VAT Tax Resolution Approved: VAT a Massive Crippling Tax

In a non-binding test vote in the U.S. Senate today, a Value Added Tax (VAT) resolution was approved in a vote of 85-13. Senator John McCain introduced the resolution declaring a VAT a "massive tax increase that will cripple families on fixed income." Republican Senator George Voinovich (OH) disagreed with McCain's assessment and so one Republican joined twelve Democrats in supporting a Value Added tax.

Paul Volcker

The twelve Democrats voting for a VAT, along with Republican Voinovitch are:

Daniel Akaka, Hawaii

Jeff Bingaman, New Mexico

Sherrod Brown, Ohio

Robert Byrd, West Virginia

Ben Cardin, Maryland

Byron Dorgan, North Dakota

Ted Kaufman, Delaware,

Carl Levin, Michigan

Jack Reed, Rhode Island

Tom Udall, New Mexico

Jim Webb, Virginia

Sheldon Whitehouse, Rhode Island

Voinovitch, finding that Ohioans were'nt fond of giving him another term, decided to retire from the Senate in January 2011. An April 2010 Rasmussen poll shows Republican Rob Portman "slightly" ahead of his two chief Democratic rivals, Lee Fisher and Jennifer Brunner.

Former Federal Reserve chairman, Paul Paul Volker suggested the VAT this week as a way to further punish the country - especially those angry Tea Partiers bring down the bounding deficit. Volcker is currently the chairman of Obama's Economic Recovery Advisory Board, and apparently has not suggested that Obama et al, just stop spending. Put it on the table and whack it until it's manageable. That's how a real man would manage debt.

From WSJ:

"Though Mr. Volcker didn't say this, he is acknowledging that taxes on the rich can't begin to finance the levels of new spending that the current government has unleased. Even the expiration of the Bush tax rates next January and the new taxes in the health-care bill won't be enough."

It's clear that we MUST drag out the chopping block.

McCain introduced the resolution to show a 'sense of the Senate's' opposition before the idea can grow political legs.

Greenspan Didn't See Subprime Crisis Coming: Warning Bell Would Not Go Over Well With Congress

Former head of the Federal Reserve, Alan Greenspan, and husband of NBC reporter Andrea Mitchell, said he didn't see the subprime crisis coming. He must have been looking left.

Alan Greenspan and Andrea Mitchell

That was in 2007. In 2009 Greenspan said he was "mystified" by the Subprime market. Once he got a clue, however, he admits he could have done something to stop the certain disaster:

While Mr. Greenspan acknowledges that he could have done something to avert the housing crisis, he contends his hands were tied.

"If we tried to suppress the expansion of the subprime market, do you think that would have gone over very well with the Congress?...When it looked as through we were dealing with a major increase in home ownership, which is of unquestioned value to this society -- would we have been able to do that? I doubt it."

Mr. Greenspan said that if he had taken steps to prevent the crisis, the outcome would have been painful.

Greenspan should have handled Congress, which demanded the Community Reinvestment Act  (CRA) providing loans to people who could not afford them. The Federal Reserve is set apart from, and is independent of, Congress. The truth is, by doing his job, Greenspan would have alienated his uber liberal wife from her progressive high-profile friends. Can you imagine NBC or MSNBC forced to report that Andrea's husband was trying to shutdown loans to minorities? What Greenspan allowed to happen to this country should have him behind bars.

While president of the Federal Reserve, Greenspan's pertinent responsibilities, and those of his successor, Ben Bernake, were the following:

...influencing monetary and credit condition in the economy to achieve maximum employment, stable prices and moderate long-term interest rates

...regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system, and protect the credit rights of consumers

...maintain stability of the financial system and containing systemic risk that may arise in financial markets

Both Greenspan and Bernanke failed miserably in their duties to the American people, and yet Bernake still heads the Feds. The outcome of the crisis has been beyond painful, especially for those who refused to pay inflated prices for their homes and refused to sign a loan they could not afford - yet find no money available to them for their own business ventures or home improvements.

Read about the Democrat agenda in the Community Reinvestment Act:
Tracking the Mess of Fannie and Freddie

Maxine Waters: Bailout Bankers Grilled

Linked by An Ol' Broad's Ramblings - Thank you sweet friend!