While I agree that the government started this mess...I don't agree that we should borrow 700 billion dollars and give it away. As a tax payer I am appalled that 700 billion dollars is being borrowed to "bail out" investors that have made bad investments, go on vacation and give themselves bonuses as soon as someone gives them an opportunity.
If we borrow this 700 billion dollars (which I don't believe we should do), I propose that the money be divided to the people that pay the taxes. Let us pay our mortgages and credit cards, buy new cars and go on vacation. In my scenario, me the taxpayer, pays off the mortgages I owe with the borrowed monies that I will be paying higher taxes for. The bail out would then occur for all of us, not just the executives at the top of the failing banks. My scenario would bail out all industries and give the American people a disposable income that they have never had before. We could all then afford to buy new cars, go on vacation, build up our businesses and send our children to school. On Oct 10, 11:30 am, fedup <[EMAIL PROTECTED]> wrote: > Most of my friends know, I have tried to stop thinking about it, but I > can't > help it in the wake of all the recent economic news. > > My banking career started in 1970 and ended in 1993, but I still > keep close ties to the industry. During my banking years I did > learn one or two things along the way. The problem with our > economy today is from a liberal-thinking congress, senators, and > presidents, as well as greed and dishonesty. When you put these > together, it spells disaster in any area of our life. > > Ask any banker (just walk in and ask one who has been there for 15 > years > or more) > > * Under Jimmy Carter we received the Community Reinvestment act. > This law says banks have to make loans in low income areas and it > has forced many lending institutions to seek to make loans to > people in areas that lenders would not normally go because of the > risk and low property values. (SubPrime Loans). This was in 1977. > > In 1980 president Carter and a Democratic controlled congress > passed the Depository Institutions Deregulation and Monetary > Control Act-- The law also removed the power of the Federal Reserve > Board of Governors under the Glass-Steagall Act and Regulation to > set the interest rates of savings accounts. A sad fact is we are > all still feeling the effects of his policies and decisions 30 > years later. > > <http://en.wikipedia.org/wiki/Glass-Steagall_Act > <http://en.wikipedia.org/wiki/Regulation_Q > > * Then in 1995, Bill Clinton, (in between interns) made changes to the > Community Reinvestment Act, that forced an increase in the number > of loans to these people and the aggregate dollar amounts loaned.-- > Larger loans to people with less income in areas where the > collateral value would go down instead of up. ( Clinton should have > had his mind on the long range effects of this instead of Monica > and a good cigar.) This was in response to pressure from 'community > organizers.' Can you think of a former community organizer running > for president? Hint - he's a Democrat > > * In 1999 Mr. Clinton signed to repeal the Glass-Steagall act which > had protected taxpayers since the Great Depression. > > * In 2003 President Bush tried to propose a change in regulatory > control over Freddie Mac and Fannie Mae and place both companies > under the control of the Department of the Treasury, but was voted > down by the liberal democrats led by Barney Frank. Remember the > name Barney Frank, he is one of Obama's top two economic advisors. > The other is Jim Johnson who was the head of Freddie Mac and walked > away with $24,000,000. > > * Now, Mr. Obama and his liberal cronies are spinning the facts so > you will believe that all our financial problems are because of > Bush's failed economic policy. However, OBAMA'S two MOST TRUSTED > ECONOMIC ADVISERS TO HIS CAMPAIGN are the very people that were in > control of Freddie Mac- Jim Johnson $24,000,000 and Fannie Mae - > Franklin Raines $90,000,000 in 6 years). > > In addition, since 1989 there have been several politicians who > have received campaign donations and kick backs from these two > failed institutions. The #1 recipient is Senator Chris Dodd-D RI > and the runner up is none other than Senator Barrack Obama who > received the second largest amount of donations (over $500,000) > which is phenomenal because he has only been in the Senate for 3 > years. > > When Enron went belly up, we demanded Senate hearings and > investigations. > Why aren't the Democrats demanding the same with these companies? > But, oh yeah, I forgot. It is Bush's fault! (Yeah, Right, Sure it is). > > Just ask a banker. > I am Jerry Teasley, banker, and I approved this email. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
