These Reps are outrageous – their new bailout plan is shameless

This is really unbelievable what the Reps want to add to the bailout package, why not refund all taxes to Wall Street they ever paid?? That makes the whole thing easier and the other taxpayers (Main Street) still pay for the bailout plan. This whole thing stinks and is a big charade. They claim to take interest of the taxpayer (the 5% high income taxpayer) but that’s exactly the opposite of those new proposals. Let’s have a look:

Just to pick the point that would allow ‘companies’ to carry back losses of the years of 2007/8/9
five years. As a basic effect – it would be far more efficient if mainstream could carry back all losses the made in stocks and houses in those years for 5 years and get all their taxes of 5 years refunded – the aspect companies may do so is a shameless and reckless point to raise.

Or to cut capital gain tax for 2 years so the big guys make up the losses they made in the markets by not paying taxes when they sell out – that cries for throwing them out of their cozy House and Senate seats for those guys in the upcoming election to give them a lesson and taste of their unbelievable ruthless motives. They even try to make a bargain of the crises they brought upon the world that takes huge and insane moxy.

Now its clear to me that they let the first vote fall through on purpose to create the urgency to pack in this measures and cover it up with a little give away to increase the FDIC increase of account guarantee to 250k which does not help the average American citizen anyway since he does not have that kind of cash. The two points I discussed will make a difference of hundreds of billions not earned taxes from the top 1% – which is a hidden tax privilege and present on back of mainstreet.

Excerpt from

Components of the alternative plan including the following, according to sources:

  • Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan’s enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
  • Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
  • Allow a “repatriation window” for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year.
  • Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
  • Suspend the capital gains tax rate for two years
  • Limit backing of high-risk loans by Fannie Mae and Freddie Mac
  • Schedule Fannie and Freddie for privatization
  • Suspend “mark-to-market” accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value
  • Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth
  • Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
  • Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns

Why do they not allow mainstreet to deduct losses they had by investing money into banks and institutions the government did nor supervise properly from their income tax like Bear stearns and Lehman. The Reps have totally lost control what capitalism means they turn it into a legalized the privileged can steal money from the others party or as someone put it yesterday on CNBC on the upside its capitalism (as long as the privileged one’s make money) when they start loosing we turn into socialism. Or as Andrew Jackson put it.

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.” -Andrew Jackson, 7th US President

In 1836, Andrew Jackson forced the closing of the Second Bank of the U.S. by revoking its charter.

A study found out what everybody does acknowledge by his personal life the spread between the rich and poor has get to the widest point again within 100 years. Just to give one example the richest 1% Americans owned 8% of all wealth in 1980 do own now 20%. If it was based on the fact that they had produced more value and quality to the life of all nobody would be opposing that but just stealing legally with the backing of the government – I doubt that people will accept that. The first sign is that there is anger about the bailout but going forward it will be more basic – hence Obama or who ever is in charge better stick to their promises or as astrology tells the next Boston Tea party is around the corner no taxation without representation

Excerpt from Herald Tribune

Income inequality grew significantly in 2005, with the top 1 percent of Americans – those with incomes that year of more than $348,000 – receiving their largest share of national income since 1928, analysis of newly released tax data shows.

This is a global phenomena and regardless of the fact if liberal or conservative governments were in charge since the all dance to the same drummers music. Corruption in politics is also on a century record since they also want a share of the cake. Most interestingly though is the fact and parallel occurrence of the prior depression time of 1928. Bush said wallstreet is drunk but its not only wallstreet why do CEO of US car manufacturers get millions of dollars a year for crashing those companies into the ground and now they also want a bailout just to name one example. who is the FBI not investigating pharma companies reckless patterns to make doctors subscribe dangerous medicine. How can 50 bil tax money just disappear in Iraq.

‘There is something rotten in Denmark’ as Macbeth says and Denmark stands for almost all governments and states on this planet – Democracy has been reduced to a cheap charade while we are in the dark middle ages of feudalism, where the king and the lords do as they are pleased.


~ by behindthematrix on October 1, 2008.

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