gotnochips

Wall Street Breakfast: Must-Know News

I came across an editorial about CHANGE by Norma White in the Amarillo Globe News, Oct. 21, 2008. Here are some of her ideas about change:

0 Limit Congress from serving more than two terms. That is all that presidents are allowed.

0 Stop Congress from voting for their own raises. How did that ever get started?

0 Stop paying lawmakers their full salary after serving just one term, or at retirement. We need to get rid of that pension plan; they’ve let other companies get rid of theirs. You were lucky to get 40 to 50 per cent of your salary after working somewhere for 35 years, but they get 100 per cent.

0 Stop handing out aid to illegal aliens. If we did, then Medicaid and the food stamp program would have enough money to aid the aged and the poor.

0 Secure our borders.

0 Stop allowing babies born to illegal aliens in the United States automatic U.S. citizenship.

0 Have a computer program that cross checks Social Security numbers with fingerprints to stop fraud on many fronts. Use it on voter registration, too.

0 Stop bailing out mortgage companies and banks that give loans to people who can’t afford them.

Only lawmakers can make these changes, as they are the lawmakers.
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I have some additional changes that might also help:

1. Institutions that make loans must retain responsibility for the loans. The loans and the associated risks/rewards can't be bundled and passed on to other agencies for investment purposes.

2. Lawmakers should pass laws that ensure that individuals responsible for their actions. For instance, people who borrow money should be aware they have to pay it back or there will be unpleasant consequences. Of course, people who borrow should be made to realize how the loans are structured.

3. NEVER allow solutions that are constructed at the expense of the people who are not responsible for the problem. People who faithfully make their loan payments should not be penalized for those who do not, just as people who exercise, watch their diet and weight, and take care of themselves should not be penalized for those who do not take care of themselves. Never reward the people responsible for the problem at the expense of those who were not.

4. Read ATLAS SHRUGGED.

I predict none of the above will happen.