How to Ruin the U.S. Economy

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Ben Stein: How Not to Ruin Your Life

by Ben Stein

Posted on Monday, October 6, 2008, 12:00AM
1)
Have a fiscal policy that creates immense deficits in good times and
bad, burdening America's posterity with staggering burdens of repaying
the debt.

2) Eliminate regulation of Wall Street and/or fail to
enforce the regulations that already exist, instead trusting Wall
Street and other money managers and speculators to manage other
people's money with few or no regulations and little oversight.

3)
Have an energy policy that disallows producing our own energy and
instead requires that we buy energy from abroad, thus making our oil
prices highly volatile and creating large balance of payments deficits,
lowering the value of the dollar and thus making the problem get
progressively worse.

4) Have Congress mandate that banks and
other financial entities lend money to persons they know in advance to
have poor credit ratings or none at all.

5) Allow investment
banks, insurers, and banks to bet their entire net worth and then some
on the premise that borrowers known to be improvident will in fact
repay those loans.

6) Allow the creation of large betting pools
called "hedge funds" that can move markets and control the outcome of
trading, thus taking a forum for savings and retirement for families
and making it into a rigged casino game that exists primarily to fleece
suckers like ordinary working men and women.

7) Have laws that
protect corporate officers from being sued for misconduct but at the
same time punish lawyers in the private sector who ferret out such
misconduct and try to make accountable the people responsible for
shareholder and investor losses. If one of those lawyers gets
particularly aggressive in protecting stockholders, put him in prison.

8)
Appoint as head of the United States Treasury Department a man whose
whole life was spent on Wall Street, who became fantastically rich
through his peddling of junk bonds at his firm while the firm later
sold short those same sorts of bonds.

9) Scare Americans into
putting up $750 billion of their hard earned money to bail out the
billionaires and their friends who created the market for loans to poor
credit risks (The "subprime" market) and the unbelievably large side
bets on those loans, promising that such a bailout would save the
retirement savings of Americans, then allow the immense hedge funds to
make the market crater immediately afterwards.

10) Propose to
save the situation by surtaxing the oil industry, which is owned by our
fellow Americans, mostly in their retirement plans, thus penalizing
Americans for investing in companies that efficiently and legally
produce an indispensable product.

11) Insist that the free market
requires that banks and insurers with friends of the Secretary of the
Treasury be saved but allow other entities not so fortunate to fail,
thus creating total uncertainty and terror among financial
institutions, and demolishing all of the confidence built up in
financial circles since the days of FDR.

12) Then have the
Republican candidate say he would keep on the job the Treasury
Secretary who facilitated the crisis, failed to protect the nation from
the crisis, got the taxpayers to pony up to save his Wall Street
buddies, and have the Democratic candidate, as noted, say he would save
the day by taxing the stockholders of energy companies.

There, that should do it.