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Thursday, October 23, 2008

Beyond the Bailout

The National Taxpayers Union (NTU) and Competitive Enterprise Institute (CEI) have a new website: BeyondBailouts.org.  The site is dedicated to exposing the government's role in creating the financial "crisis", as well as promoting solutions that go beyond the financial bailout (and should have been done instead of the bailout).

BeyondBailouts on What do We Do Now:

As markets and businesses take corrective action themselves for the excesses of the past few years, there are things that Congress can do to address some of the root causes:
  • Privatize Fannie and Freddie
  • Prosecute Corrupt Officials
  • Suspend Destructive Accounting Rules
  • Repeal the Community Reinvestment Act
  • Clean Up the Tax Code
Instead of shoveling more taxpayer money into the bailout hole, Congress should change the government policies that helped create this mess in the first place. That means privatizing Fannie Mae and Freddie Mac, reforming destructive accounting rules, and getting rid of lending laws that force banks to make bad loans.
The site features an email sign-up, a petition to Congress, videos, and a blog. One of the best posts for today is Deregulation Didn't Do It, via the Heritage Foundation.

1 comment:

Anonymous said...

The loans masked the real problem, this being excessive government spending, taxes, and regulations. These loans allowed for excessive taxes, regulations, and other issues that makes life unaffordable for most people and creates a needs for loans. If we want to fix the banking problem all that needs to be done, besides getting the goverment out of the way, is to lower all taxes, stop goverment spending, and loosen goverment regualtions. People would have more money to ether spend, invest, or deposite into banks which all would help put liquidity into the market. In addition, a equal single flat assest per person, as opposed to income, payroll, and other taxes, for all citizens would really reign in goverment. In addition People could be given the right increase or decrease this amount which would limit goverment spending and put the goverment on a fixed budget. Then, the real issues can be delth with.