I Wonder…..
….. what is the writer really saying?
Tags: The Deficit, The Economy, The Feds
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on Thursday, July 16th, 2009 at 6:21 am and is filed under Taxes.
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July 16th, 2009 at 4:35 pm
Hehehe…
All I can say is, America’s business is really business, and it’s big financial business at that. Bail out the big financial institutions that were lackadaisical with their lending standards and too involved to bother checking if the emperor was wearing any clothes, but the little guy, who is now faced with a mortgage he cannot pay because he was laid off by Company XYZ who went belly up because of the meltdown on Wall Street, has but all to show for it other than a tax burden that he will pass to his children, grandchildren, and possibly even great grandchildren.
Just like everything else, it gets put on the back of the taxpayer. If business takes too much risk and turns upside-down, it’s the taxpayer who bails them out because they are just “too big to fail.” But does the taxpayer benefit when said business has record profits (especially after receiving billions of deficit money from the Federal government, along with untold billions of buddy-borrow-rate dollars from the Federal Reserve)? Does the taxpayer get a share of the profits?
What we have seen happening for the past nine months is perhaps the largest public transfer of future income this nation has ever seen. And the money being transferred is going from public debt right into private wealth, from the pockets of the average taxpayer to line the bank accounts of the super-rich.
Goldman Sachs has their people in all the right places right now. They are able to shape policy to fit their needs. When the mortgage crisis finally came to light, Wallstreet sent their boy Paulson in front of congress demanding money to keep Wallstreet alive. But when the Big 3 auto companies went before Congress to beg for a pittance of what Wallstreet demanded, they were treated like poor little Oliver Twist begging for more.