WARNING!!!! New Tax Rate 100%
Why do we need to rescue banks?
Why not simply guarantee the deposits, let the banks fail, liquidate the assets and recapitalize new banks with clean capital. Isn't that what we have been doing in America since 1776?
Instead we are taking hundres of billions of dollars of taxpayer money and handing it over to a few bankers rewarding those few banks for their mistakes. If you think for a second, there is a lot more debt about to go toxic, if we continue this process much longer......it will only be the bankers in America that have money and Americans will be starving....literally, because we have no money.
Credit Default Swaps you say.....the only solution is to repudiate every contract and make the terms null and void. Every party should have their investment returned and put these financial weapons of mass destruction behind us.
Right now this administration is taking hundreds of billions of yours and your childrens money and handing it over to their buddies. The sad part about it is that the citizens will be paying that interest to the bankers we just handed a pile of cash. How is that for the mother of all ironies.
Because of this behavior we are going to get reamed one way or the other....if we keep borrowing from the many and giving to the few......the few will have everything in the end. When few have everything....our nation fails because the few can only buy so much. Retailers close, shopping centers fail, taxes fall, spending cuts way back, businesses shut down, unemployment reaches record levels, and crime explodes. (We are well into that process right now)
As taxes revenues evaporate, in order to keep the society going, if we simply borrow more money to make up the difference(some people call this printing money).....no one will lend us anything on reasonable terms as they will know that the only way they are going to get paid back is with devalued currency down the road.
With contracting tax revenues and rising interest payments, soon everyone's tax rate will be 100% just to pay the interest on our debt. (And that racist LordZ complains about people not living within their means...no one is a bigger offender then the administration he defends....and in defense to America...both parties are culpable)
If we don't deleverage and resturcture our finanical system right NOW!!!!! Pretty soon only a handful of people in America will have everything and many will have little or nothing. In this environment, how low do you think home prices can go????
If this plan goes through, BE PREPARED FOR YOUR TAXES TO SKYROCKET. So what kind of investment would you recommend when everyone is paying a 100% tax rate?
President Bush is right, this is a pivitol moment for America...America's wealth is about to pivot from the people to the bankers and his buddies. Notice how quickly Paulson wants this to go though with little thought....not only that he is putting a clause in there that no one can sue him. Could you imagine a law where anyone robbing a bank would be immune from prosecution???
If a person robbing a bank is a crime.....why isn't banks robbing taxpayers a crime as well?
For the past six months I have tried to warn you what was coming....it is now here. At this point, only we the people can stop the few from robbing this nation blind and taking their assets overseas. Once everything crashes...they will be back.....buying everything you own for pennies on the dollar.....and the sad part is you will be desperate to sell it to them because you have no other choice.