Eric LaMont Gregory Delon Wright Raptors Jersey , delivered a major speech on the economy before the Morrow County Tea Party on Monday the 20th of June at the Mount Gilead Public Library.
Gregory a Republican candidate for the US Senate outlined the policies that got us into debt and how we work our way out of debt. Congress he argues has the Constitutional responsibility to control the economy of United States, but has not lived up to its constitutional mandates. Trading in Interest Rate Derivatives beginning with the LTCM hedge fund crisis of 1998 set a dangerous precedent by bailing out creditors while letting shareholders be wiped out. Each successive boom-bubble-bust cycle has been bigger and more costly to the taxpayer.
The recession, Gregory argues, is being prolonged by the continuation of interest rate derivatives trading, and its two sisters thedollar carry trade Pascal Siakam Raptors Jersey , and credit default swaps. If you understand one of these market games you understand the other two. Leveraging based on the assumption that interest rates will not rise is starving the system of needed investments for productive purposes and the jobs that accompany production, while traders rack in billions without moving a muscle. 80% of the world’s 500 largest companies are using these off-the-balance-sheet financial instruments for working capital.
In the 1920’s J Edgar Hoover wanted to prosecute highly leveraged short sellers for not only causing the Great Depression, but also for prolonging it. Short selling was illegal in the United States from 1929 until 3 July 2007 when the SEC made it legal again in the US.
We have a monetary crisis, a credit crises, and a debt crises Norman Powell Raptors Jersey , but the biggest crises of all, according to Gregory, is a policy crisis.
A change in policy can go a long way towards putting things right, Gregory commented, in Vietnam for example Fred VanVleet Raptors Jersey , soldiers rode into battle in the backs of open jeeps and we lost some 60,000 Americans over a ten year period. A change in policy, one that recognised personnel as our most important asset, brought about the use of body armour and armoured motorised transport and we have lost 6,000 not 60 Malachi Richardson Raptors Jersey ,000 Americans in the ten years of the Iraq and Afghan campaigns.
This illustrates the power of a policy change.
Home foreclosures must stop. It makes little sense to evict a family from their home and then pay them a housing benefit of 750 dollars a month, when a 2% mortgage would make their $800 dollars a month house payment less than $250. Why are we increasing our debt by paying housing benefits of 750 dollars toward rental properties when 250 dollars would keep the homeowner in their home. The dislocation and stress that accompanies moving under duress could be avoided.
But regional and local banks still burdened with the weight of malinvestments in real estate held on their books as portfolio loans, are reluctant to get back into the business of lending to small businesses. Small businesses, those with less than 250 employees, employ one-half of the American workforce. And Jonas Valanciunas Raptors Jersey , it is these businesses that rely on the regional and local banks for their working capital.
A policy change, the stroke of a pen, can take the toxic assets in the regional and local banks out of the realm of short term problems and make them 20.
The Republican Party in Ohio have seen some good and bad represenative and possible leaders. Now that Eric Gregory is there we finally have a strong chance to take again the American values and ideals we all wish for.
eric lamont gregory, 2012 election, us senate races
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