AP: The House approved an unprecedented $700 billion government rescue of the battered financial industry on Friday and sent it to President Bush who almost immediately signed it.
Repubican administration just before the vote by accident. She did that to prevent the vote from being favorable because her party wanted more time to bargain for more stuff, and she needed the bill to fail in order for her to get that.
She may be terrible, but she's not dumb. That was no accident. The last shoe has not yet dropped on this maneuvering. Had the bill passed, her side's ability to fool with it some more would have been lost. Now she has the rest of the week for her agenda to be pushed.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
McCain to be able to claim that he went to Washington and convinced reluctant Repubicans to bend their positions for the good of the country.
The vote count just before Pelosi's speech was that the Democrats were in favor of it, but not by much more than they were last week. Just before Pelosi's diatribe, Republicans had decided to hold their noses and vote in favor. That would - in the eyes of the Democrats - have given McCain something to crow about.
The Democrats thought they could bait the stupid Republicans into voting against the bill by blaming the whole situation on the Bush administration just before the vote. The ploy worked. The Repubicans returned to their negative positions and the bill failed. Now the numbers suggest - and the Democrats will claim - that it was the Repubicans who shot it down because McCain did NOT have the leadership capability even in his own party that he claimed he had.
Whaddaya mean, I'm cynical?--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Republicans are torn. There are Republican social conservatives, like President Bush, that have little concern growing a big government, as long as it champions issues dear to their heart - a compassionate conservatism.
On the other hand, there are a few fiscal conservatives, who feel deeply that when it comes to business, government is part of the problem and not the solution. When these Republicans hear of the government taking over failing businesses, socialism comes to mind. The latter Republican members lost years ago to a party that became more liberal in fiscal matters than the once liberal Democrats. For the old Republicans, not approving this bailout may be their last hurrah.
Submitted by Bob Frankman on Tue, 2008/09/30 - 00:19.
Jim Coen: "The last time this administration and congress rushed to judgment we ended up in a war based on false pretenses."
The president seems to be sticking to the same tried and true formula. These words sound vaguely familiar and are why we aren't just taking the word of the WH this time to give the executive branch so much money.
Ever Wonder What Would Happen If Everyone Could Own a Franchise? by Guest
Submitted by Guest on Mon, 2008/09/29 - 21:27.
What would happen if we could make it easy for everyone to get a home and a small business of their dreams?
We want loans to be so available that almost anyone can have skin in the game, to step up to the mantle of responsibility. They won't have to put anything down. We'll lower their interest rates for the first few years to give them a break. The rates can balloon later.
"...if you own something, you have a vital stake in the future of our country. The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country." - President George W. Bush, June 17, 2004
"We're creating... an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property." - President George W. Bush, October 2004.
Now when a huge number lose from the decisions they make, let's bail them out so that our whole economy doesn't go under.
operated as it does today, Bankruptcy Law would be the most heavily populated legal specialty in the country--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Slavery, Women and the Constitution by Dave Tanaka
Submitted by Dave Tanaka on Mon, 2008/09/22 - 18:53.
Richard,
You're right, slavery and disenfranchisement of females was allowed by the original U.S. Constitution. Our Founding Fathers for the most part did see that slavery was a contradiction of what the new nation stood for. Benjamin Franklin made the abolishment of slavery his last great (unsuccessful) cause before he passed away in 1790. But the southern states threatened to secede over this very subject, which they had every right to do, despite what history teaches about the Civil War. They joined the union with the understanding that they could secede whenever they saw fit. So although many of the Founding Fathers felt strongly that slavery was completely against what the Constitution and the Revolutionary War stood for, they felt keeping the union together was more important. Possibly because they were faced with more war, and the loss of the southern states for the fragile new nation would probably have meant disaster.
The country paid a huge price for this with the civil war (over 600,000 dead), and we're still paying big time today, in ways that would really be getting off the subject of franchising, so I'll leave it at that.
But the U.S. Constitution, the rights it guarantees and the much smaller federal government envisioned is out of date? I hope not. The liberties and freedoms the Constitution takes pain to guarantee, but are routinely ignored, are not for everyone, as history has proven. But I'm not one of those who like living in a country with an oppressive government that's "taking care" of me. We got something pretty special when our Founding Fathers got together to guarantee the right of the people, not big government, not big business, not the banks, to life, liberty and the pursuit of happiness.
The people and their businesses thrive much better when government keeps its hands off as much as possible instead of the present myriad of onerous and burdensome legal requirements for businesses that are mostly passed for the benefit of politicians and their special interests rather than for the benefit of the people.
I was too young to have fought in the civil war. But I am familiar with the issues.
I liv in Texas, and I have a real Texas perspective on everything. I resent the wussification of America, and I resent their pushing the wussification on Texas by threatening to withold Federal money if we don't impose a speed limit and make people wear seat belts.
This is getting a bit rambling, but I think you understand where I'm coming from. We believe in pain over style any day.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Why has Texas given us native son duds as presidents? (Lyndon Johnson & Bush 43).
Wussification of America?? That is the least of Texas' problems. I'd say the murder rate and literacy are higher.
All those in favor of no more presidents from Texas say 'aye'.
