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| Congratulations to the first Vietnamese-American elected to congress.... Anh "Joseph" Cao!
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| So first we needed a bailout for the banks, because Fannie and Freddie were required to buy mortgages given to those who couldn't afford them. $700 Billion!
Which party was pushing for this? Democrats! Who voted against it? Republicans.
Now, there's talk that we need an auto industry bailout. Our auto industry can't compete because of labor laws (especially the minimum wage), environmental rules, etc. that foreign companies don't have to pay for. $25 Billion!
Which party is pushing for this? Democrats! Who voted it down? Republicans.
The funny thing is... I thought, based on the last election and what my Democrat friends told me, that the Republicans were the ones who wanted to give an exorbitant amount of money to all these multimillion dollar corporations.
Oh, and as an aside... this is just plain sad.
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| Obama talks about "spreading the wealth around".
You hear alot about those who are "less fortunate" and that the rich don't pay their fair share. The implication, of course, is that the rich are that way because they are fortunate, and they don't need all that money so we can give it to the poor because they do need it.
Why are the rich rich, and why are the poor poor? And is taxing the incomes of high wage earners the smart way to "spread the wealth around"?
The rich either became rich because they inherited it or because they earned it through business decisions, savings, or investments. People think that if a rich person inherits money, they don't deserve it. But what about the person that left to money to them? How did they earn their money? If they inherited the money, then how did their benefactor receive the money? You'll finally find that somewhere along the way someone (or several generations) earned the wealth. Don't they deserve the money they made? Don't they deserve to leave the money to whoever they choose?
Is starting a business easy? Does signing for loans and laying out your own money in return for no guaranteed paycheck make any sense whatsoever? You end up working 12 hour days even if your business is losing money. You have to deal with people not paying you, your suppliers failing to bring you what you need when you need it, high start up costs, and loans that require payment every single month whether you are making a profit or not.
Why is that worth it? Because there is a chance you could make a lot of money. The business could take off and money could really flow in, rewarding you for your hard work, determination, and taking a chance.
But there are those who say that these individuals are part of the evil rich. They make lots of money while the poor go hungry.
So why are the poor poor? Maybe they were too poor to go to college? Ever heard of a Pell Grant? Poor people go to college for free. And then there are interest free student loans. Finally, God forbid, the poor person could work and go to college at the same time. Is it hard to do that? Why, yes it is. What's wrong with people working hard for what they want? People who start small businesses have to work hard and take additional risks, why not require everyone to do the same? I myself went took part in the co-op program at GA Tech, so that the money I made during the work quarter could be used to pay for the quarter I was in school. And I worked full time and went to graduate school part time.
Maybe after high school (or after dropping out of high school) they decided to deliver pizzas so they could make a little money to drink and do drugs with their friends. So we reward that? We need to penalize those who did the right thing and plan for the future? Is that what we want to do?
Don't say the poor don't have opportunities. There are plenty of steps to help to poor. The ability to go to college has already been mentioned, but what about food stamps, WIC, housing for the poor, the ironically named earned income tax credit, unemployment, disability, etc. The poor in the US are better off than the middle class in most third world countries.
Some people would say that they think helping the poor is a good and noble thing. I would agree. But when you bring the force of government down on those who work 12-hours a day at a business that they started at enormous risk, and you use the Police Power of the State to demand they pay money to someone who won't attempt to better himself, that's no longer charity. That's immoral.
And about those individuals who had something terrible happen to them and they slipped into being poor. These people are the ones who will work two jobs, and they will dig themselves out of the pit of poverty.
I love it when Obama said "I don't want to punish your success, but I believe when you spread the wealth around...". So he doesn't want to punish success, but that is exactly what he is going to do.
When he and the democratic congress raise takes on those making $250K (or $200K per year according to Biden), which means businesses (small and large), those businesses will need to cover the added expense by (a) raising prices, (b) laying off workers and freezing new hiring, or (c) both (a) and (b). Is that what we need for this economy?
Certain people may talk about helping the poor by taxing the evil rich. Sounds pretty good, until you stop to think about what they're really saying. People need to think more critically about issues such as these.
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| First up, cyclists "braved freezing cold temperatures on their bikes Wednesday to send a message to state and federal political candidates: pay attention to climate change."
Link
Next, Al Gore gives a speech at Harvard about Global Warming, while Cambridge is about to have 125-yr record breaking temperatures!
Check out the email from the President of Harvard that was sent out to address the extreme cold temps!
********
Dear Members of the Harvard Community,
Although today's weather
will hardly remind us of the serious problem that is global warming,
today's event - the Harvard Sustainability Celebration, with a keynote
address by former Vice President Al Gore - will go on, as scheduled, in
Tercentenary Theatre with a program beginning at 4 p.m. We very much
hope that you will attend and enjoy the festivities.
Starting at
3 p.m., we will be serving hot cider and soup to keep everyone warm;
please dress for our changeable New England weather. Henry Longfellow,
onetime Harvard professor and longtime Cantabrigian, once remarked,
"The best thing one can do when it's raining is to let it rain." We
sincerely hope that, this afternoon, it won't rain. But even if it
does, Harvard celebrates Sustainability with spirits undampened.
Sincerely,
The Sustainability Celebration Committee
******
Ok, next one is not part of the clueless alert.
Lastly, someone calls the Press out about their biased handling of the current economic turmoil (and other issues). An excellent read.
Please read it. Seriously.
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| The Democrats pass legislation to require Fannie and Freddie to buy subprime mortgages. The chair of the Finance Committee is sleeping with the executive at Fannie who is in charge of the subprime mortgages.
So, with Fannie and Freddie sitting on subprime mortgages, they then pass an increase in the minimum wage, which causes the economy to contract as businesses who employ those who make minimum wage lay off workers and/or raise prices.
This hurts those with low wages, who are the ones with subprime mortgages. They cannot pay their bills, so foreclosures begin. With foreclosed properties on the market, home values drop and people with 100% financed loans walk away because the house has a loan greater than the value of the house. Therefore, more foreclosures.
Fannie and Freddie collapse and need a bailout.
Who do the Dems blame? Republicans.
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