McCain Kills His Presidential Chances

With McCain's vote on the bailout bill in the U.S. Senate he killed his chances of becoming President. Now it really does not matter whether the inexperienced Osama or inexperienced Palin gets to the party. The most experienced McCain has indicated by his vote, his lack of understanding of the justified anger across this country.

It does not matter whether it is a flood, a hurricane, a tornado, a dot-com bust, or a Paulson sky is falling don't run with the scissors tactic, the American taxpayer gets screwed. And, the Wall Street and other financial types get protected.

Just last week there was a kid banker visiting my son a music producer. The kid banker was talking about his next move up the corporate ladder. My son was talking about the getting worse hat-in-hand nature of his clientele. The banker is a great kid but his school record was far less than that of most of my son's peers. But the banking industry was happy with his work. What was happening in the financial industry seemed to have no impact on his upward movement plans.

On main street with the music business the exact opposite is the case. The Moms and Dads and Kids are cutting back. They are scared.

Then the U.S. Senate comes out with their Christmas tree bailout bill and makes them even more scared. Borrowing another $5,000 to $10,000 from the taxpayers to bail out the bankers makes no sense at all! If those banker folks could have the same experience of the rest of the population, then perhaps those bankers and the politicians that work for those bankers might better understand the problems in this country.

Number one is we need to go to a National Sales tax and away from the Federal Income Tax that eats away from our very fabric. People that can afford to buy new aircraft can afford to pay a 30% national sales tax. I can afford to pay a 30% national sales tax on a soda-pop if I choose to do so.

What many people can not usually afford around April 15th is to pay all their remaining income taxes because in the prior months it was more important to feed, cloth and house their family. Sure, if they could get enough work, paying all the income tax on time would not be a problem. But, in recent years that does not seem to happen. It's only getting worse. And, Congress made it even worse with the bankruptcy law changes.

What is Congress thinking? Why does Congress insist upon throwing more and more people in jail? Why does Congress insist upon creating situation where more and more people are considered to be some level of BAD because they CAN NOT meet the rules. If you do not have an adequate job you can not meet the rules, especially the rules that keep changing.

So, we get to the point where house prices keep falling and people lose their homes. Now, those people can afford even less. The house they rent, if they still have a job and can afford rent, will likely have a rent increase as soon as the market gets stable. But, these people have now lost everything. All the equity in their homes, however, little of it there was has been lost. In some cases tens of thousands are lost. Also lost are sales commissions that no one wanted to pay in the first place.

This whole thing has to stop. Rewarding those in the financial community is definitely not the way to solve this problem.

If we need to do anything, my solution is to give $5,000 CDs to each of the 140,000,000 taxpayers. Those CDs would mature randomly from 3 to 7 years. They could not be used in any way shape or form by the taxpayer until the maturity date. They would just be sitting there improving the balance sheet of the taxpayer. Meanwhile the banks would have all the money to grease the skids of the financial community. All the other financial folks would be subject to losing their jobs as they might. That's OK. Lots of folks need to change jobs - especially those that have benefited so long on our misery.

My solution is intended to do something positive for the taxpayer. But, that is just the start. Congress then needs to come back and pass the National Sales Tax, wipe out the IRS as we know it and revisit all the laws that can easily cause financial ruin when disaster strikes.

Paulson himself needs to refund all the money lost to the elderly due to his panic dance. You do not wake up one morning and discover the problem. This problem has been building. Congress would have recognized it when enough folks on main street complained. Until then, the need was simply to protect those in the financial industry. The need was only to protect those that created this mess in the first place with easy credit. They should be allowed to go out of business here and around the world. There is nothing they can or will do for me. ZERO!

And, McCain failed to recognize this as the major problem. He is no better than the now failed Bush. I really do not care who wins the Presidential election. Neither candidate is capable of handling the job.