Dear Congressmen, Treasury Secretary, Fed Chairman,
Could you please, as a part of your bailout package that 80% of us taxpayers opposed, include a line item for reconfiguring the display on all taxpayer calculators. My calculator will only handle up to 1oo million and I believe it would be appropriate at this time to have a calculator that would display numbers at least up to the current budget deficit levels. Therefor, I ask you to please consider calculators for all Americans that could display figures up to One Quadrillion Dollars.
Also, in regards to the reported $7.7 Trillion dollars I see reported in the news that you are considering doling out to "save us"...I hereby request that my portion be forwarded directly to me and I will dole it myself as I see fit. By my calculation (done by hand and not on my under-digited calculator) you may forward me $100,000...this is based upon 7.7 trillion divided by 300 million Americans times the 4 members of my immediate family. We promise to be "Patriotic" and spend a good portion of the funds to stimulate the economy.
Thank you and best of luck with the play money your are generating.
Tuesday, November 25, 2008
Sunday, November 23, 2008
Will Obama Take My Guns?
I am certainly not a rabid gun nut, but I do have a few guns for sport and play. I have a neat Beretta 22 target pistol, a S&W 9mm, a couple of 22 rifles for plinking things and, the gun I am most proud of, an old Winchester Model 12, 12 gauge shotgun my granddad handed down to me. I am fond of having guns around - should I be worried about a President Obama "taking my guns" from me?
The Democratic Party Platform, adopted by Obama, says (emphasis added is mine):
"Firearms
We recognize that the right to bear arms is an important part of the American tradition, and we
will preserve Americans’ Second Amendment right to own and use firearms. We believe that
the right to own firearms is subject to reasonable regulation, but we know that what works in Chicago may not work in Cheyenne. We can work together to enact and enforce commonsense laws and improvements – like closing the gun show loophole, improving our background check system, and reinstating the assault weapons ban, so that guns do not fall into the hands of terrorists or criminals. Acting responsibly and with respect for differing views on this issue, we can both protect the constitutional right to bear arms and keep our communities and our children safe."
So, I think the above sums up what Obama's voting record has consistently said, he is not about taking away the guns of American's but he is not about free and open anything goes gun ownership either.
It looks like we can expect to see legislation "closing the gun show loophole" whereby requiring gun show firearm sales to require participation in the National Instant Criminal Background Check System (NCIS). No big deal really. I bought my Beretta pistol just a few months ago. The time to fill out the papers and have the background check performed was probably less than 10 minutes. I know, we don't want more government intrusion and all, but this NCIS check already happens in every gun store in the US everyday, so expanding it to the gun show isn't a big reach intrusion.
Also, there will quite likely be an attempt to reinstate the assault weapon ban. Some may favor this ban under the thought that, "no one needs that type of gun", "those guns aren't for sport", etc. I think this could be construed as letting the camel get his nose in the tent legislation, possibly leading to further gun control if the outcry isn't imposing enough. Some studies have also indicted that not much difference was noted in crime activity and homicide rates as the result of the assault weapon ban.
It seems I recall that the last time this legislation passed in 1994, it led to the GOP gaining seats in the House and Senate in the next election. So, Obama may think twice about how badly he really wants this ban reinstated versus how badly he wants to hold the majority in Congress. We gun nuts want stand to have our guns taken away...
The Democratic Party Platform, adopted by Obama, says (emphasis added is mine):
"Firearms
We recognize that the right to bear arms is an important part of the American tradition, and we
will preserve Americans’ Second Amendment right to own and use firearms. We believe that
the right to own firearms is subject to reasonable regulation, but we know that what works in Chicago may not work in Cheyenne. We can work together to enact and enforce commonsense laws and improvements – like closing the gun show loophole, improving our background check system, and reinstating the assault weapons ban, so that guns do not fall into the hands of terrorists or criminals. Acting responsibly and with respect for differing views on this issue, we can both protect the constitutional right to bear arms and keep our communities and our children safe."
So, I think the above sums up what Obama's voting record has consistently said, he is not about taking away the guns of American's but he is not about free and open anything goes gun ownership either.
