One of the interesting news stories of the past few days is the number of credit card companies that are raising their interest rates, for everyone, good customer, bad customer doesn't matter.
Needless to say, a lot of people are upset with these increases, some as much as 100%. A spokesperson for one of the banks involved, who received bailout money, stated the purpose for the higher interest rates is so the bank will have the money to pay back the government quicker. So the tax payer is being asked to provide the bank the bailout money and then, through high interest rates, pay back their tax money to the government.
I'm confused? How is the bank showing responsibility and new practices if all they are doing is placing the burden on the very folks who bailed them out? I am not reading about the reduction of executive salaries or bonuses in any of these banks. I definitely have not read where loans are being easier to obtain for those who have passed background checks and provided proof of income.
Once again, you have to wonder just what conditions (or lack of conditions) Congress attached to the bailout money. I know that Congress is going to start hearings into the matter. I will be writing to my reps shortly and sharing the letter with you. It will be interesting to see their response, and who they try and blame. Because we know Congress will be innocent. They are just naive and trusting, especially when it comes to our money.
It is time to keep after Congress so they will rein in the banks, or we will find ourselves in another financial crisis in a couple of years and China will not be there to bail us out. (Of course in a couple of years China will probably own the country, so there will be no concerns - except maybe our human rights.)
Speak out and let Congress know what you think. Get rid of high interest credit cards. Try and consolidate to one or two low interest cards and let the banks know why or why not you want to do business with them.
Be vocal, be loud, stand up for your rights.
Its Common Sense!!
Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Monday, April 20, 2009
Monday, March 16, 2009
Letters to the President & Senate regarding AIG Bonuses
As I mentioned yesterday, I wrote letters to the President and my senators regarding the AIG Bonus payout. Please feel free to use all or any part in contacting your representatives. We need to let the, know what we think about them wasting our money.
Its Common Sense!
Dear Senator
I just read the following article http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Can you please explain to me why our taxpayer dollars are going to pay bonuses to AIG employees?
AIG failed, due to the greed and incompetence of its employees, without a bailout of my taxpayer dollars, AIG would be bankrupt and its employees on the street. However, due to some contract signed before we, the American taxpayer became involuntary share holders of AIG; the company is obligated to pay out $165 million in bonuses. Are we share holders getting any bonus?
I feel that Congress has definitely failed to protect the American public with this bank and Wall Street bailout. You approved billions of dollars, released it to these institutions with no controls or accountability. Now our money is being used to pay bonuses to the incompetent idiots who created our current financial crisis.
Explain to me why my money is being used in this manner?
Why hasn't Treasury Secretary Geithner informed AIG that the rules have changed and there will be no bonuses until AIG has paid back its bailout money and become solvent on its own?
Once again I feel that Congress has failed the American public and wasted our money. When will you become responsible and look out for our interests, rather than those of the fat cats on Wall Street?
Dear Mister President
I just read the following article http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Can you please explain to me why our taxpayer dollars are going to pay bonuses to AIG employees?
AIG failed, due to the greed and incompetence of its employees, without a bailout of my taxpayer dollars, AIG would be bankrupt and its employees on the street. However, due to some contract signed before we, the American taxpayer became involuntary share holders of AIG; the company is obligated to pay out $165 million in bonuses. Are we share holders getting any bonus?
I feel that the Executive Branch and Congress have definitely failed to protect the American public with this bank and Wall Street bailout. You approved billions of dollars, released it to these institutions with no controls or accountability. Now our money is being used to pay bonuses to the incompetent idiots who created our current financial crisis.
Explain to me why my money is being used in this manner?
Why hasn't Treasury Secretary Geithner informed AIG that the rules have changed and there will be no bonuses until AIG has paid back its bailout money and become solvent on its own?
Once again I feel that the Executive Branch and Congress have failed the American public and wasted our money. When will you become responsible and look out for our interests, rather than those of the fat cats on Wall Street?
Thank you for allowing me the opportunity to voice my concerns.
I await your response.
Its Common Sense!
Dear Senator
I just read the following article http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Can you please explain to me why our taxpayer dollars are going to pay bonuses to AIG employees?
AIG failed, due to the greed and incompetence of its employees, without a bailout of my taxpayer dollars, AIG would be bankrupt and its employees on the street. However, due to some contract signed before we, the American taxpayer became involuntary share holders of AIG; the company is obligated to pay out $165 million in bonuses. Are we share holders getting any bonus?
I feel that Congress has definitely failed to protect the American public with this bank and Wall Street bailout. You approved billions of dollars, released it to these institutions with no controls or accountability. Now our money is being used to pay bonuses to the incompetent idiots who created our current financial crisis.
Explain to me why my money is being used in this manner?
Why hasn't Treasury Secretary Geithner informed AIG that the rules have changed and there will be no bonuses until AIG has paid back its bailout money and become solvent on its own?
Once again I feel that Congress has failed the American public and wasted our money. When will you become responsible and look out for our interests, rather than those of the fat cats on Wall Street?
Dear Mister President
I just read the following article http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Can you please explain to me why our taxpayer dollars are going to pay bonuses to AIG employees?
AIG failed, due to the greed and incompetence of its employees, without a bailout of my taxpayer dollars, AIG would be bankrupt and its employees on the street. However, due to some contract signed before we, the American taxpayer became involuntary share holders of AIG; the company is obligated to pay out $165 million in bonuses. Are we share holders getting any bonus?
I feel that the Executive Branch and Congress have definitely failed to protect the American public with this bank and Wall Street bailout. You approved billions of dollars, released it to these institutions with no controls or accountability. Now our money is being used to pay bonuses to the incompetent idiots who created our current financial crisis.
Explain to me why my money is being used in this manner?
Why hasn't Treasury Secretary Geithner informed AIG that the rules have changed and there will be no bonuses until AIG has paid back its bailout money and become solvent on its own?
Once again I feel that the Executive Branch and Congress have failed the American public and wasted our money. When will you become responsible and look out for our interests, rather than those of the fat cats on Wall Street?
Thank you for allowing me the opportunity to voice my concerns.
I await your response.
Friday, February 13, 2009
Stimlus - Economic Help or Hinderance?
Well, the House passed the stimulus bill and no doubt, one way or another, the Senate will pass it as well and Tuesday morning it will be on President Obama's desk for his signature. Then will come the real fighting.
The Republicans will complain that the allocation of funds is totally wrong and not doing any good. They will also complain about the debt this stimulus puts on our grandchildren and great-grand children. I have to agree with them about that.
The Democrats will praise the affects of the stimulus, although they will get very defensive if forced to justify why some of their pet projects got funding, since they have little or nothing to do with the overall economic recovery of the nation.
