Bailouts The 1% and The 47%

-
As a result of comments made by Mr. Romney that was recorded and posted on You Tube by Mother Jones, there is much discussion about the 47% of Americans not paying federal income taxes. Much of the talk comes from conservatives stating that this is unfair. I find it interesting that these conservatives are saying nothing about the near trillion dollars spent by our government for the bail out of banks, hedge funds and other corporations resulting from the market collapse in 2008.

What makes it more bizarre is that many of these institutions contributed to the market collapse by profiting from the sub prime housing fiasco throughout much of the last decade. It seems to me that what is most unfair is that none of these institutions have had to pay much of anything in the form of retribution for all the financial carnage that they have caused. Goldman Sachs is a good example of this.
Read More


Comments

Post a Comment

Popular posts from this blog

China And The Five Baits

-
Image
If you are under the age of 50 you should be concerned about China from an economic and global power standpoint. Some believe China is seeking peace with the rest of the world. Based on their long history, I am not convinced. For China long term is hundreds of years and for the United States it is the next election cycle. China's focus is always on the long term. Much of this post is drawn from a book,  On China , written by Henry Kissinger, the Secretary of State under President Nixon and a research paper of the National Intelligence Council titled  Global Trends 2030: Alternative Worlds . Whether the future will prove China's desire for peaceful co-existence depends on whether its middle class will sufficiently benefit from economic growth and not allow their leadership to throw it away by creating enemies with trading partners.  This requires the country becoming more democratic and less inclined to be a threat to the remainder of the world.  The jury is still looking
Read More

Save Some Art or Save Detroit

-
Image
  This is something I wrote back in 2014 while Detroit was struggling with a bankruptcy. I profess not to know the value of all the art held at the Detroit Institute of Art (DIA). Further, I do not know how much of the art is owned by the city of Detroit. I think we should find out and use it in the best way possible to save Detroit and its citizens. I  commend all the foundations and the state of Michigan who have stepped up with hundreds of millions of dollars in proposed contributions to save the DIA and the art work that it holds. Is the plan presented to the creditors concerning these donations and the leveraging of the art the best way to save Detroit and its citizens? Is saving the artwork more important than saving the city and its citizens? Stephen Henderson of the Detroit Free Press made a valid point with his editorial titled “ Detroit’s Rebirth Must Include More Than Downtown, Midtown “. Detroit will not succeed  if it does not cultivate a middle class and we cannot wait de
Read More

What Can Free Market Conservatives Do?

-
I am a free market conservative. I voted republican in every presidential election since 1968, except one. It is obvious that our government must live within its means and do so in a manner as not to interfere with a functioning free market economy. If we desire to take control of government, we must demand government carry out one of its primary functions; protecting free markets from tyranny, both public and private. We are vocal about defending it from public tyranny, but silent when it comes to tyranny in the private sector. “Experience should teach us to be most on guard to protect liberty when the government’s purposes are beneficial. Men born to freedom are naturally alert to repel invasion of liberty by evil-minded rulers. The greater dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding.” Justice Louis Brandeis 1928 Today our focus seems to be only on the tyranny of government when it comes to free markets. We need t
Read More