To add to Obama’s record of disdain for one of America’s great Presidents, he signed into law the Frank-Dodd financial bill in front of the Ronald Reagan Building. That was certainly done on purpose and is just another example of Obama’s lack of character and I would add a lack of intelligence on economic matters. (He is relying on two of the people who caused the crisis in the first place after all)
Obama proudly proclaimed…”Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes.” Only Obama can sign a bill that creates a Wall Street bailout fund from your tax dollars and make a statement like that with a straight face. Not only does the bill create this fund, but it gives federal regulators virtually unlimited powers over the private banking industry. Forget Reagan rolling over in his grave; I am surprised our founding fathers have not risen from the dead and started a new revolution. I hate to have to keep bringing this up, but am I the only one who has read the report on the government’s role in this crisis. This report, of course, deals with Freddie and Fannie. Evidently no lessons have been learned from their past mistakes of intervention, but I guess that does not matter since this bill does not address these two organizations at all. These two organizations that owe almost half of all the money from the bailout. This bill is another 2,000 plus page monstrosity that will accomplish nothing put drastically increase the government bureaucracy and hurt business…oh, did I mention it includes around $20 billion in new taxes that will be passed on to you and me. Add it to the list of things to repeal after 2010.
Speaking of taxes, yesterday the Senate also voted down an effort by conservatives to end the death tax. Like their counterparts in the White House, they seem to be actively doing everything possible to kill our economy, keep people out of work, and make them more dependent on the welfare state. I say this because one, the White House continues with their absurd drilling ban in the gulf, and second, ending the death tax could create as many as 1.5 million jobs. Even if jobs were not at stake, someone will have to explain to me how the party of ‘fairness’ thinks that taking 55% of a family’s assets is fair just because someone dies. Sounds more like kicking someone when they are down to me. There is no rational reason to re-instate this tax. Here is a report I found that details the facts behind what I am saying. Here are some of the main points outlined:
- It discourages saving and investment
- It undermines job creation
- It suppresses wages
- Hits family owned businesses the hardest
- The only ones it helps are the special interest groups that liberals bad mouth on a daily basis (estate lawyers, insurance companies, and big business)
- The inheritance tax already covers capital gains taxes on assets sold by the family
It really is a good concise report on the true effect of the tax and why there is no need for it. See if you can get any of your liberal friends to read it…facts are like kryptonite to them.
Before I go I see now that less that 50% of the public think Obama is doing a good job. That is certainly a good trend, but I cannot get it out of my head that there are still 40 something percent of Americans that think he is a good President. I really have to wonder about the character of these remaining people, because after all, we are talking about an administration that has little to no integrity itself. A perfect example arose a couple of days ago when the Morning Bell detailed how the Obama administration is now calling the individual mandate a tax to try to get around its obvious violation of the constitution. The President went on national television; going as far as arguing with the written definition of the word tax…now to get his way around the constitution he has turned his back on his own word. This is a desperate act of a man who wants the government to take over every aspect of people’s lives. And over 40% of the people are saying….please do.
