Steal from the poor to give to the rich

When the federal government interferes with the Free Market, we must expect to get greatly abused. The only amazing part is how extensively we are being robbed, while no one goes to jail and few Citizens complain.

Tunku Varadarajan a research fellow at Stanford’s Hoover Institution and a professor at NYU’s Stern Business School notes in the Daily Beast on 01/18/10 http://www.thedailybeast.com/blogs-and-stories/2010-01-17/wall-streets-dirty-little-secret/?cid=hp:mainpromo5 that banks borrow from the Central Bank (Fed) at less than 0.5% interest (as low as zero); invest in Treasuries at 3.75% to 4.75% and then pay themselves millions in bonuses on the profits.

What he fails to mention is that not only are the bankers sticking it to savers by paying themselves bonuses rather than paying savers more interest (he reports that saving rates have increased from virtually zero before the crisis to 4%~6% now), but the Federal government is leading this band of merry thieves by mandating that bankers avoid risky investments (like those to pesky small businesses that drive the US economy) and stick with secure investments (like those Treasury bills that are required to monetize the federal debt being used to drive us further into debt for un-Constitutional and unsustainable entitlements).

Since the Saudis and the Chinese have opted not to buy any more US Debt, the federal government has developed a clever way to force the taxpayers to buy the debt. While pretending to object to the egregious bonuses, the federal government is doing no more than buying banker cooperation; again with taxpayer dollars.

Our Founding Fathers denied the federal government any authority to directly tax Citizens. We need to repeal the 16th Amendment, institute the Fair Tax as presently configured, and deny the federal government this path to forcing taxpayers to finance our ruin solely to benefit those who stuff the campaign coffers of our elected representatives with the residue of their thievery.