I’ll be clear:
I like Elizabeth Warren. While overseeing TARP as chair of the Congressional Oversight Panel, she made the following comments:
To restore some basic sanity to the financial system, we need two central changes: fix broken consumer-credit markets and end guarantees for the big players that threaten our entire economic system. If we get those two key parts right, we can still dial the rest of the regulation up and down as needed. But if we don’t get those two right, I think the game is over. I hate to sound alarmist, but that’s how I feel about this.
Of course this consumers-first approach made her unpopular with Geithner & the rest of the mob who hold as a precept that those very “big players” are the economy, and any threat to them is a threat to capitalism, America, and the universe.
And now — as candidate for Scott Brown’s Massachusetts Senate seat — she has blown-up over the internet:
Libertarians, very amusingly, responded with this:
Now Warren’s point is essentially that the rich aren’t paying their fair share —and they need to pay some more for the “next kid that comes along” — and that’s why America is in the budgetary mess that it is in. Sadly, she’s wrong:
Tax receipts as a percentage of GDP have remained relatively stable, but the debt has soared. And that additional debt isn’t funding “the next kid that comes along” — it’s funding warfare and corporate bailouts. Let’s see what America is spending the money on:
The problem is not that libertarians, or the rich, or anyone else is violating the social contract. The problem is the excessive cost of military spending in policing the world. That is what is bankrupting America, and that is the reason why America is getting poorer, why roads are deteriorating, and why social services are underfunded.
America already pays enough taxes to fund an effective government.
Sorry, Elizabeth.
