As I look at my last post, I get angrier and angrier because it is more than obvious to the casual observer that a whole hell of a lot of our tax dollars are not going to Wall Street to save them from sub-prime mortgages. The whole idea that the reason for the current situation is all these defaulted on mortgages is ludicrous because if you do that math there is absolutely no way that is possible. So what are our tax dollars really doing?
From what I can gather is they are paying off the people that bought gambling insurance from AIG. It is funny that these guys got rich buying and selling derivatives that are back by nothing, but when they started to lose their shirts they cashed in on their insurance provided by AIG. The problem is AIG never collected enough premiums to cover the policies, so they were rapidly tapped out. So what to do, I know ask the American taxpayer to pony up the rest.
This is an insane idea and the funny thing about this whole mess is the guys that are suffering aren't the morons that allowed this to take place, but the hard working American taxpayers. AIG should have failed, plain and simple. It would have sent shock waves around the world, but the good parts of the company would have been sold off and the bad parts would have dissolved. But, if that had happened the gamblers would have lost billions and their buddies in Washington refused to let that happen. Is it any wonder that the rest of us can see this so clearly, but the Wall Street insiders can't. You can't really blame them because they are only human and who wants to lose their shirt on bad investments fueled by greed.
It is time we the public stand up and say enough is enough. We are tapped out as well and in case you haven't heard it is getting tougher and tougher to sell our debt, just ask England and Germany. What happens when the T Bills are auctioned and there are no buyers? We have a huge increase in the interest rate that will accelerate a National Debt accumulation and thus the spiral continues. How do we see our way clear of this? We allow Obama and the Congress to spend our way to prosperity? I think not.
If you haven't been watching what Congress is doing with the budget, I suggest you take the time to look into it. For all the talk of a Democrat revolt on spending, which by the way is not happening, they are still considering the largest increases in government spending EVER! We need to drive some sanity into this Congress any way we can. We need to put a free on new spending of any kind and reduce current spending. We need to formulate a plan to pay down the National Debt (I recommend the Federal Sales Tax). We need to maintain our known revenue stream and not monkey with taxes until we see a light at the end of the tunnel. These are things that need to be pushed if we want to bring this country out of recession.
If we want to push this country further into the ground all we need to do is approve this budget and start taxing the crap out of the job makers. Oh wait, that is the President's current plan. Oh yeah! Are you ready to grab the pitchforks and torches yet? I will point you towards Glen Becks 9/12 project as a good place to start or join one of the hundreds of Tea Parties that are going to happen on April 15th. Write your Congressman and let them know that you are mad as hell and you aren't going to take it anymore.