Barack Obama, Nancy Pelosi, Harry Reid, Barney Franks et al are the new political criminals in our society. As they bask in the sun of jamming the largest spending bill down the throats of the US citizens without even giving the citizens a chance to vote or comment on it, we begin to see the damages that are now occurring especially on Wall Street. For years people have been self sufficient in their savings for the future. Now all of that has been wiped out and the new Socialist Party (the Democrats) have now made us totally dependent on the US Government with threats of government controlled national banking system. Just think, Barack Obama and his fellow thieves will be able to go into your account at any time and demand fees, taxes, assessments, surcharges or anything else they decide to take from your account. Just think of your phone bill with all those government unjustified mandated charges. Your bank account will look just like that.
Just like his predecessor, Bill Clinton, Barack Obama has sent a mandate to spend 75 Million dollars to force lending institutions to write loans to people that should have never had a loan to begin with. Again Barack Obama is creating a land of “Entitlement” rewarding non-responsible people with tax money provided by hard working Tax Payers that make their home loans on time.
Again I have to keep going back to what Bill Clinton did in 1997.
This is where Bill Clinton made a similar mandate for lending institutions to write loans bases on quantity instead of quality.
There is one huge difference between what Barack Obama is doing and what Bill Clinton did.
Bill Clinton mandated the law gambling with investors money i.e. people that had stocks and other savings in various institutions.
Barack Obama is gambling with every tax payer’s money and the huge taxes that will need to be collected in the future from the children that are now growing up. Barack Obama has made it very difficult for the children in the future to be self sufficient in savings and investments as they will be paying back a very high rate in taxes back to not only the US Government but to local State Governments also.
So now lets look at what is happening here in California where I live. Yesterday the California government finally created a budget for the future and besides spending cuts (Which I give Kudos to the Socialist Party for doing) it also levied $12 Billion Dollars in tax hikes. We now have the highest sales tax in all of the states, DMV taxes have doubled, and there is an undetermined increase in State Income Taxes that the Socialist Party forced upon the citizens in California.
So what does that mean to us here in California. Well, because any TAX CUTS the Federal Socialists gave us in California, the State Socialists are taking back. So in a nut shell Californians gained nothing. Even though California is in line for millions of federal tax payers money in the “State Bailouts.” I imagine this will happen in a lot of other states as California usually sets a lot of precedents for what other states do.
The Socialists are just making it worse and worse every day. Today we are experiencing a 6 year low in all the markets and what is worse banks are on the point of collapse from fears of being nationalized. This my friends would be the end of the Free Market that we here in the United States have enjoyed for over 200 years.