State treasurer supports financial rescue plan

It is not right to bail out Wall Street with the working man’s tax dollars.

If the greed and dishonesty of Wall Street is justified, rewarded and encouraged by government bail out, then the person who couldn’t and shouldn’t qualify for a house mortagage on an overpriced house, will remain in a house he can’t afford and that is not worth what he paid for it. Where is the right in that? A financial institution is to blame for loaning more than it was worth and loaning it to someone they knew couldn’t pay it off! This is wrong and dishonest if that financial institution is insured by federal resources. If the government ‘buys’ that bad debt, who gets the money, the person in the house? No, the financial institution that is holding the bad debt! On the other hand, the person who worked and saved for retirement for 20 years will suddenly find their retirement assets nearly worthless because massive quantities of more money have been dumped into the economy without increasing the things to buy and so now more money is chasing the same quantity of goods; the classic definition of inflation. It ten people have one thing each to sell, and have ten dollars each to buy. It looks like each thing might cost ten dollars. If the government gives each person another ten dollars each, but there is still only the ten things, then each thing might now cost twenty dollars each. Everyone will be worse off except the financial institutions who were wealthy at the beginning and who did the greedy stuff that has caused this situation.

The depression of the 30’s was a wake up call about how we financed things. We resolved it the wrong way by using government resources. The wonderful resources and ingenuity of the American people have since been steadily accumulated by the larger interests as there has continued to be a cycle of calamity and emergency government spending – debt. The size of the government dose is getting bigger and bigger. Before the depression, all my forefathers ran their own businesses and made their own living. There were such things as the family business, the family farm and an inheritance to the children. Since the depression, we have all worked for someone else as an employee and those that have tried to start their own business have failed. It is hard for a small business to survive, much less thrive today. Repeat the phrase “bureaucracy-taxes-regulation” three times as fast as you can, or till you believe it helps you. The American people are losing their independence financially as the economy becomes characterized by transnational coporations, international banking and government taxes and regulation; the new world order. Meanwhile debt in all parts of society is going to absurdly high levels. We have become a debt-based economy. Individuals, businesses, and the government are routinely “rolling over” debt from one cycle to the next and paying the interest to the financial institutions. The financial institutions, now that Clinton signed the law that Phil Gramm sponsored to eliminate borders between types of financial institutions, took that money from their lending operation and using their investment branch, “leveraged it” with more borrowed money into the investment markets. The “leverage” money was either borrowed in house or from another financial operation down the street or around the world. It is a whole economy that is based on borrowing more money to make money or buy things. It is an incestuous manipulation of debt. This economic pattern of behavior is doomed and will eventually self-destruct. The debt ability of the individual, business, and government are not infinite. The individuals go broke and the businesses take their stuff. The businesses go broke and the government bails them out. Who bails out the government when it goes broke? No one will foreclose on the US government, but soon the governments, transnational corporations and international banks that do business with our government will lose confidence in the United States economy and stop buying US government debt and then the house of cards will come tumbling down. Buckets of money won’t buy anything. Wages won’t keep up with hyperinflation, but tax rates will. All because we thought financial institutions just wanted to make a living like us and weren’t really bloodsucking vipers. The American people who went to school; made good grades, got a job, worked hard, planned and saved for the future, and kept their affairs in decent order will find themselves broke and wondering why? Because financial institutions found they could create massive quantities of money on paper if everyone went into debt. The borrower is servant to the lender. It is true for me, let it be true for them.

The gurus Bernanke and Paulson have lied to us since a year ago about how big the problem was, and the government has already bailed out several institutions as they have disintegrated because they are financiall a house of cards… a house of debt. These principles and facts should be common knowledge, but someone doesn’t want all this financial information becoming public knowledge. Gee, I wonder who that might be?

Our government officials find themselves trapped between the lobbyists that finance their campaigns and the citizens that vote for them. The powers that finance the lobbyists are trotting out all their government and media schills to convince us their fate is our fate.

They have stolen more chain than they can swim with. How much chain are you trying to swim with? Let them turn loose of the chain, not require us to jump in the water and wrap the chain around us too!!

Inheritance tax planning is very essential if you really want that your estate goes in the hands of whom you want to. This demands a very strong and calculated financial planning and if all ends meet in a proper way, your family will be free from any further finance problems in future.