The TARP Just Morphed into CRAP
Can't say I didn't see this coming. The Government's $700 billion TARP (Troubled Asset Relief Program) just yesterday morphed into CRAP (Capital Redistributed As Pork).
I just read that Treasury Secretary Paulson has announced that he is changing the purpose of the recently passed TARP from an asset relief program into a capital investment program in his old colleagues' financial firms (Paulson is a former Goldman Sachs investment banker). As I understand this change, these capital investments don't have restrictions on how the money is to be used. The AIG resort weekends are just the tip of the iceberg-- the party with other people's money (taxpayer money) continues . . .
Supposedly the taxpayer is going to "make" money on this program . . .
I mentioned in my post yesterday, Where's Our Bailout? , that you need to create your own bailout and look for ways to reduce your taxes-- this is even more important now. I will move up some planned tax reduction/savings posts to help with this concept. I will get these up by Monday at the latest so that we all have a shot at preserving some quality in our lives as more people seek to limit our budgets.
Categories: Personal Finance,Self Sufficiency,TAXES,Personal Philosophy
Tags: Personal Finance Self Sufficiency Taxes Personal Philosophy
What's next, nationalization of the oil fields and coal mines? Taxpayers won't "make money" any more than the income tax we pay is supposed to be temporary or voluntary. This nanny state bailout isn't the business of government, at least not "limited government".
Reagan told us about the stages of government with respect to business: first try to ban it; then try to regulate it; and if all else fails, fund it. Here we are at the funding stage, and the checkbook is wide open.
Many years ago I made up my mind that I was going to get under the tax radar. So, I worked hard, paid off my house and became much more self-sufficient. Now my income is minimal, just where I want it.
With business expenses matched well with limited income, I should be paying little or no income tax, and that's just what these bozos in D.C. deserve to get from me.
Clair
Reply to this
Simply put, it's only going to get worse . . . the days of the rugged individualist are numbered. It is much easier to get on the teat and expect handouts, but never forget that you never get something for nothing.
Reply to this