Perhaps we might be saying the same thing in a few years once Springfield has deferred all the taxable income in the city center area off the books.
tom On Mon, Oct 6, 2008 at 5:06 PM, Fred B. Ellison <[EMAIL PROTECTED]> wrote: > > > > > October 6, 2008 > $700 Billion Bad BetThe administration's proposed $700 billion bank > bailout has finally passed the Congress — in large part because of fear that > the economy would crumble if "something" wasn't done. > > But the magic men in Washington don't have any guaranteed fixes in their > bag of tricks. Certainly robbing the taxpayers of $700 billion — that's a > billion, 700 times — won't cure the economy. > > It will, long run, hurt the economy. How? By hampering realistic adjustment > to current market conditions. It means taking $700 billion from productive > economic activities to buy up debt at prices nobody in the private market is > willing to pay. As economist Arnold Kling points out, "If [Bernanke and > Paulson] were taking their plan to a venture capital firm to seek funding, > they would be laughed out of the office." > > How did we get here? In previous years, the federal government compelled > banks to give mortgages to persons who really couldn't afford them.Meanwhile, > the easy credit policies of the Federal Reserve made it easy for > banks to obey these irresponsible demands. > > Hence the housing bubble. Which popped. > > The only long-term solution is to get the government out of the market. Stop > trying to paper over the horrendous consequences of past government > interventions with even worse government interventions. The free market > ought to be free. Otherwise, we'll one day end up with no market at all. > > This is Common Sense. I'm Paul Jacob. > Comment on this > episode<http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fthisiscommonsense.com%2F2008%2F10%2F06%2F700-billion-bad-bet%2F>| > Listen > to this > episode<http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fthisiscommonsense.com%2Faudio%2FCS2171700billion.mp3> > > > Paul Jacob is Senior Advisor to the Sam Adams Alliance, which sponsors both > Paul's weekly > Townhall<http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fwww.townhall.com%2FColumnists%2FPaulJacob%2F>column > and Common > Sense<http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fthisiscommonsense.com%2F>, > a short radio commentary featured in over 100 radio stations throughout the > country. > > Click > here<http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fthisiscommonsense.com%2F>to > visit our new website, which has archives of Paul's commentary since > 1999! > > <http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fthisiscommonsense.com> > > For more information — and more ways to get involved — click on more Sam > Adams Alliance projects below: > > <http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fballotpedia.org%2Fwiki%2Findex.php%3Ftitle%3DMain_Page> > > <http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Ffreepauljacob.com%2F> > > > <http://click.icptrack.com/icp/relay.php?r=10597547&msgid=143135&act=TBFC&c=217972&admin=0&destination=http%3A%2F%2Fwww.samadamsalliance.org%2Findex.php%3Foption%3Dcom_content%26view%3Darticle%26id%3D910%3Aabout-the-sammies%26catid%3D1%3Alatest-news> > > > > > > > > This message was sent from Common Sense to [EMAIL PROTECTED] It was > sent from: Sam Adams Alliance, 20 N. 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