Saturday, March 15, 2008

Bear Sterns Bullhit

Jorge W. praised Bernanke for bailing out Bear Sterns, further showing the world what a complete imbecile he is. But not all that shocking. The new capitalism under Bush is privatize the rewards and socialize the risk. When Bear Sterns making billions in profit they get to keep it all. When Bear Sterns in on the verge of going under, they get billions in tax dollars which will never be paid back. And in a year or two or five when Bear Sterns is making billions in profit again, we (tax payers) won't get even a dime of that profit.

Once again Jeorge W. solidifies his place as the worst ever.

Average shmoes like me pay 20-25% of my total income in taxes. Yet a Bear Sterns fund manager, who makes 1000 times as much as I do, pays a top rate of 15% on his income. I have nothing against someone making all the money in the world. I do have a problem with my marginal income tax being twice as high as Mr. Moneypants on Wall St. who at the slightest hint of trouble makes a call to Benny B and asks for some cash. And that is exactly what is happening. Investment banks that made mney hand over fist during the 2001-2006 boom are now getting tens of billions of dollars in help. That help is coming in the form of increased money supply. Which in turn devalues the dollar, raises the price of oil and makes all of us poorer.

Politically our choices are now a Republican socialism for the rich or a Democrat socialism for the poor. The middle class is screwed no matter what.

Ron Paul was mocked when he raised these kinds of issues. Just a crank, a kook, an old senile man is how he was described when he talked about the dollar being devalued by the Fed. How's that working out for you McCain voters? Enjoy the $5 gas and $8 gallon of milk coming soon to a thater near you.

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