photography from the Chesapeake Bay watershed
posted by emory at 10:05 AM
Gallatin considerably reduced the federal debt by setting aside revenue for that purpose, and he revived internal taxes to pay for the War of 1812 but they were not sufficient. Having failed to convince Congress to recharter the First Bank of the United States in 1811, and foreseeing financial disaster, he resigned in 1814.
The have been cries of "Socialism" over the 700 bailout bill passed in congress. IMO, they have it backwards. Socialism is when the government owns business. Fascism is when business owns government. We are not nationalizing the banks, we are "corporatizing" the treasury; privatizing profit and socializing risk. Hank Paulson of Golden Slacks is not Sec. of Treasury, he is Commanderin' Thief.
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