Tuesday, January 24, 2012
In a Perfect World- the ideal State of Union speech
Came across this article in Yahoo! Financial -- 5 Things Wall Street Wants From Obama’s State of the Union Address. In a perfect world, government would be forcing Wall St to heel like an undisciplined Dog to show who really is Master. Of course, the world we live in is as imperfect as can be, and historically, Presidents end up being the lap-dog of Wall St. Our current leader being no exception- there is after all a re-election to consider.
The five things it mentioned Wall St wanting from Obama were:
1) To "Crank up Stimulus Spending" which of course would put us further in debt and if we were really, really lucky, some table scraps would "Trickle Down" to the populace.
2) End the foreclosure/housing crisis by throwing obscene amounts of money at it. A recent audit found Freddie/Fannie Mae needing At Least $100 Billion more taxpayer dollars. What's a few billion when the trendy word for this crisis as been "Trillion". This would really help Investors make money.
3) Dramatically increase oil production by 'Drill, Baby Drill!'.. Anywhere... Everywhere... Peak Oil be damned (Peak Oil means there is a "peak" on how much oil is available for drilling and from that point, the supply dwindles which pushes price up via supply/demand)
4) To " Cap the tax rate on capital gains and dividends at 15%" -- Brilliant! Allow the Scum and Shit who caused the depression and still profiting off it, to keep even More money.. I am sure "Mittens" Romney and his $21 mill salary while paying only 15% in taxes would Love that so much, he'd be tempted to vote Obama.
5) The "Do Not Say" list, including "discussing the election and GOP candidates, discussing Warren Buffett and the 1%, and playing the blame game." Last thing these rats want to hear is they're to blame, they made too much money off the crisis and the gravy train must stop.
So.. What to do when one reads a piece of garbage article like that?
Simple.. respond with 5 things that in a perfect world, the President Would say and do in the State of the Union to show Wall St who is really boss. Of course, for this exercise, I am the President, and not a corporate shill, like the last four in office.
5 Things in my State of the Union specific to Wall St.:
1) If stimulus spending is going to occur, it would bypass Wall St and specifically the banks to be recycled into the real everyday economy. The government would either issue debt debit cards of $10k per person who earned under $500k/yr to assist in paying down debts or the government would simply buy up All outstanding private debt so every American could start at $0 and have a chance at a good life they'd be deprived if under the weight of bank debt.
2) Legislation to control what credit cards charge to consumers. If you have good credit and never miss payment, no card can charge more than 5.9% interest. Ever! If consumer misses a payment, he/she is charged a fee but rate does not spike to 20% or 30%. And if consumer has difficulty paying off 1 card, other card companies can not raise the interest rate in collusion. The new goal of credit card companies would be to profit without capital-P "Profitting" off people.
3) If there was a way as President I could take oil off the commodities trading board so no rat or roach could speculate and drive the price artificially high, I would. Barring that, I would take away the federal tax on gasoline per gallon for everyday drivers and trucks on the road, but then place an excise tax on jet fuel with a discounted rate for public airlines so that the airline industry would not be severely affected. Think of it as a Sin tax for those with private jets.
4) The tax rate on capital gains and dividends would be lowered for those who earn $50k or less in profit from investing in the market. However, earn more and the tax rate would start at 35% with a cap of 75% for those who earn more than $2million/yr in profit specifically from Investing. No more free ride for the rats... they Pay too.
5) Announce that any bank who can not pass a stress test is to be Nationalized, then broken up into smaller banking units much in the way Bell Telephone or Standard Oil was broken up historically. Enough of a warning would be given to the public so funds could be withdrawn and accounts closed in an orderly fashion without fear of panic or loss of access to funds. Glass-Stegall would be re-introduced as law where a firewall would be in place between normal everyday banking and speculative risk.
Of course Congressional approval would be needed for many of my declarations but where none was to be found I would use Executive Privilidge wherever legally allowed to get my policies through.
Wall St would howl & begin to understand who runs this nation.