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Unbelievable U.S. Gov. Action

By Michael Webster: Nov25, 2008 at 7:30 PM. PST

Opinion:

I rarely write opinion pieces as a syndicated investigative reporter. But the situation is so grave I felt compelled to scream out to my readers “what are we letting our government do to us?

They are giving (8) trillion dollars of our tax money to the very guys who ripped us off in the first place, Wall Street! We the small stock market investor, the IRA account holder depositor and the 401K depositing money for our retirement and the insurance premium payer is where much of the money came from. Even so Wall Street and other commercial companies have gone belly up. Mostly from bad management and corporate greed, all while they were stuffing their pockets with the profits of the past and now that that money is gone they claim to be broke. What happened to all that money?

The Mainstream media have been extremely deferential toward those promoting the looting of the American taxpayers during the ongoing economic and financial crisis. 

The way I learned in school and as an entrepreneur was you have to take risks in order to make the big bucks. Well, they made the big bucks took the risk and lost. That’s capitalism, the American way. But should you fail you fail and must suffer the consequences. If it where the little guy or small to medium business person we would just have to eat our losses. Now the same guys who made absurd amounts of money from us in the first place, are now getting us through our government, to bail them out with the tax payer’s money. Which they got from their wind fall profits in the first place.

The Auto industry or at least the big three who we as tax payers have already given 25 billion, wants 25 billion more from us the tax payer. The same people they made their profits from who bought their cars and trucks during the profitable times and now that they to are guilty of bad management, are asking to be bailed out as well. The claim that the automakers, like Wall Street’s Bear Sterns, Layman Brothers and others, and now too the big banks are claiming to be broke.

They now, for some reason, are unlike all American companies in the past when failed, would just claim bankruptcy. No, they say they won’t, they now claim that they can't just declare bankruptcy as a strategy to regroup, reorganize and re-emerge as stronger entities. The reason why not is simple: Just get the dumb American tax payer to bail you out through their government, Congress and the executive branch.

The Federal Reserve is at the root of it all. They refuse to make any effort what so ever to disclose the securities the central bank is accepting on behalf of American taxpayers as collateral if any or even the interest or terms of the loans already made to wall Street banks such as Goldman Sachs and Morgan Stanley. The current secretary of treasury is the former CEO of  Goldman Sachs that should tell us something? The Fed has just plain refused to even tell us where the money has gone or give any accounting of the transactions. Many of us feel that we should do away with the fed all together and return the responsibility of the printing and accounting of the tax payers money back to Congress where the constitution says it belongs.

Can you believe it? What in the hell is going on? The so called people’s government is insisting that the auto manufactures come up with a business plan showing how they intend to spend the people’s money. Yet the trillions of dollars given and being given to the financial world is without any plan, not a business plan and in fact we the people who are putting up the money can’t even find out who’s getting what, how much they are getting and the illegal Federal Reserve won’t tell us.

As best as I can tell we the people are getting nothing!

America International Group (AIG) like the other failed companies apparently are not missing a beat; they squandered a chunk of the first bailout billions partying in plush resort hotel and spa’s and paid out billions in bonuses to those selling their products and services. Now they are demanding more cash from us the tax payers with no end in sight and with no accounting to us or anyone else.

Remember Martha Stewart? She was arrested tried and went to jail and paid for her sins.

What I want to know is why these culprits aren’t being arrested and put in jail for the largest rip-off of the American tax payer in the history of the world.

They try and blame it on the housing debacle that they created and milked for all it was worth and now are getting bailed out and we the home owners are lift holding the bag and lift high and dry. While millions of Americans are unable to make the mortgage payment and millions of Americans are now without jobs and millions more are expected to lose theirs. We get nothing, but pay for everything. What is a matter with us? Is it something in the water?

Many economists are against the idea of bailouts to, saying that these bailouts are opening the door to a taxpayer rescue of virtually any major company with cash problems. "Where do you stop?" says Bill Isaac, former chairman of the Federal Deposit Insurance Corp and now managing director at the LECG global consulting firm in Vienna, Va. "Circuit City's going down. Do we help them? What do you do if Starbucks gets in trouble? Do you help them?"

Where does it stop I say let them fail, claim bankruptcy and see if they can prevail and if they can’t sorry, but so what? We should demand the billions already paid out, be returned to the U.S. treasury. Demand no more bail outs, period!

We the people, the tax payers footing the bills and mainstream America should all be bailed out first. If not, many are telling me that they are not going to pay any more federal taxes. Because the government is spending trillions of the tax payers money against the will of the people by bailing out companies who we do not want bailed out (the tax payer was not even asked). Also many folks tell me that they are going to stop paying their credit cards until the banks file for bankruptcy and stop taking handouts from the tax payer.

The vast majority feel like they are willing to take the chance to let the companies in America fail and we will be better for it. We can build America again from the bottom up just like our parents and there parents. And most Americans are willing, able and ready to do just that.

Its time we lay down the law, the people’s law. Right here and right now.

God bliss America and we the people!

Editors note:

Michael Webster’s Syndicated Investigative Reports are read worldwide,  in 100 or more U.S. outlets and in at least 136 countries and territories. He has published articles for MaximsNews, which  is associated with MediaChannel.org and Globalvision News Network, global news and media information services with more than 350 news affiliates in 135 countries. Many of Mr. Webster’s articles are printed in six working languages: English, French, Arabic, Chinese, Russian and Spanish. With ten more languages planed in the near future.

Mr. Webster is America's leading authority on Venture Capital/Equity Funding. A trustee on some of the nations largest trade Union funds. A noted Author, Lecturer, Educator, Emergency Manager, Counter-Terrorist, War on Drugs and War on Terrorist Specialist, Business Consultant, Newspaper Publisher. Radio News caster. Labor Law generalist, Teamster Union Business Agent, General Organizer, Union Rank and File Member Grievances Representative, NLRB Union Representative, Union Contract Negotiator, Workers Compensation Appeals Board Hearing Representative. Mr. Webster publishes the on-line newspaper the Laguna Journal and does investigative reports for print, electronic and on-line News Agencies.