Of course it is we the people who will be forced to make the most honest evaluation of the stimulus. Did it save and/or create all the jobs that were promised? Did it begin repairing the infrastructure of the country? Did the stimulus inspire green jobs? Did our energy companies begin investing in creating alternative energy sources that will make the United States energy independent? Are our schools better? Are we once again seen as a world leader?
A lot of questions, time will tell how the report card will be graded. President Obama during his travels this week says he wants to be judged on how effective or ineffective his plan is. Let's hope that we will be able to provide him with the honesty he wants.
Its Common Sense!
The Republicans will complain that the allocation of funds is totally wrong and not doing any good. They will also complain about the debt this stimulus puts on our grandchildren and great-grand children. I have to agree with them about that.
The Democrats will praise the affects of the stimulus, although they will get very defensive if forced to justify why some of their pet projects got funding, since they have little or nothing to do with the overall economic recovery of the nation.
Of course it is we the people who will be forced to make the most honest evaluation of the stimulus. Did it save and/or create all the jobs that were promised? Did it begin repairing the infrastructure of the country? Did the stimulus inspire green jobs? Did our energy companies begin investing in creating alternative energy sources that will make the United States energy independent? Are our schools better? Are we once again seen as a world leader?
A lot of questions, time will tell how the report card will be graded. President Obama during his travels this week says he wants to be judged on how effective or ineffective his plan is. Let's hope that we will be able to provide him with the honesty he wants.
Its Common Sense!
Thursday, February 5, 2009
What is the stimulus?
Just what is the message of Obama's stimulus package? I think part of the problem is that he is not selling his plan. Just how does this package help the American public?
We have definitely heard about the negative aspects. Buying birth control pills for the poor, but not providing education or responsibility, providing minimum jobs at high salaries in limited areas, special studies on things like fish populations, which have always been pork projects.
What I do not understand is why the president did not sit down initially with the leaders of both parties of both Houses and say, here are things I know will stimulate the economy, how can you build on them? If all the players had known up front what were the priorities it would have been easier to come up with a plan needing little debate and easy acceptance. Instead, Obama lost control of the game and there is no telling if and when he will regain control.
Yesterday one of my senators, Barbara Mikulski got an amendment added regarding tax on new car sells. Of course I didn't see anything about getting the loan to buy the new car. The Republicans also got a $15,000.00 tax break for new home buyers - again nothing about where you get the loan to make the purchase.
These kind of deals do very little for the overall economy.
Once again I stress - INFRASTRUCTURE !!!
Get Americans back to repairing and building highways, bridges and tunnels. The money for those salaries generates spending in the communities and if projects are approved in all fifty states, everyone profits and the economy gets moving.
Little tax breaks are nice but have little effect. Big projects and big spending is what will get the country moving again.
Its Common Sense!
We have definitely heard about the negative aspects. Buying birth control pills for the poor, but not providing education or responsibility, providing minimum jobs at high salaries in limited areas, special studies on things like fish populations, which have always been pork projects.
What I do not understand is why the president did not sit down initially with the leaders of both parties of both Houses and say, here are things I know will stimulate the economy, how can you build on them? If all the players had known up front what were the priorities it would have been easier to come up with a plan needing little debate and easy acceptance. Instead, Obama lost control of the game and there is no telling if and when he will regain control.
Yesterday one of my senators, Barbara Mikulski got an amendment added regarding tax on new car sells. Of course I didn't see anything about getting the loan to buy the new car. The Republicans also got a $15,000.00 tax break for new home buyers - again nothing about where you get the loan to make the purchase.
These kind of deals do very little for the overall economy.
Once again I stress - INFRASTRUCTURE !!!
Get Americans back to repairing and building highways, bridges and tunnels. The money for those salaries generates spending in the communities and if projects are approved in all fifty states, everyone profits and the economy gets moving.
Little tax breaks are nice but have little effect. Big projects and big spending is what will get the country moving again.
Its Common Sense!
Sunday, January 11, 2009
Oversight (Line Veto)
Senate Leader Harry Reid is going to have a vote today on a bill to provide several billion to expand national wildlife areas. From the brief description of the bill that I read it appears like a good thing. Of course, if you go to the details you find there is a road to no where proposed for a national park in Alaska. There are funds to save 500 salmon in California and no doubt other special entitlements that certain senators want.
In the same vein, Obama wants Bush to get Congress to release the last $350 billion of the initial bailout package. Because there are questions as to how the first half was used, Congress may dragged their feet until they set up a better system of oversight.
I believe that for any of these proposal to have good initial oversight the best thing to have is a presidential line veto. This is one thing I always agreed with John McCain about. Let the president cut out the greedy entitlements. Congress can set up the oversight group once the law is enacted and the funds made available. By allowing the president to cut the pork right at the beginning hopefully Congress will be forced to carefully consider money requests and limit themselves to entitlements that actually were for the general good of the public, as opposed for the good of few wealthy contributors.
This looks like something we should promote to our representatives.
Do you agree, or do you think the system is so corrupt we can never change it?
If we give up we let them win. If we fight, even if we lose, we know that our principals stand firm.
Its Common Sense!
In the same vein, Obama wants Bush to get Congress to release the last $350 billion of the initial bailout package. Because there are questions as to how the first half was used, Congress may dragged their feet until they set up a better system of oversight.
I believe that for any of these proposal to have good initial oversight the best thing to have is a presidential line veto. This is one thing I always agreed with John McCain about. Let the president cut out the greedy entitlements. Congress can set up the oversight group once the law is enacted and the funds made available. By allowing the president to cut the pork right at the beginning hopefully Congress will be forced to carefully consider money requests and limit themselves to entitlements that actually were for the general good of the public, as opposed for the good of few wealthy contributors.
This looks like something we should promote to our representatives.
Do you agree, or do you think the system is so corrupt we can never change it?
If we give up we let them win. If we fight, even if we lose, we know that our principals stand firm.
Its Common Sense!
Tuesday, December 2, 2008
Capital Visitor Center
Nancy Pelosi and the gang opened the new Capital Visitor Center today. Only $360 million over budget and a year or so behind schedule it will be interesting to see if it was worth the effort and more importantly the money. I will have to get down to Washington and take a look.
Another project way over budget. This happens all of the time. We know the Pentagon never pays what the contract calls for because of - because of what?
I believe that once a contractor bids on a project and says it will cost so much, that's the end of it. You promised to do the job for a certain amount, live up to the contract. The politicians in DC seem to believe that contracts are not binding documents - no wonder things are so screwed up - but rather a means of getting things started.
What would happen if a government agency simply said "The bid was for X$s, that's all we have, too bad if you don't make a profit. Live up to the contract."
Did you ever see the movie "Dave"? He's nobody important, who looks exactly like the president and has to fill in. One of the best parts of the movie is when he wants to save a children's center and calls in a friend who is an accountant to find some money. The accountant is shocked at the bookkeeping method in DC and maybe it is time for all of us to be shocked as well.
