I find the self-serving nature of this article to be consistent with the entire context of inertia. Half of the serious political elements of this Country want no action on environmental corrections, and half insist that any procedures must be radical; effectively maintaining the opposition of those opposed to pollution controls. These attitudes are matched by a stupidity of the World, who insists that the United States take on a responsibility which they cannot control. Obama needs to use honesty of expression, where such expression will only bring condemnation from whatever Side feels betrayed. I would suggest that Obama propose an environmental fund, but one which must allocate taxation on the basis of population; where no nation can demand from the United States, or any other developed nation, any taxation higher than which they would proscribe for their own citizens. A World Convention could then be convened to determine what level of taxation the World would present to their own citizens.
Some might perceive this situation as a real loss to the economy. I believe it will have a benefit to the economy. The less Consumer Credit expended this Christmas season, the better it will be for All concerned. Retail Stores are going to take a hit this year, and worse rather than better, may make all the difference as far as Reform. I have thought seriously about the Situation of the economy in total, and am about to offer a Suggestion which probably All will initially oppose; but a more contemplative evaluation might offer support. This is a President-sponsored moratorium on financial interest payments of all kinds for the first Quarter of 2010. This later Event would have to be passed by Congress, and would be valueless without Fed guarantee that their prime rate would be re-introduced at 4%. It will have to be a brokered deal, but one which could have great rejuvenation elements.
The Tax effect of such a measure would be canceled in the long-run by the introduction of the 4% Overnight rate; one Quarter can make up for the loss of the previous Quarter. Everyone could take a breather from the constant press of escalating Debt service Costs, and so reorganize their finances into a more sound strategy. Mortgage holders would get a release of funds, Businesses would achieve relief from mandatory Inventory movement in a reduced Consumption market, and Consumers could devote much more of their Income to Debt repayment. Banks would get no relief, except for repayment of extreme debt levels. The Interest holiday would be of immense gain to the Indebted, cause almost no loss to Banks or Depositors in the face of the ‘No Interest’ current policy of the Fed, and promise real advantage to the future; not least of which is a much greater ability to return to previous Sales levels for Retail. Think about it! lgl