As of this week, whatever your investments were worth 8 years ago, they are now worth the same today- and someone else has YOUR money. Imagine that... In addition, many of those CEO's et al., on Wall Street, who made those financial decisions are dancing and whirling away with tens of millions of dollars, making them far, far, more wealthy then what they were before. They are now in clandestine fashion, hiding out in some recently purchased estate in Tahiti.This is a perfect example of how a thing can be perfectly legal, but incredibly immoral and unethical.
Actually, we all lose in multiple ways:
1. This collapse means we lost whatever we gained in investments over the last 8 years in retirement etc. investments.
2. We will have to pay more taxes to finance this 700 Billion Dollars bailout! Parenthetically, by the way, only 50% of Americans pay taxes; and those making over $250,000 annually, pay about 50% of their income in taxes as it is (this group is about 5% of the tax paying population)... largely small business owners... the economic engine within our culture. The very group targeted by Obama, for substantial tax hikes, should he win. Interestingly, those 50% who do not pay taxes still receive federal stimulus checks... Hmnn...
3. This 700 Billion Dollars will go straight onto the national debt, further weakening the dollar and demasculating George Washington in over-seas foreign markets... Conversely, if foreign investors withdrew their monies because of a lack of confidence in the dollar, this could further deepen substantially the recession that we are now currently in. We are now wonderfully positioned to have little power to invest in and buy nothing oveseas, but it will allow those Investors overseas to buy us up. This, along with the Oil profits sent to foreign countries, have now become historically the largest transfer of monies internationally in the history of the world.
4. If the government does provide 700 Billion Dollars to salvage the economy, then we will experience an enormous surge in big government just to manage the dispersal of all that money - this too will be financed by our taxes... Great! More government bureaucrats, more offices, more paper, more expensive inefficiency! Not only that, but the Government will be buying bad paper worth only cents on the original dollar...
5. Retiree's (many of whom are elderly and they will suffer) have experienced significant losses in their retirement accounts, small loans for home improvements, buying furniture, financing cars etc., and paying for school will become VERY difficult to finance. Further, ostensibly, current jobs can be lost and new jobs will fail to appear...
6. Alarmingly my house, that I have been paying on for 11 years, (at around $560.00 a month), maybe worth LESS now than what it was originally financed. This will be largely true for anyone owning a home. And for those who want to own a home, they will have a much more difficult time getting financed to purchase one.
7. The impact of all this on "non-profits," I.e. Churches, Community Programs etc. could be c-r-i-p-p-l-i-n-g f-o-r y-e-a-r-s!
8. Any monies in the near future needed by the government for social issues are now off the table - potentially for years... The rich got much richer and the poor, are not only poorer; but are insured to stay poorer for the foreseeable future.
These "investors..." from speculators in the oil industry to Wall Street CEO's... ALL should be held accountable; and some should have to do jail time. These same people have in affect... by lending money so easily... and irresponsibly... - and at great risk (because of their greed) - have in essence yelled "fire!" in a crowded theater (to mix my metaphors). Their ecstatic, greed driven frenzy, has jeopardized the very life of the goose that has been laying the golden egg." My thought is that their personal income and assets, should be garnished to help pay back that 700 Billion Dollars; and whatever jail time they do should be paid from those sources as well...
Take a look at the tens of millions, upon millions, of dollars that these CEO's have made in salary and bonuses, in profoundly failed achievements and financial ventures, that will affect millions, if not billions of people world-wide! Round them up and put 'em in non-country club prisons (along with any complicit politicians)! Only then will those who have been ill-served begin to receive justice.
By the way! Thank you John McCain for your courage in putting your self interest aside and working to help solve the problem. I might also add that he warned of this very thing three years ago... Thanks Barney Frank, Chris Dodd et AL for nothing...
1 comment:
This is quite unsettling. Our church has some investments (though I honestly have a hard time justifying tying up money in the market that could [should?] be put to use in other pursuits that would be beneficial to our community) who has sat on the theory that the market will re-stabilize in about 5 years and this will all be a footnote... but no real concern for the individuals involved. Just their money...
Post a Comment