Overage is not normal! Wasting taxpayer dollars should not be normal!
Let's call our representatives to task. A contract is a binding agreement, let's make the contractors honor their commitments. There is no more money to go around. The country is going down the tubes. Its time to stop giving the impression that our government is a bottomless money well.
Accountability!!! In the White House! In the Congress! In the Pentagon! In Federal Agencies!
In contracts with all parties!!
Its Common Sense!
Another project way over budget. This happens all of the time. We know the Pentagon never pays what the contract calls for because of - because of what?
I believe that once a contractor bids on a project and says it will cost so much, that's the end of it. You promised to do the job for a certain amount, live up to the contract. The politicians in DC seem to believe that contracts are not binding documents - no wonder things are so screwed up - but rather a means of getting things started.
What would happen if a government agency simply said "The bid was for X$s, that's all we have, too bad if you don't make a profit. Live up to the contract."
Did you ever see the movie "Dave"? He's nobody important, who looks exactly like the president and has to fill in. One of the best parts of the movie is when he wants to save a children's center and calls in a friend who is an accountant to find some money. The accountant is shocked at the bookkeeping method in DC and maybe it is time for all of us to be shocked as well.
Overage is not normal! Wasting taxpayer dollars should not be normal!
Let's call our representatives to task. A contract is a binding agreement, let's make the contractors honor their commitments. There is no more money to go around. The country is going down the tubes. Its time to stop giving the impression that our government is a bottomless money well.
Accountability!!! In the White House! In the Congress! In the Pentagon! In Federal Agencies!
In contracts with all parties!!
Its Common Sense!
Monday, December 1, 2008
Recession - DAH!!!!!!!!
Wall Street fell yet again with the official news that the country is in a recession. What the hell do they think has been going on? They need official word to know that things are screwed up?
Explain to me again why we want to bail these jokers out? (I know its the fancy banks but they are all linked to Wall Street.)
On a hopefully positive note Barrack Obama named his security team. No surprises and some people who at least on paper look pretty good. Time will tell.
Tomorrow Georgia is having their run off for Senate. Sarah Palin came to root for the Republican and the Clintons and Al Gore showed up for the Democrat. Even the Obamas sent recorded messages. Tomorrow we'll see if anyone really cares.
What's the word from Minnesota? Al Franken where are you?
In just 24 days we celebrate Christmas. With all of the craziness in the world - terror attacks in Mumbai, a worker trampled to death in a Wal Mart in New York, insurgencies continuing in Iraq and Afghanistan, civil war in the Congo and Nigeria, the president of Russia invading the Caribbean and visiting Fidel and making deals with Chavez - maybe we all need to sit back and reflex on where we fit into the scheme of things. Those of us who are Christian plan to celebrate the birth of the Prince of Peace. Have we lived up to his example?
Who am I? What do I want? What kind of person am I? Do I care about the good of the many or am I only interested in myself?
This weekend I watched the HBO miniseries on the life of John Adams and although I do not agree with all he did or said, I do believe that even though he had a large ego, his overlying motivation was for the good of the people and the country.
Do our current leaders have that vision? Do they want to make this country and world better or are they only interested in the own ambitions? Time will tell.
Who do you care about? What do you care about?
To thine own self be true, then take care of your family, then your country and then the world.
Its Common Sense!
Explain to me again why we want to bail these jokers out? (I know its the fancy banks but they are all linked to Wall Street.)
On a hopefully positive note Barrack Obama named his security team. No surprises and some people who at least on paper look pretty good. Time will tell.
Tomorrow Georgia is having their run off for Senate. Sarah Palin came to root for the Republican and the Clintons and Al Gore showed up for the Democrat. Even the Obamas sent recorded messages. Tomorrow we'll see if anyone really cares.
What's the word from Minnesota? Al Franken where are you?
In just 24 days we celebrate Christmas. With all of the craziness in the world - terror attacks in Mumbai, a worker trampled to death in a Wal Mart in New York, insurgencies continuing in Iraq and Afghanistan, civil war in the Congo and Nigeria, the president of Russia invading the Caribbean and visiting Fidel and making deals with Chavez - maybe we all need to sit back and reflex on where we fit into the scheme of things. Those of us who are Christian plan to celebrate the birth of the Prince of Peace. Have we lived up to his example?
Who am I? What do I want? What kind of person am I? Do I care about the good of the many or am I only interested in myself?
This weekend I watched the HBO miniseries on the life of John Adams and although I do not agree with all he did or said, I do believe that even though he had a large ego, his overlying motivation was for the good of the people and the country.
Do our current leaders have that vision? Do they want to make this country and world better or are they only interested in the own ambitions? Time will tell.
Who do you care about? What do you care about?
To thine own self be true, then take care of your family, then your country and then the world.
Its Common Sense!
Sunday, November 23, 2008
Free Trade
George W is in Peru and the Asian Pacific Summit talking about the importance of free trade among nations to stimulate the world economy. I know that earlier this year the USA set up agreements with Peru, Panama and Colombia.
What I am not sure about is how exactly free trade works. Does this mean that no tariffs are involved? That the manufacturers can simply send their products to the participating countries with only the manufacturers making or losing a profit? Shouldn't the governments be making something out of the deal?
Not being a financial wizard, I would like any of you who have an idea of what free trade involves to write in and explain it to all of us. Please do it in simply language, I heard some of the finance boys on the talk shows going on and got completely confused.
Enjoy your weekend and stay warm.
Its Common Sense!
What I am not sure about is how exactly free trade works. Does this mean that no tariffs are involved? That the manufacturers can simply send their products to the participating countries with only the manufacturers making or losing a profit? Shouldn't the governments be making something out of the deal?
Not being a financial wizard, I would like any of you who have an idea of what free trade involves to write in and explain it to all of us. Please do it in simply language, I heard some of the finance boys on the talk shows going on and got completely confused.
Enjoy your weekend and stay warm.
Its Common Sense!
Saturday, November 22, 2008
WalMart to the Rescue
I received the following from a relative recently. I thought I would share it because it sounds like a plan to me because its Common Sense!
HOW BIG IS WAL-MART?
1 .At Wal-Mart,Americans spend $36,000,000 every hour of every day.
2 .This works out to $20,928 profit every minute!
3.Wal-Mart will sell more from January 1 to St. Patrick's Day (March 17th) than Target sells all year.
4.Wal-Mart is bigger than Home Depot +Kroger + Target + Sears + Costco +K-Mart combined.
5.Wal-Mart employs 1.6 million people and is the largest private employer. And most can't speak English.
6.Wal-Mart is the largest company in the history of the World.
7.Wal-Mart now sells more food than Kroger & Safeway combined, and keep in mind they did this in only 15 years.
