Why Can’t Linda Bair Do Her Job?

By Corney Vanhelden

Tuesday, on Obama’s inauguration, the Dow fell 332 points, or 4 percent.
The values of Citigroup and Bank of America’s stocks plummeted.
Those, as well as other banks, managed through a screen of incompetency and failure, continue to wallow, dragging down the market, the banking industry, and the economy as a whole.

At the core of this mess is the credit demon and those who managed it.
We’ve been all through it – the sup-prime mortgage thing and other debt defaults.
The risks many bankers took were dumb, shortsighted, and sprung from greed and financial gluttony.
This is ugly stuff.

As of this moment, both Citibank and Bank of America are insolvent, begging for bailout from the feds.
But it’s not the feds who are bailing them out, my friends.
It’s us: you, me, your next door neighbor and every United States citizen who pays taxes.
How does that make you feel?
Here we have a cadre of buddies on Wall Street who’ve been doing what they damn well please at our expense.
And here we are, anguished over how to pay next month’s mortgage, electricity bill, car payment, and health insurance.

But of course, we pay our taxes only to have the monies born from good citizenship deposited into the hands of the incompetent and corrupt.

Now why, pray tell, doesn’t the government step in here and do something?

One person wants to do just that.
Her name is Sheila Bair and she is head of the Federal Deposit Insurance Corporation (FDIC) whose purpose is to protect us, the faithful people who open checking and savings accounts in the banks in whom we trust!
The only problem is, she has not been allowed to do her job; here’s why: the banking execs have seen to it to contribute mega-bucks to their favorite politicians, and so these guys who make all the rules and laws in Washington, have set roadblock after roadblock in Ms. Bair’s path.

Next is that the banks have taken OUR money and run willy-nilly to create these mortgage and other loan programs, lent our money to very risky borrowers because of their poor judgment about the housing market, and whammo, here we are, a housing market in shambles, loans defaulting all over the place, and the fate of my money causing me insomnia.

Chris Whalen, managing director and co-founder of Institutional Risk of America, predicted the insolvency of the large banking institutions many moons ago. Here’s what he says are the necessary steps to fix the problem:
http://finance.yahoo.com/tech-ticker/article/161718/Crisis-Solved-Give-Money-to-Healthy-Banks-Let-FDIC%27s-Bair-Handle-the-Dying?tickers=C,JPM,BAC,USB,WFC,XLF,SKF

  1. Force banks to write down bad debts
  2. Allow FDIC chair Sheila Bair to do her job
  3. Give money to healthy banks
  4. Stop the Fed’s support of the OTC credit default swaps market

Now imagine a straightforward, simple, technology-based system, debt-free, cash-free and tax-less.

Such a system would have prevented the crumbling of the Great Wall Street Walls and certainly secured the position of us – the little people, the ones on the bottom rung, the ones who make it happen.
Too bad, but all too often, those “in charge” make things so darn complicated and pervert programs designed for the greater good.

So here’s what I say, gang: Get rid of the cash, get rid of the taxes, get rid of the mess, and we’ll all live happily ever after.

Corney Vanhelden is a successful entrepreneur and international businessman with many years of experience. This article is a short note on one of the chapters of his new book `How to Survive without Taxes`, see his site for www.Done-with-IRS.com specifics.

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