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I'm Sorry Mr. President, I Did Build My Mortgage Company, No Thanks to You

Mr. President, I just can't afford your spending habits. I'm afraid we're going to have to let you go.

I don’t have you sitting in the chair next to me, as I’d like to be saying this face to face, but I don’t have that option. Anyway, let me share the following with you.

Mr. President, with all due respect, which is more than you have given me and the millions of business owners throughout this great country, I built my business without any help from you and without the help of the government. I also pay my fair share of taxes and so do millions of business owners. In spite of how much money we pay to keep you in office, it’s still not enough, as you and your band of merry men borrow even more money.

You are now spending my children’s inheritance and even worse, my grandson’s as well. You and the government have done more to attempt to put me out of business, with enough regulations that it could bankrupt China and that would be really hard to do. Now there is an idea for you, does that mean if they went bankrupt, we wouldn’t have to pay them? I guess it would make more sense the other way around.

Speaking man to man, do you really know about running a business? Just as I thought... So, how could we ever expect you to balance a budget? I guess we shouldn’t wonder why you would ever make a statement like, “you didn’t build that business” and “someone else built it.” I’m sure you are getting the message that you won’t have my vote in November. I just can’t afford your spending habits. We have to let you go, it’s time.

  You Didn’t Build That Mortgage Company BY: Paul Muolo

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Ed Costello September 20, 2012 at 01:06 AM
We have a winner!!!!! Thanks Kaptain!!!! I am with you!!!
Kelly P September 20, 2012 at 01:56 AM
Classic incomplete quoting there Kapo.Read more closely - lender of last resort, not primary. Regardless of the perceptions of what does or doesn't happen at the Fed, you are very certain what the state of things is and equally certain that it is irreversible. But you don't lay out any reasonable path forward. You post here on this petty comment section about the grand scale of the disaster but give zero follow-on analysis of how people will handle it all, nothing but wild hyperbole. What is your goal if you swayed every reader to the same perspective? Is there some purpose to the vehemence of your statements, some method in the madness, some aspirational cautionary tale? No one will become an economist. No one will evacuate (although Canada demonstrated a lot wiser banking practices, and is much more stable so maybe you would like it there better). No one will become convinced. I suppose one might extrapolate the same questions to the larger scale of all these forms of detached interactions. But where do you find your goal lies? It's merely rhetorical so hold back a response if you can. And maybe we can all move on.
R Eleveld September 20, 2012 at 02:43 AM
@Kelly, as I have written many times Canada cannot be compared to the US relative to the banking debacle for one primary and a solid secondary reason. In Canada to get a loan you are generally required to put down 20% of the value of the property, the old tried, tested, and true 80/20 formula. Yes it really IS that simple. Tons of not needed if you follow that simple rule. Simple concepts are the most difficult for many to fathom. Borrow no MORE than 80% of the value of the property. The second factor is that they have their Federal budgets under better control. This is evident in the value of the CDN$ to the US$. See chart to understand we are losing in this situation. http://www.xe.com/currencycharts/?from=CAD&to=USD&view=10Y
Kelly P September 20, 2012 at 11:01 AM
For RE- because Canada is more stable, as you pointed out, I was merely surmising that it should prove attractive to the sky is falling doom sayer whose comments I was addressing. This comment thread has lived long past any reasonable purpose so, taking my own advice, let's move on.
Andrew Ziemba September 20, 2012 at 02:12 PM
It's such a simple message isn't it? Isn't it incredible how few people get it? Speaking of the federal reserve, I think anyone who disagrees what you said needs to watch "The Money Masters" http://www.youtube.com/watch?v=EeIM-4hJO44 to educate themselves... Perhaps after that, they will join us to END THE FED!

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