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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (35474)	8/12/2010 2:17:24 PM
From: John	1 Recommendation Read Replies (1) \| Respond to of 103300

I strongly agree, GZ. BTW, I loved this little gem in the article I linked to earlier... --- People holding California state IOUs -- including taxpayers, vendors and local governments -- will soon have a tougher time redeeming them, as most major banks are standing firm on a vow not to cash the vouchers after today. Many credit unions say they will continue to redeem the IOUs for customers. But without mainstream banks as an option, recipients of the IOUs who need cash immediately could be tempted to sell them at a discount to third-party speculators, including ones popping up on the Internet. Responding to that potential, the Securities and Exchange Commission determined Thursday that the IOUs are securities under federal law, which will generally require anyone trading them for profit to be a registered securities dealer. The move is aimed at limiting the risk that IOU recipients could be defrauded by individuals or companies that offer to buy the scrip. "The SEC's action has the potential to, at least a bit, reduce the shark factor and potential for taxpayers to get defrauded," said Tom Dresslar, spokesman for State Treasurer Bill Lockyer. --- "...potential for taxpayers to get defrauded..." WTH?!?! The government is already defrauding taxpayers by not paying them what they're owed!!! The SEC is the one of the biggest shark protection rackets operating! An IOU is a worthless piece of paper! It is even more worthless than a clownbuck! If a third-party is willing to give a person something real RIGHT NOW, in exchange for assuming the risk associated with the government's worthless IOU, what's the problem? The real rub is that the government wants to prop up their own financial fraud at gunpoint and protect their own "shark-factor"!