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.

1. 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.
2. 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.
3. You stand by the FDIC to make sure that people will not lose their deposits in banks that go under.
4. 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.
5. 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.