redrumloa said:
I don't expect miracles, but YOU should know better than others that putting the money printing machines into overdrive and trying to reinflate the bubble if far worse than letting some large banks and insurers fail.
That depends on how you print the money and who you give it to.
If you print the money by creating government debt to the Federal Reserve (the bond which is a promise to pay in the future which is the same thing that Dubya called I.O.U.s when he was criticizing Social Security, but which everyone else including the Fed is happy to take as the safest money in town) then it's bad. And if you take that debt to the banks and they issue loans and you give those loans back to the banks to bail them out then it's very bad.
If, on the other hand, the money is directly created by the government, then it comes debt free. It will hurt the people who already hold a lot of US dollars to see them diluted but it if the new dollars are given out as pensions for example to retirees who have been wiped out in the markets then the injection will be broad based, "compassionate" and stimulating.
This only works if the government reclaims it's right to issue money rather than letting the banks issue money. Otherwise it increases taxpayer indebtedness.
If the government does issue new money then it can be inflationary but some of that would just go to canceling out inflation that has already occurred (in assets such as houses and stocks which were highly inflated).
The first step in the solution is to end the Federal Reserve System.
Is now the time to tackle every liberal pork pet project?
There were worse things than pork. One man's pork is another man's bacon.
Is now the time to increase taxes on almost every single person in this country?
Here's the
US census data. Well, OK, it covers 2007 but it's fairly recent.
Total earners 116,783 (in thousands)
making $250,000 and up 2,245 (in thousands)
percentage 1.9%