The Economy

Everyone needs to go back and read some history...You could start with George Washington's administration and examine the economic steps that were taken. A NATIONAL Bank was created which held government deposits and whose stock was held by the US Treasury and the public. Those who were owed money by the Revolutionary government (usually very wealthy individuals) could redeem their bonds at par and the money to do this came from the creation of a permanent debt! The idea being to create a bond between the public and the government. Those who held wealth and invested would have a stake in the success of the newly created government of the United States. The radical ideas of Adam Smith were compatible with the Enlightened political ideas of the Founders, but there was a need to push things along with government help....not really a true free market.

We laud the pioneer spirit of all those who went west to seek their fortune, but it must be noted that they were GIVEN land by the government. the Homestead Act only required that one be 21 years of age and live on and improve the land for five years.

What about the Vanderbilt's, Stanford's, et al, those icons of the free enterprise system? They acquired the land to build their railroads from none other than the US Government. They were even given a 10 mile right-of-way on either side of the track to SELL.

General Electric, IBM, Raytheon, Boeing...you could list forever... do not prosper in a free market, they prosper because they get huge contracts from the US Government.

The idea that a partnership exists between the government and the people is not a bad idea, but the idea has gone astray. If an individual or company partners with the government and receives the benefits, there must be laws in place to protect the public and these laws must be enforced and obeyed. A free market is not one where the profit is protected but the risk belongs elsewhere. We do not have a true free market system. Those who have tried to take us down the "yellow brick road" for the last 30 years have truly taken us to the wizard who knows nothing. We now have to recognize that we must regulate the economy and make sure everyone plays by the rules. The lesson of the 1920's was that banking, investment, sales of stocks and bonds, and credit must be regulated.