8.During this same period,31 Supermarket chains sought bankruptcy(including Winn-Dixie).
9.Wal-Mart now sells more food than any other store in the world.
10.Wal-Mart has approx 3,900 stores in the USA of which 1,906 are SuperCenters. This is 1,000 more than it had 5 years ago.
11.This year, 7.2 billion different purchasing experiences will occur At a Wal-Mart store.(Earth's population is approximately6.5 billion.)
12.90% of all Americans live within 15 miles of a Wal-Mart.
13.Let Wal Mart bail out Wall Street
HOW BIG IS WAL-MART?
1 .At Wal-Mart,Americans spend $36,000,000 every hour of every day.
2 .This works out to $20,928 profit every minute!
3.Wal-Mart will sell more from January 1 to St. Patrick's Day (March 17th) than Target sells all year.
4.Wal-Mart is bigger than Home Depot +Kroger + Target + Sears + Costco +K-Mart combined.
5.Wal-Mart employs 1.6 million people and is the largest private employer. And most can't speak English.
6.Wal-Mart is the largest company in the history of the World.
7.Wal-Mart now sells more food than Kroger & Safeway combined, and keep in mind they did this in only 15 years.
8.During this same period,31 Supermarket chains sought bankruptcy(including Winn-Dixie).
9.Wal-Mart now sells more food than any other store in the world.
10.Wal-Mart has approx 3,900 stores in the USA of which 1,906 are SuperCenters. This is 1,000 more than it had 5 years ago.
11.This year, 7.2 billion different purchasing experiences will occur At a Wal-Mart store.(Earth's population is approximately6.5 billion.)
12.90% of all Americans live within 15 miles of a Wal-Mart.
13.Let Wal Mart bail out Wall Street
Monday, November 17, 2008
What next?
CitiCorp has announced it will be letting about 10% of its work force go. The other banking and financial "giants" are following suit. No telling how many thousand unemployed will be hitting the streets by the end of November. Black Friday after Thanksgiving just might become Red Friday by the time everything is said and done.
Things are getting worse not better, regardless of bailouts and promises of hope. The Stock Market continues down, not just here, world wide. Japan has declared itself in a recession, will our government do the same?
GM, Ford and Chrysler are still standing with their hands out. Do they deserve anything?
A lot of questions, few answers. A lot of folks have opinions, me included. But that's all they are, opinions. I am not in a position to take action. The truth of the matter is that neither is George W. Pelosi and Reid will never allow Bush to look good during him final months.
Which means that come the end of January Barach Obama and the Democrat Congress are going to need to put up or shut up.
This could mean that they immediately put together a Civilian Work Corp to begin construction on clean energy projects, such as windmills, nuclear power plants and natural gas pipelines. There is no sense giving someone a handout when there can be meaningful employment available.
FDR started it at the end of the Depression, then got a big war to stimulate the economy. I could do without the Big War. Hopefully, by working with the energy and power companies, the government can stimulate growth, jobs, clean energy and bringing jobs back to the USA. If we don't have to buy foreign oil, maybe there will be more money at home to support our own industries.
Needless to say I don't have all the answers. I might not have any, although I do have a lot of questions.
What are your concerns? What scares you right now and what scares you in the future?
Let me know and let your representatives in DC know.
The future belongs to all of us. We have to work together to guarantee that we will have one.
Its Common Sense!
Things are getting worse not better, regardless of bailouts and promises of hope. The Stock Market continues down, not just here, world wide. Japan has declared itself in a recession, will our government do the same?
GM, Ford and Chrysler are still standing with their hands out. Do they deserve anything?
A lot of questions, few answers. A lot of folks have opinions, me included. But that's all they are, opinions. I am not in a position to take action. The truth of the matter is that neither is George W. Pelosi and Reid will never allow Bush to look good during him final months.
Which means that come the end of January Barach Obama and the Democrat Congress are going to need to put up or shut up.
This could mean that they immediately put together a Civilian Work Corp to begin construction on clean energy projects, such as windmills, nuclear power plants and natural gas pipelines. There is no sense giving someone a handout when there can be meaningful employment available.
FDR started it at the end of the Depression, then got a big war to stimulate the economy. I could do without the Big War. Hopefully, by working with the energy and power companies, the government can stimulate growth, jobs, clean energy and bringing jobs back to the USA. If we don't have to buy foreign oil, maybe there will be more money at home to support our own industries.
Needless to say I don't have all the answers. I might not have any, although I do have a lot of questions.
What are your concerns? What scares you right now and what scares you in the future?
Let me know and let your representatives in DC know.
The future belongs to all of us. We have to work together to guarantee that we will have one.
Its Common Sense!
Thursday, October 30, 2008
The Obama Show
I watched the Obama show last night and it was okay. He rehashed everything he has been talking about. Laid out his plans for energy, health care, education, the military, getting America on the right track. What he failed to do was explain how he was going to pay for his plans. So many billion a year for new energy initiatives, higher salaries for teachers, benefits for companies who keep jobs in the country. How does he plan to pay for all of these programs?
The man talks a good game - I just want to see his budget and how red it is going to be.
I agree with what he says needs to done. I just want to make sure we can pay for it with out becoming a province of China.
On another note, as promised, I sent an epistle to my senators and Congressional representative to let them know what I think about the banks paying bonuses.
If you agree with me, please copy the letter, adapt it as you want and send it on to your representatives. A nation gets the government it deserves - I forget what famous individual said that - but they are correct.
As you will see, I have let the gang in D.C. know that it may be time to clean house. If enough of us get together, we just might make it happen.
Power to the People!!
Its Common Sense!
Dear Senator
On the news the other night the special banks - Goldman Sachs etc, - who accepted "bailout" money revealed that they still intended to pay out this year's bonus to their employees. The average bonus for a low level employee is $100,000.00. Who knows how the amount increases as you ascend the hierarchy. Some of the banks claim they set the bonus money aside prior to requesting federal assistance. Maybe all of them did.
If that is the case, if they had what must add up to millions of dollars available to pay these bonuses, why do they need my tax dollars to bail themselves out of a jam?I always believed you paid someone a bonus for a job above and beyond the call of duty. Losing fortunes and heading towards bankruptcy do not seem to be reasons to receive a bonus.There was no job well done - if it wasn't for the American taxpayer a lot of these people would be pounding the pavement.
What protections are in place to assure us taxpayers that our money is not going to be paid out as a bonus (an amount more than both my wife and I earn) to some greedy banker who screwed up?Are the banks going to be forced to use this "bonus reserve" to stabilize their situation before being allowed access to federal funds (my tax dollars) or is Congress going to allow the bonuses to be paid and let the banks continue with "business as usual?"
