Saturday, January 31, 2009

Disgruntled American

WARNING: The following post is not funny. It is a rant that will offend and piss you off. If you do not enjoy being offended and pissed off about the status quo, please skip this post.

OK so far I think Obama is a disappointment to the country. I seek the cleansing power of retribution upon crimes against the American people. I want Alberto Gonzales, Scooter Libby, Donald Rumsfield and others stripped of all worldly possessions and tossed into a Gitmo water boarding prison cell without the benefit of Habeas Corpus for falsifying information leading to the invasion of Iraq, war profiteering, obstruction of justice, violation of the open meetings act, torture, and crimes against the constitution of the United States of America. I still feel our biggest terrorist attack was not prevented by this group of opportunists but perpetrated by them.

Obama will never do anything like that, and they will walk away free and leave the door open for a following generation to do the same. America will endorse the same corruption that has felled other nations since the beginning of time. The laws of our nation not only do not apply to all citizens equally, they are not even given the illusion of equality. I believe this glaring lack of equality is a threat to our future.

Obama will not intercede and force changes on the pay scale of executive and Wal Street moguls. Once again we see the disparity in our nation of equals where men of great wealth are not bound by the same rules. Many, simply by birth right have advanced to these esteemed positions where they are capable of exerting influence of great levels of incompetence to wreck not only the American economy but the economy of the world. I believe with all my heart that Russian Prime Minister Putin is an evil evil man. But I also believe he is justified in pointing out American greed and indulgence is the root cause of the world economic disaster. Without making changes to this system we can not expect to retain our position as the world leader.

I have said for years that all I want is the same fairness in government as we expect from the commissioner of Football or Baseball. To date, Obama is not providing nor pushing for that fairness.

In the past half century I have seen a change where nobody trusted the stock markets following the Great Depression, to where in the 90s many people became mini millionaires from retirement trust funds. When the money rolled in the greed started. Businesses were shipped over seas so the bottom line looked better for investors. Stocks never paid dividends because companies never really made a profit (except Microsoft) other than on paper, which showed inflated increases in value so the company could resell for the benefit of stock holders. This manipulation of the markets by fictional paper worth lead to many mini disasters like the Savings and loans of the 80s the dot coms of 2000 and now the mortgage loan business where a trillion dollars in debt still looms over the heads of home owners. Home owners that will still suffer foreclosure regardless of economic bailout money to the banks... because the banks have a different set of rules and Obama has no plans on changing the rules.

The other day my neighbor called. She sells for Edwards Jones Investment. Last year I bought into an IRA for the first time, since it would save a bit on taxes and provide more in a retirement plan that I could ALSO use as college money in a couple of years. Oh yeah, and the trust account IRAs will make way more than the 1-4% interest you can get in a CD at the local bank. AT least that was the sales pitch. My neighbor asked if I wanted to add another $3000 more to the pot since the rules changed to allow more money for old folks like my wife. But there were problems. First of all, we found out last year that AFTER I had invested the money with Edward Jones we made too much money and could not deduct the IRA. That was NEWS to us that came after the fact. So we locked $4000 into a tax deferred account that we can't access for 20 years and now can't even deduct from our taxes. AND to make matters worse... rather than gaining the 10-15% interest mentioned in the sales pitch... we lost 25% of the initial investment! And now I am asked to toss in another $3000. Do you see the lack of confidence? How do I invest in my future? If I go with the CD then the bank gets to use my savings for almost free while lending out on loans I would NEVER risk.

On the other hand there is no way to have a real tax deferred program for say a child's college plan. Our current state plan allows for maybe two or three thousand a year per child, but once the kid turns 18 the whole wad of cash is theirs to spend even if they choose not to attend college and the adult has no control over the cash. Even investment planners say to NEVER use that program. So the end result is I will pay taxes on all the money I want to use to invest in my children's future that will, in essence go directly to the Government anyway. Where is the incentive for investing in a child's future? See, I know that I drop all visible signs of support when my kids graduate from high school, will they get a free ride to college. Is that truly the American way? Stick the Government with the bill even though I SHOULD be able to do it myself? Did you know my father has said MANY times he would pay for the full ride to college if he could get a tax deferment. He would rather invest in his grandchildren that want an education than spend more on an economic bail out that rewards people for making bad business decisions.

On the other hand the current system means I can drop my kids from my health insurance, and MAKE them visit at least once a month where I hand them an envelope of un-tax-traceable $100 bills to help defer housing costs. Maybe the current system is designed to create stronger family ties. Like my kids wont find us an invaluable part of their adult lives anyway.... HELLO! Free babysitting!

Hey, I think that thinking these things makes me disgruntled! How about you?

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