On Sep 26, 2008, at 3:53 PM, Jeff Fink wrote:
-----Original Message-----
From: Edmund Storms [mailto:[EMAIL PROTECTED]
Sent: Friday, September 26, 2008 4:25 PM
To: [email protected]
Cc: Edmund Storms
Subject: Re: [Vo]:OFF TOPIC News of the bailout
Actually, only the Supreme Court can answer this question and they
show no interest in doing so. The cause of the problem is obvious to
anyone who has looked at reality. Many mistakes were made, but each
has been identified and attempts will be made to apply a correction.
Of course, the corrections will be imperfect because of the required
compromises, but they will be put in place no matter who is elected.
The only issue of this electron is how will the next mistake be
handled? The next mistake is now being created by the structure of the
bailout. The next president will have runaway inflation and high
interest rates. Who do you think will handle this problem to your
benefit?
Ed
Right now we have inflation running at approximately 10% annual rate
and
savings accounts paying around 1 1/2% for a net loss of 8 1/2%. On
top of
that we must pay income tax on the 1 1/2%. Part of Obama's plan to
balance
the budget is to subject that 1 1/2% to social security payments as
well!
It is part of his plan to redistribute the wealth. Inflation is a
tax, and
it loots the savers. The stock market is too scary to mess with. I-
bonds
are paying 0% interest right now, but even at that, they might be
the best
investment out there.
The majority of people endeavor to conduct their lives in such a
manner so
as not to be a burden to others. They are the targets of this
redistribution. Some poor people seek jobs while others milk the
system.
If the job creators are plundered by the government, where will the
jobs
come from? When the haves are reduced to havenots, we will all be
losers.
We cannot advance the economy by punishing the hard working
successful.
Jeff
Jeff, Obama and the Democrats did not create this situation. The
Republicans ran up the national debt, which added to inflation and
they kept interest rates low to encourage the financial system to be
more profitable. They also reduced oversight on the financial system
so that it could be more profitable. Of course, the conservatives and
the opposition party should have fought harder against the Bush
faction. Now everyone has suddendly seen the light, and each side is
trying to look good while solving the problem consistent with own self-
interest. The Bush bunch, who brought us Iraq, now has come up with an
equally incompetent plan, which fortunately is being resisted. No
matter what is done, the new president will have limited options and
we all will suffer. Do you want an intelligent person who analyzes a
problem based on facts or a person that shoots from the hip based on
short term considerations? Do you want a person who will last 4 years
or someone who will allow Palin to take charge? Of course, the
different known approaches to the present problem need to be
considered. Have you compared the McCain plan to the Obama plan?
We can't afford another mistake as was made when Bush was elected.
Ed
