Friday, November 14, 2008

Mr. Speaker

So now that the election is over, Newt Ginrich has made a few appearances again. Most notably, he did not rule out running for president in 2012 on Hannity and Colmes. This is what I was hoping for!

A couple reasons were laid out tonight on the O'Reilly Factor as to why Gingrich knows how to get this economy moving again.

Newt said a couple things I LOVED.

First

He called for the elimination of the capital gains tax for the next two years. China and Hong Kong have both done this. It results in huge amounts of money being pumped into the market in order to make a profit. This stabilizes the market. Also, it encourages buying and selling of homes, due to lower losses if you look to make a profit on real estate.


Next, he called to cut the corporate tax rate to 12%. I like McCain's idea of cutting it from 35 to 25%, but 12% is even better. Ireland currently has expanded the most in the business world in the past twenty years, and their corporate tax rate is 12%. Huge amounts of corporate growth result in huge amounts of job creation. The benefits are astronomical. This will create a larger tax base to help cover the costs of government programs.

O'Reilly also asked Gingrich how he intended to finance everything will all of these tax cuts. He said exactly what I think! He was talking about being fiscally responsible. Cutting huge amounts of useless government programs. Cutting useless management. He also called for the elimination of the treasury spending. This would save us hundreds of billions a year. (800 billion and counting just from the bailouts, which he is completely against.)

I'd also like to talk a little about the auto industry 25 billion dollar bailout.

I think this entire bailout plan is ridiculous. Paulson and the other Bush cronies need to stop this before it gets any worse. Everyone has their hand out looking for this government handout. AIG received enough to buy their entire company 10 times over. You could buy GM, Ford, and Chrysler for 1/5 of their bailout package. Why should we be paying for 30+ years of mismanagement in these corporations? I say let them go bankrupt, and our county's bankruptcy laws will force them to restructure their management. If I plan poorly, I don't see the government running in to take stake in my assets!

5 comments:

curlz said...

Although I agree with you in letting the free market reign, it's hard to sign the death sentence for Michigan. I don't know how deep and far the after-shocks would be felt. Do you sacrifice one hoping the other two make it? I don't have a clue on how to fix this mess but some where, some time the piper will have to be paid. Government bailouts can't become the norm nor the expected.

Jock said...

I have been telling you for two years Gingrich is the man. He knows how to work government and bureaucrats to get them to do what he wants. When he was speaker of the house he helped balanced the federal budget 4 years in a row. Can Pelosi say that?

As far as Poulson goes he is a moron and needs to go. He has made a complete mess of this $700 billion dollar bailout. Anyone who thinks we should nationalize health care needs to take a look at how the federal government has handled the bailout. The Treasury has to much authority. I agree with Newt on this too they need to have it taken away from them.

I have been torn with the bailout of the auto industry. I have thought about this alot and my beliefs are the free market system works and for it to work you have to let the strong survive and the weak go away. That means NO BAILOUT!!! I know what it means to Michigan but is that the other 49 states fault? Why should the other 49 states bailout the one state not smart enough to diversify its economy? Mich has had over 100 years to do it. But alas Michigan don't worry because when the dems takeover they will bail you out because afterall the dems owe the union for getting elected and there is no way the union is going to let them forget it. God I love special interest groups and lobbyists.

carriegel said...

i am against the bailout too. remember i lived there for many years and have many friends with ties to the auto industry.

i am a honda stockholder. why are should the little three get bailouts and penalize the companies who are well run and profitable. not only that they employ american workers too.

they talk about the jobs disappearing but some of that slack would be picked up by the remaining car companies.

also money that is being spent on bailouts is money that isn't working in the economy somewhere else. that money isn't coming thin air.

do i like seeing my state being reduced to a shadow of its former self? no, but bad buisiess decisions should no be rewarded. the handouts will never stop.

Jock said...

I am resigned to the fact I will never live in Michigan again until I retire and with the state of the economy and stock market that won't be anytime soon.

I know the auto industry will not only cripple Michigan but our entire economy if allowed to go out of business but this government bailout crap has got to stop somewhere. We will survive and the country will be stronger because of it.

Where will the bailouts stop? If you bailout the auto giants do you bailout the suppliers to the auto industry too? They have to be in just as bad as shape the auto makers. Then how about suppliers to the suppliers like steel mills, chemical suppliers for making foam seats and plastic parts for cars or how about suppliers or nuts, bolts and screws that every manufacture uses for assembly? Won't they all deserve a handout if the auto companies get one? Who could blame them for wanting one?

I would be curious to see what your Uncle M thinks about all this since he is more affected by this than any of us.

curlz said...

Funny, we've talked about it. I'm not for a bail out either, but I am concerned about how many lives will be impacted. I, myself, would be pretty upset if he ends up in early retirement since this is what I want for myself. Maybe he could take my job? If we had to move for him to get a job,Indy makes a logical choice. My job was always intended to be done from there anyway.