Elizabeth Warren, Senator from Massachusetts, is mentioned as a presidential hopeful. Horrible, horrible, horrible. American government is gearing up to flush whatever’s left of America down the toilet, judging from the prospective candidates of the two major parties.
One of Elizabeth’s proposals is for the Federal Reserve to buy student loans created and administered by the Department of Education. In other words, do for education what the FED has been doing for housing by buying mortgages, except that she’d fix the loan rate at the Fed’s ultra-low discount rate. This one proposal alone shows how clueless America’s leaders can be and usually are. Turn the FED into a Congressional piggy bank. Good thinking, Elizabeth.
In New York, she applauded the idea of raising taxes on incomes over $500,000 in order to fund universal pre-school, which she favors. Kids aren’t forced to go to enough school? The high income people are piggy banks? To be punished? Ever hear of freedom, Elizabeth?
In another clueless move, Elizabeth wants a financial product safety commission. She seems oblivious to the layers of financial regulation already on the books that have not stemmed the obscurity of financial products. She thinks a new commission will prevent another bubble in mortgages. Elizabeth, have you no idea why that bubble occurred and why a new one is brewing now?
I’d bet that Elizabeth has a high IQ. Her proposals show that being smart is no guarantee that a person understands enough and knows enough to be writing laws that govern millions of people to their benefit.5:07 pm on January 25, 2014 Email Michael S. Rozeff