To Big To Fail

There is a huge problem right now and it's about to cost the American economy even more money! It is the concept of 'to big to fail.'

That's what was said about Chrysler back in the late 80's when they received their first bailout in the form of a loan from the federal tax payer. That's what happened with the Savings & Loan bailout that created the Resolution Trust Corporation.

To big to fail? Didn't we learn our lesson? Now we're at it again. Banks that are to big to fail! The problem was the repeal Glass-Steagall Act and Clinton's signing of Grahm, Leach, Bliley which deregulated the banks, securities and insurance companies allowing them to compete with each other and even combine operations.

Now CitiGroup is 'un'grouping and Bank of America (who thought it would be a good idea to swallow up Countrywide Home Loans) is getting another infusion of capital from the Feds. We're talking tens of billions of dollars of our money!

Well, as I think about it, I guess it isn't our money yet. From what I understand the Feds have the printing press ramped up and ROLLING! The green stuffs flying off the presses faster than lemmings over a cliff! (excuse the obscure reference to a 1980's arcade game, but you know, I'm olde! LOL)

The point here is that we keep buying into this to big to fail concept. Now we're creating a situation where our debt is escalating from an already unfathomable high amount and the dilution of our currency may some day create hyper inflation!

It has to stop! Yes, there will be some pain. We have to remember that we have bankruptcy laws for a reason. It's so businesses can restructure.

The bottom line is that we need to restructure our entire economy. We need to change from a spending economy to a savings economy and the only way to do that is to leave this 'to big to fail' concept in the trash heap and change our tax system from an income tax to an embedded consumption tax like the Fair Tax.

I mean, what are we thinking? Do we believe the World will look at America and decide that we are to big to fail? Doubtful, they'll cheer while they watch our collapse. Time to wake up before we reach the point of no return. The we really do fail.

Taxes Must Be Voluntary?

Timothy Geithner is approved or as the next Sec. Tres. Who is Geithner? If you believe what many senators and congressmen and women have said about him, he's one of the most important appointees to be considered since the Carter Administration!

Geithner's resume is long and distinguished and it's true that he's not dolt. You don't get to be the President of the New York Region Federal Reserve without having some solid smarts!

But here's my problem. Mr. Geithner has had some tax problems, as in, he didn't pay them. That's right, he 'avoid' paying some taxes through an accounting error.

When pressured about how he managed to miss calculate his tax liability to the tune of more the $40,000, Mr Geitner was more than disingenuous. He blamed the mistake on the fact that he uses Turbo Tax to calculate his return and 'the program' must have missed something.

Here's the interesting thing, the mainstream media gave him a pass. His lofty stature and humongous brain are just to important to America in this critical time. So much for objectivity int he news media.

My problem with this entire situation is not that he miscalculated his tax burden by more money than many people make in a years time, my problem is with the nonchalance he displayed in dealing with the issue. I have a real problem with this 'big brain' not being able to figure out his taxes or at least being smart enough to understand that NONE of us can figure them out and that's why we have to pay others to do it for us!

Let's up their correct, let's hope his 'big brain' can get us out of this economic mess and the country moving again!

Exit Stage Right

For those of you who are part of the baby boom crowd you may remember Hanna Barbara's Snagglepuss cartoon. I used to love it when he would do something to get in trouble and say; "Exit! State Right!" and pewang! He was off the screen.

For some reason that memory makes me laugh. It reminds of a simple time in my life. It reminds me of when I was safe and didn't have to worry about anything.

As one president takes office another has 'exited, stage right'. To him our nation owes a debt of gratitude. Those of you who scoff at this comment and who laughed at V.P Dick Cheney in a wheel chair because he hurt his back moving boxes, I say grow up!

To those who booed the President Bush as he arrived at the inauguration ceremony and to those who joked and laughed about him on National T.V. (supposed objective journalist), I say grow up! You think you are being patriotic but your unprofessional and childish displays only prove your lack of objectivity.

I will concede that he was not the best President where the economy is concerned, however, we have not had a single attack on American soil since the horrific 9/11 attacks. He has taken the fight to an enemy that has attacked our nation for years and he has injured that enemy greatly.

So I say to President Bush and Vice President Cheney, THANK YOU! Our nation is safer because of your unwavering principles and because of your steadfast dedication to eradicating evil threats to keep this nation safe!

Obama in One Word... Amazing!

I am proud to be an American today! I proud for many reasons, to many to be able to list here today. Our new President has been inaugurated!

His speech was inspiring. He is one of the best orator since John Kennedy. His clear and concise message was one of hope for everyone in our country.

His message to the world was one of stern warning tempered with hope to help the worlds less privileged.

I loved our 43rd President. I admired his principled nature and the way that he did not waiver in his undying devotion to keep our nation safe.

No matter how much you hate President Bush, if you are truly honest, you cannot deny that our nation is safer today because of his willingness to have his name sullied while he did what he thought was right. But his time has come and gone and it now a new day and a new time.

Change is upon us and that change appears hopeful. All Americans should be proud today and everyone should put their differences aside and pray for the success of our new leader!