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Conservative Reform Network

Conservative Reform Network Newsletter

by Newsletter

The Forgotten Taxpayer is the person who works, saves and invests. The person who works can be a wage earner or investment banker who provides a service that others voluntarily pay for. Taxes are paid involuntarily; every tax is backed by government guns and collected by coercion, by the State's monopoly of violence. Savers save and invest, take risks, in business that employ people who make things, produce goods, provide services we want and need. Profits pay people. No profits; no jobs; no goods and services. Taxes suck profits from productive business and productive people. Economics is about incentives. Government bureaucrats present themselves as our benevolent betters and economic experts who can manipulate incentives better than the aggregated decisions of decentralized, independent and diverse individuals, the community of the free market.

You can view more posts on my blog.

Bailing Out Bank to Buy A Bank

Pittsburgh's PNC Financial Services Corporation will acquire National City Bank, a subprime lender, using $8.8 billion it will receive from the Treasury. Bailing out banks to buy banks? The Forgotten Taxpayer wonders what he is getting for his money.

Even the socialists at the New York Times have figured it out. The bank bailout helps the banks and their executives and not the Forgotten Taxpayer who bailed them out.

"Make more loans?" asks banker. How does that help us? he might have added. "Last November" and now NYTimes tell us, when the election is over? The Bailout of Banks that the Democratic Senate and House Majority voted for. And Sen. Schumer, what do you say?
"At the Palm Beach Ritz-Carlton last November, John C. Hope III, the chairman of Whitney National Bank in New Orleans, stood before a ballroom full of Wall Street analysts and explained how his bank intended to use its $300 million in federal bailout money.

"Make more loans?" Mr. Hope said. "We're not going to change our business model or our credit policies to accommodate the needs of the public sector as they see it to have us make more loans." [emphasis added by The Conservative Reform Network].

Related Talking Business: In Search of One Bold Stroke to Save the Banks (January 17, 2009)

Subsidies to the Elite

$500K to move an Art Museum? A perk for the elites. This is not exactly a venue that will attract 1000s, it it. This is benefit for a few at the expense of the many.

The Barnes Museum is moving from Ardmore to Philadelphia, less than 10 miles? Is this a function of a bridge authority? No wonder infrastructure is deteriorating; the bridge authority is not spending money on bridges. Bridge maintenance, not museum moving, the mandate of the bridge authority, is it not?

Even Nicholas Kristof of the New York Times has commented on Liberal Tightwads demonstrating that "conservative", those who value individual liberty give more of their own money to charity; Big Government Liberals are willing to contribute the Forgotten Taxpayer's money to what they think are worthy causes.

And who pays the subsidy for the elites, the wealthy and sophisticated? The Forgotten Taxpayer

Executives Lose Money - Get Big Bonuses

"Giving bonuses of more than $854,000 for the fiscal year to 21 investment staffers of the Pennsylvania Public School Employees' Retirement System -- a fund that lost $1.8 billion -- defies belief."

The Forgotten Taxpayer is forced to pay Pension Bonuses to highly paid investment staffers

See the editorial in Altoona Mirror. It does sound a bit like the PHEAA, Penna. Higher Education Assistance Authority, where top executives, state employees, of a State authority received 100s of 1000s in bonuses; money that could have been used to send needy and deserving Pennsylvania kids to college.

And Pittsburgh's Tribune Review's Valley Independent

And the Pension funds unfunded liability of billions introduced is not mentioned.

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