In response to a goofy comment imagining apocalypse from free market solutions to last fall’s economic SNAFU, I imagined what I would have done if I were Emperor of Ice Cream for a day last September.
Introducing the Beaglescout Economic Plan to Permanently Restore American Greatness™; (until the socialists ruin it again with their caveman economics).
- No bailouts, no stimulus, no TARP. The money to restore the US and world economy has been sucked out to somewhere. The solution is to invite that money back in, not to print or borrow more money.
- Repeal mark-to-market and restore generally accepted accounting principles (GAAP) including historical basis for value to stabilize toxic securities. Value stability of supposedly stable securities is the goal.
- Repeal all capital gains and corporate taxes, which would bring the markets roaring back, and make George W. Bush tax cuts permanent, which would quiet concerns about punitive taxation and prevent the John Galt reaction we got instead. Continue reading