Hi Everyone,

I am sharing this article on the economy and a letter I sent to President Barack Obama. They are not posted on my website, but will be in the next week or so. Thank you for taking the time to read. I hope you will share them with friends and post them at blogs and other websites.

Peace and Love,

bob



Taxpayers Revolt Against Bailout of the Few



Nothing is being said about where some of this Wall Street bailout money should be going. This is an issue of criminal proportions and I say that because subpoenas and investigations by the FBI have already begun. We can never call this a rescue plan. Rescue is a word used to help someone in need of basic necessities—not someone that is full of greed. I believe we should all demand that the president, congress and the senate give their undivided attention and support to the people that are paying for all this mess. Our representatives need to put one dollar into social security funds for every dollar given to these financial entities. They need to do the same for Veterans’ benefits, college education loans, medical coverage for children, the victims of hurricane Katrina, Medicare, Medicaid and secure funds to make unemployment benefits available for the duration of the collapsed economy.



But how can we pressure these so-called representatives of the taxpayer? You know, the representatives that swore to never tax us without representing us. In the past, taxation without representation was the common phrase used to describe this kind of criminal behavior, as they did during the Boston Tea Party. People back then just blatantly refused to pay the tax. Is this what we feel like doing now?



I would never tell you to stop paying taxes because it is against the law for me to say it and for you to do it. But, what if we all asked for extensions come April 14th 2009 and the flow of money was delayed for a unspecified time? Then, I think they would see that we mean, pardon the pun, business. Maybe then, congress would consider a real “rescue” plan for the people. Maybe then, congress would put money in these social programs that so far politicians have failed to even mention in their campaign speeches. Please don’t tell me after the presidential election that we need to balance the budget because you spent all the money on the war and saving the rich. Sorry—that is unacceptable. Maybe they need to face the wrath of the people to keep them honest. And for the record, the mainstream press and media have been all too complacent about not mentioning the obvious criminal acts of the government. They have instead only written about the superficial benefits of the few and have purposely tried to avoid the use of the word bailout because it has negative connotations. The media has forgotten to write about the overall consequences the working class people are facing.



It is important to share with all of you why we must demand that money be put into funds that protect working people and their families. This means the almost non-existent middle class people as well, although they are evaporating before our very eyes. This goes on as more of the wealthy become the healthy, and the rest of us are getting sicker.



What prompted this article was an op-ed piece written by David S. Scharfstein and Jeremy C. Stein, a professor of finance at Harvard Business School and a professor of economics at Harvard, respectively. In their article “This Bailout Doesn’t Pay Dividends,” they state that because Secretary of Treasury Henry Paulson has allowed dividends on stocks of banks that he and the government have lent billions of dollars, the banks can essentially pay out money to the officers and directors. In other words, the officers and directors “will be among the leading beneficiaries of the dividend payouts” and the amount of money paid to them “will amount to approximately 0 million in the first year.” There is something deeply disturbing about this continued trend, despite public outcry.



I think the taxpayers, the public, and the people have expressed that CEOs and others should not receive bonuses or golden parachutes while their companies are receiving federal bailout money. Since elected representatives have stopped listening to us, then we must take action to make them understand we to mean business and not as usual. And knowing these feelings of disgust, they continue to exercise the same loan policies that got us to this broken place.



There are other corrections that loan institutions need to make at once. The whole system of predatory lending has not stopped; it continues with wild abandonment. Some banks are lowering interest rates on home loans in order to make it possible for the person to make payments. But the value of the home is still way over inflated. Thus, people still owe more than the house is worth and will eventually walk away from the loan down the road. The other predatory loans are on cars. People wishing to trade in SUVs that lost most of their value and are upside down, basically owing more than the car is worth, are being taken advantage of. The balances owed on the SUVs are being added to the new car they are buying. So the new car is upside down before they drive off the lot. Will car insurance companies cover all the debt if there is a total lose in an accident? Probably not. How long will it be before people walk away from cars that are not worth what is owed to the banks? The banking system goes on creating the inevitable crash down the road and the government and the Secretary of Treasury help them do it over and over again.



I can’t believe that the Secretary of Treasury has not given any guidelines or mandates that the bailout money will not be used as profit, bonus payments or stock dividends, while taxpayers lose their jobs and fight to make ends meet. There should be a mandate that stops all predatory loans and puts an end to financial bailout money for the wealthy. The only conclusion is that this is being done with the knowledge that it is wrong and morally incomprehensible. We have no recourse but to take action ourselves. Even though we know they can fine us or put liens on our homes. We realize these problems stem from basic structural flaws in the system.