Senator, we tax payers deserve more than we are getting. We did not create the problem. Poor oversight on your (Congress's)part allowed the greedy banks to create the problem and yet you expect us, not them, to pay for the crisis. Not only are the banks' hierarchy getting away with murder, they are putting us into an enormous debt to China and other foreign countries.
America is falling and it is the lack of leadership in the White House and Congress that has brought us to this terrible time.What specifically is going to be done to insure the banks don't use out money for bonuses?What is being done - specifically - to hold bank management accountable for the situation their greed has caused?
If things don't get better, we taxpayers will need to have our voices heard. This coming Tuesday would be a good time for us to get out and let Washington know our dissatisfaction. Maybe its time to clean out Congress and start over.We deserve service and protection. Thus far Congress and the White House have failed to provide either to the citizens of the country.
Michael Wolfe
The man talks a good game - I just want to see his budget and how red it is going to be.
I agree with what he says needs to done. I just want to make sure we can pay for it with out becoming a province of China.
On another note, as promised, I sent an epistle to my senators and Congressional representative to let them know what I think about the banks paying bonuses.
If you agree with me, please copy the letter, adapt it as you want and send it on to your representatives. A nation gets the government it deserves - I forget what famous individual said that - but they are correct.
As you will see, I have let the gang in D.C. know that it may be time to clean house. If enough of us get together, we just might make it happen.
Power to the People!!
Its Common Sense!
Dear Senator
On the news the other night the special banks - Goldman Sachs etc, - who accepted "bailout" money revealed that they still intended to pay out this year's bonus to their employees. The average bonus for a low level employee is $100,000.00. Who knows how the amount increases as you ascend the hierarchy. Some of the banks claim they set the bonus money aside prior to requesting federal assistance. Maybe all of them did.
If that is the case, if they had what must add up to millions of dollars available to pay these bonuses, why do they need my tax dollars to bail themselves out of a jam?I always believed you paid someone a bonus for a job above and beyond the call of duty. Losing fortunes and heading towards bankruptcy do not seem to be reasons to receive a bonus.There was no job well done - if it wasn't for the American taxpayer a lot of these people would be pounding the pavement.
What protections are in place to assure us taxpayers that our money is not going to be paid out as a bonus (an amount more than both my wife and I earn) to some greedy banker who screwed up?Are the banks going to be forced to use this "bonus reserve" to stabilize their situation before being allowed access to federal funds (my tax dollars) or is Congress going to allow the bonuses to be paid and let the banks continue with "business as usual?"
Senator, we tax payers deserve more than we are getting. We did not create the problem. Poor oversight on your (Congress's)part allowed the greedy banks to create the problem and yet you expect us, not them, to pay for the crisis. Not only are the banks' hierarchy getting away with murder, they are putting us into an enormous debt to China and other foreign countries.
America is falling and it is the lack of leadership in the White House and Congress that has brought us to this terrible time.What specifically is going to be done to insure the banks don't use out money for bonuses?What is being done - specifically - to hold bank management accountable for the situation their greed has caused?
If things don't get better, we taxpayers will need to have our voices heard. This coming Tuesday would be a good time for us to get out and let Washington know our dissatisfaction. Maybe its time to clean out Congress and start over.We deserve service and protection. Thus far Congress and the White House have failed to provide either to the citizens of the country.
Michael Wolfe
Tuesday, October 28, 2008
Bonus
Last night on the news I saw that several of the financial institutions we are bailing out with our tax dollars are still planning to give their employees bonus, averaging out to $110,000.00 per employee.
What's wrong with this picture?
I thought you rewarded people for doing a good job, not for bringing a country to financial ruin. The financial institutions already had the bonus money set aside. Seems to me that these financial institutions can use the bonus money to bail themselves out and leave my money alone.
Needless to say I will be writing to my representatives later today or tomorrow to have them explain to me why they are allowing our tax dollars to be used as rewards for mismanagement.
The Bankers and Wall Street boys/girls need to get their act together and stop considering themselves better than anyone else. No one deserves a bonus for going into debt or worse, into bankruptcy.
Congress needs to get control of this situation in a hurry, or we are going to find that our money is not being used to open up lending, rather to buy a Mercedes for some Wall Street fat cat.
Enough is enough. Write your representative, demand action and the protection of OUR money.
Its Common Sense!!
What's wrong with this picture?
I thought you rewarded people for doing a good job, not for bringing a country to financial ruin. The financial institutions already had the bonus money set aside. Seems to me that these financial institutions can use the bonus money to bail themselves out and leave my money alone.
Needless to say I will be writing to my representatives later today or tomorrow to have them explain to me why they are allowing our tax dollars to be used as rewards for mismanagement.
The Bankers and Wall Street boys/girls need to get their act together and stop considering themselves better than anyone else. No one deserves a bonus for going into debt or worse, into bankruptcy.
Congress needs to get control of this situation in a hurry, or we are going to find that our money is not being used to open up lending, rather to buy a Mercedes for some Wall Street fat cat.
Enough is enough. Write your representative, demand action and the protection of OUR money.
Its Common Sense!!
Thursday, October 23, 2008
Challenges of the New President
Joe Biden's comment that Obama would get an international challenge shortly after his inauguration has generated all kind of interest and comments. Of course McCain says he has already faced the challenges so he will be ready for anything.
Personally, I think whichever man becomes president is going to be facing challenges that neither one of them is prepared for. Rhetoric is one thing, sitting behind the desk in the Oval Office is another matter entirely.
Whichever man sits behind that desk will be expected to come up with solutions to two wars; an economy in recession headed toward depression; a Congress who thinks the answer to everything is to borrow money from other countries and then spend, spend, spend; the largest deficit and debt this nation has ever faced; creditors like China who will take advantage at every turn to benefit from our situation; not to mention a variety of terrorists and extremists looking for that one weak spot so they can make their move.
Neither Obama or McCain has ever had to face all of this at one time. The questions is if all of these challenges will be too overwhelming for either man to deal with.
November 4 is coming in a hurry. Think about the challenges, think about the candidates - who can stand up and take the right actions to get the country headed in the right direction?
Your vote counts. Your opinion is important. You are the future of your country.
Its Common Sense!
Personally, I think whichever man becomes president is going to be facing challenges that neither one of them is prepared for. Rhetoric is one thing, sitting behind the desk in the Oval Office is another matter entirely.
Whichever man sits behind that desk will be expected to come up with solutions to two wars; an economy in recession headed toward depression; a Congress who thinks the answer to everything is to borrow money from other countries and then spend, spend, spend; the largest deficit and debt this nation has ever faced; creditors like China who will take advantage at every turn to benefit from our situation; not to mention a variety of terrorists and extremists looking for that one weak spot so they can make their move.
Neither Obama or McCain has ever had to face all of this at one time. The questions is if all of these challenges will be too overwhelming for either man to deal with.
