Brass Tax: Obama’s Change Now Impossible


Let’s face facts folks, there ain’t much cash to go around. So how are we supposed to pay for all these new entitlement programs? Those earmarked for a raise in taxes, there are going to be a lot less of them. Think things are bad now, Vote Obama in. Then you will see bad.

How long will it take to pull your heads out of your collective rear ends on this one. The brass tax is, lending monies to people who don’t qualify is socialism. It was started by Clinton, and once something like this is started you will be hard pressed to stop it. Why? The elephant in the room is not being discussed. This is not a failure for free market capitalism. It is an indictment of socialist policies, and unsafe lending policies in the name of “equality”. The only color that should have mattered here is green. That was not the case.

What is subprime lending? Honestly, it is giving loans at high interest rates to low income people who should never have gotten a loan in the first place. Now there are two issues here that need to be discussed in a straightforward manner. Subprime lending effects ethnic minorities because the historic fact that people of color are not the wealthiest 10% of Americans out there. You can digest it and call it racism or classism. It is what it is. If that is your response, then you must face the fact, that reaction is why nothing has been done to tighten subprime lending. Bottom line, giving money to people who have no way of paying it back when times get hard is a bad move. It is not only poor people to blame here. It is the lenders.

Ask yourself, what is the interest rate given to people with bad credit? I know it all too well. My credit is busted. (I am not silly enough to have bought a house or have a credit card, I am all cash, all the time.) The subprime lenders acted as predators. They gave huge interest rates because they could. Many people were paying very little to the principal, and most payments went directly into the lenders pockets. To equate it to something people in low income neighborhoods can understand, it is the same game as the Payday Loan places. Yeah, I have had several checks on hold, at huge rates of interest. The only difference in subprime lenders and payday loans is that they didn’t put a liquor store next to the bank.

How will this effect Obama’s plans? Higher taxes mean less jobs. Less jobs means less incoming taxes. No money coming into the system means no new programs without a huge increase in the national debt. You see where this is going? Folks there is no longer a vote against Bush. It never was. It is a vote for steak or ramen noodles. I’m going to get mine. Stock market crashes and bad loans mean a lot less to a man with very little to lose. On thing is for certain, the is no time for more socialism. Socialism has gotten us where we are. The only color that should have mattered is green, but it is what it is. Good Luck.

“If you want to feel rich, just count the things you have that money can’t buy”

cash

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~ by gotea on September 30, 2008.

One Response to “Brass Tax: Obama’s Change Now Impossible”

  1. […] Read the rest of this great post here […]

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