Wednesday, September 24, 2008

Do You Feel Like You Are About To Be Robbed?

If you listen to Paul Kanjorski he is trying to tell the public that he will stay in Washington as long as it takes to solve this out of control financal crisis. Did anyone let Paul know that Charlie Rangel, an admitted tax evader although he trying to say it was a simple error that went on for over 20 years, is the host and featured guest speaker at a $5,000.00 per head fundraiser for Paul Kanjorski this evening in WASHINGTON, D.C.? To the savy political observer the money from the fundraiser,not the financial crisis would be the movtivation for Paul Kanjorski to remain in Washington.

Rangel owned a villa at the Punta Cana Yacht Club in the Dominican Republic, sporadically reported the rental income to Congress, and never declared it on his federal or state tax returns. Again, that is twenty years, not one or two or three. But he would have us believe it was an "error."

According to published reports Paul Kanjorski has accepted $21,000.00 from PACs controlled by Rangel. Chris Carney received the same amount since 2006. What was the payback? Both voted to table a Republican resolution that called for a House ethics investigation of Rangel. That's what $42,000.00 will get you.

Chris Carney is quoted as saying "Charlie Rangel has not been charged with anything." Way to go Chris. A person robs a bank but the police didn't get there yet. Is he innocent? Rangel essentially admitted to evading taxes. Ask Wesley Snipes about tax evasion.

Given the fact that Paul Kanjorski received $2.7 million from the financial services industry it sends off alarms among average Americans. How can a resolution to the financial crisis of the century be resolved satisfactorily for Mom and Pop when their voice has been drowned out in a sea of green faces of more Presidents than Kanjorski has seen in his 12 terms?

There is a saying “Paper money eventually returns to its intrinsic value ---- zero.” Fortunately all of the PAC money won't put Kanjodumpty back together again. If Paul Kanjorski was a pool player I am sure he would be saying to the PACs "I am going to place that money in my side pocket."

The sad part in this whole financial meltdown will be every politician in Washington including Paul Kanjorski will be taking credit for their efforts to resolve this crisis caused by Gramm-Leachy-Bliley Act, a bill passed with bipartisan support. If you really think about everyone reading this post, stop, and pat yourself on the back. It's not Dudley Do Right but "Taxpayers To The Rescue."

Thomas Jefferson wrote in 1816 “I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” Those prophetic words describe today's crisis to a tee-student credit card debt, junk mortgages, no down payment mortgages, inflated apprasials demanded by loan officers,etc.

Daniel Webster wrote in the Senate “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” Washington needs to make sure that taxpayers are rewarded for their loans. The term bailout should be eliminated. It should be replaced with corporate words like line of credit, newly issued shares, quarterly dividends, pledged assets, and personal guarantees.

The corporate pirates that took the risk and brought to bear upon the American people a financial crisis of epic proportions should be made to solemnly swear " I will never expose the American taxpayer to the type of risk created from corporate greed and stupidity. I pledge to treat the American taxpayers' money as if it were,not my own, but a symbol of the utmost honesty and trust. Without trust in any relationship there is none. And to this point Paul & Co. haven't earn anyone's trust except the PACs to do the right thing for them, not you and me.

Senator Carter Class, author of theEmergecy Banking Act of 1933 said "Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?" The Emergency Banking Act of 1933 allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive. I wonder how many of the corporate executives would balk at any rescue plan offered by you and me if we threatened to eliminate them, not let them remain to have rescue become a bad habit.

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