Huck PAC – Bailing On Our Principles

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Huck PAC – Blogs – Bailing On Our Principles: Copied from Huck PAC

Frankly, I’m disappointed and disgusted with my own Republican party as
I watch them attempt to strong-arm a bailout of some of America’s
biggest corporations by asking the taxpayers to suck up the staggering
results of the hubris, greed, and arrogance of those who sought to make
a quick buck by throwing the dice. They lost, but want the rest of us
to cover their bets so they won’t be effected in their lavish
lifestyles as they figure out how to spend their tens of millions and
in some cases, hundreds of millions in bonuses and compensation which
was their reward for not only sinking their companies, but basically
doing the same to the entire American economy.

It’s especially
disconcerting to see the very people who pilloried me during the
Presidential campaign for being a “populist” and not “understanding
Wall Street” to now line up like thirsty dogs at the Washington, D. C.
water dish, otherwise known as Congress, and plead for help. I thought
these guys were the smartest people in America! I thought that
taxpayers like you and I were similar to the people at the U. N. who
have no translator speaking into their headset – that we just needed to
trust those that I called the power bunch in the “Wall Street to
Washington axis of power.”

The idea of a government
bailout in which we’d entrust $700 billion to one man without
Congressional oversight or accountability is absurd. My party or not,
that is insanity and I believe unconstitutional.

Will there be
far-reaching consequences without some intervention? Probably, but we
honestly don’t know since we’ve really never seen this level of greed
and stupidity all rolled into one massive move. But may I suggest that
letting “Uncle Sugar” step in and bail out the billionaires who made
the mess will be far worse and will start a long line of companies and
individuals who will demand the same of the government—which last
time I checked means that they will be demanding it out of YOU and ME.
This is not money that Congress is risking from THEIR pockets or
future, but ours. Many if not most of us have already experienced lost
value on our homes, retirement accounts, and pensions. Now they’d like
for us to assume some further risks so they won’t have to.

What happened to the
“free market” idea? Is that only our view when we WIN and when we LOSE,
we ask the government to come in and take away the pain?

If
you are a small business owner, is this the way it works at your place?
When you have a bad month, a bad year, or face having to close, can you
go up to Congress and get them to write YOU a fat check to take away
your risk?

Some of what contributed to this disaster is too much government in the form of Sarbanes/Oxley.
Some is due to the tax structure that created the hunger for companies
to “game” the system. Some is the common sense that was ignored like
loaning money to people who can’t pay it back.

Wall Street has become Las
Vegas east, but at least in Vegas, people KNOW they are gambling and
they don’t expect the government to cover their losses at the tables.
In Wall Street, they do. And the American taxpayer burdens the
responsibility.

If Congress wants to do something, here are some suggestions:

1. Eliminate ALL capital gains taxes and taxes on savings and
dividends right now. Free up the capital and encourage investment. This
is the kind of economic stimulus the Fair Tax would bring and if
Congress is going to lose money, let them lose it with lower taxes, not
with public dollar bailouts of private market mistakes.

  1. Repeal Sarbanes/Oxley. It has failed. It was supposed to prevent this. It didn’t. Kill it.

3. Demand that
the executives who steered their ships into the ground be forced to pay
back the losses of their companies. Of course, they can’t, so let them
work and give back to the government and they can live like the people
they put on the streets or kept there. It makes no sense to put them in
jail—that’s just more they will cost you and me. I’d rather them go out
and earn money—just not get to keep so much of it this time. I’m not
talking about limiting CEO salaries—just those of the people who now
are up in Washington begging for help because they ruined their
companies.

Attempts by Democrats and Republicans to blame each other is
nonsense. They are both guilty and ought to own up and admit it. They
all lived off big campaign contributions and the swill of the lobbyists
who strong armed them into permission to steal. Enough of blame. Fix
it!

This would be a start. If we don’t hold these guys responsible, we are all finished.

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