The Mindset We're Up Against

Just a couple of things, the Plain Dealer ran an extensive article about the personal finances of Ohio's two U.S. senators, Voinovich and Brown, as well as the several local representatives in Congress. They used financial advisers to analyse and make suggestions as to what they see in each person's spending and savings habits. The one that struck me most was about Senator George Voinovich. He is worth nearly three million dollars and has much invested in municipal bonds for various Ohio cities. According to the financial adviser, the senator has committed a "no-no" by investing most of his retirement money in municipal bonds doen't earn as much money as other investments. I believe he said that Voinovich would better protect his retirement income if he diversified more, and had far less in municipal bonds. Well Mr. Adviser, maybe George just wanted to back some local projects in his home state. Is that so bad? Oh, I know, if it isn't about money, money, money, and the bottom line, folks like you can't comprehend it. Besides, George shouldn't have to struggle too much on three million. Do what you think is right, George! Pay no heed to these money grubbers!

Then on CNBC, the network had Dick Armey, the former Republican House leader on to comment about plans by Democrats to raise taxes on the rich to cover changes in the Alternative Minimum Tax (aka AMT), among other things. Well, in case you haven't guessed, Mr. Armey is against the Democratic plan. When one of the interviewers asked Armey about the ever increasing income divide in America and whether he favored some way in the tax code to help close it, he dodged the question completely, spouting some nonsense about 1840 and how working people then were advised by some smuck to feel gratitude toward the wealthy for giving them jobs!!!! (I took that to mean the same for us today.) What a bunch of bull! These two stories show the mindset we're facing, along with oil prices that are soaring, putting more money into the accounts of the wealthy, but depleting the pockets of average folks.

See:

http://pontificating-randy.blogspot.com/2007/06/you-wont-need-time-machine.html