I don't agree with the 70%. The federal reserve system benefits the investor class at the expense of the saving class. Regular people are being screwed and they should be very, very vocal.
...unrelated to any income tax brackets,let me ask a simple question. Which tax payer has actually paid a single penny so far for this bailout. I understand that emotionally everyone feels they have somehow shouldered the burden, however, cash-flow wise NOBODY has paid a single penny yet!!! The taxes paid do far are for the normal maintenence of state hood, operation of the health care system, roads, education, defense and what have you. Have any of you paid an additional dollar yet??????? NO!!! People have a right to complain if they pay USD 5000 next month and then they also have a stake in all of this, however, so far nobody has got nothing. So far, when looking at cash flows, the government and the fed has made investment and loans nothing more, nothing less. Sure, some may argue now that government is ultimately the people but aside this crap, the Joe on the street has not made a single effort/payment yet to bail out AIG. In my opinion this is a pure politicum. That wall street tried to maximize profits is understanable, that the Joe on the street picked up zero down loans is understandable. Everybody was greedy. The only guys who really dont get it nor understood the least were politicians. (watch again the countless hearings of CEOs and the stupid and often completely irrelevant questions asked by politicians, especially black American politicians. Is this racist? Well watch and judge for yourself). And those politicians are now the most vocal about making everyone believe we are suddenly part of the story because they are trying to catch votes. Laughable... Why dont we continue this debate once any of us has made an actual contribution. Let me know when you make your first HIGHER tax payment.
If it comes to that the government should just nationalize all the banks right now. The nationalized banks would probably retain more value for eventual sale then under your scenario which risks shock to the economy. The loss of confidence and state of anxiety in having all the biggest financial institutions just disappear overnight would make the current situation seem pleasant. The stimulus is the anaesthetic. The next round of bank bailouts is the surgery.
It's so sick the way the media reports on the economy. Clearly they have no idea what they're talking about. So many people blindly accept what the media has to say, so when they take a minor topic and blow it way out of proportion to sell the story, many people get excited over nothing.
I'm confused. Seems like only people who work at banks want the bailouts. So if the lower and middle earners are vocal against the Wall St bailouts, shouldn't rich guys who don't work at banks be happy about that? Do the rich guys who don't work at banks but are paying for the bailout want the bailout? If not, shouldn't they be welcoming any and all opposition to it?