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View Diary: No Golden Shovels for the Rich to Dig a Deeper Deficit! (154 comments)

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  •  The deficit is actually part of a deadly triple (6+ / 0-)

    play.  The first play, or the third, depending how you look at it, is bonding on the local and state level to generate fees for the wealthy -- income that's exempt from tax.  That exemption is the second play.  The third is the deficit which results in the wealthy lending us back for a fee what we didn't collect as a tax.
    When the money bags put on the squeeze, the public purse doesn't have a chance to get filled.  They've got us coming and going.

    What's our revenge?  Credit allocation.  What's that you say?  Well, it's what the Congress would be doing if it managed the purse strings as planned.  Instead, the House has handed money management over to the public/private partnership par excellence, the Federal Reserve Bank.  

    Credit allocation is deciding who gets to use our money and who not and for what. The Department of Education making student loans directly is an example.  The Social Security Administration sending pensions to elders directly is an example.  Medicare sending money to doctors for care directly is an example.
    Credit allocation by the federal government is the antidote to currency accumulation by the middlemen who provide no service for their cut.  Credit allocation on an individual basis is what happens when consumers decide how much to borrow and when to pay it back by using credit cards.  Credit allocation by the people is a scary situation -- even scarier than government by the people, 'cause many more people use money than ever go to vote.

    The conservative mind relies mainly on what is plain to see.

    by hannah on Sat Nov 27, 2010 at 02:48:11 AM PST

    [ Parent ]

    •  Sounds like socialism (1+ / 0-)
      Recommended by:
      yellow dog in NJ

      and, I believe, that is forbidden by the Constitution--I think it is in the Bill of Rights somewhere.

    •  Those bonds..... (0+ / 0-)

      ...are not looking as good today as they have the past. Hoping we don't experience the Irish Syndrome in Californnia.

      Thanks for your thoughts on credit allocation. I guess my worry would be, what happens when Congress is commandeered by the monied interests (as the House of Representatives has). That allocation may not be favorable.

      British Petroleum: I think that means it's foreign oil.

      by Bensdad on Sat Nov 27, 2010 at 08:36:28 AM PST

      [ Parent ]

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