The dire warnings of Henry Paulson, Harry Reid, and Nancy Pelosi resulted in hundreds of billions of dollars to bail out Wall Street from the calamitous results of their own greed in leveraging up debt through derivatives to over 60 to 1 in order to make extraordinary earnings in up-markets to justify the collective multi-billion dollar bonuses they voted to themselves from what should have been shareholder earnings.
When the executive up-market adjusted, as always happens, the risk side of gambling with excessive leverage in this $680 trillion worldwide derivatives market brought most of Wall Street to virtual bankruptcy, as Warren Buffet foretold several years ago when he said the immense derivative market was a walking time bomb.
However, not to worry. Treasury secretary Paulson created a wall of fear to get taxpayer money to bail out his Wall Street buddies. The almost 90 percent disapproval by our people was considered by many congressmen to be based on ignorance, but it appears that it was the approving congressmen who were ignorant.
The proper means for resolving these problems was Chapter 11 bankruptcy proceedings, as overseen by the court, rather than throwing taxpayer money at the problem with no oversight.
Unfortunately, Obama too appears to be relying on the fear factor to see his immense $800 billion program, presumably to create jobs. Private sector jobs move to other necessary work when the job is finished and provide tax revenue, unlike the many government jobs which are anticipated in this plan. And, as Ronald Reagan said, government jobs remain after the need is past.
It is the private sector jobs we need, and for work that is truly necessary, not just prettying up the place. To get these jobs, our industry, and particularly small business, needs tax incentives.
The other way to do it is to let the government take charge and we can have the former Soviet ethic in our own society, “They pretend to pay us and we pretend to work.”
Although some pork has been removed from the bill, clearly, at its present level, much remains. Pork is purely for the purpose of buying votes which, ultimately, will be paid for by all of us in the inevitable “inflation tax.” The many congressmen who continue to place pork in the bills which go through Congress should review the oath of office they took to truly represent their constituents.
Obama should consider that what he is buying into as “change” appears to be no change at all, and the youth who gave him a large majority of their vote find little change in job opportunity resulting from this spending program.
I'm old, white, and male. Three strikes and I'm out - disqualified, according to today's identity police, from having any legitimate opinions or making any pronouncements about race in an increasingly race-obsessed presidential campaign.
Welcome, friends! It's time once again for that fabulous game show: "App or No App!" The show where you decide if the app (short for application because that is way too long of a word) is real or not real. Today we explore the wonderful world of Facebook apps! Join us, won't you?
When it comes to the pantheon of Hoosier sports heroes - Johnny Wooden, Knute Rockne, Bob Knight, Larry Bird, Reggie Miller, Rick Mount, Bobby Plump, George Gipp - the newest name will certainly be Peyton Manning.
I realize this is a sentiment usually expressed by people who wear colanders on their heads in order to keep the CIA from reading their thoughts. That, of course, is just ridiculous. The CIA does not read people's brain waves. Queen Elizabeth does.
Mitt Romney summoned all the righteous indignation he could muster after a Newt Gingrich ad called him "anti-immigrant." Romney blasted the ad shortly afterward in an interview: "It's just inappropriate."
The city where I hang my shingle, or would if I did something shingleworthy, is all abuzz with excitement over the SuperDuper Bowl, which is coming to town one of these days soon. I forget which.
Have you heard anyone say it lately? I'm guessing you have. I'm guessing everyone within a 100-mile radius of Indianapolis has heard it many times over the past month and will probably hear it a zillion times over the next week. I just hope there are no casualties.
Rich Lowry and Brian Howey have each had commentaries in the Hendricks County Flyer that were a great PR job for Gov. Mitch Daniels. However, the recent Indiana unemployment drop from 10.5 percent to 9.8 percent was probably the result of the Bush and Obama bailout of GM and Chrysler, discouraged job applicants dropping out of the labor force (100,000 manufacturing jobs were eliminated since Daniels' election and prior to the financial/banking crises in 2008), imported cheap foreign labor (some who are illegal), and the Obama stimulus ($11 million in Hendricks County instead of collecting impact fees on new development) including energy grants and tax cuts for the middle class.
Commentary
Letters to the Editor
March 5, 2009
Government ‘change’
is no change at all
To the Editor:
The dire warnings of Henry Paulson, Harry Reid, and Nancy Pelosi resulted in hundreds of billions of dollars to bail out Wall Street from the calamitous results of their own greed in leveraging up debt through derivatives to over 60 to 1 in order to make extraordinary earnings in up-markets to justify the collective multi-billion dollar bonuses they voted to themselves from what should have been shareholder earnings.