November 4 is coming in a hurry. Think about the challenges, think about the candidates - who can stand up and take the right actions to get the country headed in the right direction?
Your vote counts. Your opinion is important. You are the future of your country.
Its Common Sense!
Tuesday, October 7, 2008
AIG Spa Trip
Below is the letter I sent this evening to my senators and congressman after learning about the outing of the executives of AIG. I thought I would share it with you. As always, if I get any response I will share that as well.
Tomorrow I will comment on this evening's debate.
Dear Senator
The news has come out that executives of AIG,who came begging for a $85 billion loan to save their butts, took $440,000.00 of our tax money to go to a spa in California. The reports are that something like $25,000.00 was spent on facials and massages.
I worry about putting gas in my car and maybe having beef once a week and these guys are getting facials?
In my mind, this type of action violates the terms of the loan and I feel Congress should get our money back. If they can afford to go to a resort, then they can work out their own problems.
I am tried of my tax money being wasted and this is an insult.These executives should be prosecuted for thief of American tax dollars, and AIG should be forced to stand or fall on their own.
Thank you
Michael Wolfe
Tomorrow I will comment on this evening's debate.
Dear Senator
The news has come out that executives of AIG,who came begging for a $85 billion loan to save their butts, took $440,000.00 of our tax money to go to a spa in California. The reports are that something like $25,000.00 was spent on facials and massages.
I worry about putting gas in my car and maybe having beef once a week and these guys are getting facials?
In my mind, this type of action violates the terms of the loan and I feel Congress should get our money back. If they can afford to go to a resort, then they can work out their own problems.
I am tried of my tax money being wasted and this is an insult.These executives should be prosecuted for thief of American tax dollars, and AIG should be forced to stand or fall on their own.
Thank you
Michael Wolfe
Saturday, October 4, 2008
Fannie Mae - What is wrong with this picture?
My daughter emailed me the following story about a 90 year old woman who shot herself, rather than be evicted from her house.
http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html
After reading the story, other than feeling sorry for the woman and wondering how many cops it takes to evict a 90 year old, my first question was who was the idiot who gave a thirty year mortgage loan to a 86 year old woman (The loan was made in 2004)? Come on! How hard would it be to check her income? This is just greed beyond comprehension. Whoever gave her the loan is the one who ought to be shot.
It also raises the question. Who benefits from the bailout? The little guy who took out the loan and is having trouble paying, or the bank that made the loan and is not receiving income?
I think Congress rushed way to fast into this bailout. I know that both Presidential candidates approved the bill, but I think they both sold us out. This "loan" is not going to benefit us. After all, the banks involved will only be able to pay off their "loan" if they are able to establish good loans to generate money for the bank. We will have to wait and watch, but i have a feeling none of this is going to turn out the way we were promised.
On a different note, today October 4 is the feast day of St Francis of Assisi, one of my favorite saints. For those of you who are pet owners - perhaps you have a cat named Little Fascist - this is the day you take your pet to church for a blessing.
God blesses everyone. Let's hope He is going to bless this country because we really need it.
Stay alert to what is going on. Share your observations with those around you. If we don't look out for one another no one else will.
Its Common Sense.
http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html
After reading the story, other than feeling sorry for the woman and wondering how many cops it takes to evict a 90 year old, my first question was who was the idiot who gave a thirty year mortgage loan to a 86 year old woman (The loan was made in 2004)? Come on! How hard would it be to check her income? This is just greed beyond comprehension. Whoever gave her the loan is the one who ought to be shot.
It also raises the question. Who benefits from the bailout? The little guy who took out the loan and is having trouble paying, or the bank that made the loan and is not receiving income?
I think Congress rushed way to fast into this bailout. I know that both Presidential candidates approved the bill, but I think they both sold us out. This "loan" is not going to benefit us. After all, the banks involved will only be able to pay off their "loan" if they are able to establish good loans to generate money for the bank. We will have to wait and watch, but i have a feeling none of this is going to turn out the way we were promised.
On a different note, today October 4 is the feast day of St Francis of Assisi, one of my favorite saints. For those of you who are pet owners - perhaps you have a cat named Little Fascist - this is the day you take your pet to church for a blessing.
God blesses everyone. Let's hope He is going to bless this country because we really need it.
Stay alert to what is going on. Share your observations with those around you. If we don't look out for one another no one else will.
Its Common Sense.
Monday, September 29, 2008
What now?
Evidently John McCain did not sell the Republican Congress on the need for the bailout. Apparently the Democrats did not do all that go a job with their own side.
I am amazed that anyone thought this would be easy. All of these men and women are up for reelection in five weeks. The majority have not had any time for campaigning. The are afraid, and rightly so, that many of their constituents are not going to understand why tax dollars are needed to save greedy banks. Maybe if we publicly executed a couple of these CEO's who's leadership caused the problem, and gave their "golden umbrellas" to the people, the populace might be more sympathetic.
A product is only going to sell if it is promoted properly. This bailout has been promoted like a joke. All we have heard is panic - it has to be done - markets will crash - loans will dry up- trust us, we know what we are doing. Give me a break, if the folks in Congress knew what they were doing we would have never been placed in this mess.
Bush, or better yet Paulson and a Democrat and Republican leader, need to come out and spell out for the people exactly what this bailout is all about, who gets the money, who over sees the money, and when will we get it back and at what interest. After all, this is suppose to be a loan, not a give away.
Producing a 100 page + document that the average American can not read does not help to alleviate fears. Congress needs to talk with us - not tell us - what is going on. It is our money, we need to have a voice.
This is another example of Congress treating us like children and expecting us to accept whatever they say. At least the leadership thought that. The reality is with an election looming the majority got scared. Now, rather than point fingers, they need to talk to us, explain the plan and show that they are doing this for the good of the whole country, not the fat cats on Wall Street.
Treat us as equals. Make us part of the process.
It's Common Sense.
I am amazed that anyone thought this would be easy. All of these men and women are up for reelection in five weeks. The majority have not had any time for campaigning. The are afraid, and rightly so, that many of their constituents are not going to understand why tax dollars are needed to save greedy banks. Maybe if we publicly executed a couple of these CEO's who's leadership caused the problem, and gave their "golden umbrellas" to the people, the populace might be more sympathetic.
A product is only going to sell if it is promoted properly. This bailout has been promoted like a joke. All we have heard is panic - it has to be done - markets will crash - loans will dry up- trust us, we know what we are doing. Give me a break, if the folks in Congress knew what they were doing we would have never been placed in this mess.
Bush, or better yet Paulson and a Democrat and Republican leader, need to come out and spell out for the people exactly what this bailout is all about, who gets the money, who over sees the money, and when will we get it back and at what interest. After all, this is suppose to be a loan, not a give away.