The "ayes" have it.
geniuses. Wouldn't it be just great iff we could get back Nixon or Hoover, neither of whom were from Texas. I also remember the Georgia peanut farmer whose term as President wrecked the ecomony. Which genius producing state are you from, by the way? You neglected to mentiion that.
The economy of Texas is probably head and shouldres ahead in growth compared to your state's economy. More folks are moving here than to your state, I bet.
It aint our fault that y'all will vote for any dummy so long as the dummy is from Texas.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Re: HaHaHaHa - To bad the other states are so lacking in by Guest
Submitted by Guest on Mon, 2008/09/29 - 17:48.
Touche. The one native son from my fair state is Richard M. Nixon.
The one governor we gave the country, Reagan, was born in Illinois.
Our biggest claim to fame - General Patton. If you talk about someone who was the opposite of a wussy, Patton makes the short-list.
Our state gave the country McDonald's, A&W and other pioneer franchises.
I assume you are not related to any of the wonderful folks to whom you refer.
If California weren't one of my favorite haunts, I would abuse you much more harshly.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
But that helps Americans. To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money. Given that the "trust funds" are being parked in special Treasury bills, the net result is that illegal aliens provide cheap labor, fund our Ponzi-scheme Social Security, and fund our spendthrift ways to boot.
Not a bad deal for Americans.
My answer:
I am not so sure about that gravy train once you factor in how they tend to be taxing on our health system due to lack of insurance (based on old news stories from a few years ago), or the legal children who attend our schools free of charge, etc..etc..
I would love to see a spread sheet showing us the gravy vs expense ratios and see just how they stack up.
ExZee writes: ...the legal children who attend our schools free of charge
I am shocked to hear about this! Let's repeal the 14th Amendment! (Seriously, some proposals really have been made to modify sect. 1)
While we are at it, I've been paying for your kids to attend school, and I don't think they are studying hard enough for what I'm paying. Please send me a check :)
Seriously, as you are well aware in most of the United States the schools are funded locally thru property taxes (which has created constitutional issues of its own, but that's another story). If someone is living in a rented home or apartment, those property taxes are paid by the landlord. Now this may surprise you, but landlords actually are in business to make money. So the rental price reflects the property taxes. Since many (if not most) illegal aliens are single men whose families remain abroad, you may have to send them a refund too ;)
Paul Steinberg Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Submitted by FuwaFuwaUsagi on Mon, 2008/09/22 - 16:07.
Paul writes:
Let's repeal the 14th Amendment! (Seriously, some proposals really have been made to modify sect. 1)
My reply:
Yes, many of us want to make sure that birth right citizenship does not extend to the children of those who enter our nation illegally. I fully support such action.
FuwaFuwaUsagi
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
7.65% is a bargian price for the privilege to work here compared to the approximate 30% it costs us for the privilege to live here. I know freedom doesn't come cheap, but what price must we pay?
Fuwa,
Is this a computor glitch? Whats up with your posts:
First of all, in the scenario I described the taxes are withheld and sent to the federal and state governments.
Secondly, I highly doubt that if you work washing dishes or picking lettuce that even your marginal rate is 30%, let alone your effective rate.
Third, you are getting something for your money. Specifically for example: in return for your 15.3% (an economist would tell you that the employer contribution is actually a reduction in your wages, but that's beyond our scope here) you get something of value--namely, a rather high rate of return (at least for the present time) in the form of a monthly Social Security.
Fourth, this has nothing to do with "freedom coming cheap." It has to do with obtaining the benefit of cheap labor and cheap goods produced both within and without the US while cocooned within a social welfare scheme that is denied those who produce those cheap goods that (till recently) have enabled Americans to enjoy a high standard of living subsidized by the negative externalities of those third-world denziens whom we Americans so love to lecture on how to lead their lives and run their governments. It is typical of most Americans that such offensive behavior is now unquestioningly wrapped in pseudo-patriotic drivel.
Paul Steinberg Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
I am not here to argue whether it is right or wrong to educate and provide health to those providing us with cheap goods, nor do I care to argue whether or not Michael Moore has a patriotic bone in his body. I just want to point out that, according to the news, they were getting some things in return for their hard work and 7.65%. Whether or not they are getting their fair share could make for some good arguments.
Also, last time I looked at my pay stub, they deduct at least 30% from my gross for all taxes (not including my employers portion) for my right to live in the US. I am not saying that all taxes are a waste, but some are.
For a week I have been poring over the franchise trade journals for insights into the current economic crisis and how it might impact franchise owners.
Nothing. Nada. Zip.
Appearing today on the Sunday morning talk shows, Hank Paulson, Secretary of the Treasury, looking tired and unnerved, described that the financial sector and the economy are facing a meltdown. That is to say, it is not just the sub-prime lenders like Fannie Mae, not just underwriters like Lehman Brothers nor insurers like AIG, but now it is our entire banking system that is in question.
According to two congressmen (Sen. Chris Dodd and Rep. John Boehner of the Banking Committee), the question is how to best take control of the sector. House representative John Boehner (R), who described himself as as a non-interventionist and free-trader, said on ABC's news show This Week, "This is about our way of life, our society, our economy, the American people's jobs. That's how serious this crisis is." He continued, "This would be the most serious crisis that the world has ever dealt with."
