Beginning of the End of Capitalism

It is estimated that approximately a quadrillion dollars ($1,000,000,000,000,000) are involved in derivative trading per year, a 0.2% transfer tax would create $2 trillion in revenue. This would dampen speculation, the cause of many of the problems on Wall Street, and pay down our national debt.

it is true - Derivative values have exceed global GDP. It is a dangerous situation. http://www.dailyfinance.com/2010/06/09/risk-quadrillion-derivatives-market-gdp/

Big Risk: $1.2 Quadrillion Derivatives Market Dwarfs World GDP - DailyFinance

www.dailyfinance.com

One of the biggest risks to the world's financial health is the $1.2 quadrillion...See More

 

Sounds impossible right - because it is. The banks and Wall Street have come together to create one of the most dangerous monetary manipulation ever. We thought the housing bubble was bad, what till the day of reckoning for derivatives. There is relatively little to no material wealth supporting the speculated value of them.

 

This guy says it all - As the value of securities became more closely tied to the subjective and compromised opinions of analysts and rating agencies, Wall Street banks become more closely aligned to the world of art than the notion of commerce described by Adam Smith or Milton Friedman. 

 

We are on dangerous ground and there is no where to fix it without someone and/or country making an enormous sacrifice.  The housing bubble was only a small fraction of the entire faulty concept.  It redefines capitalism and falsely bloats economies.

 

  

In The Face of Facts Telling Otherwise - GOP Still Points Fingers Across the Isle

The S&P downgrade of the US Credit Rating was described and specific to the lack of balanced compromise in the debate.  No new revenue is the single largest contributing factor to the downgrade.  Yet Republicans and Tea Party memebers continue to blame Obama's economic policy.  When the Democrates - according to Boehner comproised 98% in the direction of the Republican's.

The fact that anyone takes the S&P seriously failes to note that they have consistently been wrong and most significantly and lately as the junk Mortgage Derivatives - giving them a AAA rating when those same derivatives were so poor that they caused the tipping element in the whole recession.

The Tea Party should be held directly responsible for this whole debacle and secondly the GOP for allowing them to control the debate.  The Tea Party is hell bent on destroying this country's government and the whole idea of unions to drive us back in time.  VOTE THEM OUT DURING THE NEXT ELECTION - IT IS CRITICAL TO THE SURVIVAL OF THIS COUNTRY.

GOP's Sickening Display of Ignorance and Arrogance

This country is being hijacked by a conservative group that has no idea what is meant by compromise, and has no respect for the foundation of this country.  How can anyone ignore the fact that 1/4 of our year to year deficit is a result of the Bush tax Cuts.  Taxes are lower than they have been in 60yrs in this country - times are tough - to take raising taxes or at least keep them where they are and closing loopholes is to be deaf dumb and blind.  The democrats have shown much effort to compromise.  The fact is Congress has the following powers
1. To lay and collect taxes
2. To borrow money from credit of usa
3. To regulate commerce with foreing nation
4. To stablish a uniform of naturization
5. To declare war
6. To punish felonies of the high seas
7. To promote the progress of useful arts
8. To make rules and regulations
9. To support post office and post roads
10. To support militia
11. To dicipline army militia
12. To support army
13. To maintain a navy
14. The elastic clause
15. To coin money

The fact that anyone would hold Obama responsible for not raising the debt ceiling shows their ignorance on with regards to the powers of congress and the fact is Republicans always find a reason why taxes should not be raised.  Now - recession, before loss in economic momentum - all horse shit and weak.  Dems have the responsibility to clean up government efficiency and republicans have the responsibility to be realistic when holding onto ideology.

Uncompromissing GOP Compromisses Faith in US Dollar and Christ

When we elect the politicians we do with the hope that they will balance the ideologies we elect them on with the safety, security and value we have invested in this country.  The GOP has elected to spoil that hope and exchange it for default.  I think both parties are at fault for using the debt ceiling for political gain of any sort.  I had a hope that we would get a big plan, big deal or something that would set the financial course of this county on a solid responsible path for many years to come.  The GOP has derailed that hope and I am worried that Obama is willing to take his bluff to an "all-in" scenario.  There are certain issues that should be illegal for politicians to play games with and our national debt is one of them. 

I am not a strong religious person however, Jesus Said - ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.  The GOP has made it a priority to drop the programs that directly influence and support the least of our brothers and sisters to the bottom of the list.  Therefore I feel the GOP's claim on Christianity and being its moral compass in the political world is completely absurd.  They are also the party that supports the death penalty but do not believe in a women's right to choice even when it threatens her life.  I find the hypocrisies in the GOP have become so blatantly obvious and obtuse that there is no way a true Christian or morally guided person can support them.

Goodbye Mortgage Interest Deduction, Hello Corporate and Wealthy Tax Cuts

So explain to me how and why the agenda in Washington is to devastate the middle class and continue to elevate the wealthy.  Elimination of the mortgage interest deduction is the single most damaging thing that our government could do right now to an already beleaguered housing market and middle class. It essentially is a law that favors the wealthy.  Anyone who claims Obama is far left is far to right to realize that he is in the center (with the exception of health care reform).  The disparity in this country will continue to expand until we get people in Washington that realize how damaging it is to society.

Social Security Lies

The GOP continually says that Social Security Money has been borrowed and there is nothing to payout into the future and that with the baby boom the money coming in will not cover the money going out.  I can agree with this to some extent, however, both parties are to blame for borrowing all the money.  Another example of GOP committing an eat and run mantra. 

Debt Ceiling - Why Debate

It is shocking how politicians utilize the credit of the American people to leverage political gain.  I understand that this has been done throughout our history but there are certain things that should not be used as chess peices.