Topic: Federal Reserve Bailout
The Irony of the Bailout Why is it okay for the Treasury to purchase stocks on behalf of taxpayers, but not okay for taxpayers to buy stocks through Social Security?by Maria Folsom
(libertarian)
Monday, September 29, 2008
Remember when We The People were trying to rescue Social Security just a year or two ago? One option was to allow taxpayers to use 2% of Social Security withholdings to purchase stocks for their retirements. Government said: This is too dangerous! We can't "let" ordinary, unsophisticated taxpayers use Social Security funds for something as risky as stocks! Not even with their own money!
Well, now it seems to be okay that We The Taxpayers are forced to pay for stocks and other assets, through Secretary Czar Henry Paulson's choices, to bail out failing companies. We are promised that these acquisitions will make money for us.
Barack Obama (no hero of mine, by the way) claimed that the bailout will cost the average household $10,000. I did the math. He's right. This is immoral. It's especially immoral considering that we are not allowed to use a measly 2% of our mandated Social Security payments to purchase stocks of our own choosing.
In essence, the Bailout forces us to write a check to King Henry Paulson, our Broker-in-Chief, to buy equities which we cannot choose for ourselves, and will probably not make any money on, under the guise of securing our own fortunes.
You can't have it both ways. Then again, maybe you can in modern America.
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The views expressed in this
article are those of Maria Folsom only and do not represent
the views of Nolan Chart, LLC or its affiliates. Maria Folsom is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
Thank you so much for the links. I agree with you completely in your "wackjob" article. It was informative and humorous. The Fisher article is astounding. I guess I shouldn't be surprised but his figures are shocking. He is so right - WE are at fault. WE elect these imbeciles (not you and I, of course, but the uneducated masses.) Why can't Fisher, or you, or I be president?!
Nice to find "sould-mates" out there. Much appreciated, and a "Thumbs Up" to you.
Half of our citizenry pays taxes (roughly.) That means about 150,000,000 people. $700B divided by 150M people equals $4,666. A household is at least 2 people by government definition, I believe. $4,666 x 2 = $9,332.
Posted By: Jake, the champion of the constitution
Date: 2008-09-30 20:26:28
Dear Maria,
To answer yourself, its all about achieving a critical mass. Check this one out for my thinking. PS - its also got a link to the latest census to help out with 'doing the math,' but you are pretty close :)
Not only do I know who Art Laffer is, I met with him for an afternoon when I picked him up at the airport for a talk he was giving to the bank I worked at in the 80's.
His famous curve (which he confirmed that he drew on a napkin for a collegue) is about as discredited now as Reagan's fairy tale that tax cuts lead to prosperity. Reagan drove us into a recession if you remember correctly.
As I have written before: I am an economist by training, a liberal by preference, a college instructor by occupation, a senior citizen by age, an independent voter by party, a strict adherent of truth and honesty, and a conscience for those who need one.
The designation of me as an extreme Libertarian is just one of the aberrations of the software, I'm sure, and perhaps because Walt is listed as such. But, I remain unchanged.
Girl ~ I just cannot follow yer thinkin'. I'm not really sure what you're asking about, but if you read my article a little more closely, I'm sure I answered whatever question you have.
I may even write one more article about it so that some of you will understand it a little better.
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