Think of your credit cards not working if there is a meltdown. A small business bank account would be covered by the FDIC for up to $100,000. But still, think of the ramifications to the auto dealer, restaurant or service business if access to capital loans became extremely difficult or customers became spooked. Think of what might happen to employees as franchise owners stopped expansion plans because of a lack of lending or they had to scale back their existing businesses because of declining customers and inflated costs.
In this emergency, the White House has pushed past traditional American liberalism of wanting more regulation to now nationalize the sector. Letting big business suffer the consequence of greed and allowing the market to correct for such bad decisions is simply unacceptable, even to the few Republican free traders, since it could mean the disappearance of our way of life—and here is where I imagine mobs of hobos queued up in soup lines—until the glut is corrected.
That scenario is in stark contrast to the Federal Reserve ex-chair Alan Greenspan's pronouncements of one week ago. He spoke about how this "once-in-a-century type of event" would stay mainly in the financial sector, although he cautioned that Wall Street's problems made it increasingly likely that the economy would be nudged into a short, mild recession.
What a difference a week makes.
The meltdown first happened in the United States, arguably the world's most deregulated finance market. After the smoke clears, the question to be explored will be why.
The world is watching carefully because they know that the collapse of our economy means the collapse of the world economy.
While other franchise trade journals remain silent as they look for the positive spin, I'll search for leaders to explain these events and how it might impact franchise owners. Banks are probably still in shock, so soliciting information may be hard. I'm hoping financial gurus will tell me that not only do I have an overactive imagination, but also our quick acting leaders are nipping this crisis in the bud.
Things are bad. Many banks have made equity lines inactive because houses have dropped all over our country. A house I sold in Monterey County for $585,000 4 years ago is now worth $240,000. Our house in Monterey County in a progressive area went down $375,000. When real estate goes down many businesses suffer. Builders, realtors, loan officers, Home Depot and anything that has to do with people owning houses suffer When real estate is good everyone prospers. The market is bad. People are not afraid to put offers in $50,000 or less when they buy a house.This is not the time to sell a house. If you have money it is the time to buy.Many people are holding on to their houses for a better time.
Not to mention all the foreclosures due to unethical realtors and loan officers.
My husband listens to the radio alot. He mentioned many of the problems was caused by the government trying to get immigrants into houses.
There is talk of privatizing Freddie Mac and Fannie Mae. I have read articles that two CEO's have already been picked to run them. They want to get rid of the 30 year fix rate loans. Hopefully this won't happen. I know many realtor associations will be fighting this.
Will this effect sales for franchising?
I have read in bad times many people get desperate to buy a job. All the more for due diligence seminars. There will always be people with money. People who have saved all their lives. Hopefully people will learn about BMM and really see the importance of killer due diligence. I want to see everyone be prosperous. Unfortunately the majority of people with any money will be people who worked all their lives and build something. They will get desperate and buy a franchise without being educated in the world of franchising. It is my sincere hope that those people will seek a franchise lawyer's advice and study franchising.
Hurry up Solomon, Paul and Michael with your seminars. Save people from financial hell.
In the mean time I have talked to many people about BMM. I talked to a lady who was having problems keeping up her franchise and told her about this site. She had no idea that this existed. Hopefully more people will discover BMM.
Google up Franchise Lawyer and ask the ones who appear on the first two pages the following questions:
Do you focus on franchising in your practice?
Do you focus on pre investment due diligence in yout franchise practice?
Do you vet the business, financial and economic issues as well as the legal issues in your due diligence practice.
Hire the one who says YES to those questions.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
and put it on my bulletin board so when anyone calls me I will read your exact words. I did have a hard time convincing someone today they need to seek a franchise lawyer. (Which they never heard of.) They are going to a business lawyer. A friend of theirs. Heck Richard I never heard of a franchise lawyer. I will still put it on my bulletin board regardless. .
In regards to the economic crisis that we are in, New York Mayor Michael Bloomberg utters this pearl of wisdom last week . . .
"I think you just can't blame the banks," he said, taking borrowers to task.
"They say, 'I want the great American dream. I want it now and I'm not going to wait until I put some money in the bank.' . . That's where we lost the moral compass of saying no to people who did not have the earning capacity to support a mortgage."
This description reminds me of one or two small business investors as well.
right mind should ever think of investing in any franchise until the economic situation in the United States gets sorted out.
The cost of credit as well as the availability of credit are question marks now.
Panicked consumers will be hoarding cash. The cost of everything that you thought to quantify in your business plan has already gone up and will continue to do so, and if you are limited to designated vendors in your franchise agreement, that will make everything even worse than "normal" - and right now there is no normal.
You can thank God that the Republicans didn't get their way about privatizing social security, because if they had gotten their way, all the crap that is now bringing down the banks would have been dumped into the privatized social security investment accounts of the suckers who opted into that program swallowing the BS about getting access to faster capital growth.
These are crazy times. Are we really going to return these goons to power just because Obama is black?--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Submitted by FuwaFuwaUsagi on Mon, 2008/09/22 - 13:16.
Richard writes:
Go back to my admonition several weeks ago that no one in his right mind should ever think of investing in any franchise until the economic situation in the United States gets sorted out.
My reply:
Oh I don't know. There are probably pockets of franchises that would thrive in this environment. One I can think of is one of the multi-line insurance adjustor franchises. Arson investigation contracts tend to be very lucrative, and car thefts and car fires pay steadily.
