Rita Cosby unites Bill Glynn with Ross Perot on how to avoid the American Economic Disaster
Rita Cosby hosted Ross Perot and me on the Steve Malzberg show Friday. The Economic Crisis, political pandering and empty promises topped the list. America is teetering on the brink of another Great Depression while politicians and political parties pander for votes from the largely under educated ignorant voters in America. Even The Washington Post over the weekend released a story about the economy and correlated the Great Depression indicators to where we are today. Does anyone see we have a National Security Crisis on our hands, being eaten by cancer as our society is further denigrated, and the political parties offer nothing more than some Prozac to cover up the looming depression? I don’t just RANT so please read on or go directly to
LIBERATION DAY to get right down business!
America faces one of the most challenging and potentially devastating crisis’s in our short history. Despite the facts, politicians and parties still pander, promote empty promises and stuff the talking points d’jour down our throats with hundreds of millions of dollars being spent creating and marketing their brands. America is in big trouble and as usual I predict we will wait until the devastation occurs instead of going on a massive offensive. This nation needs to mobilize every tool in the shed as if World War III: An Economic War was upon us. Frankly it is.
We can all point the finger, lay blame and talk from the arm chair. In the end here are facts:
You are Making it Happen!
You are Watching it Happen! Or
It is Happening to You!
Where do you think the majority of our leaders and people are today? Yes, watching it happen to them.
There is no easy cure for a debtor nation’s woes but worse no one is prescribing a solution to the looming issues that can destroy our way of life. It sounds harsh and I believe America will survive the plunge but what will America look like after the fall of Rome? Where will our ego and standing in the world wind up? Most importantly what can be done about it to minimize the Tsunami coming after the waves of chaos that have already struck.
Well here are some points to ponder and real solutions not rhetoric to think about. Let’s call it Psychotherapy not Economic Prozac.
Our Government just put itself on the hook for trillions of dollars of loans. TRILLIONS! The Federal government stepping into the free markets in such a major way is unprecedented. What can be done because our government will face more and can’t pay for what they are on the hook for already? ARE WE BANKRUPT YET!
The government deficit is criminal. Bankrupting our nation should be treason. We are vulnerable to major nations cutting our credit off like banks are doing to consumers. Our nation is now a risk to invest in and our currency is losing its footing as the underpinnings of world trade.
The banking collapse is still coming. We haven’t seen the other shoes dropping yet but there will be many as $700 billion or so is still out there and only about $300 billion written off so far.
The Lawmakers and consumers are credit alcoholics and are being forced into rehab. This will cause the woes to spiral as American consumers will not be able to consume because banks are cutting them off. The impact to retail and services will be horrifying.
The insurance companies, re insurance companies, Ford, GM, Merrill Lynch, Bear Stearns, on and on are either in huge trouble, being bought by foreign companies and nations or on the brink of collapse. We have only begun to see the meltdown.
So what do we do about it? I offer solutions and none include raising taxes or lower them!
THE SILVER BULLET: I have and will keep presenting the 10% solution, a law that will require 10% of the fully invested portfolios of pensions, Union Taft Hartley, 401ks, Endowments, corporate investments that combined are well over $100 Trillion, be re allocated into one pooled investment vehicle managed by the biggest guns we have; i.e. Pete Pete Peterson, George Russell, Ross Perot, Michael Bloomberg, Donald Trump, Carl Icon, Hank Greenberg and so on, perhaps aligned with the Fed. 100% of the Trillions will be used to buy back ALL US debt. Buy back hoards of currency to save the dollar and bring our nation back from the brink. Liberation Day! The Day America freed itself from the grips of foreign nations. The added trick is that a trillion dollar investment from the pool to buy zeros coupon bonds will assure that the money will be fully paid back at the end of the investment and huge liquidity is injected into the failing credit markets. (Zeros are bought at a discount say 200 dollars and mature at a 1000. Therefore the money borrowed is guaranteed to be paid back.)
THE PORTFOLIO VALUES AS A RESULT WILL SKY ROCKET!
Economy Bonds: How do we save the economy while transforming our credit addicted nation back into a savings nation? Allow only Americans to buy economy bonds. Like War Bonds, the bonds need to be sold and promoted to everyone at every level and become part of a tax investment program aimed at strengthening the economy, requiring Americans to invest in our nation, become savers not borrowers and position social security supplemental or replacement accounts. Use tax dollars owed can be used to have a guaranteed amount in savings while not depleting the government tax revenue. Every American will have investments and savings.
Like an IRA and a tax break, give Americans economy bonds instead of lowering taxes.
FIRE IRRESPONSIBLE LAWMAKERS: If America was a company our leaders would be in Jail for all the pork, fraud, waste, abuse of power, and for bankrupting our nation. Yet despite the outright vile behavior and record low satisfaction levels the “SELF GOVERNED” law makers remain in position to make decision that affect our future. How the heck did America get to the point where this is happening! Laws have been set across the SEC and Corporations for ethics, accounting, rules of behavior – yet Lawmakers remain way out of bounds and don’t adhere to anything but their self governance and self imposed standards.
Office of American Financial Security
The American CEO: Never elected in and out of office but can be fired. The CEO and is staff oversee the budget, oversees investment, trade deals, currency hoarding and printing, and all fiscal parts of our government. Here is where Ross Perot would be our man. We set up an Office of Homeland Security, Why not an Office of American Financial Security – we are after all a capitalist country and we are under threat of Economic War.
Fraud, pork, special interest, waste, abuse etc..: Manage the budget and lawmakers and make sure none of this can ever permeate our system. Take away the ability to spend our money like drunks and see how fast special interests lose interest!
Commercialize Government: Look how good it did for the postal services and Dept of Commerce in Virginia. You want our government to serve you then get the fat, the poor customer service, leadership and outright incompetence out! Make everyone accountable and be subject to the same rules that apply in business. We are a capitalist nation of course.
Halt credit bureaus: For last 12 months clean any payments under 90 days off the credit bureau reports. You want to provide relief then allow people to get future access to decent home loans and car loans etc.. or as mentioned earlier don’t and see huge parts of our economy no longer participating in consuming.
Post deficit: if we can pull off a pay down of the deficit then all trade deals and interactions financially with the UN, World Bank and all nations should immediately be brought under one financial team made up of super stars again and get our nation back on top in the world.
Raise taxes on all non US produced goods: It will create an economic war among nations but we couldn’t come out behind because most of the world sells their products to us and don’t buy ours as much – hence the trade imbalance. The outcome in my opinion will be hugely positive to the US but not without pain.
Finally but certainly not all: Get our education system corrected by commercializing public schools. Find unique and inventive ways to clean up the programs and the system with one huge revolution and use any means commercially – branding, slotting for products, marketing and ad revenue, whatever it takes to attract the brightest and best teachers and to change the massive downturn.
Suffering from cancer – eroding from the inside is how Rome Fell! Political inaction and denigration of our society assures that America will follow.
There are many more good ideas out there but I fear lawmakers and incompetents have such a hold on power in the US and we as people are completely impotent that we will be bankrupt and our way of live devastated in my lifetime.