This is a small clip from my most recent TV appearance on Armstrong Williams national TV show. Mr. Williams is a masterful interviewer.. I thought you might like it.
I typed into an AI system and asked the question—
“How would presidential candidate Steve Laffey Restore the middle class?”
And I got the following answer—
“Steve Laffey, a Republican presidential candidate and former mayor of Cranston, Rhode Island, has articulated a plan to restore the middle class in the United States. His approach focuses on several key issues:
Fixing the Federal Reserve: Laffey argues that the Federal Reserve's policies have contributed to the destruction of the middle class by favoring the rich and elite. He proposes changing the Fed's mandate to focus solely on managing the money supply to target zero inflation, which he believes will force Congress to operate within its budget and stop relying on the Fed for bailouts
.
Addressing Trade Policies: Laffey criticizes bad trade policies that he claims have harmed the middle class. He advocates for policies that would bring jobs back to the United States and defeat inflation
.
Reforming Social Security: Laffey suggests a new system called the Personal Security System (PSS), which would replace the current Social Security system. This system would involve workers contributing a portion of their pay to PSS accounts, with government matching contributions for low earners, the disabled, and the unemployed. The goal is to create a fully funded, progressive, and fair system that provides inflation-protected benefits
.
Energy and Infrastructure: Laffey emphasizes the need for cheap energy, a reliable grid, and affordable transportation options for the middle class. He believes these are essential for revitalizing the middle class and ensuring economic stability
.
Limiting Banking Power: He proposes "Limited Purpose Banking" to reduce the power of big banks and prevent financial crises that disproportionately affect the middle class. This approach aims to make banks smaller and less leveraged, thereby stabilizing the economy
.
Laffey's campaign is focused on confronting these issues directly and implementing policies that he believes will enlarge the middle class and reduce poverty”
Hmmm…Better than what is going on today…Which consists of telling people the Gov. will just send them checks.
Regarding…Say just one Policy of Limited Purpose Banking (Which comes from my close friend Larry Kotlikoff, Thanks Larry!)
“How will Laffey's plan for Limited Purpose Banking affect middle-class savings”
The Answer:
Steve Laffey's plan for Limited Purpose Banking (LPB) aims to transform the banking system by restricting banks to their core function of financial intermediation, thereby affecting middle-class savings in several ways:
Increased Transparency and Safety: LPB eliminates leverage and opacity in the banking system. By doing so, it ensures that savers and investors have real-time access to information about the assets in which they have invested. This transparency can provide middle-class savers with a clearer understanding of where their money is invested and the associated risks, potentially leading to more informed financial decisions
.
Protection from Financial Crises: Under LPB, banks would not extend credit themselves but would operate as companies offering mutual funds. These mutual funds would buy assets specified in their charters, such as mortgages or corporate bonds, without borrowing to invest. This structure reduces the risk of bank failures and financial crises, which can severely impact middle-class savings by eroding wealth and increasing economic uncertainty
Stable Savings Environment: By preventing banks from expanding the money supply and ensuring government control over it, LPB creates a more stable financial environment. This stability can protect the value of middle-class savings from inflation and economic volatility, which are often exacerbated by traditional banking practices
Gradual Transition: The transition to LPB would involve converting existing bank assets and liabilities into mutual fund equity over time. This gradual shift aims to minimize disruptions to the financial system and provide a stable transition for savers, including those in the middle class
Overall, Laffey's LPB proposal seeks to create a safer and more transparent banking system that protects middle-class savings from the risks associated with traditional banking practices.
Are you beginning to see the massive difference between pandering with short term answers to very specific special interest groups versus my proposals which take time but would actually solve the problem?
We are in a bad place in this country and it's only getting worse.
Great Show!
Armstrong Williams Should Host the Presidential Debates...(And I Should Be In One)