Conservative Voice wrote: What do you have against countering the balance of influence that the finance industry has on our government? Aren't you PO'd nobody on Wall Street was held accountable for the financial mess that started this economic tailspin?
Hold them accountable for taking full advantage of the implicit guarantees made by the federal government? How exactly do you do that Wayne, have the federal government refuse to honor those implicit guarantees? Would that be the same thing as holding them accountable for taking advantage of all of the federal tax deductions that the federal government is offering them?
There is only one reason that the federal government bailed out the financial industry and it centers around the implicit guarantees that the federal government made regarding the GSEs that it had previously spun off from government entities into private companies whose dealings were backed by the full faith and credit of the federal government. Did Wall Street take full advantage of that bad policy? You bet it did, as did the GSEs themselves. And for all practical purposes they are doing the same thing in using that money to purchase federal debt and then place those treasury obligations into their asset column to replace the toxic assets they purchased from the federal GSEs - not to mention taking advantage of the 0% interest being offered by the fed to borrow money to purchase the debt obligations of the federal government that are being issued to finance the federal deficit. We are literally borrowing money that comes from borrowed money at this point in time. Any predictions on how that's going to work out in the end?
Someone ought to check out this greedy ice cream company- make sure they are paying their fair share of taxes and not trying to take advantage of all the corporate loopholes.
The government deserves their profit more than this ice cream corporation does.
