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All About the Bank Bail Out – Part 1
The phrase “credit crunch” has been firmly etched into the history books thanks to the countless media stories circulating around the globe over the past few years. The phrase has been coined to summarise into a few words the massive problems with the banking system throughout the developed world. While the term has been used to label many events and circumstances engulfing the world, in essence it involves banks being unwilling to lend money. The credit market has crunched and it is proving difficult to fix.
A Tax Solution to Wretched GreedA law should be immediately passed that imposes a new special federal income tax of 99 percent on all income in excess of $500,000 annually for single taxpayers and $1 million for couples, starting for 2008 income. Call it a greed tax.