Sunday, February 08, 2009
Real Positive Change for the People
Dr. Belinda Gail Quarterman Noah is Florida's FairTax candidate for the United States Senate who will bring about real positive change for the people.
America's first President, George Washington, would be very proud of Belinda, because she is the only candidate running for the Florida United States Senate in 2010, who is supporting the FairTax legislation that is currently before Congress! The FairTax legislation eliminates the income tax system, which will enable Floridians and the American people in general, to prosper. The FairTax legislation will put more money in your pocket to personally "bail out" any company or person of your choosing because you will take home your entire salary and you are only taxed on new items that you purchase. Also, you will receive a rebate for any taxes that you pay for necessities, such as food, shelter and clothing. The FairTax is a winning piece of legislation that Belinda supports 100 percent and it is based upon the principles upon which this country was founded.
The economy is in crisis because unemployment and overarching debt levels pushed thousands of families into the position where they did not earn enough to cover their debts, especially since, due to the current income tax system, individuals were not allowed to take home their entire pay checks and corporate taxes were imposed on their employers. This burst the real estate bubble, crashed real estate prices, consumer spending and manufacturing.
The wall street financial industry is now bankrupt because of the lack of financial regulation, lax monetary policy and a symbiosis between government and the financial industry. When the Glass-Steagal act of 1933 was repealed at the end of the Clinton administration through the Gramm-Leach-Bliley Act it opened the gates to the financial industry's bankruptcy. Prior to the repeal of the Glass-Steagal Act the wall street banking industry was prevented from engaging in high risk investments, such as credit default swaps and derivatives, in order to protect the depositors of these institutions.
Since the repeal, the amount of outstanding derivatives has grown to approximately $530 trillion. This represents an amount that is impossible to settle. Thus, the wall street banks are hoarding the Troubled Asset Relief Program (T.A.R.P.) funds because of the derivative time bomb. As the underlying assets of these derivatives collapse the wall street banks' exposure to counterparty risk increases and will lead to the inevitable collapse of even more banks, thus reducing the availability of investment credit even more.
Thus, it is pointless and useless for the United States Treasury to hand over Floridians and other American taxpayers hard earned money to wall street banks and institutions that have no chance of redemption, unless that money is used to provide foreclosure relief, renegotiate mortgages and make new loans to home owners, individuals, and businesses.
As your United States Senator I will demand that any T.A.R.P. funds and federal stimulus or recovery assistance are used to benefit Floridians and the American people in general, and are not used by bankrupt wall street banks and other institutions to further enrich executives, pad executive bonuses, acquire other banks and pursue risky lines of business in merger activities, carbon trading and complex derivatives.
Thus, if you want your voice heard while turning the American economy into a successful one, you will vote for Belinda Noah for United States Senate!
America's first President, George Washington, would be very proud of Belinda, because she is the only candidate running for the Florida United States Senate in 2010, who is supporting the FairTax legislation that is currently before Congress! The FairTax legislation eliminates the income tax system, which will enable Floridians and the American people in general, to prosper. The FairTax legislation will put more money in your pocket to personally "bail out" any company or person of your choosing because you will take home your entire salary and you are only taxed on new items that you purchase. Also, you will receive a rebate for any taxes that you pay for necessities, such as food, shelter and clothing. The FairTax is a winning piece of legislation that Belinda supports 100 percent and it is based upon the principles upon which this country was founded.
The economy is in crisis because unemployment and overarching debt levels pushed thousands of families into the position where they did not earn enough to cover their debts, especially since, due to the current income tax system, individuals were not allowed to take home their entire pay checks and corporate taxes were imposed on their employers. This burst the real estate bubble, crashed real estate prices, consumer spending and manufacturing.
The wall street financial industry is now bankrupt because of the lack of financial regulation, lax monetary policy and a symbiosis between government and the financial industry. When the Glass-Steagal act of 1933 was repealed at the end of the Clinton administration through the Gramm-Leach-Bliley Act it opened the gates to the financial industry's bankruptcy. Prior to the repeal of the Glass-Steagal Act the wall street banking industry was prevented from engaging in high risk investments, such as credit default swaps and derivatives, in order to protect the depositors of these institutions.
Since the repeal, the amount of outstanding derivatives has grown to approximately $530 trillion. This represents an amount that is impossible to settle. Thus, the wall street banks are hoarding the Troubled Asset Relief Program (T.A.R.P.) funds because of the derivative time bomb. As the underlying assets of these derivatives collapse the wall street banks' exposure to counterparty risk increases and will lead to the inevitable collapse of even more banks, thus reducing the availability of investment credit even more.
Thus, it is pointless and useless for the United States Treasury to hand over Floridians and other American taxpayers hard earned money to wall street banks and institutions that have no chance of redemption, unless that money is used to provide foreclosure relief, renegotiate mortgages and make new loans to home owners, individuals, and businesses.
As your United States Senator I will demand that any T.A.R.P. funds and federal stimulus or recovery assistance are used to benefit Floridians and the American people in general, and are not used by bankrupt wall street banks and other institutions to further enrich executives, pad executive bonuses, acquire other banks and pursue risky lines of business in merger activities, carbon trading and complex derivatives.
Thus, if you want your voice heard while turning the American economy into a successful one, you will vote for Belinda Noah for United States Senate!
