Burning Down The House: What Caused Our Economic Crisis?

[mekender]

I say a low national sales tax will level that playing field...

As long as it stays low. Once it's an established tax, it's easy to increase it. It started here at 2.4%, today it's 25%.

a 25% tax would be fine if we eliminated all corporate, capital gains and income taxes.

[Erik]

Politicians generally dont like to eliminate taxes. The sales tax at 2.4% was only supposed to be there for 6 months, and that was almost 50years ago.
The only major tax eliminated here was the property tax, a tax on all a persons total property value over $150.000. But that will probably be back after next election, the way things are going here.

To me it's a cultural thing. If you tax income, companies and work so hard so you cant make much more money by working more or harder, people will start demanding government dubsidies and entitlements instead. For leftist politicians this is great, they can essentially buy more votes with the peoples own money.

[Scott Free]

I know that this is a dumb question (but I'm really good at asking them): has anyone heard anything about anyone in our august legislative body even considering the elimination of the source of this meltdown -- the heinous Community Reinvestment Act? I mean, if this is the cause of the mess, then why not get rid of it?

Oh, I'm sorry. That's a rhetorical question -- which means that I get to answer it. The reason why it won't be eliminated is because to oppose it would mean that 1) you're a racist and 2) no one has the guts to oppose it on moral grounds.

Again, until we can regain the moral high ground, we're not going anywhere.

[FelixEstrella]

I know that this is a dumb question (but I'm really good at asking them): has anyone heard anything about anyone in our august legislative body even considering the elimination of the source of this meltdown -- the heinous Community Reinvestment Act? I mean, if this is the cause of the mess, then why not get rid of it?

Good question to ask the smelly man during debates, eh?

[308Mike]

Good question to ask the smelly man during debates, eh?

"I'm not going to answer that right now, but what I will say is............ " - and they let him get away with it.

[Scott Free]

Hey, someone DID suggest repealing the CRA! AND Sarbanes-Oxley!!!

Bravo, Sen. DeMint! EXCELLENT speech (in a losing effort, of course. Whaddya want when he tried an appeal to reason... )

[Scott Free]

More interesting articles on the roots of the crisis and what should (or should not) be done:

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