ABOUT TEXAS GROWTH SINCE 1990 : BUD BURRELL
SEE THIS CHART…..http://www.dallasfed.org/news/speeches/fisher/2011/110817c1.gif
One of the 14 key target states for the Tax Reform Act of 1986 was Texas, who along with 13 other States (most of the Western States) opted out of the Federal Reserve Banking Systems in 1913. The Fed coveted their bank deposits, energy, real estate and other banking assets.
The Population of Texas was about 15 Million then, and the Tax Reform Act bankrupted not only all 160 Bank and Savings and Loans, it also took down every General Partnership in the State, particularly those based on Oil and Gas, and Real Estate.
One in every three professionals in the State were personally bankrupted, out of a total of one million personal and partnership bankruptcies in ten years.
The USG could viciously smack Texas, but they couldn’t keep them down for ever, and today, the State is having the last laugh on the real criminals in this equation, while growth has carried the State’s Population to 24+ Million.
If I were the USG, I wouldn’t try something similar to the Ex Post Facto Tax Reform Act of 1986 ever again. A price would be paid they might not be able to imagine, and that wouldn’t be enough.
Texas is the only US State to be completely self-supporting, producing enough of everything from energy to water, to food and technology on a level no one ever foresaw in the mid 1980’s.
They could shut their borders and do quite well on their own thank you. The same might not be said for the rest of the US. Of course, they could always ask California for help. Right.
I am sure our politicians would make themselves accountable for the failure in their judgment if this didn’t work out for them the next time they tried it. God knows, there is always a shortage of diverse biodegradable landfill feed stock.
Best, Bud.
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