Editorial Template

      The Bush proposal to reward his rich “Fast Cat” Campaign contributors with tax give-aways to people who do not need the money by further worsening our Federal debt under the pretense of helping the people he has devastated with his phony oil shortage is ludicrous.
      To fix any problem we must fix the root of the problem.
      Federal financial help must be given only to people who have been financially devastated by the following described problems.
      The causes of of our economic disaster and huge increase in home foreclosures is the following: 1. Phony Oil Shortage, 2. Adjustable rate mortgages, 3. The Public Merger Epidemic caused by the 1998 Republican Congress repeal of the Roosevelt Anti-Monopolistic law, 4. Bush’s illegal invasion of Iraq under false pretenses and his deliberate dragging out of the war to keep America scared, and 5. credit card companies interest rate gouging with rates as high as 35% forcing many thousands of people into bankruptcy.
      1A. The Phony Oil Shortage can be quickly eliminated by Congress by placing a series of caps, spaced 2 months apart, on the amount that the Commodity traders can bid for oil and quickly bring the price down to $30 per barrel. This Bush Phony Oil Shortage has siphoned trillions of dollars from the normal economic activity and has given it to Bush’s oil cronies making it impossible for many people to pay their mortgage payments.
      2A. Adjustable rate mortgages should never be allowed and Congress should force mortgage companies to adjust rates back to amounts that borrows can pay instead of foreclosure.
      Plus many mortgage companies are going bankrupt because they foreclosed and are having to sell the foreclosed homes sometimes as low as 50 percent of the loan amount and would not have lost any money if they had treated their borrowers right.
      3A. The Merger Epidemic has destroyed possibly as many as two million jobs done by Greed Monger Public Corporation Executives to increase their pay from about 8 times their worker’s pay to about 3,500 times their worker’s pay, which frequently bankrupts the corporations.
      Many of these job victims have lost their homes to foreclosures because they had re-start at the bottom in new jobs. This needs to be prevented by Congress.
      4A. With 6 years of Bush budget control he has increased the Federal debt $3.3 trillion dollars with an increase of $165 billion dollars in interest payments with taxpayer money per year. With Bush budget control of 23 more months will likely increase the Federal debt to mote than $4 trillion dollars and most likely would have increased the Federal debt $5 trillion dollars if Democrats had not gained some control over Congress in 2006.
      This economic disaster is hidden from the public because it is not included in the Federal budget.
      The interest cost in 2006 caused by the Federal debt was $404 Billion dollars, that is almost as much as our National defense cost, which is a huge portion of our income tax. Because this is hidden from the public the extra cost is borrowed and added each year causing the Federal debt to grow each year.
      Most of the Federal debt increase was caused by President’s Nixon, Ford, Reagan, and Bush Junior. Most of the increase during president’s Carter, Bush Senior, and Clinton was due to interest on the Federal debt.
      5A. Congress must set a cap on interest rates for each type of borrowing. Credit card interest should not exceed 10%. Instead of credit card companies gouging with high interest rates for late payments or any other excuse, they should freeze the borrowing rights instead when payments are 30 days late and should never penalize anyone who is paying on time.
      Currently the gouging rates cause bankruptcies and loses to the borrowers and to the credit card companies. Home mortgage rates should not exceed 7% whether adjustable rates or fixed rates. Other secured borrowing should not exceed 8%. Congress could and should make this effective immediately.
       Most lenders appear to believe that they can make more profit by gouging their borrowers but history proves that they make more profit with low interest rates and avoid excessive foreclosures and bankruptcies.
      6. We must reverse this impending financial disaster being caused by electing the wrong people. We need to quit electing politicians who represent the “Fat Cat” campaign contributors. We must start using public financing for all political offices, require adequate training in Political Economics, and proven history working for the public good to qualify along with at least 5% of voter signatures on a petition to qualify to run for office.
      7. Everyone who wants to remedy and prevent our current and impending financial disaster should send a copy of this message to their U.S Senators and Representative plus a copy to their favorite presidential candidates.