Submitted by FuwaFuwaUsagi on Mon, 2008/09/22 - 12:57.
Richard writes:
These are crazy times. Are we really going to return these goons to power just because Obama is black?--
My reply:
Having met the man, having personally conversed with him, I can assure you is a very unremarkable individual, and relative to others, rather unintelligent. Articulation does not equate to intellect. So I fail to see an improvement in the situation by electing not only a man of plebian intellect at best (and I believe I am being generous here), but a total punk, in the colloquial sense of the word, to the office of the Presidency. Obama is a product of affirmative actions at is worst, where a person of limited ability is promoted solely on the basis of race. That his candidacy has progressed this far is one of the most shameful chapters in the history of the United States. It is a case study in the failure of Government institutions of indoctrination to create an educated electorate.
Being a generation removed from you Richard, I can truly say in my age bracket that black white racism is only being kept alive by politicians who want to use it as wedge issue and political parrots.
I certainly am not rejecting Obama on the basis of race (in fact I think it is the most compelling issue of his campaign), but I am rejecting him on the basis of his limited intellect, the shallowness of his life experiences, and the hollowness of his character. And I reject McCain on the basis of his documented record. This is shameful. The legacy of our Founding Fathers has been squandered by the citizens of this once great nation.
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
"Being a generation removed from you Richard, I can truly say in my age bracket that black white racism is only being kept alive by politicians who want to use it as wedge issue and political parrots."
Although opininated, prideful and somewhat eloquent, Fuwa is also very naive. Moreover, it is also apparent that Fuwa ain't black.
Solomon writes: Are we really going to return these goons to power just because Obama is black?
Fuwa writes: I certainly am not rejecting Obama on the basis of race (in fact I think it is the most compelling issue of his campaign)...
Regardless of what you think of Obama, it is not uncommon for the party in power to be turned out of office after 8 years. And when you have an unpopular war (actually a set of wars) an anti-war candidate will garner considerable support; when you have a crappy economy a liberal populist will garner support.
Personally, Obama and his "We are the change we seek" bit is all too California for me. And some of his statements on foreign policy are troubling.
But to say that Obama's support is "on the basis of race" is simply not true.
In any event, I fail to see that either one of the candidates would make much difference in terms of franchise regulation; and on the larger issue of affecting the economy I suspect most people will not even be thinking about the detailed issues when they vote.
Plus, in many parts of the country voting for President is a waste of time. Unless you are in a swing state, your vote won't make any difference and you would use your time more wisely watching a TV infomercial for Quizno's.
I don't quite understand why this is a BMM topic anyway.
Paul Steinberg Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
"The legacy of our Founding Fathers has been squandered by the citizens of this once great nation." From fondling to fumbling, Bill and George W set a high standard. "This is shameful!"
"Never underestimate the power of stupid people in large numbers" to be moved by BS, repeatedly. The people set the standard.
Submitted by Dave Tanaka on Mon, 2008/09/22 - 15:20.
Fuwa says, “The legacy of our Founding Fathers has been squandered by the citizens of this once great nation.”
Unfortunately, yes.
As Founding Father John Adams said in a message directly to us: “Well, posterity, you will never know what it cost us to preserve your freedom. I only hope that you will make a good use of it. If you do not, I shall repent in heaven that I ever took half the pains to preserve it.”
Most of us blame our politicians for misleading us and putting us in Iraq, which put this country on a fast slide downhill, but the bottom line is, the citizens of this country let it happen. Had they been overwhelmingly against it, we wouldn’t be there.
Our politicians took away our constitutional rights through, for example, the Patriot Act and the recent FISA bill. Most citizens weren't paying attention, didn't care, or, often, thought it was necessary.
As one gauge of our not-so-great country, the voter rates keep going down. Apathetic citizens wind up with no say in their government and get a strong government that tells them what to do instead of the other way around. Is this a surprise? The government is simply filling in the power vacuum.
Those who do vote have brainwashed themselves into voting for “the lesser of two evils” and "not throwing away their vote" instead of taking the time to study and vote for third-party candidates that often have a much better agenda. Voting for “the lesser of two evils” is still voting for evil. Surely no thinking person expects good to come from that.
In Brazoria County Texas, home district of DR Ron Paul, we know all about theConstitushun and what it means and stands for. John Adams is still a viable write in candidate in most of our elelctions.--
While you are right in most of what you say, we must deal with what is, not what was or what we wish it still was. So voting for something that one might identify with the wishes of our "founding fathers" is not a real option. For every Ron Paul there is a Ralph Nader or a Michael Moore. For every lousy Republican administration, there was berfore it a lousy Democrat administration in which we were upset because our founding fathers didn't evade the draft or have sex with interns on the rug of the oval office.
Our founding fathers were either slave owners or people who dealt in the slave trade while denigrating slavery as something unholy. Hypocracy had its own flavor back then. Molassas to rum to slaves is now oil to drugs to sociopathic assaultative morons - but they get to vote, same as the productive folks. Back in the days of our founding fathers, everyone worked hard; there was no welfare; only people of property who were of the male persuasion could vote. Some things are better left where they were than resurrected, including some of the now obsolete views of our "founding fathers".
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
I think that the answer to your question is an easy one.