When the executive up-market adjusted, as always happens, the risk side of gambling with excessive leverage in this $680 trillion worldwide derivatives market brought most of Wall Street to virtual bankruptcy, as Warren Buffet foretold several years ago when he said the immense derivative market was a walking time bomb.
However, not to worry. Treasury secretary Paulson created a wall of fear to get taxpayer money to bail out his Wall Street buddies. The almost 90 percent disapproval by our people was considered by many congressmen to be based on ignorance, but it appears that it was the approving congressmen who were ignorant.
The proper means for resolving these problems was Chapter 11 bankruptcy proceedings, as overseen by the court, rather than throwing taxpayer money at the problem with no oversight.
Unfortunately, Obama too appears to be relying on the fear factor to see his immense $800 billion program, presumably to create jobs. Private sector jobs move to other necessary work when the job is finished and provide tax revenue, unlike the many government jobs which are anticipated in this plan. And, as Ronald Reagan said, government jobs remain after the need is past.
It is the private sector jobs we need, and for work that is truly necessary, not just prettying up the place. To get these jobs, our industry, and particularly small business, needs tax incentives.
The other way to do it is to let the government take charge and we can have the former Soviet ethic in our own society, “They pretend to pay us and we pretend to work.”
Although some pork has been removed from the bill, clearly, at its present level, much remains. Pork is purely for the purpose of buying votes which, ultimately, will be paid for by all of us in the inevitable “inflation tax.” The many congressmen who continue to place pork in the bills which go through Congress should review the oath of office they took to truly represent their constituents.
Obama should consider that what he is buying into as “change” appears to be no change at all, and the youth who gave him a large majority of their vote find little change in job opportunity resulting from this spending program.
Sandy Johnson
Indianapolis
I'm old, white, and male. Three strikes and I'm out - disqualified, according to today's identity police, from having any legitimate opinions or making any pronouncements about race in an increasingly race-obsessed presidential campaign.
February 7, 2012
Welcome, friends! It's time once again for that fabulous game show: "App or No App!" The show where you decide if the app (short for application because that is way too long of a word) is real or not real. Today we explore the wonderful world of Facebook apps! Join us, won't you?
February 6, 2012
When it comes to the pantheon of Hoosier sports heroes - Johnny Wooden, Knute Rockne, Bob Knight, Larry Bird, Reggie Miller, Rick Mount, Bobby Plump, George Gipp - the newest name will certainly be Peyton Manning.
February 6, 2012
You have to be careful what you say these days.
I realize this is a sentiment usually expressed by people who wear colanders on their heads in order to keep the CIA from reading their thoughts. That, of course, is just ridiculous. The CIA does not read people's brain waves. Queen Elizabeth does.
February 3, 2012
Mitt Romney summoned all the righteous indignation he could muster after a Newt Gingrich ad called him "anti-immigrant." Romney blasted the ad shortly afterward in an interview: "It's just inappropriate."
February 3, 2012
The city where I hang my shingle, or would if I did something shingleworthy, is all abuzz with excitement over the SuperDuper Bowl, which is coming to town one of these days soon. I forget which.
January 31, 2012
A man once said, "those who don't learn from the past are doomed to repeat it."
January 31, 2012
President Barack Obama is making his re-election about raising the taxes of an Omaha billionaire who is volunteering for the honor.
January 31, 2012
"Have a super day!"
Have you heard anyone say it lately? I'm guessing you have. I'm guessing everyone within a 100-mile radius of Indianapolis has heard it many times over the past month and will probably hear it a zillion times over the next week. I just hope there are no casualties.
January 27, 2012
Rich Lowry and Brian Howey have each had commentaries in the Hendricks County Flyer that were a great PR job for Gov. Mitch Daniels. However, the recent Indiana unemployment drop from 10.5 percent to 9.8 percent was probably the result of the Bush and Obama bailout of GM and Chrysler, discouraged job applicants dropping out of the labor force (100,000 manufacturing jobs were eliminated since Daniels' election and prior to the financial/banking crises in 2008), imported cheap foreign labor (some who are illegal), and the Obama stimulus ($11 million in Hendricks County instead of collecting impact fees on new development) including energy grants and tax cuts for the middle class.
January 27, 2012
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