Congress enacted a bailout plan a few weeks ago in order to help relieve the financial crisis occurring. Banks no longer trusted one another and didn't want to lend short-term to other banks or if they did lend to one another, the interest rates were prohibitive. So Congress, led by President Bush passed the $700 billion bailout plan, a very large redistribution of wealth.
From my understanding, the money was to help the liquidity of money the banks loan to one another. This is taxpayer money. The economy is such that banks do need to borrow short-term from one another. New details are coming out in which it seems some banks do not appear to be using the money from the bailout as intended.
Some are using the bailout money to pay stockholder dividends. Some of the troubled banks may use the bailout money to pay officers bonuses.
Clearly, we have a situation in which taxpayers money and its redistribution is not being used for the intended purposes. It appears some of the dividends in question will go to pension funds and mutual funds. In other words, our tax money earmarked for the bailout plan is clearly being used to spread the wealth. The wealth is also being spread to the executives of these troubled banks.
This time, the spreading the wealth is going upwards. His tax plan would relieve the tax burden on those whose net taxable income is less than $250,000. Since this spreading the wealth goes to those who make the least money, it is considered unfair by some and has been labeled as 'socialism' and 'Marxism'.
If Obama's tax plan and his comment about spreading the wealth is 'socialist' or 'Marxist', than clearly the bailout plan is as well. This country is just full of evil "Marxists'!!!!
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