The Securities & Exchange Commission

I had long thought that the SEC was not doing its job along with FNMA and Freddie Mac when the mortgage backed derivatives were packaged and sold. I also think that it was improper for the Financial Accounting Standards Board (FASB) to permit such assets to be marked to market rather than requiring them to be accounted for traditionally at the lower of cost or market.

In my opinion, the incompetence of FNMA and Freddie Mac in buying the bank mortgages without performing due diligence is not in dispute. The SEC's illegal destruction of records came to light on September 13, 2011, based on the admission quoted in paragraph below. The FASB has yet to be implicated.

"The SEC's enforcement chief made the disclosure in a letter Wednesday to Sen. Charles Grassley, R-Iowa. Grassley had asked about allegations by an SEC attorney that the agency illegally destroyed records related to thousands of preliminary probes, including investigations of Bank of America, Goldman Sachs, Wells Fargo and Madoff." See http://www.huffingtonpost.com/2011/09/14/sec-investigations-tosses-preliminary_n_963178.html?icid=maing-grid7|main5|dl1|sec3_lnk2|95811

Clean up the government and the nation's debt problems will be solved.

But no.

President Obama want a bigger government, more new agencies including a national infrastructure bank and tax revenues to pay for all of this. In essence, he wants to transfer wealth from the hard-working folks in the private sector to the hardly-working public servants.

Let me recommend a less nuanced method: Force every taxpayer, dead or alive, to file an estate tax return for the year ending December 31, 2011. Assess a flat 80% tax on the wealth in excess of $200,000 with no deductions. Use that money to pay for Obama's socialist state, and before leaving office, Obama should change the country's name from the United States of America to the Communist States of America. The rationale: Give back to Ceaser what belongs to Ceaser.