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Stupid Tea Party Helped the Rich Get Tax Cuts
The Debt Ceiling Could Be the Tea Party Downfall
Well, it looks like the Tea Party was instrumental in getting the S & P to lower the US credit rating. I have written at Business Insider that the Tea Party had ulterior motives for doing what they do, especially regarding the balanced budget. Indeed, are Republicans agents of the IMF?
Here is the problem with what the Tea Party did regarding the debt limit:
1. The Tea Party refused tax increases on the rich. This displeased S & P. S & P had already warned the US that they needed the 4 trillion action. And when Obama tried for the grand plan the Tea Party made him look like a fool. The Tea Party looks pretty foolish now as the American people are turning against them.
2. The Tea Party caused the brinkmanship surrounding the debt ceiling. According to the S & P, that also factored in on the downgrade of debt. The Tea Party has blown it for America. We hope there is not much collateral fallout.
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The Tea Party Has Been Betrayed By Republicans but They Like It!
The Tea Party is a movement, or so it says. It is not a political party. So then, when the Republicans held unemployment benefits for poor people hostage to tax cuts for the rich, this was a betrayal of the Tea Party principles. What principle was betrayed? The principle of fiscal restraint was betrayed. The increased need by government to borrow from China, Saudi Arabia, Iran, etc., to pay for tax cuts for the uber rich is a total scam against the US taxpayer. The tax cuts for the rich were not needed to stimulate the economy because the richest among us save that money. It does not work as a stimulant.The Tea Party helped the rich get tax cuts, by their silence, as newly elected congressmen not yet seated, and in doing so violated their principle to limit borrowing from foreign powers.
So, really, as much as I am no fan of the Democrats, at least they have a thimble full of common sense, refusing to seek tax cuts for the rich. The compromise made by them to free unemployment insurance was to cave to the Republicans and give massive cuts of 70 billion dollars per year to the richest Americans. If government insists on this tax cut, why not redirect it to every household in the USA? Each household would get a $500 dollar stipend, per year! That would be spent, more likely, than any cuts for the rich. Even if you believe in tax cuts it makes no sense to keep giving a tax cut that has not worked for 10 years, to the rich!
Even the central bankster, Ben Bernanke, stated that the inequality between the rich and poor is destroying the nation. So why didn't the Tea Party listen? Why didn't they buck the Republicans and refuse tax cuts for the richest? Is their plan to spend the US into debt default? More likely their plan is to protect the wealthy bondholders, even at the risk of social unrest! That is why I don't trust Glenn Beck!
The Bush tax cuts for the rich have been in effect for 10 years and have not worked! I repeat, Tea Party, they haven't worked in getting jobs up and running because Wall Street created a credit crisis!
I have held out that Tea Party folks could be a force for good in US politics. But as of this writing, I don't think they are willing to understand the scam of banker abuse upon mainstreet. Isn't there something that can help them understand that mainstreet is taking a hit because bankers are buying loans from the Fed that are being turned into government backed loans? I mean, even now, after the credit crisis, the Tea Party will never be able to get rid of Fannie and Freddie because it is the plan of the banksters to make securitized loans permanently guaranteed.
Tea Party: This Is How The Banksters Are Using Fannie and Freddie Under Your Sleepy Noses!
Lee Adler, editor of the Wall Street Examiner and fellow contributor on Business Insider, has stated:
From there, the banks will use the cash from selling the loans to Fannie, Freddie, or Flub, and they buy the new Fannie and Freddie MBS, which Fannie, Freddie and the Flub just made from the good loans which the bank just bankrolled with Bernanke's (Liar Ben’s) freshly electronically created (but not printed) cash.
So the banks now get the loans back in their portfolios, except that now they come with a government guarantee, courtesy of the fact that Fannie, Freddie, and the Flub are government agencies, and actually government owned. The banks almost instantly went from at risk lender, to a holder of government guaranteed paper on the very same loans they just made.
Thus the circle is jerked. The banks made good loans with money from the Fed, and with loans that they pulled off the Fed’s balance sheet. Plus, they got a government guarantee on top of it. Meanwhile the Fed is left with just poor quality loans. It’s a perfect scam.
So, in essence, the banks are filtering loans that can be refinanced to Fannie and Freddie that come back with a government guarantee. Listen, Tea Party sleepyheads, Basel 3 wants the congress to have no ability to pull any loan guarantees made by Fannie and Freddie. The idea is to fill their coffers with so many Fannie and Freddie loans that the government dare not put these banks in danger. Check out that article that I wrote at Seeking Alpha. You will see that I am not lying. And the Adler article just is another source of proof that you are being taken for a ride by the big banksters.
And now Tea Party, the TBTF banks, like Wells Fargo, who are your gods want to threaten the government with the demise of the 30 year mortgage if every single loan is not guaranteed! This is fascist behavior Tea Party, not communism. Wake up Tea Party and weep for your nation!
The Tea Party Can't Reduce the Deficit By Giving the Rich Massive Tax Cuts
Tea Party:There Is Only One Way To Stop the Madness
There is only one way to tolerate all these government guarantees that the banksters and Republicans seem to want. That is right Tea Party, there is only one way. And that way is to ban securitization of mortgages. Securitization of mortgages creates moral hazard. It allows for folks to write sloppy mortgages, on purpose even, and then pawn those mortgages off onto unsuspecting investors. There is so much money floating around at the top reaches of the population that they have to put the money someplace. They want real estate to boom again, even if it means another meltdown. They want boom and bust and boom and bust.
Tea Party, all of that nonsense punishes savers and real investment. A credit bubble is not the way to fund a recovery in the economy. Tea Party, you see how much that has already cost us right? Or have you been living on another planet, sheesh!
The Tea Party is a movement, as I said above, so that it must apply leverage to both political parties to curb spending. Now, I am not for massive austerity because it doesn't work, yet some austerity and targeted stimulus in tech would help our economy.One positive thing the Tea Party could do is watch the price of gas. And if it goes much higher they could do the one thing that I agree with them on so far, which is to call for an end to Bernanke's QE2.
The Tea Party, sans Sarah Palin and the demogogues, could possibly be a movement for good, but so far it appears to be a movement for the rich. If that is the case we have been seriously duped! The jury is out, but they need to help out mainstreet. I am pretty certain at this point that they are not a populist movement, but rather are populism for the wealthy.
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