Monday, September 29, 2008

My plan for addressing the credit crunch


OK, so the "bailout" has failed. Hooray!

I have the TV turned to Fox in the other room and I can hear the Chicken Littles predicting dire consequences. There's a credit crunch. Borrowers won't be able to borrow, because there's no money out there.

I've got a plan. It's a simple plan:

The US government should stop borrowing money.

The government borrows $2.42 billion per day. If it stops doing borrowing that money, that money's owners will look for other borrowers, won't they?

My bailout plan would effectively free up close to $900 billion in credit for real business instead of government schemes over the course of the next year.

And instead of the taxpayers taking it right in the keister, the politicians get to.

I don't see any down side.

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