-=> ROSS CASSELL wrote to WAYNE CHIRNSIDE <=-

 RC> Hello WAYNE!

 RC> 24 Apr 10 18:33, you wrote to me:

 RC>> The DOW hit higher peaks during so and so's administration, which
 RC>> didnt impress your Democrats..

 WC> Because that peak was caused by the merging of banks with investment
 WC> groups and derivatives, AND under so and so's administration the
 WC> economy CRASHED and BURNED due to the repeal of Glass Steagall
 WC> introduced to Congress by a Republican Congressman from Texas.

 RC> These peaks were achieved well before the meltdowns and the poopoo'ing
 RC> being done about those peaks were done only for partisan reasons..

There were peaks before The Great Depression as well, large ones.

 RC> Same exact scenarios under a Gore or Kerry, and they would have been
 RC> singing, look at this prosperity.

Why is it nothing in your reply containing MY points with only your points
substituted?

Sure there were peaks during the Bush administration, largely due to fraudulent

book keeping 
practices and irresponsible behavior of the banking industry once merged
with the investment firms.

Enron and WorldCom failed at the very beginning of the Bush administration
and were a clue of things to come.

This within two years of the repeal of Glass Steagall.

Especially Enron.

Without the Republican Congressman from Texas intruducing the repeal of 
Glass Steagall and Republicans pushing it through little of the
irresponsible investing could have taken place as investment firms
and banks could not have merged nor would they have
access to bank customers accounts in the form of 401k, mutual funds
and other investment portfolios.

THAT'S what fueled the sub-prime mortgage lending, access to the 
banks clients sub-prime mortages which were only lent in the first place
because they wanted immmediate access to funds to invest in questionable high
risk investments for high initial profit.

Then when it became apparent the sub-prime loans were a liability rather 
than an asset they were bundled into derivative packages and sold to investment
banking customers as a valuble investment while all the time knowing
that's where they'd passed along their risk. 

Face it, Glass Steagall was enormously successful for just under 70 years
between the Great Depression and the collapse of 2007.

I quite simply do not understand how an Office Depot employee fails
to understand what happened nor why he would side with investment bankers 
ripping off the middle class while enriching the top 2 percent and Goldman
Sacks
having been bailed out by YOUR tax dollars making record profits AND
giving 5 BILLION in executive bonuses after being a large portion of the
cause of the financial collapse of the U.S. financial sector.

I can only assume you believe in an oligarchy where only the wealthy elite few
have all the rights, privileges and advantages of having the tax burden shifted
to the working class.

Here's a clue Ross, you're supporting those that are exploiting yourself
and the rest of the working class.

Sure the top twenty percent pay 1/2 the taxes but in that 20 percent is the top
part
of the working class before you reach the elite 5 percent who through various 
loopholes and a legislation geared to shifting the tax burden to the working
class
pay less proportionally of their income than you do as a working man.

You've been SNOWED.

Warren Buffet himself quite plainly expained he didn't think it fair
his secretary paid a third more in taxes than he did when in fact
Warren Buffett takes advantage of no tax loopholes for the wealthy.

He as a BILLIONAIRE simply is taxed at a lower rate because your party has
passed legislation making it so.

You're apparently happy Warren Buffett and other billionaires 
and multimillionaires actually pay far less  of their income proportionally
than you do
in taxes.

You in effect are subsidising Warren Buffett and Bill Gates lower taxes
while paying more proportionately of your own income than they do.

So you are arguing the elite wealthy should be supported
and subsidized by yourself and the rest of the working class.

You absolutely ASTOUND me.

Somehow I don't believe you'll ever work your way to
the top of the top of the oligarchy working at Office Depot
but you seem to ascribe to the idea rich people are intrinsically better than
you and deserve to pay proportionally less in taxes than you do.

I'll NEVER as long as I live understand that mind set.

 



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