Wednesday, October 12, 2011

Email: Big Fan of The Blog

I have been following the "Occupy Wall Street" movement since its inception and am astounded and (really) offended at much of what the movement stands for. I think when people are so quick to scream and yell at the investment banks, they forget the whole reason the banking sector almost collapsed which was the massive number of default on sub-prime mortgages. It was, after all, the faction of people that pushed the Clinton administration to promote changes to the Community Re-Investment act which encouraged banks to make more risky loans at lower rates so that families would be able to purchase the dream home they always wanted but never could afford. It was this exact same sense of "entitlement" coupled with the loss of investment bank regulations brought about by the Gramm-Leach-Bliley Act (passed during the Clinton administration as well) that caused the collapse of the financial sector that has the "99%" taking to the streets.

Also, what these people don't understand about the extremely wealthy and tax laws is that the only reason people can avoid paying taxes on certain monies is because they do not take it as "income." To actually spend the money, they will be forced to eventually bring it into some sort of taxable income. If they die before they get a chance to do that, it will be hit with close to 50% inheritance taxes. I look forward to the day when my career carries me into the "1%." I will gladly pay my taxes to help those unable to do so themselves. Unfortunately, there does not seem to be a large representation of that demographic in the "Occupy Wall Street" encampment.

Keep up the good work.