Taxation without representation? That's the way I see it!
The New York Times
March 12, 2009
Household Wealth Falls by Trillions
In the last few months, most Americans have felt poorer. Now they have the numbers to prove it.
The Federal Reserve reported Thursday that households lost $5.1 trillion, or 9 percent, of their wealth in the last three months of 2008, the most ever in a single quarter in the 57-year history of record keeping by the central bank.
For the full year, household wealth dropped $11.1 trillion, or about 18 percent. Though the numbers do not yet reflect it, the decline in the stock market so far this year has probably erased trillions more in the country’s collective net worth.
The Washington politicians love to tell us they're for cutting taxes, but what they don't tell us is they will turn a blind eye when Wall Street uses our savings to keep the economy going with risky ventures.The creative financing of homes by Wall Street helped get us out of the 2001 recession and guess who paid for it! We did! Not with taxes but with our savings and 401K's.
"Meltdown" Blames Feds For The Crash
"Fed chairman Alan Greenspan sought to reignite the economy through a series of rate cuts... the new money and credit overwhelmingly found its way into the housing market, where artificially lax lending standards made excessive home purchases and speculation in homes seem to many Americans like good financial moves."
I suggest there was a 2001 economic stimulus plan and it was financed with our savings and 401k's and that's taxation, $11.1 trillion tax increase, without representation. Our Democracy Corporatocracy at work!