I have a home both in New York and in Florida. New York has been hit
very hard due to politics. But New York is New York and when you hurt Wall Street , you
hurt Main Street.
I realize that it is politically benefical to beat up on the rich but in reality
the rich feed the poor. When we fly they tell us, if an emergency, to put the oxygen
mask on ourselves first before helping others. The rich can afford to sit out when
the economy is down, but main street can't.
Now did many on wall street take advantage during the real estate bubble,
well, of course, they did. However, what about us regular Joes. You couldn't go to any
party or restaurant and not hear someone buying homes in Florida and flipping them.
The middle class were become richer with real estate and they also were taking advantage
of the bad mortgages. On financial shows we were beginning to hear in 2005 that real estate
was beginning to bubble but no one was paying attention. Realtors, mortgage brokers,
investors, restaurant owners, waiters, were all making money and it was great times.
But those of us who have been through other times, know that what goes
up does come down and then eventually will go back up again.
What I think has exacerbated the problem, was blaming wall street for
everything. For instance, when we went after their bonuses, their bonuses spent money
buying or renting homes, having seminars in Orlando, Florida or Las Vegas, NV.. This in
turn fed the main street crowd which created jobs.
Now it seems they want to tax Banks. Oh Great! Main street will be
paying for those taxes. Just because taxes aren't taken out of our paychecks, doesnt
mean a tax break for the middle class if we have to pay the hidden tax that aren't really
called a tax. Main street is not stupid and they are getting it now.
In reality, the real estate market is returning, which makes me very
happy. Becoming financially independent is a great thing, don't you think! So if we
stop bashing the rich, allow companies to fly their employees to seminars again and
give tax relief to everyone, I believe good times will be here again.