Mercnbeth
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No changes have been made in the laws to prevent this from happening again, Change those laws and the house of cards crumbles.
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and there have been no charges filed except for egregious behavior like Madoff. The crime that Madoff perpetrated compares to the crime the Federal Government perpetrated, except instead of real money invested the Fed used taxes to perpetrate a Ponzi scheme which will require payments from the next two generations. Bush I was the first theft, Bush II endorsed and signed by Obama continued it; paid out by enabling tax 'investors'.
Unfortunately, the 'tax investors' lack the sophistication of the Madoff investors. To this day, few know they have been robbed. Many can't wait to go back into the voting booth to re-elect their own local 'Madoff's' because, after all, their support of their party is more critical than anything else. They had to "do something" to protect AIG and others who were "too big to fail". It is incredible that the only argument for supporting this theft of tax money was; "it would have been worse if we didn't do it". Really? How?
But the rest of us are small enough to be allowed to fail. Officially 10% fail to have jobs; the reality is many more have had their benefits expire and they are off the books. Improving the percentages and giving the politicians 'positive numbers' to report. Look around - anything 'positive' in your neck of the woods? I went to the mall yesterday and three people who knew me from prior purchases asked me for a job.
I thought it interesting when I read one report (sorry I can't find the link reference) that said if the total money from the bail-outs could have pay off every outstanding mortgage in the USA. I would have supported that plan more than either of the stimulus programs.
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The fact that the companies are even solvent is due to the involuntary assistance of the US taxpayer. Who, by the way, is experiencing over 10% unemployment. A Ponzi scheme approaching the tipping point. Like all Ponzi schemes this one too is coming close to falling apart. Soon there will be too few tax payers to pay for the scheme to continue. Yet at the base are public employee unions and PAC special interests which demand more cash every day. Unless you work for one, or represent the other - what reason would you have to attempt success and contribute to the scheme?
Personally I believe it is a major factor in the contraction we are experiencing the in the private sector. More taxes and fees are expected. Now the President is "agnostic" about his commitment to only tax the 'rich'.
Feb. 11 (Bloomberg) -- President Barack Obama said he is "agnostic" about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.
Obama, in a Feb. 9 Oval Office interview, said that a presidential commission on the budget needs to consider all options for reducing the deficit, including tax increases and cuts in spending on entitlement programs such as Social Security and Medicare.
"The whole point of it is to make sure that all ideas are on the table," the president said in the interview with Bloomberg BusinessWeek, which will appear on newsstands Friday. "So what I want to do is to be completely agnostic, in terms of solutions."
Who knew - that the way to become "rich" in the USA was electing Obama President!
< Message edited by Mercnbeth -- 2/11/2010 8:27:44 AM >
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RE: "Obscene bonuses to fat cat ban...ahhh...err D... - 
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