Who has been in power for the last 2 years? The Dems.
Our Social Security is being divided up to Illegals and Congress is to blame for that.
It is easy to blame everything on Bush, but don't forget that both Houses are controlled by the very people you claim will fix everything.
As for Obama, he was second in line of benefiting from the housing diaster we are now in.
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Actually, many illegal aliens do use other people's social security cards/numbers.
But that helps Americans. To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money. Given that the "trust funds" are being parked in special Treasury bills, the net result is that illegal aliens provide cheap labor, fund our Ponzi-scheme Social Security, and fund our spendthrift ways to boot.
Not a bad deal for Americans.
Moreover, just as Nike and Macys purchase cheap sneakers and shirts made by foreign labor and that is why you can get cheap clothes, so too with the foreign labor that picks your lettuce and washes the dishes at your favorite restaurant--you may not like to admit it, but you benefit.
As to this partisan blame game: Franchise legislation has been supported by both Dems and Republicans, and it has been opposed by both Dems and Republicans. And while Republicans have been avid supporters of the SBA lending program and Dems avid supporters of Fannie/Freddie, that structure which permits private gain but public guarantees is a big part of the mess we are in.
Paul Steinberg Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Submitted by FuwaFuwaUsagi on Mon, 2008/09/22 - 13:03.
Paul writes:
To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money.
My reply:
This is also true for legal residents unless their country has a reciprocal SS agreement. Take visa workers from India for example, they pay into the SS system but cannot participate in it. In essence they are paying 7.65 for the privilege of working here, and their employers are also paying the match knowing their will be no beneficiary.
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
will have their hands full. Black, white purple or whatever. I like Sarah Palin alot. I loved her speech. I listened to her speech twice and I like what she has to say. No it isn't because she is a woman either. She is a pitt-bull. It will be an interesting election. I still think the new President will not solve all our issues. How can they? Our economy, Iraq, Social Security, our dependence on foreign oil, housing market, medical care and more to deal with. I think this new President will age alot during the next four years.
"Are we really going to return these goons to power" for any reason? There are no guarantees but if you keep repeating the same mistake hoping for a different outcome ... good luck.
Repubican administration just before the vote by accident. She did that to prevent the vote from being favorable because her party wanted more time to bargain for more stuff, and she needed the bill to fail in order for her to get that.
She may be terrible, but she's not dumb. That was no accident. The last shoe has not yet dropped on this maneuvering. Had the bill passed, her side's ability to fool with it some more would have been lost. Now she has the rest of the week for her agenda to be pushed.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
McCain to be able to claim that he went to Washington and convinced reluctant Repubicans to bend their positions for the good of the country.
The vote count just before Pelosi's speech was that the Democrats were in favor of it, but not by much more than they were last week. Just before Pelosi's diatribe, Republicans had decided to hold their noses and vote in favor. That would - in the eyes of the Democrats - have given McCain something to crow about.
The Democrats thought they could bait the stupid Republicans into voting against the bill by blaming the whole situation on the Bush administration just before the vote. The ploy worked. The Repubicans returned to their negative positions and the bill failed. Now the numbers suggest - and the Democrats will claim - that it was the Repubicans who shot it down because McCain did NOT have the leadership capability even in his own party that he claimed he had.
Whaddaya mean, I'm cynical?--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Fellow Americans,
The bailout of the "toxic mortgages" is inevitable, US taxpayers will eventually sign the check.
But what exactly is the rush? The Post depression mechanisms (FDIC, Federal Reserve) seem to be making some good moves.
Congress shouldn't rush to judgment here. They should be very cautious with our money!
Heck they spent more time on steriod use in baseball, and this could cost us a trillion dollars.
The last time this administration and congress rushed to judgment we ended up in a war based on false pretenses.
Let's try and get a good piece of legislation and fix the problem so it doesn't put us into a deeper recession.
BTW: I just wrote my senators, and my congressman and asked them to be CAUTIOUS.
You can do the same.
Jim Coen
877-469-3002
Blog: Lets Talk Franchising
Executive Director of the New England Franchise Association
Director & Clerk, Dunkin Donuts Independent Franchise Owners (DDIFO) Board of Directors
Jim Coen
877-469-3002
Blog: Lets Talk Franchising
Executive Director of the New England Franchise Association
President, Dunkin Donuts Independent Franchise Owners (DDIFO, Inc.)
operated as it does today, Bankruptcy Law would be the most heavily populated legal specialty in the country--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
You're right, slavery and disenfranchisement of females was allowed by the original U.S. Constitution. Our Founding Fathers for the most part did see that slavery was a contradiction of what the new nation stood for. Benjamin Franklin made the abolishment of slavery his last great (unsuccessful) cause before he passed away in 1790. But the southern states threatened to secede over this very subject, which they had every right to do, despite what history teaches about the Civil War. They joined the union with the understanding that they could secede whenever they saw fit. So although many of the Founding Fathers felt strongly that slavery was completely against what the Constitution and the Revolutionary War stood for, they felt keeping the union together was more important. Possibly because they were faced with more war, and the loss of the southern states for the fragile new nation would probably have meant disaster.
The country paid a huge price for this with the civil war (over 600,000 dead), and we're still paying big time today, in ways that would really be getting off the subject of franchising, so I'll leave it at that.
