EPIC Announces Opposition to Bailout Bill : Welfare for the Rich & Powerful
AUSTIN, Texas (Business Wire EON) September 25, 2008 -- Epic Corporation today announced its opposition to the Bailout Bill, which it believes is nothing more than welfare for the rich and powerful, and comes with more government control of the capital markets.
"People are asking the right questions but getting no answers or fear bating," said Ronald Tucker, President of EPIC. "I believe the Bailout will do more harm than good to small businesses like EPIC and working people. The Bailout will not help taxpayers.
"How could it," said Mr. Tucker. "The federal government will raise $700 Billion to buy the bad mortgages by issuing interest bearing bonds. With an interest rate of 5%, the interest per year is $35 Billion. If the National Debt is $11 Trillion and interest rate is 4%, the interest is $440 Billion per year. Even if the government makes a profit from the sales, all the cash received would probably be used as part of the general fund. Each year the National debt increases.
"Who is going to buy the bonds," asked Mr. Tucker. "It should be obvious. It will come from oil producing countries. Due to the high price of oil, the oil producing countries have lots of money laying around with nowhere to go. Thus the bailout will contribute to our dependence on foreign oil and we will pay dearly.
"It is the fat cats, who will buy the bad mortgages. They will make lots of money," stated Mr. Tucker. "Adding insult to injury, a large part of the money will probably come from oil producing countries. Its strange, the government now wants to do what Wall Street did.
"We are already in a painful recession and passing a Bailout Bill may at best prolong and deepen the financial crisis," Mr. Tucker further stated.
"A Bailout Bill will probably pass because it gives Congress the opportunity to gain greater control over the capital markets and economy," stated Mr. Tucker. "This means, when the financial markets stabilize, small businesses will not be able to get the financing from banks because they do not have the asset base or collateral as required by the federal regulations.
"American business and people do not need a Bailout. Business and economic cycles are always up and down. They will always run their course. Businesses and people will always get hurt. A big business runs the same risks as a small business and they should face the same results for their mismanagement or mistakes," Mr. Tucker said.
Related Articles:
How does a bail bond work?
How does a bail bond work?TV offers a wide array of police and law shows where we often hear expressions such as 'make bail' and 'post bail'. Recently, even reality shows make phrases like 'jumping bail' and 'bounty-hunter' household names. What is a bail bond and how do we know if it is being used properly?A bail bond is nothing more than a contractual undertaking guaranteed by two individuals: a bail agent and an individual posting bail. The agent guarantees to a court of law that another individual (the defendant) will appear in court as many times as required to do so. Think of it a as a security or a deposit to guarantee a defendant's presence in court. How is a bail bond obtained?A friend or a relative of a person who has been put und...
Aladdin Bail Bonds Announces Dedicated Customer Service System
Aladdin Bail Bonds, a company that assists defendants in getting out of jail on bail, offers top quality customer service for both potential and existing customers.
Turn to a Bail Bonds Service When Youýre Down and Out
Even if you're someone who's had to occasionally turn to bail bonds services in the past, it can be confusing wondering what to do any time one is necessary Well, here's something that you may not know; you cannot get them in every state in the U
Bail Bonds and the California Legal Process
It?s one of those events that you think happens only to someone else. You get a phone call that someone close to you needs you to bail them out of jail. The stress that follows can be fueled by the unfamiliarity with the process. At times like this, a little knowledge about the legal process can help a person handle the situation better. The criminal legal process in California can be broken down into 5 simple steps. First, the defendant is charged with a crime by the arresting agency. After this the District Attorney reviews the case and makes a decision whether or not to file charges. If the District Attorney does not file charges, the case is dismissed. If, however, the District Attorney does file charges, there will be an arraign...
Bail Bonds 101 and Bail Bonds 201 Sold as a Set for a New Low Price
Bail Bonds 101 and Bail Bonds 201 now selling as a set for a new low price. These new industry career hand books offer everything you'll ever need to know about starting a new exciting career in the bail bond profession.
Need a Bail Bond in a Hurry ý Don't Panic
Getting arrested, even for something as minor as a traffic violation, can be a really scary experience This can be an especially difficult time if youýre a first time offender whoýs never been to jail before
Spartan Bail Bonds Acquires Bad Apple Bail Bonds and Brooklyn Location located at 129 Livingston Street & Is Closest Bail Company to Brooklyn Criminal
George Zouvelos, President & CEO of (SBB) Spartan Bail Bonds, Inc. (www.SpartanBailBond.com), and President & Founder of the New York Professional Bondsmen & Agents (NYPBA) (www.NYPBA.net) & (former President & Founder of Affordable Bail Bonds, Inc.) (www.Affordablebails.com) and formerly of the Brooklyn District Attorney's Office (www.brooklynda.org), announced today the newest...