I had hoped for a better response from the new administration but so far it is “not so hot“. Today President Obama announced the creation of a task force for the middle class. Why?
The problems facing the nation are already well known and understood. What need is there to establish a task force to study it? I’m sorry President Obama, but you are wasting time and money.
The new task force will be chaired by Vice President Joe Biden. The panel will comprise of Cabinet officials, business, and labor groups. This task force will set out on a road trip across the nation to speak directly to the middle class, why? What more evidence do you need that the economy is in dire trouble?
“The strength of our economy can be measured directly by the strength of the middle class,†which has been particularly hard hit by the recession, VP Biden said.
The task force will hold its first meeting Feb. 27 in Philadelphia. Biden said it will address expanding jobs in alternative energy and environmental cleanup. Other sessions will focus on retirement, child care, workplace safety, dealing with education costs and creating future jobs, he said.
“It’ll be our responsibility to offer to the president and to the nation clear and specific steps that we need to take to meet these and other concerns,†Biden said.
Mr. President, I have a solution that will not involve any task force, studies, or other nonsense. This solution has been raised by many individuals who have the best interest of the nation at heart.
- You stop the bank rescues and corporate bailouts at tax payers expense. End the TARP and the other alphabet soup lending programs to Wall Street.
- Banks and other large institutions WILL fail as a result of leaving them to their own devices. This is OK, the system needs a ‘hard reset‘. Better to let them fail on their own then to have them fail with the tax payers money involved.
- You stand by the FDIC to make sure that people will not lose their deposits in banks that go under.
- You establish a contingency banking system that is built from the ground up to replace the broken banking system. This new banking system will be established without the toxic assets, will have mandated (and strictly enforced) leverage ratios. You create a banking system that is devoid of all the bad assets and private investors will rush to be a part of it, this means the raising of capital will come from the private sector and not the tax payers.
- Tax payer funds should be used for ‘clean up’ operations only, that is to deal with the aftermath of companies going bankrupt. The use of tax payer funds to keep the banks, and other companies on life support is NOT in the best interest of the tax payer, or the credit worthiness of the United States.
How about you Mr. President having an interest in what’s best for the nation and not what is in the best interest of Bank of America, Citigroup, AIG, and a whole list of other companies who each made their OWN mess.
Washington keeps trying to say they are doing what is in the best interest of the tax payer. But, every action is counter to those very words. Every action has been what is in the best interest of Wall Street and other corporate entities.The tax payers are being used as lab animals for blood and other vital organs to donate to banks and Wall Street.
The current number being floated around for the bank rescue now stands at $4 Trillion. That’s a burden that the tax payers, and the balance sheet of the United States CAN’T afford. And Mr. President you are already getting warning shots across the bow with gold and bond prices selling off. You want to put $4 Trillion of tax payer on the table in Vegas and hope for the best? Well, that is what you are doing and the market does not like the odds they are going to get out of the deal.
I will have much more on the banks and Wall Street firms destruction of America over the weekend in a special article.
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Excellent post Chuck…
Seeing as D.C. has apparently only the best interests of their corporate contributors (bribes, if you will) and I believe most can see this…then maybe it would be in the best interests of we the people to send tea bags to D.C…..as Karl from Market Ticker suggested. Everything they do is counter to our best interests and plain old common sense…and in my humble opinion, I suspect that they really desire to make a huge transfer of wealth for more control (Federal Reserve “silent” owners) over their “subjects”. Either they (D.C.) are incredibly stupid or this is an “engineered plan”. Free markets…we have “not” anymore. A government by the people for the people…???
Well said, Chuck. Good post!
BTW…If we are leaving it to Joe Biden to solve whatever problems exist for “some” people in the middle class, we are in really deep trouble.
Task forces…that’s a make work program for government employees.I thought this administration had a plan.When in doubt , talk about it.
I don’t think anyone, repub or democrat has a great idea. I agree with some of what you said. I will be voting for Obama in 2012, because I think we live in an instant “microwave”, we want results now type of society…and switching up leadership after just 4 years isn’t cutting it. China used to be in a huge mess. Granted and thankfully our system isn’t like theirs, but my point is that it took 30 years of one guy digging them out. Even when things were dark, they had to stay with this guy and it paid off. Now, look who’s lending us money, actually has the money to lend. We get too hot headed too fast. We need to take a breath and work with our president instead of doing all of the talking behind his back and on the tv, etc. We don’t look together and a house divided will fall. The big picture is America. I’m not talking about you, because like I said, your post was informative and I saw truth in some of it…but with some of what I’ve seen and heard, it’s just lots of people’s lips going in a negative direction and that isn’t helping either. Work with the President, if you think he’s off course, write some massive letters of support with your ideas or something. We all need to work together. I love America and just want it to get back to some sort of solid normalcy. I believe we have the right man for the job as President. He’s working. I’m certain he works harder than most would. He has all of this popularity and brains…hey, let’s use it to our advantage. Get behind him and bring America up. No more bashing, just solid ideas and support. That’s what we need.