It looks like we can expect to see legislation "closing the gun show loophole" whereby requiring gun show firearm sales to require participation in the National Instant Criminal Background Check System (NCIS). No big deal really. I bought my Beretta pistol just a few months ago. The time to fill out the papers and have the background check performed was probably less than 10 minutes. I know, we don't want more government intrusion and all, but this NCIS check already happens in every gun store in the US everyday, so expanding it to the gun show isn't a big reach intrusion.
Also, there will quite likely be an attempt to reinstate the assault weapon ban. Some may favor this ban under the thought that, "no one needs that type of gun", "those guns aren't for sport", etc. I think this could be construed as letting the camel get his nose in the tent legislation, possibly leading to further gun control if the outcry isn't imposing enough. Some studies have also indicted that not much difference was noted in crime activity and homicide rates as the result of the assault weapon ban.
It seems I recall that the last time this legislation passed in 1994, it led to the GOP gaining seats in the House and Senate in the next election. So, Obama may think twice about how badly he really wants this ban reinstated versus how badly he wants to hold the majority in Congress. We gun nuts want stand to have our guns taken away...
Friday, November 21, 2008
The Crisis Beyond This Crisis
We are all shocked by the cyclonic speed at which the credit crisis sneaked up on us, right? Oh sure, home prices that had skyrocketed were certain to moderate and retrace their gains, no big surprise to anyone but the last buyers of homes on either the left or right coast of the US. But, how come we didn't know that this crisis of credit was coming. The answer is that many did know.
Financial institutions leveraged to the hilt, nontransparent financial instruments such as the CDS's being traded by the trillions of dollars like they were candy, and an American consumer equally in debt coupled with falling asset prices doesn't take a NASA scientist to figure out that trouble is coming. The data was all out there for us to examine and request changes of course, we just chose to ignore the issue. We had to worry about elections, wars and Dancing With the Stars.
What about the next crisis, the one beyond this one? What about Social Security? What about the taxes I have been paying my entire working life that I am mostly convinced I will never get a dime returned.
We pretty much ignore this coming crisis as well...and it will quite likely hit us, and we will be shocked.
In a country still entrenched in wars abroad and an economic crisis at home garnering the attention and dollars to address Social Security for the next couple of years will be tough, but it needs to be done now, or it will be a much larger crisis down the road...when it sneaks up on us.
Interesting reads:
National Center for Policy Analysis
Less Government, Much Less Government
Financial institutions leveraged to the hilt, nontransparent financial instruments such as the CDS's being traded by the trillions of dollars like they were candy, and an American consumer equally in debt coupled with falling asset prices doesn't take a NASA scientist to figure out that trouble is coming. The data was all out there for us to examine and request changes of course, we just chose to ignore the issue. We had to worry about elections, wars and Dancing With the Stars.
What about the next crisis, the one beyond this one? What about Social Security? What about the taxes I have been paying my entire working life that I am mostly convinced I will never get a dime returned.
We pretty much ignore this coming crisis as well...and it will quite likely hit us, and we will be shocked.
This year, 2008, so-called Baby-boom folk (those born 1946 - 1961) are commencing to draw Social Security payments. That alone may raise no alarm. The other fact is a loud alarm - namely, this year expenditures for Medicare hospital insurance exceed cash income.Will Obama have the courage to address this issue, and if so, will he be ruthlessly attacked by the GOP? Probably yes to both.
The year 2011 will see two more dangerous manifestations. The oldest baby-boomers will become Medicare-eligible. Simultaneously the Social Security cash surplus will commence to decline.
The next hit is projected for 2017. Payment of money to recipients, commonly referred to as “benefits,” will exceed income.
Not surprisingly, it won’t take long thereafter before the Medicare Hospital Insurance Trust Fund will run dry - estimated for 2017.
In about 2026 the youngest baby-boom people, by then 65, will become eligible to draw Social Security payments.
But for how long will they or any other beneficiary draw? Five more years. In 2041 the Social Security Trust Fund will be an historical illusion - that is, penniless.
In a country still entrenched in wars abroad and an economic crisis at home garnering the attention and dollars to address Social Security for the next couple of years will be tough, but it needs to be done now, or it will be a much larger crisis down the road...when it sneaks up on us.
