit has been decaying. In 1950, Detroit had 1,800,000 people and the highest per capita income in the United States. Today Detroit is below 900,000 people (the first major American city to drop below a million) and ranks 62nd in per capita income. Half the housing stock in Detroit is unneeded. Imagine what that does to the value of the rest of the housing supply.
Silicon Valley is a product of a combination of science, technology, entrepreneurship, venture capital and very educated people.
Detroit is the product of two generations of bad politicians, bad bureaucracy, high taxes and crime.
We are at a crossroads between Silicon Valley and Detroit.
The Paulson bailout would move us one step further toward Detroit and a failed future.
Secretary Paulson, Meet Lord Acton In the mid 19th century, Lord Acton warned that "power tends to corrupt. Absolute power corrupts absolutely." Note that he dropped "tends" in the second sentence.
Secretary Paulson's proposal for a $700 billion grant of power with no legislative oversight and no judicial review is a fundamental violation of Lord Acton's principle. It is an invitation to corruption and tyranny.
If Russian leader Vladimir Putin had written the plan, I would have understood it. But having an American Secretary of the Treasury write such a plan is such a fundamental violation of our constitutional processes that it makes you wonder how Secretary Paulson can serve in the Cabinet.
Danger One: Crony Capitalism The first danger of the Paulson bailout proposal is that it will create crony capitalism. People who are failing in business will hire lobbyists and curry favor with politicians to protect them from their own mistakes.
You cannot have capitalism on the way up and socialism on the way down.
You cannot create a welfare state for rich investors.
Danger Two: Bureaucratic Capitalism The other great danger of the Paulson bailout is that to avoid crony capitalism we will create bureaucratic capitalism.
Already there is talk of salary caps and other government regulatory requirements which would drive the "private" out of "private enterprise."
Bureaucratic enterprise is no replacement for free enterprise - it's a contradiction in terms.
The Paulson bailout holds the potential to slow down American economic growth for another decade.
Or, as in the case of Detroit, forever.
What Should We Do? As I wrote on Sunday on National Review Online here are four immediate steps we can take:
Eliminate the "mark to market" accounting provision which is driving companies into bankruptcy unnecessarily.
Repeal the Sarbanes-Oxley law which failed in every case this year and which burdens new companies with a $3 million-a-year accounting fee.
Join China and Singapore in eliminating the capital gains tax and watch money pour into the system from private investors at no cost to the taxpayer.
Pass a strong energy bill to return at least $500 billion a year in energy money to the United States.
If we had an extra $5 trillion in energy spending in our economy in the next ten years with a zero capital gains tax and a liberated entrepreneurial sector no longer crippled by Sarbanes-Oxley we would generate the wealth to absorb all the current losses.
A No-Growth Bailout Just Sets the Stage for More Bailouts Congress should pass no bailout without attaching a powerful economic growth component to it.
A bailout in isolation simply sets the stage for more bailouts.
In the absence of economic growth the economy will decay and debts will decay and they will be back next year for even more of your money.
Economic growth is the only way to get America on the right track.
Action item: Call your Congressman and Senator today and demand they vote "no" on Paulson and "yes" on economic growth.
Newt Gingrich