Monday, October 29, 2007

Rangel? What Does This Chump Know About Money?

Congressional leaders read opinion polls, saw they had the lowest approval ratings of any in history and came to this conclusion: We must raise taxes!
Cut spending, you say?! Huh?
A moribund plan, proposed yesterday by Rep. Charles Rangel, “would dramatically raise taxes in ways that, in my judgment, would hinder U.S.’s ability to compete in the global economy,” said Treasury Secretary Hank Paulson. Paulson was perhaps the kindest voice of dissent.
As if declining wages, house prices and an impending recession weren’t enough…
Congressman Barney Frank also co-sponsored a bill that would penalize financial institutions that securitize subprime-backed mortgages. Frank’s bill would hold firms liable for selling mortgage-backed securities and allow hurt borrowers to sue to recover their losses.
Yeah, more taxes and more regulation… that’ll help. Good thinking. They should pass a few tariffs on Chinese goods while they’re at it and give the whole package a simple name everyone will love: The Clueless Congressman’s Guide to Wrecking Your Economy in 3 Easy Steps.

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