- The Washington Times - Tuesday, January 27, 2009



You are screaming in a vacuum. House prices would always rise, and you will always get your Social Security check, right? We need another crisis for the public to connect Social Security with financial reality, and given President Obama’s approach to the recession, this may happen sooner rather than later.

Remember that campaign statement about it being immoral to use 25 percent of the world’s energy while making up just 5 percent of the world’s population? If you have not noticed yet, we are not only using someone else’s energy, but we are heavily dependent on the rest of the world’s savings for the nearly $1 trillion so-called stimulus plan.

First we were dependent on foreign oil, and now we are dependent on foreign countries to finance our stimulus boondoggle. If you still think the Chinese are going to send you a Social Security check five or 10 years from now, I think you are hallucinating.

Here is what has to happen for us to get out of this mess. The $2 trillion to $3 trillion of toxic waste in the credit system has to be written off. Banks have to fail along with businesses that made big bets on this crude. It also means foreclosures and empty houses that did not need to be built in the first place. The entitlement system needs to be separated into a self-financed and pay-as-you-go welfare system. Congress needs to forget their phony stimulus boondoggle and reform the tax code and then design a regulatory system for what survives in terms of a banking system.

Of course, this is all about as likely to happen as being hit by a meteorite. So, welcome to the road to financial Armageddon.



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