Here’s an interview with former Providence mayor, now congressman, David Cicilline on the financial problems the city faces. Scott MacKay from WRNI asks the tough questions while Cicilline gives the easy answers. He literally avoids every question he’s asked and pushes the blame elsewhere. Don’t let the title fool you. I think he said that once, but never truly accepts responsibility.
I have posted previously about why people should not vote for David Cicilline to represent Rhode Island in Congress. In summary, the man is a liar, and the worst kind of self-serving politician as well. For the record, I am a registered Democrat in Rhode Island. I voted to elect Cicilline back into the mayor’s office in 2006. I want to like him, but his secrecy in the mayor’s office and now this in the Phoenix’s Not for Nothing blog. Continue reading The Plot Thickens in Providence
If you haven’t heard, the city of Providence is in some serious financial trouble right now. The previous mayor, David Cicilline, left the city with a serious deficit (somehow he managed to get elected to Congress). As has been all over the news, our current mayor, Angel Taveras, has sent all of the city’s public school teacher termination notices. If it sounds like a drastic measure, it was. Four to six schools will also likely be closing, among other means to cut costs and increase revenue. I want to explain my thoughts as to what can, and should, be done in the city to help raise revenue without overly taxing the residents (which is likely going to happen). Continue reading Providence’s Financial Woes
Well, the bailout plan passed today. The stock brokers are happy because the stocks will go up. However, the taxpayers now have a country with nearly a trillion dollars in more debt. Congress ignored the people who elected them and listened to the people who would benefit from the bailout, the banks. The people of the US were 100 to 1 against the bailout. I don’t know how Congress was able to listen to that. In this upcoming election, I plan on doing something I rarely do and vote against my normal values. I urge everyone to teach Congress a lesson. If you ignore the people who elect you, you should be voted out of office. I am voting against Jim Langevin, my representative in Congress. I will also be voting against Jack Reed, the long time senator from RI. They both voted in favor of this blatant waste of taxpayer money.
Our country is already $10 trillion in debt. Congress just increased the debt by nearly 10%. In addition to the bailout, the bill itself was loaded with pork. The pork was added to get the House to vote in favor of the bill. Some small company that makes wooden arrows for kids in Michigan will be getting nice tax breaks while there is a financial crisis. An auto race track will be getting federal money to assist in the construction. Where are the priorities here? What is wrong with Congress? Of course, our senators and representatives don’t give a crap. They make plenty of money. I’m sure in the next session, they’ll vote themselves a pay raise. Wouldn’t it be nice if you could decide when you took a pay raise? Wouldn’t it be even nicer if you already made more than 75% of the country? It’s fucking ridiculous.
I could rant for days. What matters now is that we show Congress how stupid this decision was. Banks took a risk. The risk has consequences. The consequences are nil because the federal government bailed them out. There are plenty of credit unions giving loans that aren’t in this situation. The moral of the story is that if someone has bad credit, you don’t give them a loan. They don’t deserve it. It’s plain and simple. The housing bubble burst to fix an anomoly (the ridiculous housing price increases of the past few years). People were foreclosed on because the banks gave them money to allow them to buy a house that cost more than they could afford. Those people deserved it. The banks that gave those loans deserved what they got. We should not have bailed them out. Canada looks better and better each and every day.
Do yourselves a favor this presidential election. Vote for a third party. It doesn’t matter which one, just vote for a third party. Teach the idiots of the Democratic and Republican parties a lesson… the lesson being that they’re all a bunch of greedy slobs that are way out of touch with the people they represent.
Obama’s message of hope and change? Increase the national debt. Yay! This democrat will not be voting for Obama in November.
I’m not an economist. I don’t have any schooling in finance. I don’t even care about any of that stuff. What I do know is that the government’s $700,000,000,000 bailout plan is telling people who make poor financial decisions that it’s okay for them to do that because the government will just help them out. Will this financial crisis affect me if there’s no bailout? Perhaps it will. I have yet to see any effects, though. I am in favor of government support for certain things. When it comes to money, however, the government should not be assisting people who had all the money in the world but invested it poorly. Welfare and unemployment are good to get people who are stuck in a rut back on their feet (though I think it needs more regulation and it needs to be less of a handout than it is, especially here in RI). However, this is not picking someone up who can’t get out of a rut. It’s picking up huge corporations that made poor financial decisions. It tells them that it’s okay that there’s no risk because the government will always be there to bail you out. There are inherent risks for both sides of an investment. In this whole mortgage/foreclosure thing, the people who are being foreclosed on are those who made a poor financial decision. They couldn’t afford the house they bought. Too bad. It happens. You shouldn’t be spending more money than you have. That was a poor financial decision. That’s not being stuck in a rut. The banks that gave the mortgages to these people took a risk in lending money to high risk borrowers. The banks should suffer the effects of the risks, not be bailed out.
George Bush, our moron of a president, claims to be all about the free market. He’s a big fat liar. He has no problem giving $700,000,000,000 to private enterprises, but he won’t give health care to children because that’s socialism. I hate to break it to you Mr. Moron, but this is nothing but socialism. It’s really a shame that our Democratic congress is a bunch of whiny little bitches that have done nothing but bend over backwards for the Republicans. It’s getting to the point where I think we need to just wipe out every senator and representative and replace them with someone new. Replace all of Washington with people who did not study law, people who did not study political science, people who did not study economics. Replace them all with average Joe’s. Let the country be truly run by the people.
This financial crisis was caused by people lending and borrowing more than they had. Where is this $700,000,000,000 going to come from? It’s going to be borrowed because our government doesn’t have that money. Why doesn’t the government have that money? Because of Iraq. If we pulled out of Iraq a long time ago, or better yet, never went there in the first place, we’d have the $700,000,000,000 for this bailout. In fact, I’d be willing to bet that if we never went to Iraq in the first place, we wouldn’t be in this position.
I say let the country go into a recession. Let it go into a depression if that’s what’s coming. Pretty soon, the government will realize that they’re blowing loads of money on useless wars, senseless BS. Our country could be in a much better place if we’d just legalize drugs and prostitution. Regulate and tax the hell out of both and let people who OD just screw up their lives and don’t bail them out. They had it coming. If you want to kill yourself with drugs, alcohol, cigarettes, or the probable STD’s from a hooker, so be it, but don’t ask for handouts when you’re dying. There’s a gold mine to be had in the drug and prostitution industry. It’s a shame the government hasn’t tapped into that yet.
Anyway, I’m done with my rant. Again, I am not an economist, a financial analyst, or anything like that. I barely know how our government works (I don’t even think our government knows how our government work sometimes). Perhaps I’m just spewing rubbish and stupid comments. I just think congress should give this more though than push this through like Bush and his cronies want. Paulson wanted this pushed through and wanted the money without any oversight or review. That’s not how government in this country works (that’s one thing I know… at least that’s not how it’s supposed to work). Let the banks fail. Let Wall Street suffer. Let the brokers, CEO’s, traders, and everyone else who took a risk suffer the consequences when the risk goes bad. There should not be a benefit to people who take a risk and end up losing, but that’s what’s happening. Let it go. Let it fail. We’ll grow back. But first, if you really care about this country, get the hell out of Iraq! That’s been nothing but a financial drain…. a risk gone wrong. Sound familiar?
I’m done ranting. Comment as you like. Just don’t call me an idiot. I admit to not having any sort of financial or economical knowledge, but it seems that those that do haven’t really used it properly.