Friday, January 22, 2010
Taxation without representation ???
Posted by Kelli Hochhalter-Kraus, January 22, 2010
On Wednesday, a day after the incredible win by Scott Brown of the Senate seat previously held for over 40 years by Ted Kennedy, Obama signed a directive that is supposed to stop government contracts from going to tax-delinquent companies. “We need to insist on the same sense of responsibility in Washington that so many of you strive to uphold in your own lives, in your own families and in your own businesses,” Obama said. So what about all the tax cheats in his own administration and in Congress? For example, Tim Geitner, Kathleen Sebelius, Ron Kirk and the list gets longer if you include the ones who withdrew their nomination after tax problems and ethical problems arose. Now in Congress, we have Representative Charlie Rangel who is under investigation for tax evasion and he is Chairman of the Ways and Means Committee which is responsible for writing the tax laws.
Along with this directive, President Obama wants to gain back support of the American people by taxing large banks, many of which have already repaid with interest, money lent to them by the federal government. Only AIG, General Motors Co., Chrysler LLC, Freddie Mac and Fannie May are excluded from this tax and will not be required to pay back the money they took. Obama’s rallying cry is to call bankers fat cats, scold them for paying themselves bonuses and he called on them to do the right thing and not pass the cost on to the American people. Isn’t it funny how he wants to label the banks as fat cats who should not get bonuses or pass their increased cost to us, but it is okay to increase the pay of those in the federal government and propose spending that would impose a tax on us.
Now President Obama is continuing this crusade against the financial industry by announcing proposed new restrictions on the size and scope of financial institutions so the government can limit their ability to engage in risky trading practices. Obama stood with with Representative Barney Frank and Senator Chris Dodd when he made this announcement. “We should no longer allow banks to stray too far from their central mission of serving their customers,” said Obama. “In recent years, too many financial firms have put taxpayer money at risk by operating hedge funds and private equity funds and making riskier investments to reap a quick reward. And these firms have taken these risks while benefiting from special financial privileges that are reserved only for banks.” Barney Frank is the House Financial Services Committee Chairman and helped orchestrate the low lending standards that caused the housing market collapse. Chris Dodd, Chairman of the Senate Banking Committee which regulates mortgage lending, received preferential treatment in his mortgage loans from Countrywide CEO Angelo Mozilo. Our President wants to require banks to do what he does not require the federal government to do.
Obama’s poll numbers are way down, he suffered a blow with the election of Brown to the Senate, so he wants to get the people on his side by making them angry and mad at the banking industry. He has seen it work in the past, so why not now. Obama is like the magician who wants you to look at his right hand, so you don’t see what he is doing with his left hand. Look over here at what we are doing to the fat cats on Wall Street so you don’t see that we are still pushing our agenda on health-care, cap and trade, stimulus spending, raising taxes and increasing the federal deficit by raising the debt limit.
Obama’s ego and arrogance is so large that even with low approval numbers and Americans clearly sending a message of stop the madness, he is going to do what he wants to do. Remember, he is the President who told top House and Senate Republicans who voiced concern over his stimulus bill, “I won”. That explains everything about this man. He doesn’t care about what may be right or wrong for the American people, we need to listen to him and do what he wants because, he won.
I have heard the saying “We had to elect a Carter to get a Reagan”. But I would take it further now. We had to have a King George III to start a revolution. That is what is taking place in our country right now. People are fed up and it took the election of Obama and the direction he and Congress are trying to take this country that have rallied us. Let us move forward with the knowledge of who we are dealing with here, the ability to see through their smoke and mirrors and the will to hold onto our resolve to remedy this in the elections this November and in 2012.
(Viva la Revolution! Find your passion, join the revolution and don't let off the gas! Keep the faith, keep up the fight! Our Nation is depending on it! VN8)