September 30, 2008

US Govt. - The Modern Day Mafia That Sunk America

Okay, so the $700 Billion bailout failed. Nothing new. Now i'm not an economist nor a politician. But i knew that it would not pass. Too much "I want this and we need this" bullshit in the govt. I'm neither a Republican or a Democrat. I'm an Independent. Maybe a little different then other Independent's, where i look to what is on the table and vote for what good will come of it. Not what will get me by until the next election. But looking at what has transpired in the last few days, one has to look back to when Clinton held office.

Now, i'm not gonna go on a Clinton bash, i actually liked the guy for some reason. But it was Clinton who signed into law, letting companies like Fannie and Freddie make loans to Hispanic's and Blacks who could not afford homes get them. He repealed the Glass-Steagle Act. Appointed Franklin Delano Raines, who basically sunk Fannie and Freddie over the years. Just two years ago, Mr. Raines was sued to recover $50 million that was paid to him.

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With this information, we could say that it was the Democrats that have caused what is happening today. in a sense, they are what started it. But if you look at the bigger picture, it's the government in general. Because they have ignored what was laying in front of them on the plate. Pocketing money when ever they could.

Speculators are one of the biggest reasons were in the boat were in now. They use what ever little thing they can to make money. And speculators make money whether prices go up or down. So it's a win/win situation for them.

This past friday, Obama mentioned a possible fix to all of this. Though subtley it was, not a lot of average people picked up on it. It took a friend to point it out to me, as well as a little research on my part. And it's something that most incumbent's don't want because it will take money from their pockets. Currently the Bailout plan wants to borrow money from countries like China and Saudia Arabia. Thus putting us further into our national debt. Kind of like Hoover's Reconstruction Finance Corporation
, that's what this current plan will do. What needs to be done is the re-instatement of the Securities Turnover Excise Tax (STET). The exact thing Obama mentioned int he Presidential Debate.

What the STET does is, taxes all stock trades, swaps, derivatives or any other trade. Plus it would remove speculation while bringing in investments. Wall Street could bail itself out plus raise extra capitol for investments and help bring us out of our own debt. I found a good article discussng this here. Read it for yourself and come to your own conclusions.

But in the end, the current deal is enough to slow down the inevitable, give Bush and his administration time to fly through the remaineder of his term, and kill the American Economy even more. Are we doomed to repeat history all over?



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