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Living Freedom by Claire Wolfe. Musings about personal freedom and finding it within ourselves.

Want to Comment on a blog post? Look for and click on the blue No Comments or # Comments at the end of each post.



Claire Wolfe

A modest proposal

Saturday, April 14th, 2012

From Sheila Bair, former head of the FDIC. Fix the economy and end income inequality by giving us all low-interest $10 million loans just like the banks get. :-)

Cool! Where do we sign up?

16 Responses to “A modest proposal”

  1. Kent McManigal Says:

    I can see so many implications there- it really would be amusing to see what would happen. (As long as I wasn’t caught in the middle of the mess.)

  2. Kel Says:

    I’m willing to take that loan if the interest rates go negative. Paying me to borrow their “money” is the only way I’ll participate. Until then I’ll just keep stashing nickels and sorting my pennies. :)

  3. Claire Says:

    But Kel, the very idea is that you take their low-interest loans, then buy their slightly higher-interest bonds, quit your job, and live like a … government crony. :-) So the interest is “negative” in many senses of the word.

  4. clark Says:

    I think if that were to occur you could say he have hyperinflation.

    Prices of everything would race upwards until 10 million Dollars equals zero.

  5. Claire Says:

    Yes, clark. That (among other things) is precisely the writer’s point.

  6. EN Says:

    Yes, very funny, satire, I get it… but be very careful. I’m sure some of Obama’s minions are looking at this proposal, looking at Obama’s reelection chances and going, “HMMMMMMM!” ;)

  7. Standard Mischief (dot) com Says:

    I read the first 3 paragraphs and then checked out her page on !wikipedia. Are we sure it’s suppose to be humor?

    Since she’s out of office in 2011, then that means the buck should have stopped with her on taking prompt corrective action when seizing the banks that were below the minimum amount of reserve assets that are federally mandated to be held.

    The idea being that the FDIC should have seized the banks, told the bank shareholders that they were SOL, and sold the remaining assets / loan paper on the free market so there was enough cash to cover all the deposits up to the current FDIC limit. Oh, and she should have had this done, _before_ the banks themselves got so freaking under water that the FDIC had to spend taxpayer dollars making good their promise of covering all the deposits.

    Had she done that, then there wouldn’t be any banks that got millions of dollars in loans at sweet sweet rates that had to be backstopped by future taxes around the neck of our kids and the unborn.

    Had she not been allowed to do that, she should have then called a press conference and publicly resigned. Only then would I be willing to cede her any of the moral high ground.

  8. Pat Says:

    “Had she done that, then there wouldn’t be any banks that got millions of dollars in loans at sweet sweet rates that had to be backstopped by future taxes around the neck of our kids and the unborn.

    Had she not been allowed to do that, she should have then called a press conference and publicly resigned. Only then would I be willing to cede her any of the moral high ground.”

    Well, it’s a known fact that no “public servant” learns his lesson while in office; they all wait until out of office (so they won’t losr their jobs) before they speak out. Ain’t hindsight wonderful?

  9. clark Says:

    I’m kind of with, Standard Mischief (dot) com on this one. “Are we sure it’s suppose to be humor?”

    In the back of (or center) of my mind at the time I commented was this from Iceland, via Bloomberg on Feb 19, 2012:

    “Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.”

    Are they forgiving even more loans today? I don’t know, but it’s quite a bit like printing up some money and handing it out.

    What better way to buy votes is there? I’m sure they see it as a win-win situation. [Evil laughter - from them.]

  10. Jim B. Says:

    Happy Anniversary Titanic.

    http://en.wikipedia.org/wiki/RMS_Titanic

  11. Claire Says:

    Oh, I don’t doubt that Sheila Bair is writing from the long tradition of government people who courageously stand up for what’s right after leaving positions where they could have done something about it.

    But I still think it’s a sharp little piece of satire.

  12. Pat Says:

    “But I still think it’s a sharp little piece of satire.”

    And it’s her satire that leads me to think she probably did mean what she’s writing. For I know of _very few_ in public office who have the sense of humor to speak or write in a satirical manner or play devil’s advocate for the opposing viewpoint. Especially is this true of the “liberal” or Democratic view: few have the ability to understand, let alone verbalize, their opposition’s thinking.

    She may have also aquired a better sense of economic reality since living in the private sector.

  13. EN Says:

    Economic reality is starting to bite world wide… as it always does. There’s actually been three Fed governors who’ve called for economic sanity, not that they get a lot of press coverage, but it’s still both hopeful and frightening at the same time. I’m betting that those Fed governors know nothing’s going to change but are all too aware of how this is going to end and end soon. They want to be able to say, “I warned you”, which might keep them from swinging from some lamp post somewhere.

  14. Standard Mischief (dot) com Says:

    >…government people who courageously stand up for what’s right after leaving positions where they could have done something about it.

    [public address system voice/] …paging Alan Greenspan…

  15. Claire Says:

    LOL, yes … paging Alan Greenspan!

    And speaking of bureaucrats who speak out only when it’s too late, here’s Kip Hawley, late of the TSA, writing about the problems with the TSA …

    http://online.wsj.com/article/SB10001424052702303815404577335783535660546.html?mod=googlenews_wsj

    (And doesn’t Kip Hawley sound exactly like a name Ayn Rand would have given to one of her government-sucking villains?)

  16. EN Says:

    Interesting to read the comments section. I came across exactly “ONE” supportive (of the TSA) comment in about 5 minutes of looking.

 
 


 
 

 
 
 
 
 
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