Producing a 100 page + document that the average American can not read does not help to alleviate fears. Congress needs to talk with us - not tell us - what is going on. It is our money, we need to have a voice.
This is another example of Congress treating us like children and expecting us to accept whatever they say. At least the leadership thought that. The reality is with an election looming the majority got scared. Now, rather than point fingers, they need to talk to us, explain the plan and show that they are doing this for the good of the whole country, not the fat cats on Wall Street.
Treat us as equals. Make us part of the process.
It's Common Sense.
Thursday, September 25, 2008
Debate
McCain says he may not debate tomorrow night. What is he afraid of? We all know that the government needs to make decisions on the bailouts. In truth, I thought that Obama and McCain should have been invited over the weekend to meet with Bush and Paulson to see what the options are. After all, one of them is going to be stuck with the results of the bailout, not Bush.
I agree that coming to a practical plan is important. I feel that Obama and McCain should make their contributions. But the truth of the matter is that neither one of them heads a senate committee that ties in directly to the bailout, so they can advise from a distance, they do not have to be in D.C.
Its forty days until the election. The the voters have the right to see our candidates in action. We need to hear them respond to real questions about the current world and home situations. To be a President you have to multi-task. You should be able to participate in a 90 minute debate and have aides to keep you informed of any crisis in the world.
Our economy is vital to everything our country does. You can not have much of a foreign policy if you do not have the cash to back it up. How our economy stands will determine what we can do outside our borders. After all, if there is no cash, we can not supply aide to Georgia, Afghanistan and other hard pressed allies.
I feel that a debate about foreign policy will have no problem incorporating a check on the status of the current economic situation. After all, nothing stands alone anymore, everything goes hand in hand.
McCain and Obama need to debate to allow the voters the opportunity to see how they act under pressure, what they know and do not know, and to see just how honest (or at least how honest they appear to be) they are in what they have to say.
I feel we would be better served if we could witness two debates a week until the election. Political commercials are junk, I don't believe any of them, or pay any attention to them. What I do pay attention to is how the candidate reacts responding to questions, especially if the commentators press for specifics.
Whoever wins this election is inheriting a mess and four hard years. We have to make sure the winner is the one we feel can do the job.
Let them talk, but ask specifics and let's make sure they are held accountable for the promises they make.
The President works for us - let's hire the best man for the job!!
Its Common Sense.
I agree that coming to a practical plan is important. I feel that Obama and McCain should make their contributions. But the truth of the matter is that neither one of them heads a senate committee that ties in directly to the bailout, so they can advise from a distance, they do not have to be in D.C.
Its forty days until the election. The the voters have the right to see our candidates in action. We need to hear them respond to real questions about the current world and home situations. To be a President you have to multi-task. You should be able to participate in a 90 minute debate and have aides to keep you informed of any crisis in the world.
Our economy is vital to everything our country does. You can not have much of a foreign policy if you do not have the cash to back it up. How our economy stands will determine what we can do outside our borders. After all, if there is no cash, we can not supply aide to Georgia, Afghanistan and other hard pressed allies.
I feel that a debate about foreign policy will have no problem incorporating a check on the status of the current economic situation. After all, nothing stands alone anymore, everything goes hand in hand.
McCain and Obama need to debate to allow the voters the opportunity to see how they act under pressure, what they know and do not know, and to see just how honest (or at least how honest they appear to be) they are in what they have to say.
I feel we would be better served if we could witness two debates a week until the election. Political commercials are junk, I don't believe any of them, or pay any attention to them. What I do pay attention to is how the candidate reacts responding to questions, especially if the commentators press for specifics.
Whoever wins this election is inheriting a mess and four hard years. We have to make sure the winner is the one we feel can do the job.
Let them talk, but ask specifics and let's make sure they are held accountable for the promises they make.
The President works for us - let's hire the best man for the job!!
Its Common Sense.
Wednesday, September 24, 2008
Senator Mikulski respons eto 9/21/08 letter
Here is senator Mikulski's response to my question of 09/21/08 about the bailouts. Note that she does not answer where any money will be coming from but sticks to party politics.
Dear Mr. Wolfe:
Thank you for writing to me about the Bush Administration's proposal to bail out the financial industry. It's good to hear from you.
There's no question that we are in a credit crisis. People who have saved for their retirement, been faithful in paying their mortgage, and worked hard to pay for college are wondering, 'What is going on?'
They've watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched casino economics, gambling on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't.
Congress must act promptly to restore confidence and stability in the economy. But I will not be stampeded into voting for the Bush Administration bill. During the last seven years, every time there's a crisis, they generate fear and they generate bad ideas. This three-page bill gives the Secretary of the Treasury unlimited power to intervene in our financial markets without any review by Congress, agencies, or courts. It cannot be rubber stamped by the Congress.
At the minimum, the plan must be limited and temporary - not open-ended. There can't be any golden parachutes that reward executives for their excesses and their recklessness. No blank checks. There also must be a plan for those who have been hit hardest by the mortgage crisis.
Knowing of your views is very helpful to me. I will keep them in mind as the Senate continues to debate the President's economic plan.
Thanks again for getting in touch. Please let me know if I can be of assistance to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.govor call my Washington D.C. office at 202-224-4654
Dear Mr. Wolfe:
Thank you for writing to me about the Bush Administration's proposal to bail out the financial industry. It's good to hear from you.
There's no question that we are in a credit crisis. People who have saved for their retirement, been faithful in paying their mortgage, and worked hard to pay for college are wondering, 'What is going on?'
They've watched Wall Street executives pay themselves lavish salaries. They've watched irresponsible lending practices. They've watched casino economics, gambling on risky investment mechanisms. Now those very same Americans who've worked hard and played by the rules are being asked to pay the bill for those who didn't.
Congress must act promptly to restore confidence and stability in the economy. But I will not be stampeded into voting for the Bush Administration bill. During the last seven years, every time there's a crisis, they generate fear and they generate bad ideas. This three-page bill gives the Secretary of the Treasury unlimited power to intervene in our financial markets without any review by Congress, agencies, or courts. It cannot be rubber stamped by the Congress.
At the minimum, the plan must be limited and temporary - not open-ended. There can't be any golden parachutes that reward executives for their excesses and their recklessness. No blank checks. There also must be a plan for those who have been hit hardest by the mortgage crisis.
Knowing of your views is very helpful to me. I will keep them in mind as the Senate continues to debate the President's economic plan.
Thanks again for getting in touch. Please let me know if I can be of assistance to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.govor call my Washington D.C. office at 202-224-4654
Sunday, September 21, 2008
Request to Senators for bailout information
Earlier today I sent the following email to my two senators - Barbara Mikulsi and Benjamin Cardin, as well as my congressman Dutch Ruppersberger. If and when I get a response I will share those as well.
