10.19.09
Ahh the genius of Congress! Get a load of this – in order to pay for the Wall Street Bailouts, Congress is proposing that you pay for it again!
First off, I get a REAL kick out of politicians intermixing “we” with “government” when talking about bailing out loser companies like AIG. First, they got our sympathy by attacking AIG for needing “taxpayer” bailouts. Then, they said ‘government’ had to bail them out (and make it sound more like it came out of Congress’ pocket). Understand the difference in language here:
First, YOU, as a taxpayer bailed out these companies – and you will pay and are paying with a declining dollar (dollar down 15% this year compared to a basket of global currencies – foreigners are seeing our rising debt and selling out of dollar assets increasingly) which is a hidden tax (it’s AMAZING THAT MOST PEOPLE DO NOT COMPLAIN A PEEP ABOUT A 15% INFLATION TAX), interest payments on the debt issued which comes from your tax dollars, and eventually, tax INCREASES because there is no way in hell they will pay all this back.
What Else Will We Have to Pay?
NOW, they want to make Wall Street pay back in different ways. HOW? By taxing stock trades. But who is going to pay that fee? YOU ARE – Wall Street isn’t paying this. If you have an account at Schwab, Fidelity, Ameritrade, ETrade, etc, you might have to pay 1/4 of 1% on EVERY trade under ideas proposed by Congressman Lynch of Massachusetts. Oh, you have a mutual fund you say? If you have a mutual fund, your fund company will likely pay the same higher fees which you internally pay for too! So you can now pay TWICE. You can pay in higher taxes AND in higher fees. (and inflation – we have a triple play! Thanks gov’t!)
And why? Because the regulators YOU PAY FOR didn’t spot Madoff and because some “venerable” Wall Street firm (with executives who are buddies with Bush, Obama, Geithner, or Bernanke) might go bust. You see how this works? An endless stream of politicians get up there and say how sick to their stomach they are that they had to bail out these companies but the one who should be sick is you – except you’re too busy working all day to put together these financial pieces to realize how much it’s going to cost you- and that’s JUST the way they like it – you dumb and ignorant to the facts with not enough time in the day to follow the financial circus that is Congress.
Chris Grande
