Politics

Elliot Spitzer is Bad for America

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Many believe that Elliot Spitzer is cleaning up Wall-Street, although it is fairly obvious that his is much better at filing bogus lawsuits and then alerting the media with 8800 press releases. We should have a big problem with Elliot Spitzer if we are honest about our financial markets. By filing bogus lawsuits we end up hurting good companies and scaring monies away from financial markets or cause stocks and mutual funds. It is similar to the threatening Al Qaeda and International Terrorists.

Additionally I see the attacks of Spitzer and his cronies attack money managers, rather than looking into the Wire Houses and their ongoing abuses. The money managers are not necessarily bad, in fact they serve a very important purpose. Additionally many of those who are investing are in fact gambling and trying to get something for nothing and they should be held accountable to their trying to cheat the odds and roll the dice. They complain, piss and moan, every time the market hick-ups? Well, that is what markets do?

So there are significant consumer abuse issues, which we are not allowing for or holding the investing public accountable for. Markets go up and down, now if you are in it for the long haul you will do fine. But with Elliot Spitzer around and your mutual fund being attacked and Elliot filing cases each week, because he sees some retained earnings in a Wall Street Company and he wants to fund more Attorneys General offices in NYC and more lawyers, then well, whose fault is that; The money manager? Why?

Money does not grow on trees; one has to be careful. There are some excellent financial planners, money managers, wealth management companies out there, that help families keep their hard earned monies or those which have been passed down. If a manager sucks or is dishonest, then I have a problem with them personally. But what Elliot is doing is not good for our nation or the market, it is extortion, a fishing expedition, and he is considered by many an insider who knows the truth as a self aggrandizing punk, out for personal gain and a political future. He has caused more loss in the grandmas portfolios by 50-fold than anyone he has ever caught with their hands in the cookie jar.

Like wise as I watch the regulators destroy the publics trust in the market and cause company's stock to plummet or an entire industry hit a negative sector rotation downturn, due to him sending out a few letters, then alerting some 8800 news outlets, it shows me he doesn't care one bit about what he is doing. Worse off their are government regulator lawyers in many an agency at every level trying to follow his footsteps and they are making a mockery of our financial markets, making us the laughing stock of the world and sending companies out of the country to greener pastures.

The truth is we have the best and most honest markets in the World. We have the worst bureaucracy, extortion by government lawyers and absolute cowardess to address the real issues. Why don't you hear about that? I'll tell you why? Because everyone is afraid to say it and they are so busy filling out forms all day, talking on-going education classes, trying to comply with laws which change 6 times per week, asking their lawyers if they can use the rest room and calling their accountant for the toilet tissue estimated usage form, that you don't have time to complain. Meanwhile if they do, they know that they will become the next sacrificial target in Elliot Spitzer political career.

Look here is the deal either we all play to win, or we divide and fall. This constant attack is killing us. You cannot regulate morality, nor should you try. If you want to regulate morality, start with the regulating the regulators themselves first, start with Elliot Spitzer’s violations. Secondly if you want Sarbanes Oxley, lets see just one agency comply with all that crap? If they can’t, shut down those agencies. Now that is reform!!! Shut them all down, they do not do anything, but stifle our best efforts, innovations and entrepreneurs. Many believe that all regulators are scum, they say that they cannot get a job, have no balls, can't run a company, have never made a payroll, believe that crap they tell them in college and think they can save the world; yet complain and listen to the dribble of crying, sniveling, wannabe investors, who want something for nothing. It's all bullshit and for show, it is not reality based, it is all a complete lie. But of course you cannot say that, lest you be attacked by the army of morons with their heads so far up their rear ends that they do not know what is going on, yet want to tell you how to run your business? Here is an interesting tid bit of one agency and their abuse:

http://www.ftc.gov/os/comments/franrulestaffrpt/OL-100001.pdf

We have a severe problem with attacking our free markets in this country, it is sickening, the over all cost to the consumer for all this costly oversight is ridiculous, the companies have to pass these costs on? Who do you think pays? And consumers wonder why they cannot get ahead with their credit card debt, running redline against the cost of living, watching their quality of life diminish? No wonder Senator Sarbaines is not running for re-election again. We need to stop screwing with America and our best and brightest or we will all be speaking Chinese? Think about it. Enough Said.

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