Interesting reads:
National Center for Policy Analysis
Less Government, Much Less Government
Thursday, November 20, 2008
Meltdown - Wallstreet and Mainstreet
I was pretty much behind President G. Dubya Bush until Hurricane Katrina ripped into New Orleans. I, like everyone else, kept waiting for a reassuring embrace from our leader. Tell us that it'll be okay, that the problem isn't too big to fix and that people will be cared for. I waited, and I waited. Geezus, ARE YOU GOING TO REASSURE US? My confidence level in the current lame (or is it lame duck?) administration waned from that point on and a critical eye was opened to His past foibles, misstatements and outright untruths.
Now, I wait again. Where the heck are you Mr. President? Mainstreet's 401K's and investment accounts are plummeting. Jobs are falling away as fast. And what has this presidential administration done to assure us? Not much. A few "free market" speeches that fall on deaf ears in the wake of anything but free market governmental actions on Freddie and Fannie and of bailouts of favorite son financial firms deemed "too big to fail". A T.A.R.P. program to get the credit markets going again, but apparently had no conditions listed to the receiving institutions to actually use the money to get us going. So, much of the many billions sits helping no one but the receiving institution.
And Wallstreet is floundering miserably. The Dow Industrial average, the S&P 500 and the other major indices from the US and around the world are tanking. The selling has moved past the capitulation stage of a bear market and into a desparation and panic stage. Some of the large stocks currently looking like their demise is imminent include F, GM, C, CIT to name but a few. Driven to the brink by bad business management, greed and short selling of their stocks by heartless souls that care not about the jobs to be lost or the 401k's wrecked. TARP or not, I am not sure there is hope to save investors confidence at this point.
I believe that the SEC should immediately reinstate the "uptick rule" to help stabilze this ruthless short selling. Further, I would like to see shares that are for sale "short" shown as short shares on Level II quotes, that way I can make a more educated determination as an investor about an equities condition. If many of the shares for sale are short, I may certainly want to rethink whether I want to be a buyer...give us more transparency since hedge funds can operate under the radar as far as transparency goes. Give the little guy a better, more level playing field to participate on.
Now, I wait again. Where the heck are you Mr. President? Mainstreet's 401K's and investment accounts are plummeting. Jobs are falling away as fast. And what has this presidential administration done to assure us? Not much. A few "free market" speeches that fall on deaf ears in the wake of anything but free market governmental actions on Freddie and Fannie and of bailouts of favorite son financial firms deemed "too big to fail". A T.A.R.P. program to get the credit markets going again, but apparently had no conditions listed to the receiving institutions to actually use the money to get us going. So, much of the many billions sits helping no one but the receiving institution.
And Wallstreet is floundering miserably. The Dow Industrial average, the S&P 500 and the other major indices from the US and around the world are tanking. The selling has moved past the capitulation stage of a bear market and into a desparation and panic stage. Some of the large stocks currently looking like their demise is imminent include F, GM, C, CIT to name but a few. Driven to the brink by bad business management, greed and short selling of their stocks by heartless souls that care not about the jobs to be lost or the 401k's wrecked. TARP or not, I am not sure there is hope to save investors confidence at this point.
I believe that the SEC should immediately reinstate the "uptick rule" to help stabilze this ruthless short selling. Further, I would like to see shares that are for sale "short" shown as short shares on Level II quotes, that way I can make a more educated determination as an investor about an equities condition. If many of the shares for sale are short, I may certainly want to rethink whether I want to be a buyer...give us more transparency since hedge funds can operate under the radar as far as transparency goes. Give the little guy a better, more level playing field to participate on.
View From The Center
By almost any metric imaginable I am a moderate. Everything in moderation...eating, drinking, work, play, politics...whatever. I wish more people held this viewpoint, maybe we could work out solutions to life's problems without the wingnut mentality that drives so much of the animosity in the US today.
Anyway, this blog will look at things from mainly a centrist viewpoint...a political moderate...willing to read and consider varying viewpoints, keep an open mind and get to the bottom of where truth lies on varying issues such as health care, politics and the economy.
Anyway, this blog will look at things from mainly a centrist viewpoint...a political moderate...willing to read and consider varying viewpoints, keep an open mind and get to the bottom of where truth lies on varying issues such as health care, politics and the economy.
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