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A False Sense of Security

by John Stossel

The $50-billion investment scam allegedly pulled off by Wall Street insider Bernard Madoff has ignited predictable calls for more regulation.

The "massive fraud ... was made possible in part because the regulators who were assigned to oversee Wall Street dropped the ball," said President-elect Obama (http://tinyurl.com/49tw4h).

"This scandal underscores the need for a 21st century regulatory approach," writes Arthur Levitt Jr., former chairman of the Securiti ...

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Posted by: Shirley deLong
Comment: #1
Thu Jan 15, 2009 1:15 PM

Massive Frauds created by politicians and the wall street gangs won't stop until they're all behind STATE BARS! Not the Federal Country clubs. These people are not better than the ones put in state jails, daily, for stealing, drugging, raping, and murdering! They just have nice clothes, deeper pockets, and a few crooked buddies in politics that help them with their crimes! 'Fair Tax' to include property taxes would take care of a lot of these dire problems with the CEOS, politicians, and anyone else who wants to 'stick it to the hard-working taxpayers' that, at present, have a job that hasn't yet been sold out to a foreign country by the politicians for their own pocketbooks! THINK ABOUT IT! “Make it lean and mean”! Many cuts must take place, immediately, in order for America to get out and stay out of debt! Taxpayers know Government must run like a business, if not, our children and grandchildren have no future! Never has America witnessed such dire, financial times starting with trillions of dollars, and counting, due foreign countries, borrowed by politicians without getting approval from honest, hard-working Taxpayers they're trying to stick the bill to! What happens to America when interest isn't paid? While Beverly Perdue, like others, flies to Washington, or anywhere these politicians want to go to ‘chase federal money', instead of trying to cut programs and spending from all budgets, I'm sure doesn't care about spending; after all, they've been handed blank checks with no accountibility, right? Shouldn't this be grounds for padlocking, these ‘public servants' office doors everywhere? Fair Tax, to include property taxes, stopping Bailouts, handouts, social and welfare programs should be top priorities! Everyone should contribute to living in America! Government's out of control, spending billions for infrastructures, which we don't have, is only creating bigger government. Until we bring textile and manufacturing jobs back to America, there's no need for infrastructures! Cutting local, state and federal politicians' salaries and retirements to $12,000.00 yearly is an absolute must. Even with government cuts, it'll be year 2025 before America begins to dig out from under some of the financial disasters created by politicians and their greed! When Taxpayers think of all the Committees being used by politicians on local, state, and federal levels, several comes to mind! ‘Ways and Means, Appropriations, Government Reform, Economics, Financial Services, Pensions, Ethics, Rules, Finance, Education', and I think you're getting the message! For the past five decades, wouldn't you think that with all these committees someone honest with intregrity would have stepped up to the plate and put an end to ‘tax & spend'! Want to know why? This is how the politicians are enlarging the government payrolls, and taking Taxpayers money and jobs away! This is why Ronald Reagan made his proven fact statement and I'm quoting “Government is not the solution to our problem. Government is the problem!” While I'm on a roll, Inaugurations are like huge, glamourous, Hollywood parties! Politicians, not being Royalty, should foot their own parties, bills and causes? After all, it is what it is ‘A HUGE HOLLYWOOD PARTY'!

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