Sunday, March 22, 2009

Glenn Beck: The falling economy

Part 1

Part 2


Michael said...

Funny how the guys at Fox "News" gave Bush and the Republican congress a free pass for running up 5 trillion in deficits that cannot be repaid in order to fund wasteful gov't spending and unconstitutional wars.
Did they criticize Bush for following the disasterous "free trade" economic policies of the Clinton administration that destroyed our economy and severely reduced our tax base? How 'bout when Bush lied about the federal gov't being prepared for Katrina? Or the refusal to do anything about illegal immigration?
Now they have turned into fiscal conservatives.
Glenn Beck is OK, but the rest of these guys are hypocrites.

Anonymous said...

Glenn Beck needs to lighten up a bit.

Mark said...

Michael is right, but I would like to point out that freedom always wants to flow like water. Labor, environmentalism and bureaucracy have done a fair share of damage to American industry, and the "captains of industry" have responded in kind, leaving FIRE as a major domestic engine in the economy. Not a good situation. Bush (the MBA) couldn't have been a worse disappointment on the economy in hindsight. The future is going 100 mph in the wrong direction, however.

Anonymous said...

Well, I believe alot of what is said in this video is true, which makes me believe that Congress will eventually confiscate all of our 401k's and IRA's and mandatory make us put those monies into Treasuries and scare the people into believing that the guaranteed 2% annual return will be the best alternative for our retirement, as this is how Congress will get their newly created debt financed.

Michael said...

Mark, you're right - too much regulation is never a good thing. When Fannie and Freddie were forced to lend to unqualified minorities, nobody benefitted in the end. But some regulation is needed. The Glass Steagall Act forbid commercial banks from dealing with investment banks until its repeal in '99. Without its repeal, commercial banks would have incurred all of the losses from taking on "liar loans". They would have thought twice before lending to unqualified people. Unions have done some good things and also some bad, but Americans should never have to give up the 40hr work week or not have decent working conditions. When US corporations move production to countries where workers not only work for less, but where there are few health, safety, or environmental regulations, Americans cannot compete. US manufacturing has been in recession since '98, as there have been job losses almost every month since then.
The solutiions to our economic problems should be:

1. Rip up NAFTA and favored trading partner status for China.
2. Get out of the WTO.
3. Eliminate the H1-B, L-1, and other work visas that are abused to bring in chaeper foreigners to replace US workers. Read my post for a good description of what's happening -
4. Pregressively tax corporations that move manufacturing, engineering, and science to cheaper labor markets. Companies that outsource more will have a higher tax rate. Those who outsource less will have a lower one. And/or....
5. Enact tariffs on US corporations that produce offshore.
6. End the wars in Iraq and Afghanistan. Close our military bases throughout the world.
7. Use the some troops to partol our border with Mexico. Train others to check construcion companies, meat packing plants, and others that hire illegals. Corporation that hire them should be fined and all illegals deproted. Also, all benefits for illegals (education, SSI, Medicare, etc.) should be eliminated.
8. Re-enact Glass Steagall.

Even if these staps are taken today, the US will still become a 3rd world country in a few years. But our recovery will be much faster than if we do nothing.

PS As you can tell, I have a lot of time on my hands!