Posted by
Average Voter on Monday, November 24, 2008 12:59:44 PM
With the financial situation the way it is and Mr. Soros's backing of Barck Obama, who better to have a
sit down chat with than the one who helped purchase this years election.
Will Obama do what George Soros is saying here?
Soros: I think we need a large stimulus package which will provide funds for state and local government to maintain their budgets -- because they are not allowed by the constitution to run a deficit. For such a program to be successful, the federal government would need to provide hundreds of billions of dollars. In addition, another infrastructure program is necessary. In total, the cost would be in the 300 to 600 billion dollar range.
SPIEGEL: In addition to the $700 billion bailout for the financial industry?
Soros: Definitely. I think this is a great opportunity to finally deal with global warming and energy dependence. The US needs a cap and trade system with auctioning of licenses for emissions rights. I would use the revenues from these auctions to launch a new, environmentally friendly energy policy. That would be yet another federal program that could help us to overcome the current stagnation.
My question is, how will creating a carbon trading system help with the economy? A new layer of government is not going to help, as a matter of fact, it will require more from taxpayers to fund it. Helping to fund a new energy grid that is more green is one thing, starting a cap and trade system that requires more government oversite and money seems, well, stupid.
But hey, what do I know?