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Lending to European Countries?

Appropriately, there is a lot of focus in Congress these days on Obamacare and the NSA, IRS and Benghazi scandals. But, the failings of this president and his administration are not limited to just those issues. The committees on which I sit have no jurisdiction over any of the aforementioned areas. However, that doesn’t mean we’re not doing anything. It’s just that the work we are doing doesn’t often make the news, except maybe business news like Bloomberg or CNBC.

Yesterday, we had Treasury Secretary Jack Lew testify on international monetary issues before the Financial Services Committee. He is required to do this annually. If you click HERE, you’ll find a short video of the opening statement I gave at the beginning of this hearing.

You will see that although you are not hearing anything about it, the Obama Administration wants to send $63 billion of your… Read More

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A World of Debt

A World of Debt: It is no surprise to readers of these pages that we have a debt, spending, deficit and growth problem in the United States today. What you may not know, however, is that the rest of the developed world is suffering from the same malaise, albeit to different degrees. And, the causes of said malaise are the same the world over, again with variations only in degree. But, what is really disturbing is that governments around the world seem to be implementing exactly the same “solution” for the debt, spending, deficit and growth problems that abound everywhere. It’s disturbing because this “solution” will not work – at least it won’t work without potentially severe side effects that may make the medicine as bad or even worse than the disease.

Allow me to explain.

The U.S., Japan, the U.K. and continental Europe are all currently either in recession or experiencing very slow growth. All have massive, if not record, budget deficits, and all have record debt to GDP ratios. That means that the debt issued by the respective governments is a greater share of their economies than ever before. In fact,… Read More

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“Fix It” Episode IX: The Final Chapter

The final chapter….sounds dramatic, doesn’t it? I’m just taking my cue from Desperate Housewives and House and such to draw you in. Maybe this will be as big as the last episode of M*A*S*H?!

Except that I’m not going to be satisfied with cable channel reruns like those shows. No, you will continue to hear from me about a variety of matters. But, it is time to wrap up our series on how we can fix our economy.

In the previous VIII Episodes, I have talked about strategies to address the too big to fail problem, repair our deficits, and set housing, energy, health care, education, infrastructure, and manufacturing all on a path to prosperity. Most of these strategies are built upon tenets that could elicit bipartisan support. And, every single problem I’ve addressed can be successfully resolved in the United States regardless of what happens in Europe or China or anywhere else. But, before I sign off from this series, there are 3 more points I would like to make:

Absolutism Will not Work: There are some of my colleagues on the right who believe that tax cuts can cure anything. There are some on the left who believe that… Read More