Thursday, March 03, 2005


Greenspan is "The Good"

Greenspan is the god of the U.S. dollar. I think the Greek pagans actually had a statue built of Greenspan at one point. They would worship at his feet, and praise his invisible hand to which the early markets would always listen. While I may not know what I'm talking about, Alan surely does. Today he offered up a novel idea. This is the kind of idea you would never imagine being explored that a group of boneheads unable to even fix a potential trainwreck between the promise of Social Security and 10 Billion dollars that doesn't exist. This idea has been backed by a few congressional members, and those who support it hail it as the answer to all of our financial woes. The "Consumption Tax" would put an end to income tax, and focus squarely on commercial transactions. This means any transfer of money would have a barely noticeable tax tacked onto it. The sheer volume of transactions in America, (think Stock Market, Banks, etc.) would guarantee much more tax revenue than the current systems provide.

Already the Democrats gave their usual knee-jerk reaction. "It puts the burden on poor people who just need to buy food." This shows me that they aren't interested in even looking at the idea. The more rich you are, the more transactions you are making, and you therefore are paying more in taxes. The tax wouldn't have to be that big, a grocery shopper would pay much less than they are paying under the current system to pull their weight. The Democrats simply object because they would not be able to take whatever they want from rich people, anytime they want to. They want Socialism, and there can't be Socialism if there are people who are rich.

Anyways, I think it's a great idea, and I think Greenspan is the smartest man in the world. It's obvious he has the knowledge, education, and experience to know what he is talking about. Which is why I get a kick out of hearing him say that the Democrats are wrong. I get an even bigger kick when the Democrats turn around and say "I think he's one of the biggest political hacks we have in Washington." This particular story spends about 6 paragraphs explaining why Democratic Senate Leader, Harry Reid is such a great guy, and why we should all love him. Then it quotes him saying that Greenspan is among Washington's biggest political hacks. Reid backs up his claim by complaining that Greenspan criticized Clinton for budget deficits, but never complained about Bush's deficits. The story goes on to tell us why we should trust Reid without question, and not to worry about Googling "Greenspan Deficits" to make sure he was right.

Apparently Mr. Reid didn't hear Greenspan's speech when he warned everyone about the budget deficits. In fairness he pointed out that we were at war, and that we had that whole recession thing going on (excuses Clinton did not have), but he also attributed it to over-spending as well. He knows infinitesimally more than this Reid character (who doesn't even think to Google his fables before going on TV), and yet somehow Reid is able to bring himself to call Greenspan one of the biggest hackjobs in Washington. Yep, Reid, that's right. He's right up there, just underneath all the Democrats, John McCain, and most everyone else.

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