I’ve seen the Wall Street Protesters, and now the Seattle
Protesters complain about a wide variety of financial problems. Some of which I agree with, some of which I don’t.
I’ve been out of work for 1 ½ years. I’ve lost track of the number of resumes I’ve sent out, and the number of screening interviews I’ve had. I am a former Human Resources Executive. I know how to look for work and I still do it every day.
I’d sweep floors, clean toilets, or work in retail sales, but nobody is willing to give a former executive a low-level job. Even McDonald’s has turned me down.
Recently I decided to do something different. Playing “House Husband” is not my goal in life. Since I’ve been unable to find work, I’ve decided to start a business.
I’m starting a business that transfers video and audio tape to CD or DVD. Now I spend ½ my time advertising and promoting this business and the other ½ doing the work. I work 6am to 6pm and look for work at lunch time and from 7-10pm. I’m going to make money to support my family one way or another.
To the 99%-ers, I say quit hanging out on the street and do something different. If you want to be in a better financial position, find something people need done and do it. Charge a fair price and do a good job. That’s the only way you’ll ever get the money
you want. Standing on a street corner with other unemployed people won’t do it.
And Billionaires who say, “Raise my taxes” are fooling you. It doesn’t matter if the income tax on them goes to 100%. They don’t pay income tax because they don’t have ordinary income like you and I would if we had a job. Instead, their income comes from capital gains. That’s money they make on investments, just like you get if you make money selling your home. It’s the same kind of income. You pay 15% on the money you make selling your home and the Billionaires pay 15% on the money they make from all of their investments too. So raising the tax rate on the rich is just a game that most people don’t know they’re playing.
Government can’t save us. Regardless of who’s in office, the problems we face are bigger than a President. If you’re one of those who wants to get rid of Capitalism, you’re trying to get rid of something you’ve never even seen.
Since the 1930s, government involved itself in banking, housing and healthcare. There has not been a free market. The cause of the housing crisis was the fact that FNMA and FMAC guaranteeing loans for people who couldn’t afford them (these are government-regulated agencies). Then the banks packaged these mortgages and sold them (they were able to do this because in 1981 congress created new laws allowing this). This exacerbated the problem.
In our lifetimes, we’ve never seen a free market in banking, housing or healthcare. In healthcare insurance, instead of being able to buy the cheapest insurance, you’re only allowed to buy insurance from the companies in your state. The government won’t let you buy insurance from a company in any other state. That’s not a free market.
Recently the FrankenDodd bill told banks they couldn’t charge certain credit card fees. The government took away a source of income for the banks. What did they do? They started charging for using debit cards. Duh.
Finally, if you’re complaining about the cash that banks and businesses are holding onto, let me pose a hypothetical situation:
You’re the CEO of a business and you have plenty of cash on hand. Now, you know that the Obamacare law is going to have an impact, you just don’t know how much because the laws haven’t all been written yet. Next, you know that the National Labor Relations Board – primarily a union protection agency is making historical attempts to come into non-union companies. This too may have an impact, but you don’t know how much.
Next, you have the FrankenDodd bill on banks. You know your bank is going to have to charge something, you just don’t know how much.
So here you are, you have records amounts of cash, but how much is it going to cost you to do business next year? Even if you can project your regular business expenses, you can’t project the financial impact of all of the legislation mentioned above.
Are you then going to hire employees, who cost money, and may unionize or sue when dismissed?
My answer is no. With all of this uncertainty, I don’t know what the cost of running my business will be, so I’ll hold onto my cash.
So if you’re a 99%-er, take a step back, see the forest, not just the trees. Once you see the bigger picture, you’ll realize you ARE part of the 99%, just not the 99% you’ve been led to believe you’re in.