Monday, November 24, 2008

We Need More Than a Band-Aid!

Congress has promised to have a $700 billion economic stimulus bill on President-Elect Obama's desk hours after his January 20th inauguration. This is only continuing the Band-Aid Economic Policy of the Democrats and Mr. Obama.

Republicans want to eliminate capital gains taxes, lower corporate taxes and pass the American Energy Act which is designed to boost all stages of domestic energy production. This will help create jobs and boost the economy; not a meaningless handout which is politically expedient.

Democrats, in order to pay for their Christmas wish-list, will need to raise taxes somehow, someway to pay for their plans. They won't tell us that, but it's a must. Mr. Obama, who said Americans would get tax cuts, has yet to definitively comment on his plans for taxes. The man has proven in his past, and continues to show that he is afraid to make a decision on anything. Look at his voting record; there isn't much of one.

It's becoming more clear everyday that he is an image and a deity more than a leader and visionary.

Admittedly, Secretary Paulson and to some extent President Bush began this mess by advocating for the original $700 billion stimulus package in September but we have already learned that this is not working. And this is yet another example why Neo-Conservatism must be squashed.

This weekend Senator Schumer added at least this amount would be needed to "fix" the country's economic woes in other industries.

This is not free-market, capitalism! Have we reached that point? Do we need the government to bail out every failing company? It's economics 101 folks! This does not work and when it does it's communism and socialism -- the re-distribution of wealth as Obama promised.

Government cannot and should not stick its nose into American business and American pockets. Regulation, CAFE standards, Card Check Union voting policy all have led to the economic slow-down we now face. Chris Dodd and Barney Frank allowed Fannie Mae and Freddie Mac to give people more than they could afford. This is the problem. Not President Bush.

Let's not forget how the government works. Congress DOES share responsibility. The Democrats HAVE been in charge for some time now.

2010 begins yesterday! Take back Congress before it's too late!

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  1. First the Democrats have not been in charge for some time - last I checked there is a Republican in the White House and will be until Jan 20, 2009.

    Second while I fully agree with you on the need for fiscal responsibility, I'm not sure you can cite the Republican party of this decade as that party. Simple fact: US Federal Deficit on Jan 20, 2001 - $5.7 trillion US Federal Deficit as of 11/24/2008 - $10.6 trillion. Bush 43 has added almost as much debt as from Washington to Clinton combined.

    Finally and again I agree that an auto bailout is not a good idea (at most I think the government should backstop debtor in possession financing for a GM bankruptcy ie let it solve problems in Chapter 11 reorg and avoid a Chapter 7 liquidation), I really do struggle with why Bush/Paulson have just g'teed $300 billion of assets for Citibank while its executives keep their multi million dollar bonus. That isn't communism it is plutocracy and just as repugnent.

  2. Yes why should the taxpayer pay out Citicorp when there are other alternatives like this one?

    Somali Pirates in Discussions to Acquire Citigroup (C)
    Somali Pirates in Discussions to Acquire Citigroup
    By Andreas Hippin

    November 20 (Bloomberg) — The Somali Pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.

    The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said. “You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything,” said Ali.

    The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS’s are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody’s and S&P have already issued their top investment grade ratings for the PRBS’s.

    Head pirate, Ubu Kalid Shandu, said “we need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets has allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster.” Shandu added, “We don’t call ourselves pirates. We are coastguards and this will just allow us to guard our coasts better.”

  3. The point is Congress has as an equal influence as the President. Congress has, in fact, been in Democratic control. And yes, as I said Bush and Paulson share part of the blame. And, yes, I could agree that Bankruptcy to reorganize and renegotiate with the devastating unions is a better solution.

    It just bothers me that Liberals cannot accept responsibilty for anything! Look at who voted for the orignial bailout!

    As far as Citigroup: Board Member Robert Rubin was, in fact, Treasury Secretary under Bill Clinton. Tim Geithner worked for him then. Hank Paulson has also been closely associated with the duo.

    Doesn't something smell here? Bailout. Obama. Clinton. Once again the almighty "Change Messiah" has shown he is nothing more than a puppet of the Clintons. Don't accuse George Bush alone of this bailout nonsense when Clinton and Obama cronies have their fingerprints all over this mess.