Government pledges 50% of GDP to bail out Wall Street

The world is rapidly following the average citizen into the debt trap. Now that the average citizen owes more than he will ever make, the world will pledge more debt to bail out financials than it can generate.

At the current rate corporations will never be able to generate enough profit to pay back the loans the government guarantees.

This is total madness and has guaranteed a total economic collapse. When the corporations fold regardless of the bailout, Americans will be stuck with a tax bill where rasing the minimum tax to 60% won't even cover the deficit.

The reason why business is failing is becuase of bad business models. Until we get a huge change in the way business is done we will not improve.

The answer is to raise corporate tax rates so big corporations go out of business. Lower payroll taxes by 50% and give huge tax incentives to start up small business. Once the small business engine comes back we will have a good economy again. We can't survive with the current Corporate Socialism we have. Wall Street and the mega corporations resemble the USSR in the '80s. The awakening to thier shady accounting tactics is thier glasnost.

This entire economic melt down, and debacle resulting from the pyramid and Ponzi scheme FRAUDS IS the responsibility of the VAST MAJORITY of Congress.

This entire debacle would have been TOTALLY AVOIDED if Congress had: 1) implemented reasonable and "common sense" "oversight and regulation" of the FIs and teh corporations; and 2) required that all mortgage applicants had to be fully prequalified (as was suggested by some of the Fed members . . . Alan Greenspan ignored their requests.

The "bottom line" is that the VAST MAJORITY of Congress (Barney Frank (D-Ma), Ms Pelosi, Mr. Reid, Mel Martines (R-FL) simply tacitly "sold out" to the special interests groups in lieu of protecting the best interests of our antion and the people. The "end result" of all of this speaks for itself . . . and it would have ALL been totally avoided 9never occurred0 if Congress had done thier fiduciary responsibilites.

If the American people tolerate this "GROSS AND BLATANT BETRAYAL" by our Congressmen and government, then the people deserve whatever they get. As the French philospher Rousseau stated: "People deserve the government that they have . . . " . . . if you tolerate it, then you deserve it.

So, everyone who does not telephone, email, fax or write they congressmen are tacitly "approving" of what they have done by not raising hell about it. We must vote out of office all of the INEPT, INCOMPETENT, and CORRUPT Congressmen who have failed to support the American people's best interests. Any Congressman who had the audacity to propose or to support any of the $150 BILLION in earmarks or "pork barrel" that was added to the $700 Billion Bail out legistlation should be run our of office.

That $150 Billion in earmarks and pork barrel ammendments is just another $150 BILLION that you the peole are being defrauded out of . . . . doesn't the audacity of this action by Congressmen deamnd that they be removed from office? They certainly were NOT helping YOU with any of this, only their campaign supporters and friends.

The people need to support . . . NO, they HAVE to SUPPORT re-call elections of these CORRUPT POLITICIANS, if they expect anything to change. It's "them" or "us" . . . andif you do nothing, then YOU ARE GOING TO LOSE EVEN MORE ECONOMICALLY in this sham of a Bail Out. Their "tool" is to put the fear into the people that if theydon't let them do as they like, then there will be even worse disasters . . . . well, their bail out attempts have NOT resolved anything to date, has it?

11-24-2008 @ 11:32AM

Iridium said...
The reason why business is failing is becuase of bad business models. Until we get a huge change in the way business is done we will not improve.
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Well, it has been the "Harvard and Princeton MBA/PhD mentality" of maximizing quarterly returns without regard to anything else that has, in essence, undermined the long term integrity of our markets and our corporations. They used the psuedo-sophistication of their "crative accounting" to orchestrate the pyramid and Ponzi schemes . . . and we all can unequivocally see the end result of all of that. It is the ALCK OF INTEGRITY and ETHICS that became a terminal cancer that has eaten away the fabric of our national econony and standards of living.

Our "business models" became based on FRAUD, and tolerated and promoted by our government (Geo. Bush and Congress). I do not think that "these leopards can change their spots"; they have to be removed for positions of authority, and responsibility within our government and our corporations . . . and that will not be an easy task; but it is the ONLY SOLUTION. Those guys are still working hard to "game" the $700 BILLION recovery efforts to line their pockets even more . . . how much more STUPID and BLIND can the American people be to all of this????

If EACH individual American doesn't do something to try to force equitable solutions to these matters, then nothing meaningful is going to change, except for the further impoverishment of the American people. (Elections and RECALL elections are "won" one vote at a time.)

Act now or suffer the cosequences PERSONALLY!

I suggest that the Harvard, Stanford, Yale, Penn business schools be responsible for the debt, since their graduates seem to have started most of the trouble. What do they teach these boneheads in these schools that command such unreasonable salaries and bonuses and leave such a wake of destruction in their path?

My tradesman brother-in-law just commented to me that "surely we have seen the worst of all of this . . . and that things will begin to improve . . . ".

After we discussed the matters, such as the BIG 3 auto manufacturers filing bankruptcies (either Cahpter 11 or 7, etc.) and all of the "falling domino effects", etc. . . . and the construction industry three year inventory of buildings, etc., etc., etc. He decided that perhaps there is more bad news on its way. He also stated that his best large customer has postponed having any work done dor over a month . . . a situation that is wurely going to worsen.

The American people ignoring these dires sitautions and "hoping for the best' are living in a "dream world" . . . they had best wake up to the reality of the overall situation . . . and personally ake actions with their Congressmen to pressure them to do what is in the nation's and the people's best interests. Otherwise, they are slowly being bleed into impoverishment.

The American people had better wake up to the reality of what is going on, or they are going to be further DUPED and DEFRAUDED by the $850 BILLION Bail Out plans/efforts . . . the "insiders" are gaming " the hell out of the Bail Out efforts.

If you have never contacted your Congressman, you need to do it now . . . and REPEATEDLY, or nothing much is going to improve. Just remember that 85% of the constituents who contacted their Congressmen PRIOR to the $850 Billion BailOut Legislation were AGAINST the Bailout plan; but Congress passed it anyway. Now they say their initial efforts (hudnreds of Billions in payouts) did NOT work . . . it's time to have a lot of recall elections of Congressmen or nothing is going to significantly change.