A coupe without the guns…

We are seeing the attempt by Henry Paulson with the blessing of our president to fundamentally change the economic engine of our democracy. They are using fear tactics to take over our market based system. If you read section 8 of the Paulson proposal he will have absolute power to decide what happens with the 700 billion dollar taxpayer bailout, no oversight, no questions asked, no intervention, financial tyranny of our financial system.

This is a crisis started by congress many years ago in an effort to relax the rules for people to get mortgages. They felt 20% down was a barrier to too many people. So every year it became easier and easier to go into debt while that debt was turned into financial “vehicles” that Wall Street placed bets on. The bet worked for a while but like every ponsy scheme that is based on thin air it was bound to end. This is the end we are seeing today.

Those of us that have lived by the values of the past, don’t spend more than we can afford, are about to be punished for having a value system that used to be the norm in this country. This is not only a financial crisis, it is a values crisis. Debt is the norm. Not just mortgage debt, but credit card debt in this country has escalated while savings have diminished. It is a live for today, the heck with tomorrow culture and it is not sustainable.

We have seen our industry leave because of government regulations, we have an unhealthy addiction on foreign investment, and we have a government that has grown beyond anyone’s ability to understand it, or more importantly change it without a crisis as the impetus.

Here’s what needs to happen;

Barney Frank, Christopher Dodd, Paulson, and countless others in the House and Senate need to be held accountable; voted out or prosecuted for the fraud that has been allowed during their tenure.

President Bush has to stop his push for government intervention.

The market MUST be allowed to correct ITSELF.

Pass a bill to eliminate the capital gains tax for 3 years.

Wall Street needs to know that we will not bail them out and set the course. Every failed institution must be investigated for fraud and illegal activity.

We must remember that not every financial institution is going to go bankrupt, only the ones that have made bad loans.

Keep up the pressure to allow the markets to fix this; do not listen to the people that created the mess. They are covering their backs. Why would we trust anyone in the congress today?

Protect your 401-k by throwing them all out on November 4th.

We are Americans, and we the people are the only ones that can fix this mess created by our representatives.

Remember that the news stations are loving this because it is all a ratings game for them. They are creating an atmosphere of panic. Know better and stay calm.

We must rebuild trust in our government which means starting over with new representation...