But the U.S. Constitution, the rights it guarantees and the much smaller federal government envisioned is out of date? I hope not. The liberties and freedoms the Constitution takes pain to guarantee, but are routinely ignored, are not for everyone, as history has proven. But I'm not one of those who like living in a country with an oppressive government that's "taking care" of me. We got something pretty special when our Founding Fathers got together to guarantee the right of the people, not big government, not big business, not the banks, to life, liberty and the pursuit of happiness.
The people and their businesses thrive much better when government keeps its hands off as much as possible instead of the present myriad of onerous and burdensome legal requirements for businesses that are mostly passed for the benefit of politicians and their special interests rather than for the benefit of the people.
I was too young to have fought in the civil war. But I am familiar with the issues.
I liv in Texas, and I have a real Texas perspective on everything. I resent the wussification of America, and I resent their pushing the wussification on Texas by threatening to withold Federal money if we don't impose a speed limit and make people wear seat belts.
This is getting a bit rambling, but I think you understand where I'm coming from. We believe in pain over style any day.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
geniuses. Wouldn't it be just great iff we could get back Nixon or Hoover, neither of whom were from Texas. I also remember the Georgia peanut farmer whose term as President wrecked the ecomony. Which genius producing state are you from, by the way? You neglected to mentiion that.
The economy of Texas is probably head and shouldres ahead in growth compared to your state's economy. More folks are moving here than to your state, I bet.
It aint our fault that y'all will vote for any dummy so long as the dummy is from Texas.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
I assume you are not related to any of the wonderful folks to whom you refer.
If California weren't one of my favorite haunts, I would abuse you much more harshly.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Paul writes:
But that helps Americans. To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money. Given that the "trust funds" are being parked in special Treasury bills, the net result is that illegal aliens provide cheap labor, fund our Ponzi-scheme Social Security, and fund our spendthrift ways to boot.
Not a bad deal for Americans.
My answer:
I am not so sure about that gravy train once you factor in how they tend to be taxing on our health system due to lack of insurance (based on old news stories from a few years ago), or the legal children who attend our schools free of charge, etc..etc..
I would love to see a spread sheet showing us the gravy vs expense ratios and see just how they stack up.
I am shocked to hear about this! Let's repeal the 14th Amendment! (Seriously, some proposals really have been made to modify sect. 1)
While we are at it, I've been paying for your kids to attend school, and I don't think they are studying hard enough for what I'm paying. Please send me a check :)
Seriously, as you are well aware in most of the United States the schools are funded locally thru property taxes (which has created constitutional issues of its own, but that's another story). If someone is living in a rented home or apartment, those property taxes are paid by the landlord. Now this may surprise you, but landlords actually are in business to make money. So the rental price reflects the property taxes. Since many (if not most) illegal aliens are single men whose families remain abroad, you may have to send them a refund too ;)
Paul Steinberg
Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Paul writes:
Let's repeal the 14th Amendment! (Seriously, some proposals really have been made to modify sect. 1)
My reply:
Yes, many of us want to make sure that birth right citizenship does not extend to the children of those who enter our nation illegally. I fully support such action.
FuwaFuwaUsagi
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
7.65% is a bargian price for the privilege to work here compared to the approximate 30% it costs us for the privilege to live here. I know freedom doesn't come cheap, but what price must we pay?
Fuwa,
Is this a computor glitch? Whats up with your posts:
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First of all, in the scenario I described the taxes are withheld and sent to the federal and state governments.
Secondly, I highly doubt that if you work washing dishes or picking lettuce that even your marginal rate is 30%, let alone your effective rate.
Third, you are getting something for your money. Specifically for example: in return for your 15.3% (an economist would tell you that the employer contribution is actually a reduction in your wages, but that's beyond our scope here) you get something of value--namely, a rather high rate of return (at least for the present time) in the form of a monthly Social Security.
Fourth, this has nothing to do with "freedom coming cheap." It has to do with obtaining the benefit of cheap labor and cheap goods produced both within and without the US while cocooned within a social welfare scheme that is denied those who produce those cheap goods that (till recently) have enabled Americans to enjoy a high standard of living subsidized by the negative externalities of those third-world denziens whom we Americans so love to lecture on how to lead their lives and run their governments. It is typical of most Americans that such offensive behavior is now unquestioningly wrapped in pseudo-patriotic drivel.
Paul Steinberg
Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Paul,
I am not here to argue whether it is right or wrong to educate and provide health to those providing us with cheap goods, nor do I care to argue whether or not Michael Moore has a patriotic bone in his body. I just want to point out that, according to the news, they were getting some things in return for their hard work and 7.65%. Whether or not they are getting their fair share could make for some good arguments.
Also, last time I looked at my pay stub, they deduct at least 30% from my gross for all taxes (not including my employers portion) for my right to live in the US. I am not saying that all taxes are a waste, but some are.
For a week I have been poring over the franchise trade journals for insights into the current economic crisis and how it might impact franchise owners.
Nothing. Nada. Zip.
Appearing today on the Sunday morning talk shows, Hank Paulson, Secretary of the Treasury, looking tired and unnerved, described that the financial sector and the economy are facing a meltdown. That is to say, it is not just the sub-prime lenders like Fannie Mae, not just underwriters like Lehman Brothers nor insurers like AIG, but now it is our entire banking system that is in question.
