by Marc Cuniberti
Since 2007 the US government has either through loan guarantees or by direct
payment given Wall Street somewhere in the amount of 5 trillion dollars or
more. Violating about every free market rule there is, the government has
used public funds to bail out private firms, taken partial or complete
ownership of private institutions, illegally superseded contract law (GM
bond holders versus the unions), backstopped private debt instruments,
mandated private citizens and companies to purchase private services (health
care) and basically overstepped its constitutional authority in so many
areas, we are left wondering what country we live in.
Once the bastion of free enterprise and progress, the American Dream has
turned into the American scheme where honest hard-working Americans are now
used as cannon fodder for the Socialist onslaught.
Central bankers repeatedly "save the system" using taxpayer money with every
The line of banksters lining up at the Federal Reserve for a handout of
public money is testimony to the theft taking place right under the American
Taxpayer's nose. Profits are privatized but when the bets go bad losses are
shuttled on to the backs of the public.
World improvers and politicians seeking reelection aim their misguided
agenda into the ranks of producing Americans, as what little honest profit
remains in this country lies in the hands of the honest worker.
Whether driving a truck, operating a small business or running a multi-
million dollar company, those producing are now looked upon as sheep to be
sheared, cows to be slaughtered; their hard-earned profits to be
redistributed to the many who, for lack of "opportunity" and through no
fault of their own ,of course, can't seem to get up in the morning to look
for work while the rest of us toil from daybreak to dusk.
Ignoring the lessons learned from Pavlov's dog, the time-tested truth that
if you pay a man to stay home, he will stay home and extending his
stay-at-home pay in the form of extended unemployment benefits will ensure
he extends his "stay" at home.
Despite these realities, because those in the cart now outnumber those
pulling it, politicians now pander to the riders in the cart as that is
where the majority of votes lie as well as the large corporate welfare
queens with big purses to pad reelection coffers.
Lacking much-needed leadership from Washington, we are left to witness
aisle-side politics that squabble over where the remaining wealth of those
still working should be redistributed.
In the words of casino mogul Steve Wynn, CEO of Wynn resorts, "Obama's
administration is the greatest wet blanket to business, progress and job
creation in my lifetime. I could spend the next 3 hours giving you examples
of all of us in the market place that are frightened to death about all the
new regulations coming left and right, while our healthcare costs escalate
and a President that keeps using the word "redistribution".
Wynn is not a Republican as he goes on to say "I am a Democrat businessman
.. I support Harry Reid, but I am telling you the business community in this
country is frightened to death of the weird political policy of this
President.. It is Obama that is responsible for the fear in America. He
keeps talking about business that doesn't invest, that are holding too much
money. You know, we haven't heard that kind of talk except from pure
socialists.. It's the truth, until he is gone, everybody is going to be
sitting on thumbs."
Such a statement from this large corporate businessman mirrors the true
outlook from American business. Much like the Pavlov's dog lesson mentioned
above, take a man's profit and he will no longer produce it.
Until we stop "redistributing" a day's wages from the man who earned it, and
stop paying it to those that didn't, we can expect more of the same.
Marc Cuniberti hosts the financial radio show "Money Matters" on KVMR FM
89.5 and 105.1 or www.kvmr.org. His website is www.moneymanagementradio.com