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In my last two commentaries I mentioned that lately I read the opinions of a number of economists. Each expert gives strong advice concerning our current credit crises and recession. Each of them sound good, but as with most experts, it is very hard to understand them. And none of the experts actually agree with other experts. So I have decided to translate statements of economists for the benefit of my readers.

Our next expert is Allen Meltzer professor at Carnegie Mellon.

Allen suggests that the stimulus package that attempts to increase jobs is really just old democratic social programs that will not work. He claims that we should offer banks low interest loans if they raise their needed capital on the market. If they cannot raise the capital they should “reorganized”. He also says we should reduce corporate tax rates to encourage investment.

I think Meltzer is saying we should eliminate the current banking system and replace it with institutions designed by the government.

I also think he is really saying that we need to be Robin Hood in reverse.

We should rob from the poor and give to the rich.

Now doesn’t that sound better?