According to two congressmen (Sen. Chris Dodd and Rep. John Boehner of the Banking Committee), the question is how to best take control of the sector. House representative John Boehner (R), who described himself as as a non-interventionist and free-trader, said on ABC's news show This Week, "This is about our way of life, our society, our economy, the American people's jobs. That's how serious this crisis is." He continued, "This would be the most serious crisis that the world has ever dealt with."
Think of your credit cards not working if there is a meltdown. A small business bank account would be covered by the FDIC for up to $100,000. But still, think of the ramifications to the auto dealer, restaurant or service business if access to capital loans became extremely difficult or customers became spooked. Think of what might happen to employees as franchise owners stopped expansion plans because of a lack of lending or they had to scale back their existing businesses because of declining customers and inflated costs.
In this emergency, the White House has pushed past traditional American liberalism of wanting more regulation to now nationalize the sector. Letting big business suffer the consequence of greed and allowing the market to correct for such bad decisions is simply unacceptable, even to the few Republican free traders, since it could mean the disappearance of our way of life—and here is where I imagine mobs of hobos queued up in soup lines—until the glut is corrected.
That scenario is in stark contrast to the Federal Reserve ex-chair Alan Greenspan's pronouncements of one week ago. He spoke about how this "once-in-a-century type of event" would stay mainly in the financial sector, although he cautioned that Wall Street's problems made it increasingly likely that the economy would be nudged into a short, mild recession.
What a difference a week makes.
The meltdown first happened in the United States, arguably the world's most deregulated finance market. After the smoke clears, the question to be explored will be why.
The world is watching carefully because they know that the collapse of our economy means the collapse of the world economy.
While other franchise trade journals remain silent as they look for the positive spin, I'll search for leaders to explain these events and how it might impact franchise owners. Banks are probably still in shock, so soliciting information may be hard. I'm hoping financial gurus will tell me that not only do I have an overactive imagination, but also our quick acting leaders are nipping this crisis in the bud.
Things are bad. Many banks have made equity lines inactive because houses have dropped all over our country. A house I sold in Monterey County for $585,000 4 years ago is now worth $240,000. Our house in Monterey County in a progressive area went down $375,000. When real estate goes down many businesses suffer. Builders, realtors, loan officers, Home Depot and anything that has to do with people owning houses suffer When real estate is good everyone prospers. The market is bad. People are not afraid to put offers in $50,000 or less when they buy a house.This is not the time to sell a house. If you have money it is the time to buy.Many people are holding on to their houses for a better time.
Not to mention all the foreclosures due to unethical realtors and loan officers.
My husband listens to the radio alot. He mentioned many of the problems was caused by the government trying to get immigrants into houses.
There is talk of privatizing Freddie Mac and Fannie Mae. I have read articles that two CEO's have already been picked to run them. They want to get rid of the 30 year fix rate loans. Hopefully this won't happen. I know many realtor associations will be fighting this.
Will this effect sales for franchising?
I have read in bad times many people get desperate to buy a job. All the more for due diligence seminars. There will always be people with money. People who have saved all their lives. Hopefully people will learn about BMM and really see the importance of killer due diligence. I want to see everyone be prosperous. Unfortunately the majority of people with any money will be people who worked all their lives and build something. They will get desperate and buy a franchise without being educated in the world of franchising. It is my sincere hope that those people will seek a franchise lawyer's advice and study franchising.
Hurry up Solomon, Paul and Michael with your seminars. Save people from financial hell.
In the mean time I have talked to many people about BMM. I talked to a lady who was having problems keeping up her franchise and told her about this site. She had no idea that this existed. Hopefully more people will discover BMM.
Google up Franchise Lawyer and ask the ones who appear on the first two pages the following questions:
Do you focus on franchising in your practice?
Do you focus on pre investment due diligence in yout franchise practice?
Do you vet the business, financial and economic issues as well as the legal issues in your due diligence practice.
Hire the one who says YES to those questions.--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
In regards to the economic crisis that we are in, New York Mayor Michael Bloomberg utters this pearl of wisdom last week . . .
This description reminds me of one or two small business investors as well.
right mind should ever think of investing in any franchise until the economic situation in the United States gets sorted out.
The cost of credit as well as the availability of credit are question marks now.
Panicked consumers will be hoarding cash. The cost of everything that you thought to quantify in your business plan has already gone up and will continue to do so, and if you are limited to designated vendors in your franchise agreement, that will make everything even worse than "normal" - and right now there is no normal.
You can thank God that the Republicans didn't get their way about privatizing social security, because if they had gotten their way, all the crap that is now bringing down the banks would have been dumped into the privatized social security investment accounts of the suckers who opted into that program swallowing the BS about getting access to faster capital growth.
These are crazy times. Are we really going to return these goons to power just because Obama is black?--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Go back to my admonition several weeks ago that no one in his right mind should ever think of investing in any franchise until the economic situation in the United States gets sorted out.
My reply:
Oh I don't know. There are probably pockets of franchises that would thrive in this environment. One I can think of is one of the multi-line insurance adjustor franchises. Arson investigation contracts tend to be very lucrative, and car thefts and car fires pay steadily.
FuwaFuwaUsagi Normal 0 MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";}
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
It was written:
Moreover, it is also apparent that Fuwa ain't black.
