If you were concerned that Walter Williams had regained some form of sanity....

[underpants]

don't worry, he hasn't

Q & A: Stimilus and Bailout plans
http://www.timesdispatch.com/rtd/business/local/article/QANDONLINE11_20090210-192404/203181/


Walter E. Williams, columnist and economics professor at George Mason University, is opposed to government intervention in the economy. Williams is a board member at Media General Inc., the parent company of the Richmond Times-Dispatch.

President Barack Obama said his in news conference Monday that the goal for the stimulus package is "to get this right." Is this plan the right thing to do? Why or why not?

Williams: The question not being asked whatsoever is there is no constitutional authority for him to do it. There is absolutely nothing in the constitution that authorizes the federal government to be doing what it is doing.

James Madison, the father of the constitution, said the powers we have given the federal government are few and well defined and restricted to mostly external affairs. The powers left to the people in the states are indefinite and numerous. If you turn that upside down, you have what we do today. The powers of the government are indefinite and numerous. This is not the intention.

The framers of our constitution abhorred a democracy. Do we sing the Battle Hymn of the Republic or the Battle Hymn of the Democracy? Or do we pledge allegiance to the flag for the democracy for which is stands?

Just look at history: In 1893, there was a depression. Nothing was done, but we came out of it. In 1921, there was a sharp downturn for a year or two, then we went off into the Roaring'20s.

In 1929, the collapse of the stock market would have lasted two or three years at the most. But the Hoover and Roosevelt administrations threw their stimulus packages and turned it into an affair that we didn't get out of it until 1946. They turned a short down turn into the Great Depression.

The kind of things that Hoover and Roosevelt did are precisely the kinds of things that Obama and Congress have proposed with this stimulus package: bailing out businesses, import controls. Roosevelt's secretary treasury said the government has spent more money that has ever been spent and it's been a failure.

But this is probably the one we have to go with. The president said inaction could turn a crisis into a catastrophe. Do you think we are facing a catastrophe?

Williams: What the president is proposing is a route to catastrophe. Only a small percentage of the money will be spent in the first year. . . . By the time the money is spent we will be out of the recession and into a boom. The money will aggravate the up cycle. These programs will cause inflation.

The credit markets still seem to be frozen, despite $350 billion of TARP money invested in banks. Is that first infusion not working or is it too soon to tell?
Williams: It is working like the stimulus package is going to work. It didn't work and now we are asking for more of something that didn't work. The problem in our financial sector was caused by the U.S. Congress through the mandates put on banks to make loans to people that they otherwise would not have made loans to, these subprime mortgages to promote affordable housing. They want every American to own a house. Forget whether you have a job or a down payment.

Banks went on a binge with Fannie Mae and Freddie Mac to back them up and all that is fine if housing prices continue to go up. Americans recognize the mess that Congress created in affordable housing. Now they are saying, "Congress, please provide us affordable health care."

Asking Congress to help us in the crisis is like having a fire and asking the arsonist to help put out a fire. That is stupid.

What should be done?
Williams: The solution is for government to get out of our lives. Congress will do precisely what Americans want, which is to use the power of the office to take our belongings and give them to someone else. It's legalized theft.

America used to be the place people fled to. It's becoming the place people flee from.

[TheCowsCameHome]

1. Doesn't he fill in for the OxyPig now and then?

That's all I need to know about him.

[underpants]

2. Yes

he is also a Professor at the rightwing funded (some part of it) George Mason U

he also sits on the board at Media General which publishes the Richmond Times-Dispatch (source for this) if you ever want to delve into the world of the surreal read THAT op/ed page-especially H.Ross Mackenzie who is "retired" but still writes weekly...and weakly

[Doctor_J]

3. He subs for Limpballs, who has stated he wants Obama to fail

So why are you reading and posting his shit?