A Path Other Than Socialism Or Economic Armageddon

This author seeks to clarify a misconception that has been circulating in the press. The media has been declaring that laissez-faireists, such as this author, are in some manner not willing to recognize that politics is the art of compromise, and by extension, unwilling to accept any legislation that is introduced to tackle this liquidity crisis confronting the United States economy. This assertion could not be farther from the reality of this fiscally conservative author.

Pragmatic economic libertarians are not opposed to having liquidity legislation, recognizing this is a true liquidity crisis that needs to be addressed. Free Market economists objected to this atrocity of a bill that was defeated by House Republicans. Had that piece of legislation become law, it would have effectively suffocated the free market under the oppressive hand of dramatic and unwieldy government intervention across all economic sectors. The choice was either socialism, or prepare for economic collapse. This is a false chocie.

The Cantor proposal is widely viewed as acceptable to economic libertarians, as well as the Gingrich proposal that utilizes free market instruments to add liquidity to the economy.

As a libertarian, this author proposes the following reforms that turn to the free market to resolve this liquidity crisis over the long term. The instrument of Mark to market must be abolished without delay, the Capital Gains Tax must be abolished, the repeal of the 'Community Reinvestment Act' must occur, and the horrific Sarbane Oxley Act must be repealed. The government can, and should, LOAN financial institutions money at a fixed rate with five years maximum to repay the loan in full to the Treasury,no exceptions nor time extensions, rather than bailing these institutions out at taxpayers' expense. The FDIC insurance threshold must be raised from the current one hundred thousand dollar level to at least a two hundred and fifty thousand dollar level

These are just a few measures that fiscal conservatives and economic libertarians alike are proposing, and would find acceptable to our principles in this legislation.

Fiscal conservative await the impending vote of the Senate Wednesday evening, and hope the one hundred Senators will allow the Constitution, and their consciences, to be their guides.