Please feel free to use any or all of this email and send it to your representatives. (Just go to US Senate.gov to get the email address of your senators, and US Congress.gov for the email address of your representative.)
Hopefully, if enough of us raise the questions, some answers will be given.
Here is the email.
Dear Senator,
The current figures available on all of the bailouts is $200 billion for Fannie Mae & Freddie Mac, $85 billion for AIG, and $700 billion for "toxic" mortgages. That's just short of a trillion dollars.
How much is the current deficit? How much deeper in debt does this country need to go?
I know we are borrowing the money from foreign governments. Who are the principal lenders, what is the interest rate, and what is the payback schedule? What are the terms if we default on our loan?
Several years ago Senator Mikulski sent me several books to explain how the Federal government could have a surplus and deficit at the same time. The math was confusing then, now it is even worse.
What is the plan for paying back our creditors? What kind of tax burden is this going to put on the American people? Let's be honest, Senator, someone is going to have to pay, and it never seems to be Congress, but rather the American people.
I read where Congresswoman Pelosi is considering putting together another stimulus package. Forget it!! You do not need to borrow anymore money.
Iraq supposedly has a $78 billion surplus. Make them pay for the war (after all we aren‘t getting any help at the gas pump and I thought that was the real reason we invaded), and we can at least stop those ridiculous monthly payments we are currently sending over there.
Nobody wants to be responsible, no one wants to hold anyone accountable and punish them, its "oh well, we'll try better next time."
Forget about the popularity contest, make some tough decisions and get this deficit off our backs.
Michael Wolfe
Please feel free to use any or all of this email and send it to your representatives. (Just go to US Senate.gov to get the email address of your senators, and US Congress.gov for the email address of your representative.)
Hopefully, if enough of us raise the questions, some answers will be given.
Here is the email.
Dear Senator,
The current figures available on all of the bailouts is $200 billion for Fannie Mae & Freddie Mac, $85 billion for AIG, and $700 billion for "toxic" mortgages. That's just short of a trillion dollars.
How much is the current deficit? How much deeper in debt does this country need to go?
I know we are borrowing the money from foreign governments. Who are the principal lenders, what is the interest rate, and what is the payback schedule? What are the terms if we default on our loan?
Several years ago Senator Mikulski sent me several books to explain how the Federal government could have a surplus and deficit at the same time. The math was confusing then, now it is even worse.
What is the plan for paying back our creditors? What kind of tax burden is this going to put on the American people? Let's be honest, Senator, someone is going to have to pay, and it never seems to be Congress, but rather the American people.
I read where Congresswoman Pelosi is considering putting together another stimulus package. Forget it!! You do not need to borrow anymore money.
Iraq supposedly has a $78 billion surplus. Make them pay for the war (after all we aren‘t getting any help at the gas pump and I thought that was the real reason we invaded), and we can at least stop those ridiculous monthly payments we are currently sending over there.
Nobody wants to be responsible, no one wants to hold anyone accountable and punish them, its "oh well, we'll try better next time."
Forget about the popularity contest, make some tough decisions and get this deficit off our backs.
Michael Wolfe
Wednesday, September 17, 2008
The selling of America
This has been the month of bailouts. First Freddie Mac and Fannie Mae. Yesterday it was AIG.
Are you like me and wonder where the billions are coming from to pay for these buyouts?
Have we actually paid so much in taxes that our President and Congress can not only pay the monthly billion + to run the war in Iraq, but have billions left over to handle buyouts for financial institutions?
Out of curiosity I went hunting to find out where the money is coming from. I believed for a long time that the USA has been borrowing money from China and that was the reason President Bush went to the Olympics, rather than stay in the White House and protest China's record on human rights violations.
I found the following on a web site of the Treasury Department.
www.ustreas.gov/tic/mfh.txt
If you access the web site you will be able to see the billions of dollars foreign governments are holding in US Treasury bonds. I will be the first to admit that I do not know all the laws and regulations that are in place when someone buys a Treasury Bond. But I would certainly like to know what happens if one of these countries decides to cash in.
Many Americans worry about the problem of illegal aliens within our borders, and we will talk about that at a later time, but maybe an even bigger concern is how our "leaders" are selling out our country to foreign investors.
I thought we had to fear the foreign investors who were buying up companies and real estate in the USA. This morning when I heard that Barclay Bank in England had bought at least part of Lehman Brothers I thought "here we go again." But until I found the report above I never realized just how much of our country's finances are actually held by by foreign countries.
Regrettably I have no solution, maybe its too late and I should just let fate play out its hand.
But, I am hopeful that maybe all we Americans need is a wake up call to the plight we are headed and we will get off our apathetic butts and tell the boys and girls in DC that enough is enough.
We have to run our households with a balanced budget or lose everything to creditors, its time the President and Congress got the budget balanced so we do not lose the country to our foreign creditors and have to accept all the changes that would come from that.
Let's force the Washington gang to be responsible. Write your senators and congress person. Tell them they better start acting responsibly or come next election they'll be in the unemployment line.
We the people need to be heard, and we better do it before its too late.
Are you like me and wonder where the billions are coming from to pay for these buyouts?
Have we actually paid so much in taxes that our President and Congress can not only pay the monthly billion + to run the war in Iraq, but have billions left over to handle buyouts for financial institutions?
Out of curiosity I went hunting to find out where the money is coming from. I believed for a long time that the USA has been borrowing money from China and that was the reason President Bush went to the Olympics, rather than stay in the White House and protest China's record on human rights violations.
I found the following on a web site of the Treasury Department.
www.ustreas.gov/tic/mfh.txt
If you access the web site you will be able to see the billions of dollars foreign governments are holding in US Treasury bonds. I will be the first to admit that I do not know all the laws and regulations that are in place when someone buys a Treasury Bond. But I would certainly like to know what happens if one of these countries decides to cash in.
Many Americans worry about the problem of illegal aliens within our borders, and we will talk about that at a later time, but maybe an even bigger concern is how our "leaders" are selling out our country to foreign investors.
I thought we had to fear the foreign investors who were buying up companies and real estate in the USA. This morning when I heard that Barclay Bank in England had bought at least part of Lehman Brothers I thought "here we go again." But until I found the report above I never realized just how much of our country's finances are actually held by by foreign countries.
Regrettably I have no solution, maybe its too late and I should just let fate play out its hand.
But, I am hopeful that maybe all we Americans need is a wake up call to the plight we are headed and we will get off our apathetic butts and tell the boys and girls in DC that enough is enough.
We have to run our households with a balanced budget or lose everything to creditors, its time the President and Congress got the budget balanced so we do not lose the country to our foreign creditors and have to accept all the changes that would come from that.
Let's force the Washington gang to be responsible. Write your senators and congress person. Tell them they better start acting responsibly or come next election they'll be in the unemployment line.
We the people need to be heard, and we better do it before its too late.
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