“A free market was never meant to be a free license to take whatever you can get, however you can get it,” Obama said to Wall Street. Evidently, taking big money is the sole responsibility of a socialist government. Obama didn’t flinch when he took nearly a million dollars in campaign contributions from Goldman Sachs employees.
POTUS was pushing his new proposal to reform Wall Street. He commented that the reform is much needed to prevent another financial melt-down. I wonder if this bill, just like the one for reconciling differences in budgets, will not be contorted into some other useful “ends justifies the means” scenario at a later date.
Obama placed all responsibility for the housing crisis on the greed of Wall Street, and their drive to make money. I didn’t expect him to take responsibility for the government’s pressure on Wall Street to give everyone in the country a free house as the real reason for the bubble.
Leadership carries responsibility. That means you take the gas for things that go wrong, unless of course you are leading the greatest country in the world. If you are POTUS you make others take the gas, and never admit to doing anything wrong yourself. You do however, point fingers at the previous administration.
A good friend of mine sent a package of articles last week. He included a letter with his political views in support of John McCain. The articles were all re-prints from Investors Business Daily. All of them proclaimed the shady background, affiliations, and non-virtues of one Barack Hussein Obama. I read them without stopping. That night I did not sleep. My body was trembling with anxiety and fear. That is the effect BO has on me when I see or hear him. On days like today, I sit at my computer BLOGGING away wondering if I am the only guy in the world who sees through the Obama hypnotica. My own children are falling for his semantics and smooth delivery. Of course, they also hate George Bush with such a vengeance that they want to punish him.
Voting irrationally for a candidate that is trying to change the best country in the world into a mediocre socialist state is not wise. Children, wake up, for once in your life, listen to your father. BO is a cobra wrapped in a sheep’s pelt. He will lure you with his bobbing and weaving, and then, when you are relaxed for just an instant, he will inject his poisonous venom into your blood. You will never recover.
One could argue, that if BO does bad things, we will replace him, and fix the wrong. Have you ever seen a bad law repealed? No, we have to live with them. As an example, the Fair Housing Act( Democrat Lyndon Johnson-LBJ) passed in 1968 was improved with the Community Reinvestment Act (Democrat Bill Clinton-WJC) of the nineties, which became the tool of ACORN. It all led to the subprime mortgage giveaway.
This great country didn’t always have an income tax. The government enacted an income tax when it became necessary to fund something big, like a war. As soon as the debt was paid, the income tax was eliminated. Once the democrats realized the power of the greed, the income tax remained. Now we are faced with a deficit of trillions of dollars. Think about that, a trillion dollars of debt. See my post titled “How Much is a Trillion?” What would happen if you were to spend your credit card debt to the limits? Would you ever pay it off? Would you try? Would the credit card companies lend you more money? What if you told the bank, whose card you maxed out, that you wanted more money to give to charities? Would it make any difference?
What BO is asking of you, who are already maxed out, is for more money to give away. He ‘s not interested in paying off the debt. He is playing “Robin Hood.” He wants to tax the rich to give it away to programs that he thinks will benefit you. That is the socialist way, they believe you are not able to take care of yourself, so Big Government will do it for you. All Big Government does is create a bureaucracy to administer to our needs. That bureaurocracy of administrators will use the funds to feed their own greed, and the offal will fall to the serfs.
Everyone of the issues, he so proudly declares to be campaigning on, will cost this country trillions and add to the national debt. After Robin Hood has taxed the rich into the poorhouse, the payment of the bill transfers to us. Don’t be fooled. When we begin receiving the benefits of his entitlement programs, and BO realizes that he can’t pay for them, he will enact a tax on the benefit. Don’t believe me? I happen to pay income tax on my social security entitlement. Why? Because a few years ago, the Democrats needed a new way to pay the bill. What sense does that make?
I would like to see what will happen when every family in the country runs up a huge credit card bill and then refuses to pay. Will big government bail us out? Currently, credit card debt is running so high in so many families, that I may get to see the need for a new bailout in my lifetime. Think it won’t happen? I think you will be forced to pay with your children, and their children before that bailout occurs.
Want to try an experiment? Send your Senator and Congressman a bill for your share of the bailout. It amounts to about three thousand dollars per person. Just multiply the number of people in your family by 3000 and send a bill for the total. Don’t hold your breath waiting for payment.
Last week, Sarah Palin took Joe Biden to task for telling Americans that it is “patriotic” to pay taxes. Good old bright-white tooth Joe gave an angry response about how unpatriotic is was for U.S. companies to be shirking their patriotic tax duty by sheltering in foreign countries. His tone of voice was such as to be in command. Well, he is in command, of his lack of business knowledge and simple economics.
