A crash is pretty much just a redistribution of wealth, from the rich to the poor. The very rich stand to lose 90 percent of their wealth. With the poor, 90 percent of nothing is still nothing.
The bail out is a tax on everyone in the country ranging from $5,000 to $20,000 depending on the fool talking. For a family of 4 that’s $20,000 to $80,000. If you consider that 3/4ths of the population pay little tax, this is going to be a very heavy wagon to pull.
If we do absolutely nothing to fix the mess, there will be a blood bath. The top 10% of the population get their lunch in Spades. After that, Mr. Rich guy is going to be looking for a job.
This doesn’t mean that we silver foxes walk away Scott free. We are going to get burned badly. That would have happened after the bail out failed anyway. We can’t print our way out of this mess, but can't we let the idle rich implode into nothingness?
If the government wants to do something, let the house of cards collapse. Then print money to keep people in food and shelter; this is a transfer payment I understand (plus it is a government responsibility). There should be no bail out support for the super rich. Paulson kiss your absurd 700 million dollars goodbye.
This event if understood for what it is, is a great redistribution of wealth. With the government buying failed assets; it doesn’t make them worth any more. What good does it do for the government to own them? Private industry has a loss, let them eat it!
We have survived one House of Representatives vote, we need to make sure that they understand, that we understand that printing money won’t solve the problem. This cannot be pushed into the future. The money is not there even if it was an option.
If you have a moment click on THIS LINK and express your concerns to your Congressman. Do we give the rich their money back? ---Or do we say “Suffer with the rest of us!” Vote now, and write your Representative a letter. I really think that we are being listened to, take the time to give your Representative your view; we are not billionaires, just voters.
Remember one thing, for government to pay the bills, we the people have to earn it. There are no quotes around the word earn. This next election could be all about, “Toss the Bums Out.” We don’t need a President as much as we need Congressmen that have some testosterone.
Please do me a favor and click on the link and give your Congressman you view, we can’t print our way out of this mess.
Copyright 2008 All rights reserved
6 comments:
Keep up the pressure, because the Protean money-holders have a few more shape-changes in them yet. Well done to all the campaigners who made a Horton-Hears-A-Who difference.
At least the Congress did something right (for once)... although my congresscritter not surprisingly voted for it... He's been there since 1976, always seems to run unopposed.
Well, regardless of the victory for the People, I am waiting for the next, much bigger and much worse bail out to go before the legislature. The DJA dropped 777 points today, will likely drop just as much if not more on Tues... if anything to try and "convince" lawmakers that a multi-teradollar bailout is needed.
Gonna be a wild ride, let us savor our small victory while it lasts.
My own rep here in Fort Worth, Texas voted for it, although she's a fairly conservative GOP member. The reps from two neighboring areas voted against it, citing an abuse of taxpayer funding. I'm sure jealous of those other people whose representatives actually "represent" them in Congress.
How can somebody vote against their own constituency when their opinion was 95% against the bailout?
I still like Glenn Becks economic plan. Give everyone $100,000 and see what happens to the economy...heck they'll still have plenty left to bail out Wall Street IF the people can't spend their way out of this mess!
The Federal Reserve:
backstopped the purchase of Bear Stearns to the tune of $29 BILLION
Loaned $85 BILLION to AIG
Is letting banks borrow up to $150 BILLION using risky mortgage backed securities as collateral
Letting investment banks, which it doesn't even regulate, get short term loans using the central banks discount window!
The Treasury:
pledge to backstop Fannie and Freddie up to $200 BILLION
are likely to loan $25 BILLION to the auto industry!
Lawmakers:
passed legislation allowing the Fed Housing Admin to insure up to $300 BILLION in loans for troubled borrowers
The treasury, lawmakers and Fed. reserve have made available or pledge almost $800 BILLION dollars ALREADY!!!
HOW MUCH MORE DO THEY WANT? They are questioning if $700,000,000,000 is going to be enough to bail them out! I think this is the biggest bunch of cow poo I have ever heard! Bail out.....yup something is getting deep and needs to be bailed out but it isn't Wall Street
VLORG: "The DJA dropped 777 points today, will likely drop just as much if not more on Tues... "
Got nothing to do with shorting being illegal has it?
By the way, as an outsider watching this thing, it is pretty impressive to see the US legislature actually respond to the people.
Hi Sack
I have been keeping up the pressure. Not sure at present if it will bear fruit. Keep your fingers crossed.
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