The government will bail out wall street for $800 Billion but did not lift a finger when America was losing it's automobile industry.
As a lifetime Republican, and watching the S&L Crisis and the current financial district crisis, I have converted to the Democratic side because of the simple fact that during both tragedies, the Republicans were in office.
When one auto plant shut down, I think it was GM, they cut their staff from 500,000 to 250,000.
A quarter of a million workers lost their jobs and livelyhoods.
The top wealthiest 1% of American citizens consist of 3 Million people.
These 3 Million people, the powerful 1%, own 99% of the economic industry.
I pray that the democrats oppose this type of lack of regulatory oversight and the way republicans bail out the rich and leave the poor to the dogs.
By the way, I have NO sympathy for the dumb-asses that got themselves into bad loans!
I have been working hard to get a home, but you freaks that got into an ARM with zero down and closing costs wrapped in so that your mortgage was more than the property was worth.... you're a fucking idiot.
There are regular reports of people buying a $300K home when they made $40K a year.
That is fucking crazy since a 30 year fixed mortgage at the average 6% interest would make your monthly payment ALMOST $2000 A MONTH !!!
In this market, if you bring in $40K a year, you belong in an apartment!
Common sense, People!
If you have a different opinion, feel free to enter into the discussion.
It's 4:32 am... what do you expect?
1 comment:
My humble opinion:
Our government no matter if Democratic or Republican SHOULD EVER BAIL ANYONE OUT! That move creates a precedent from hell and will carry through history as a snowball rolling downhill. You eliminate the ability of our free market and our capitalistic system to work as it should by doing this.
Bailouts are just a fancy way to "cook the books"...and whatever goes up will eventually come down no matter how much sugar the government pours on the shit.
Most small businesses whom most of you work for are set up properly as "S" Corporations. That means that the "company itself" in a sense does NOT pay any taxes. All profit in the company filters down to the OWNERS PERSONAL Income Tax Form in the form of a K-1 statement. So...in essence...the individual owners of the company pay all the taxes in an S-Corp.
I have 22 employees...my payroll each year is more than $250,000 so obviously in an S-Corp (and my doors are still open), obviously I must "make more" than $250K to even pay my help. But...my personal paycheck...what money I live on just like you live on is a simple paycheck just like yours...we're in the mix of 22.
THE TOP 5% OF WAGE EARNERS in this nation pay 75% of ALL THE TAXES. Combining payroll taxes, sales taxes, income taxes, FUTA, SUTA, NV Career Enhancement Taxes, Matching (employers MATCH) every dime of Social Security and Medicare taxes that come out of each of your checks.
I own two very small mom & pop companies...S-Corps. All taxes paid by my companies (one with only 8 employees and one with 15)...I pay over $500,000 per year in TAXES! And I assure you I DON'T MAKE anywhere near $250,000 per year but Obama think's "I'm rich" and should pay MORE TAXES...and NOT GET ANY OF THE TAX BREAKS he want's to give everyone else. FUCK HIM...I pay enough!
When all of you got your little checks for $500 or $1000 dollars from the government...I didn't get a dime. We "overly compensated" "rich" business owners footed that bill for all of you.
BUT...those that fail must be left to fail...government CANNOT just BAIL people out. It won't work, not now, not ever.
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