My reply:
Correct; I am Mulatto.
FuwaFuwaUsagi
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
One of the singular worst things I could imagine is to be Mullato or black in Japan.
Yikes...
But let us not dwell on what I am not, dwell on my real attributes, such as my glossy fur or my penetrating eyes. : )
FuwaFuwaUsagi
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
Glossy Fur and penetrating eyes?
Fuwa, Were you recently in a Subway Sandwich shop? :)
LOL - Love your avatar by the way.
FuwaFuwaUsagi
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
Regardless of what you think of Obama, it is not uncommon for the party in power to be turned out of office after 8 years. And when you have an unpopular war (actually a set of wars) an anti-war candidate will garner considerable support; when you have a crappy economy a liberal populist will garner support.
Personally, Obama and his "We are the change we seek" bit is all too California for me. And some of his statements on foreign policy are troubling.
But to say that Obama's support is "on the basis of race" is simply not true.
In any event, I fail to see that either one of the candidates would make much difference in terms of franchise regulation; and on the larger issue of affecting the economy I suspect most people will not even be thinking about the detailed issues when they vote.
Plus, in many parts of the country voting for President is a waste of time. Unless you are in a swing state, your vote won't make any difference and you would use your time more wisely watching a TV infomercial for Quizno's.
I don't quite understand why this is a BMM topic anyway.
Paul Steinberg
Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Fuwa says, “The legacy of our Founding Fathers has been squandered by the citizens of this once great nation.”
Unfortunately, yes.
As Founding Father John Adams said in a message directly to us: “Well, posterity, you will never know what it cost us to preserve your freedom. I only hope that you will make a good use of it. If you do not, I shall repent in heaven that I ever took half the pains to preserve it.”
Most of us blame our politicians for misleading us and putting us in Iraq, which put this country on a fast slide downhill, but the bottom line is, the citizens of this country let it happen. Had they been overwhelmingly against it, we wouldn’t be there.
Our politicians took away our constitutional rights through, for example, the Patriot Act and the recent FISA bill. Most citizens weren't paying attention, didn't care, or, often, thought it was necessary.
As one gauge of our not-so-great country, the voter rates keep going down. Apathetic citizens wind up with no say in their government and get a strong government that tells them what to do instead of the other way around. Is this a surprise? The government is simply filling in the power vacuum.
Those who do vote have brainwashed themselves into voting for “the lesser of two evils” and "not throwing away their vote" instead of taking the time to study and vote for third-party candidates that often have a much better agenda. Voting for “the lesser of two evils” is still voting for evil. Surely no thinking person expects good to come from that.
In Brazoria County Texas, home district of DR Ron Paul, we know all about theConstitushun and what it means and stands for. John Adams is still a viable write in candidate in most of our elelctions.--
While you are right in most of what you say, we must deal with what is, not what was or what we wish it still was. So voting for something that one might identify with the wishes of our "founding fathers" is not a real option. For every Ron Paul there is a Ralph Nader or a Michael Moore. For every lousy Republican administration, there was berfore it a lousy Democrat administration in which we were upset because our founding fathers didn't evade the draft or have sex with interns on the rug of the oval office.
Our founding fathers were either slave owners or people who dealt in the slave trade while denigrating slavery as something unholy. Hypocracy had its own flavor back then. Molassas to rum to slaves is now oil to drugs to sociopathic assaultative morons - but they get to vote, same as the productive folks. Back in the days of our founding fathers, everyone worked hard; there was no welfare; only people of property who were of the male persuasion could vote. Some things are better left where they were than resurrected, including some of the now obsolete views of our "founding fathers".
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Where do you get your information?--
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
Actually, many illegal aliens do use other people's social security cards/numbers.
But that helps Americans. To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money. Given that the "trust funds" are being parked in special Treasury bills, the net result is that illegal aliens provide cheap labor, fund our Ponzi-scheme Social Security, and fund our spendthrift ways to boot.
Not a bad deal for Americans.
Moreover, just as Nike and Macys purchase cheap sneakers and shirts made by foreign labor and that is why you can get cheap clothes, so too with the foreign labor that picks your lettuce and washes the dishes at your favorite restaurant--you may not like to admit it, but you benefit.
As to this partisan blame game: Franchise legislation has been supported by both Dems and Republicans, and it has been opposed by both Dems and Republicans. And while Republicans have been avid supporters of the SBA lending program and Dems avid supporters of Fannie/Freddie, that structure which permits private gain but public guarantees is a big part of the mess we are in.
Paul Steinberg
Franchisee Attorney, New York City, Ph: 212-529-5400
Paul Steinberg, Franchisee Attorney, New York City, Ph: 212-529-5400
Paul writes:
To the extent that illegal aliens have 7.65% of their paycheck taken out and sent to Washington to fund Social Security, that is pure gravy for American citizens since those monies are not paid out to the illegals who worked and contributed FICA money.
My reply:
This is also true for legal residents unless their country has a reciprocal SS agreement. Take visa workers from India for example, they pay into the SS system but cannot participate in it. In essence they are paying 7.65 for the privilege of working here, and their employers are also paying the match knowing their will be no beneficiary.
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."
FuwaFuwaUsagi
"Never underestimate the power of stupid people in large numbers."