This profit motive system based on material wealth has degraded us to selfish, greedy rulers of a global economy that we helped to create and have now plunged it into the unavoidable world depression of the 21st century. The scenario of the boom bust capitalist system is antiquated and needs to be replaced. The economists of our time must create a hybrid economy for all of human society that allows profit to be used in conjunction with a type of equilibrium formula that embraces the basic needs of the global population. We need to veer away from blaming other nations for “taking our jobs away” and create jobs that all nations can partake in, insuring that their fundamental economic needs are met, which will slow the immigration explosion dilemma.



Worldwide heads of households, men, women and even children, have been deduced to the source of income figures by being labeled as good according to the size of their paycheck. There is not an attachment to character, truth, honesty or fidelity in the end. If your check is small then you are bad or lazy. The fact that every penny earned is given to the family becomes the paramount measurement of a ‘good provider’ and becomes far more important than the true expressions of love, compassion, unselfishness and sharing. These all hold little, if any, value at all in a system where profit is king. Those who earn more money are held to higher levels of respect, far more than those who make less but essentially work longer, harder hours for their “meager” pay. This is why it seems acceptable to give billions of taxpayer money to the wealthy institutions, while the fate of the rest of the masses lies in the hands of the heads of household with no comprehensive federal rescue plan for us.



Is it time for all taxpayers to revolt against the thieves that are giving away our hard earned tax money to the rich, upper class?

If so, it is by the pen and not the sword that will lead us to victory.



The excerpt below is from a New York Times article that was printed on October 5, 2008.



To help pay for the rescue, the government should raise taxes on the wealthy, Mr. Buffett suggested. “I’m paying the lowest tax rate that I’ve ever paid in my life,” he said. “Now, that’s crazy.”



Warren Buffett is one of the richest men in the world. But he is talking about the fake rescue plan; he is really talking about the Bailout Plan for the rich. He is talking about saving the rich, but he still realizes that he pays a lower tax rate than most workers.



I believe that all American workers, blue and white collar alike, should stand up for true representation in a way that the weak elected politicians of our time have so far refused to do.



Bob

Black Crow

www.onlinewthbob.com



Dear President-elect Obama,



It is with great pride that I share my story with you and how my family supported you during your raise to power. I put it in these terms because now in the face of the 21st century depression you have the power to engineer a new system, one that will never let this happen again. You and I both know that the brunt of this economic disaster is not hurting those executives at AIG that continue to party like rock stars with taxpayer bailout money. Those that are on the verge of oblivion are the workers of this country. Yet, Bush is still ignoring workers by not helping the auto industry where so many of us are connected and rely on for paychecks. So, how will you use this power to make substantial change to a broken system?



My story has always revolved around my children, of who three received their college education at Harvard and the other two at Stanford and Berkeley Law School. As a lawyer Michael went to Florida to over see the counting of votes, as you turned this state blue. Gus went to Nevada to help with your campaign before your national victory. The rest of my family voted for you.



What I believe we need is a hybrid economic system. A system that can extract profit, not just from workers paychecks in terms of taxes (the governments profit), but one that sets percentage ceilings to prevent the greed and corruptions seen in the global oligarchies of our time. I believe the term is user friendly. The time is right to go forward with something so bold. I think you have touched on this when mentioning a kind of equilibrium.



I have been a truck driver for 35 years. I was laid off this week because of the economic slow down. This is my resume Barack.

Do you dare take me in? I need the money. If there is no room in your cabinet for a working class person, then where is there a place for us in your government?