My guess is that right now, all across this country, businesses, large and small, are strategizing on how to minimize taxes under a new socialist president. The stategic planners are dusting off “Plan B.” Many times, “Plan B,” is a move to another country. It is the very heart of a business to maximize the amount of money they make. After all, anyone can buy a government bond and get a healthy one percent return on the investment. There is nothing more debilitating to a business than paying taxes. In fact, I find it dibilitating too. There is nothing like working your ass off 40-60 hours a week to leave a huge amount of your pay on the table for uncle.
The point that Joe Biden and Obama are missing, is the primary reason for companies moving off-shore; TAXES. The host country sees an opportunity for it’s citizens, while the evacuated country waves goodbye to jobs. Politicians like Biden and Obama, blame the move on a lack of patriotism. It is the “greed of big government” that causes profit making corporations to flee. Big government can never get enough to feed the dragon of socialistic give aways.
I worked for a man who built his fortune by sleeping, eating, and working his business seven days a week for fifty five years. He is in his eighties, and still working. When Ronald Reagan cut capital gains taxes in the eighties, our company went berserk with expansion. The owner couldn’t push us hard enough or fast enough to make investments in new products and markets. The company expanded. The number of people he employed increased from 1000 to 3000. Ronald Reagan didn’t create the jobs, hard working people with an incentive to invest created the jobs. Then came the Clinton years. Taxes increased. My efforts were spent shipping equipment to the far east. I traveled extensively, to train new people on how to make our products on our equipment. Our employment numbers in the states shrunk.
You answer this question, “Is it more patriotic to pay taxes to feed the greed of big government, or is it more patriotic to cut taxes to feed people with jobs?”
In my business I learned about something called “root cause.” Whenever we were faced with the solution to a problem, we were to keep asking why, until we found the “root cause.” The concept sounds simple, but in the real world, looking for, and finding the root cause was not always easy. For the last two weeks, I have been looking for the root cause of the “bailout.” It hasn’t been easy, but slowly the facts surface and the source of the problem is emerging.
Back in the nineteen sixties Lyndon Johnson became President after John Kennedy was assassinated. LBJ wanted a legacy. He created the “Great Society.” He saw a world that would be equal for all people, not just whites. His program was a response to the black civil rights movement. In nineteen sixty eight, with the support of President Lyndon Baines Johnson, Congress passed and enacted the Fair Housing Act (Title VIII of the Civil Rights Act of 1968). This law was enacted to eliminate discrimination within the housing market.
Tracing the path from the subprime mortgage failure to Barack Obama, Fannie Mae, Freddie Mac, Bill Clinton, ACORN, to LBJ is complex, but the underlying root cause of this catastrophic failure is the Fair Housing Act. Looking back on it, the act totally contradicts good business practices of free trading banks. It is a Federal givaway program to poor people across the country. We as a nation bought into this venture, and as long as everything was going well, we enjoyed the profits.
Several leaders involved in the melt down enjoyed really big profits. I laugh when I hear the politicians speak about the “greed” on Wall Street. The “greed” thing was being promulgated by Fannie Mae and Freddie Mac. The leaders of these organizations were cooking the books to make a bonus. Thank God the mess finally exploded. Who are the greed mongers? Three men emerge as prominent thieves.
They are: 1.) Franklin Raines, CEO at Fannie Mae, he left with a golden parachute of $240,000,000.00.
2.) Tim Howard, CFO at Fannie Mae, His parachute is valued at $20,000,000.00.
3.) Jim Johnson, CEO at Fannie Mae, jumped with a $28,000,000.00 parachute.
All three of these guys should be incarcerated, instead they went out and found new jobs.
Guess where they work now? All three work for BO as economic advisors. With these three guys in his pocket, imagine how BO will cook the books of the United States Treasury?
Can we really trust him to guard the hen house when he has all the foxes working with him?
Back to my original point, the root cause of this mess, the Fair Housing Act (Title VIII of the Civil Rights Act of 1968) must be repealed before it destroys the world economy.
BO promises to tax the rich to feed the poor. Sounds like Robin Hood to me. He has told us that ninety five percent of us will get a tax cut. Really? Does he have his pants on backwards? Is his knowledge of economics, or worse yet, his common sense so lacking as to believe that we will be better off? Doesn’t he know that the five percent will merely pass their extra taxes down to us. We will see it in the form of higher prices on goods and services. BO will not acknowledge that as his problem, he will blame it on greedy Wall Street corporations, and therby absolve himself of all blame. Socialists do that. They are the root cause of many problems in the world, but fail to take responsibility for any of them. They always their own failures on the greed of capitalism. The USSR gave socialism a try for more than seventy years before they finally gave it up. We all know how screwed up they are. Do we want to be equally screwed?
By taxing the five percent BO will kill the goose that lays the golden egg.
