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The Tate Plan on fixing the depression-sized economic crises September 26, 2008

Posted by Daniel Downs in Congress, economy, free market, legislation, monetary policy, news, politics.
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Continuing Ron Paul’s warning about the dangers of the Paulson and Bernanke bailout plan, John Tate, President of Campaign for Liberty, outlines how to solve the underlying cause of the dire economic crisis.

Introducing his recapitalization plan, Tate says,

We do know that our economy is in for a rough ride. These bad mortgage-related assets will have to be cleared out and the market will have to reset. The only question is how that will happen.

The easy way out is to continue the same practices that got us to this point. We can put $700 billion, for starters, in the hands of Treasury Secretary Henry Paulson (a former CEO of Goldman Sachs) and Federal Reserve Chairman Ben Bernanke, and let them spend the money on whatever they wish.

This option will only delay the economic downturn, which will only be worsened.

Or, we can take this opportunity to end the federal government’s interference in the marketplace, truly embrace free market capitalism, and return to a sound monetary system.

The Federal Reserve’s practices of easy credit and monetary inflation have crashed our economy, and now they’re asking us to trust them to fix it.

Tate proposes a better solution. He argues that his (read: Ron Paul) will restore our economy to a properly working capitalism. Tate’s four point plan is:

1.) End the Bailouts – Congress must revoke the Federal Reserve’s authority to bail out failed businesses at your expense.

2.) Cut Taxes and Curb Regulation – If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients. It is also time to end failed legislation like Sarbanes-Oxley, which has crippled capital markets, diminished our competitiveness, and greatly harmed small businesses.

3.) Reduce Spending – We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won’t until we start living within our means.

4.) Reform the Monetary System – If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned. We can no longer base our money on the empty promises of bureaucrats that it is sound.

Maybe the big corporate media and their Capitol Hill partners should take Ron Paul more seriously. Maybe all of us Americans should.

Source: From an email letter from John Tate on September 26, 2008.

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