Monday, September 22, 2008

Thoughts on the financial crisis we are embroiled in...

We have had long discussions at our house regarding the current financial crisis. We both feel that anything the government rushes into can't be a good thing. We were happy to hear Rep. DeFazio of Oregon on Cspan this morning and called his office to give him our thanks, for saying that more time and more review needed to be done before anything was passed. Then we called Rep. Lamar Smith's office to state our case.
Who did you call today??

Then low and behold, later in the day, THE Goddess of Radio, Randi Rhodes posted her thoughts.....just what we had been saying here at home all morning. Thanks Randi, for putting it so well.

From Randi Rhodes:
This is THE PATRIOT ACT ALL OVER AGAIN. Anything Congress RUSHES through will be THE WRONG RESPONSE and take from you all that you have. Freedom, privacy, money, credit, all of it must go!

The massive "bailout package" has to be paid for.

How? Perhaps a massive tax increase, definitely very tight credit markets for you and for small businesses. There will be bank merger after bank merger which will limit competition for loans and bank services. The Treasury will hire "contractors" through "no bid contracts" to place a "value" on valueless paper and set the price YOU have to pay to settle all the debt. NO one will really know how to price these things. NO one will know what they're doing, but everyone will get INTO THE BUSINESS of buying and selling these worthless assets.

There will be a bail out of both foreign and domestic banks with your tax dollars, and all of this will happened without REGULATIONS or OVERSIGHT .

THE REAL SOLUTION IS THE ONE YOU KNOW. If the markets were regulated NOW and Mortgage holders would be permitted to renegotiate the principal on their home loans this would STOP dead in it's tracks. Every individual with a bad loan could offer to pay 60 cents on the dollar, more or less and keep their home.

If we could make deals with credit card companies to settle our debts this would stop now because we'd have more money in our pockets to prop up the Economy.

If we raised taxes on Billionaires who created this mess and forced them to pay for this, This would stop NOW.

If we lowered taxes on Small Businesses and gave them low cost inventory loans THIS WOULD STOP NOW.

If we lowered taxes on everyone making less than 2M a year, and raised taxes through the roof on those who had profits of over $10 Million this would stop NOW. Small businesses would pop up all over America and people could go back to work, small business would flourish and the taxes we pay at the lower rates would pay down the DEBT.

If we left Iraq NOW we would add 10 Billion a MONTH to the Treasury.

This Government Bailout of banks BEFORE they fail, including FOREIGN BANKS with Taxpayer dollars is PRE EMPTIVE FINANCIAL WAR on the American People. It is the last part of Shock and Awe.

DO NOT SIT IDLY BY. Demand that this stop. DEAD COLD.


Give Homeowners the ability to negotiate home loans, car loans, credit card debt .
Set up a Resolution Trust Corporation to buy back homes we can't afford to keep with a Board of Directors to monitor all purchases and sales.
Immediately force Financial Institutions to stop paying dividends to shareholders.
Sell the hard assets of failed financial institutions, offices, buildings, computers, desks, any real property they owned.
Oversight on the entire Bailout process through a Board of Directors to oversee any acution of company assets.
Charge CEOs with fraud and levy huge fines on those who profited from Fraud and Misery.
Enact a law that states that a CEO can not make more than 144 times the amount the lowest paid worker makes.
Ban NO BID contracts with shadowy people who for a profit will price and sell assets, loans, banks.

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