I read an article in the Dec. 24, 2007, issue of The Monroe Times entitled "Scrambling to Combat Mortgage Crisis" by Martin Crutsinger of the Associated Press. I predict our well-lobbied legislators will do what Mr. Crutsinger suggested in his article and I quote, "Gaining some currency is the idea of a government agency modeled after the Resolution Trust Corp. of the S&L days that would buy up mortgage-backed securities as a way of dealing with bad loans."
Nothing like rewarding those hedge fund dealers selling those worthless derivatives. The exact same thing they did for Michael Milkin, which cost every man, woman and child $5,000 to bail out the S&Ls and nothing was learned since we're going at this in the wrong direction. Rather than rewarding the crooked hedge fund dealers, you should be taxing them, and there are four Democrats running for president who believe hedge fund dealers should be taxed - Sens. Hillary Clinton and Barack Obama, former Sen. John Edwards and Rep. Dennis Kucinich.
Lowering the interest rates like the Federal Reserve is doing is not going to get the job done because it's too conflicting with what our well-lobbied legislators are doing by letting credit card rates go from 18 percent to 24 percent - putting even more stress on the middle class, while the investment bankers and traders are getting bonus checks rising an average of 14 percent in 2007, not counting their salaries.
You can easily understand why nothing's going to change until you get campaigns financed by the government - not billion dollar corporations - and not allow former legislators voted out of office to go to work as lobbyists for at least 10 years. It's presently just a big love fest down in Washington. The billionaires are living off the working class. The amount of money the government is losing by not taxing the hedge fund dealers because of all the loopholes they give them you would think would be enough, but instead they go offshore to places like Bermuda and the Cayman Islands, where they don't pay any federal income tax.
That means more of a tax burden on the middle class because of cuts at the federal and state levels, and eventually leads to higher property taxes at the local level, which aren't based on ability to pay. It's exactly why hedge fund dealers should be taxed, even though they are naturally going to say they can't afford it.
At some point, we are going to have to have them show us their books, because I believe they are lying, and this whole thing just doesn't add up when we're borrowing money from Social Security and communist countries to pay our bills.
Nothing like rewarding those hedge fund dealers selling those worthless derivatives. The exact same thing they did for Michael Milkin, which cost every man, woman and child $5,000 to bail out the S&Ls and nothing was learned since we're going at this in the wrong direction. Rather than rewarding the crooked hedge fund dealers, you should be taxing them, and there are four Democrats running for president who believe hedge fund dealers should be taxed - Sens. Hillary Clinton and Barack Obama, former Sen. John Edwards and Rep. Dennis Kucinich.
Lowering the interest rates like the Federal Reserve is doing is not going to get the job done because it's too conflicting with what our well-lobbied legislators are doing by letting credit card rates go from 18 percent to 24 percent - putting even more stress on the middle class, while the investment bankers and traders are getting bonus checks rising an average of 14 percent in 2007, not counting their salaries.
You can easily understand why nothing's going to change until you get campaigns financed by the government - not billion dollar corporations - and not allow former legislators voted out of office to go to work as lobbyists for at least 10 years. It's presently just a big love fest down in Washington. The billionaires are living off the working class. The amount of money the government is losing by not taxing the hedge fund dealers because of all the loopholes they give them you would think would be enough, but instead they go offshore to places like Bermuda and the Cayman Islands, where they don't pay any federal income tax.
That means more of a tax burden on the middle class because of cuts at the federal and state levels, and eventually leads to higher property taxes at the local level, which aren't based on ability to pay. It's exactly why hedge fund dealers should be taxed, even though they are naturally going to say they can't afford it.
At some point, we are going to have to have them show us their books, because I believe they are lying, and this whole thing just doesn't add up when we're borrowing money from Social Security and communist countries to pay our bills.
