Jeff Smith noon, March 8
- Community Blog
MONEY, the root of all evil, is the big story around the world. Those of us in the U.S.A. are scratching our heads and wondering how it is that the government can hand out bail-out money while carrying a national debt in the trillions. The following excerpts from Bloomberg:
"The federal government committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion, according to Bloomberg News."
"In fact, things are so good Bloomberg news reported that investment banks Goldman Sachs and Morgan Stanley have managed to squirrel away billions to pay annual bonuses. According to Bloomberg, Goldman Sachs has set aside $6.8 billion for bonuses, Morgan Stanley $6.4 large."
I know very little about the financing schemes of the U.S. government. It seems to me that they just print more money when they want it. Wouldn't it be nice if we could do the same?
Have any of you received notices from credit card companies that your line of credit has been decreased? Or the your card has been suspended? Based on the recent thorough review of your credit profile. My favorite is American Express because just a couple months ago they increased were increasing limits. Now, for the very same reason, they are decreasing limits. They deserve the "Flying fickle finger of fate" award.
Chase sent the same type of notice using the same reason, for suspending their credit card.
I am pretty sure that the investment bankers won't get such notices. It is always the middle class (& lower) taxpayers who suffer. Most of us don't have to pay for a gardener, pool service, private jet, etc. AND, the bail-out has very little in the way of rules. Per Huffpost:
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
The way to solve these problems: bring all Americans working or serving in the military, overseas, home. Then close all the doors (suspend immigration and work on a solution to this problem) and let each & every American voice their opinion on any & all topics on their minds (some will have to search for this). Repair EVERYTHING. Make the word, lobby, a building reception area, and delete (nicer than downsize) lobbyists from our vocabulary. They really have no place in our government system. Rewrite the IRS, Social Security, Medicare, codes. Re-regulate the "money" industries, fix our health care systems, and NO MORE PORK. That should take a few years.
Yes, I know nothing like this will never happen. Congress fails to represent their constituency on a regular (dare I say daily) basis. For them this is business as usual. From experience, it is difficult to fight City Hall so taking on the U.S. powers that be would be a monumental task. The general populace must get involved. Send e-mails, letters, even phone calls to those who represent YOU. All opinions are welcome.