Let's avoid the blame for fiscal cliff

OK, first of all I am a very conservative voter who considers himself a conservative RINO. I vote republican because I won’t ever again vote for an independent that will take a vote away from the republican candidate.

That said: I think the argument can be made that we should let the taxes go up on high income earners only if we exclude S corporations. It is small business that we are trying to protect. When democrats cry about this one, their hypocrisy can be exposed. It will suck for the high-income individual, but I don’t think this will hurt the economy much; most in that income category pay most of their taxes in capitol gains anyway.

The democrats won’t separate the S corporations from individuals because they want this move to be a surreptitious tax upon middle-class business owners, yes we must protect these entrepreneurs. I would hope that if we let this tax go up to 39% on high earning  “INDIVIDUALS” and excluded S corporations that our smarter constituents would understand this tactic if sold properly.

The concept of cutting taxes to increase revenue is impossible for the stupid to understand.  The democrats cater to the stupid, lie to the stupid, then mobilize the stupid against us. Tough luck for the USA that the uninformed have an equal vote as the informed.

In a perfect world I’d like to hold our ground, and we could, but since a majority of the American public is proven themselves stupid and gullible, I think without throwing the gullible a bone it will kill us in 2014 and 2016 if we leave ourselves open to be blamed for being unreasonable. I think it would be reckless politics to take the blame for us going off the fiscal cliff.

Foster Friess on Economic Crisis: Who's to Blame?

In these critical times it amazes me that so few actually look for the real cause for something so important as the unraveling of our financial system. I have and have posted much of what I have found previously on this blog, Foster Friess on this video wraps it all up and puts a bow on if for those that aren't inclined to investigate - Watch and Learn.

Obama will not acknowledge the true nature of the economic meltdown, if you don't get to the bottom of the problem, you can't fix the problem.

Caveat emptor "Let the buyer beware" on November Fourth we will find out if a gifted salesman sells socialism to America, socialism creates more financial problems it fixes.

Lets not buy this bill of goods!

A little about Foster Friess

Awards and Achievements

▪ Muhammad Ali Humanitarian Award

▪ Humanitarian of the Year presented at the National Charity Awards Dinner.

▪ Canterbury Medal from the Beckett Fund for Religious Liberty

▪ Adam Smith Award from Hillsdale College

▪ Albert Schweitzer Leadership Award from Hugh O'Brian Youth Leadership Foundation

▪ David R. Jones Award for Leadership in Philanthropy

▪ Thomas J. Reese Award from Catholic Charities tribute in 2001

▪ Medal of Distinction from the University of Delaware

▪ Maryvale, AZ 'Man of the Year' Award

▪ Citizen of the Month Jackson Hole, WY Rotary Club

▪ Delaware Business Leaders Hall of Fame

 Honorary Degrees from Pepperdine University, Regent University, and Goldey Beacom College

Political Activism

• Foster, a Republican donor and supporter of George W. Bush's administration has been an active patron of a number of religious and conservative causes including:

▪ Private Sector Solutions, a network of leaders developing private sector solutions to augment, preempt or replace government services

▪ LibForAll and other groups building a global counter-extremism network

▪ Patient-driven health care through Free Market Cure and other groups

▪ Choice in Education through Alliance for School Choice, All Children Matter and others

Philanthropy

▪ Lynn and Foster Friess Family Foundation

▪ Contributors to the National Wildlife Art Museum in Jackson Hole, WY

▪ Founding grant for Good Samaritan Health Services - Mobile Medical Care in Tulsa, OK.

▪ $100,000 challenge grants for communities who want to start Mobile Medical Care programs

▪ Matching challenge grant helped raise over $2 million in relief money for Tsunami victims in Sri Lanka. Foster personally traveled to the hardest-hit areas to speak with local church and organization leaders to identify the best efforts.

▪ Another matching grant administered through the NCF Giving Fund sent more than $4 million to provide hot meals and other relief support to Katrina Victims.[11]

▪ Supported a new YMCA development in Maryvale, AZ along with several local mentoring and ministry programs

Subprime Mortgage Suspects - In 2005, Federal Reserve Chairman Alan Greenspan told Congress

By Donald Lambro, chief political correspondent of The Washington Times

There is no more insidious myth than the notion that the subprime-mortgage debacle began on Wall Street and that predatory capitalism was responsible for the whole blooming mess.

Economist Milton Friedman used to say just about every economic and social ill that confronts our country could be traced to misguided federal policies and their "unintended consequences." And that is certainly true of the subprime crisis seeds planted by two federally created, government-assisted lending agencies: Fannie Mae and Freddie Mac.

To be sure, there's lots of blame to go around, but these two mortgage giants were at the root of this scandal. "Fannie and Freddie did this by becoming a key enabler of the mortgage crisis," wrote economist Kevin Hassett in a revealing article for Bloomberg financial news. "They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio themselves."

To a large degree, Fannie and Freddie became the mortgage market, as Democratic leaders in Congress pressured, pushed and ordered the agencies to make housing loans to lower-income borrowers who could not meet credit standards elsewhere in the mortgage industry.

As of last year, Fannie Mae alone owned or guaranteed more than $388 billion of these high-risk loans. "Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home," the American Enterprise Institute economist says.

There were those who saw disaster early in the making, and that's what happened from 2004 to 2005 when both agencies were caught in the undertow of an accounting scandal that swept Fannie Mae CEO Franklin Raines from office in disgrace.

One of those who tried to rein in the two agencies was President Bush, who recommended in 2003 that an agency be created to regulate the housing-finance industry,----------------> More