I remain,

Robert Bracamontes

www.onlinewithbob.com

We don't have to stop paying taxes. Each taxpayer each year declares their exemptions on the IRS form W-4. Just declare excessive exemptions that allows employer NOT to deduct Federal Taxes. Under tax law currently, if when actually filing for tax year, you must enter actual number of exemptions when you file for tax year. If no tax was paid all year and you owe taxes in excess of (I believe) 0, then you owe the actual tax amount, plus penalties and interest. This is the only way for the taxpayer to let Democratic Congress know that we don't accept "bailouts". And since bailouts are from OUR tax dollars - there is no worry about going into huge debt because we are only getting back our own money. When filing in 2009 for 2008 taxes, just attach a letter that WE, THE TAXPAYERS, are not allowing Congress to take our money and we are giving it to ourselves to avoid further debt of Federal budget. When IRS sends bills for back tax for 2008, it will show penalties and interest along with actual taxes owed. If we do not accept these demands and majority of taxpayers ban together on this issue - then when IRS wants to take us to court for collection - then we file Class Action Suit against Federal Government for releasing our own money to business, banks, etc. when not securing written agreements for how our tax dollars will be spent or make written contracts setting interest due from "bailed" out companies. We should be exercising these rights also for 2009 and beyond until government uses common sense GIVING AWAY OUR TAX DOLLARS. This is our only way to make the federal government wake up. If we owe taxes (like bailout companies) then Congress would be discriminating against the "little guy" and showing preference to "bigger guys" who caused their own problem due to incompetence. If we, as a majority, follow this acceptable and legally okay right to select our own exemptions and be ready to accept the IRS going after us for under payment of 2008 taxes, and into 2009 taxes - then federal goverment doesn't have OUR money to give away - if there is any "giveaway", it should go back to us and avoid actual future debt, and hopefully, teaches Congress that we, the taxpayers, will not allow giving our taxes away - our tax dollars going into a POT and gives Congress "some" dollars to incompetently toss "good money after bad". We, the taxpayer, have way more common sense that the politians we stupdly elected and should make us more aware that by ignorance we all are partially to blame for problem, but we have better ideas to get taxpayers and government, and business to accept responsibility also and make Congress stop throwing away to those who don't deserve it and give it back to taxpayers - after all, it is OUR money. Congress should first protect all retirees, who after working 25 to 40 years for pensions - never signed on years ago for causing the debt. They need to be protected first. Then a program, that Congress will guarantee help to states to expand unemployment claims for at least the next year. States can only dothis if back and helped by Congress - and former taxpayers and workers can get immediate assistance to put more money in taxpayer and consumers hands. Of course, a more fair answer would be to excuse taxes due for 2008 and 2009 and total cost to implement these fair changes would help more taxpayers than the billions given freely to "bailout" companies and it would certainly lower overall debt they have already cost to current and future taxpayers. Let's use legal means to wake up our elected officials that work for us - if they stay incompetent then next step is go to polls to get them kicked out and let them find out what it's like not to have a paycheck. Congress can "demand", in writing, that banks MUST start lowering interest rates (not raising it - percentages credit cards are permitted to change used to, in the past, amount to laws concerning usury (going over "legal" limits for interest) and allow us to pay off our debt reasonably. Otherwise, no pay credit cards means for foreclosures, and banks being in MORE financial debt. If retirees are protected, unemployed guaranteed longer benefits to possibly help them NOT to go into foreclosures (hopefully). Irresponsible individuals and business that were stupid enough to cause their own problems SHOULD NOT be part of any government programs to help. Let these individuals and businesses to learn how to become more responsible by letting them go by the wayside (some must suffer in these times). Since majority (90%) of Americans are paying their mortgage and/or smartly paying off credit cards and loans - these are the ones who have earned the right to be given this help from Congress and banks instead of ignoring those who act responsibility - and HANDING OUT more help to those who, in the past, and certainly in the future, will continue to "drain" the rest of us - will never be part of any sacrifices than we, the taxpayers will be made to make. They have not earned any right for help. Let them know they have to start contributing to the system and don't make it SO EASY for them to stay in the rut they caused and government stupidly allowed to happen. If enough taxpayers take the only legal stand they have available - then, if Congress isn't BRAIN DEAD" - they will get the message. After all, all these politicians don't actually come with any RESUME and nothing presumes they have any answers. I hope the taxpayers and volters start to know who the heck they are really voting for, and if they don't keep promises and smartly listen to experts - then exercise our voters right to remove them. Keep calling, writing and emailing your congressmen - but we need a much faster and immediate answer that will get their attention. I think these are, at least, some good ideas, that should be looked into. If the taxpayers use this idea, then if we go to court - obviously there will be other taxpayers who have joined us and did the same thing. So how can we lose in court? There won't be any people to select for these juries if they are also in our same boat, or at least they would never find against us. It's something to consider. Of course, legal opinions of these ideas would be welcomed. I am not a lawyer, just a retired taxpayer, after 25 years who pays their mortgage and all other debts. I am sure the majority of Americans do the same. Help those who help themselves - not the incompetent businesses and individuals who always try to SCAM the system. There has to be an end to this. Please respond to these suggestions - add to them - or point out any part of these ideas you believe will not work. We all have ideas - just some of us are afraid to put it OUT THERE. Please just think about this and get more involved in what is happening to your OWN MONEY that is being misspent by Congress. Start with taxpayer help and spending just might get us out of this without throwing our hard earned tax dollars into the wind. Thanks for patience for reading my "rantings" but I hope you like me have had enough.