Full Faith In Credit

The Economic Stabilizaton Act of 2008

The objective of this monumental legislation in the era of post-Great Depression, neo-classical, economics is to restore confidence in the U.S. financial markets. Some European policy makers are calling for limiting the amount of money any one investor can borrow at one time, which is how hedge funds manipulate market prices by non-market means--by consolidation of the capital and massive money flows. While it will not deconsolidate the capital, it does identify the problem and the obvious solution that will effectively, genuinely, restore our full faith in the credit markets.

Republicans say the assets that The People are going to buy (pay the abusers for) and have resold to them are of an undetermined value because nobody wants to buy them. This assessment is what is wrong with it and why we have Sarbane-Oxley and mark-to-market accounting.

These assets do have value. Assets that can't be sold in the marketplace are called, worthless assets! They are the product of the people and the institutions and processes they employ that the stabilization legislation is going to support and "trickle-down." It is a failed, elitist, model that global markets have no confidence in. So why are we doing it?

The assets that the government is going to buy, or socialize because they have been rendered worthless because their value has been consolidated, will be a good investment with government policies and programs that are antithetical to what caused the distressed value in the marketplace. That would refill The People's raided cookie jar by deconsolidating the capital, taxing the benefit, instead of subsidizing it by not taxing it as McCain and his neo-conservative supporters propose.

The progressive tax revenue will not kill capital finance and free enterprise, but will provide optimal liquidity to cultivate growth, pluralism, a free marketplace that effectively checks the abuses, the perversions, of power with the least operation of government, from the ground up.

You have been told that this current economic crisis was unforeseeable and unforeseen. Absolute nonsense! Pluralists, free-market economists, have been warning and inveighing against the practices that consolidate money and markets from the start. We were dismissed as un-American, social psychotics unworthy of accessing the sentiments of The People.

What did have access has resulted in a lack of confidence in financial markets because it is full of fraud and abuse because the mechanism to check it, a free and unconsolidated marketplace, is not being ensured in priority. The result, consolidation of wealth and power, a model of power that deprives instead of provides, is a probability of 100 percent.

If U.S. taxpayers, and that includes people that consider themselves too good to be taxed like "The People" but will be with a more progressive tax code, want economic stabilization legislation, something that does not need legislating by ensuring a free market economics, and to buy assets rendered worthless by Wall Street to have good value, be sure to legislate for a free and unconsolidated marketplace.

Very best wishes.