Long Island Press, Issue 7
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Oct. 5th, 2008 | 07:00 pm
posted by: ninjahobbit in nyc1community
The proposed $700 billion package is too high. The government is banking on converting the bailout into a money-making proposition over time because it has the pockets and the patience to do so. Because not every single investment that it is backing will go belly up, there will theoretically be an upside when it is paid off. If that's the case, then don't give up all that money. Only bail out the worst-case scenario of investments-let's say 20 percent of them. Sorry, Wall Street, your allowance is now only $140 billion. Use it wisely, and yes you still have to pay us back in five years.
Remove half our troops from the Middle East and bring them home. Move the other half to Afghanistan and finish the job. As for Iraq, it's time. You're on your own. America's sons and daughters will be far more useful at home adding to the economy and taking care of their own families as they have taken care of all of us. According to some economists the war in Iraq costs approximately $2 billion per day. At an annualized cost of $104 billion and reallocating half of the expense to Afghanistan, we pick up billions.
American ingenuity rules. Part of the economic stimulus package must be an investment into renewable energy and only the government can spur demand. For the next decade the government must provide 100 percent tax rebates to any American household that invests in photovoltaic, geothermal or wind power for their homes as allowable by local zoning. This will serve to artificially ramp up an industry that is primed and ready for growth with wartime speed. The implications of this new type of economy are far-reaching and much needed. America must be the driver for a new economy and renewable energy is the future. Not only will it reduce our dependence upon fossil fuels; it will reduce our carbon emissions.
One way to put money back into the pocket of Americans is at the grocery store. It's time to end the farm subsidies for fuel such as ethanol, because the grand experiment failed. While well-intended, these subsidies served to drive food prices beyond the reach of poverty-stricken Americans.
The government needs to implement an immediate tax break to all manufacturing companies based in America. If you shipped jobs to China, you're out of luck. Between this tax incentive and a new economy based upon renewable energy we should have just enough jobs for the people who lost them to China and our kids returning from Iraq.
This is the easy part. At the end of five years, after the banks have paid back the $140 billion the government loaned them, they must have dismantled and returned to the way it was before Greenspan, Gramm, Dodd and Schumer started foaming at the mouth and rabidly stripping away financial oversight of the markets. Just turn back the clock. No harm, no foul. Since the mid-1930s the markets ran efficiently. The reason given for deregulating the banks was so they could compete on the global market. The news flash is that without us, there is no global market, because we're still the only ones that buy everyone's stuff. Above all, there needs to be honest campaign finance reform that limits contributions to politicians from industries that are regulated by the federal government.