The Great Depression Online

Great Depression Online Archive Issue:

How to Build a Legacy of Wealth

Great Depression Online
Long Beach, CA
February 20, 2009

Inside This Issue You Will Discover…

*** A 9.75 Percent Sales Tax
*** Paying the Mortgage of Others
*** How to Build a Legacy of Wealth
*** And More

“The law can be an instrument of equalization only as it takes from some person and gives to another person.  When the law does this, it is an instrument of plunder.” – Frederic Basiat, The Law (1850)

A 9.75 Percent Sales Tax

“We are dealing with a catastrophe of unbelievable proportions,” were the words spoken by our very own State Senate representative, Alan Lowenthal, on Tuesday.

If you’re unaware of the fabulous folly we’re facing here in the land of fruits and nuts, you are missing out on a rather exceptional public spectacle.  The plot’s quite simple: The state’s broke and it’s shutting down.  On Tuesday the Governator began terminating 20,000 state workers.

We don’t like to see any of our fellow Californians out of a job…but it had to happen.  There are just too many state employees.  And the state’s politicians have been doing the expedient for years; spending money and ignoring the structural absurdities of its government.

For example, do state agencies like the Commission on State Mandates or the Office of Risk and Insurance Management really need to exist?  What about the Board of Barbering and Cosmetology or the Legislature Internet Caucus?  What is their purpose?  Could the state survive without them?

~~~~~~Crisis Strategy Alert~~~~~~

Are You Being Sucked Into America’s Black Hole Of Debt?  How to get yourself out – FAST – and seize the biggest investment opportunity in 60 years.  Learn all about it here: Quickly Build a Legacy of Wealth.


And what about the DMV?  The only place we’re more averse to visiting is the waiting room at Kaiser Permanente.

Yesterday the state legislature finally adopted a budget that’s supposed to close a $42 billion deficit.  And while there were some spending cuts, $26 billion will be made up by hiking the state income tax, sales tax, and vehicle licensing fee.  Here, in Los Angeles County, the sales tax could hit 9.75 percent.

Plus the state will be borrowing an additional $11 billion.  Good grief.

Paying the Mortgage of Others

President Obama hatched another plan this week.  This one targeted at rescuing the beleaguered homeowner…and furthering the nation’s slouch toward full social welfarism.

The price tag for this latest scheme is $75 billion and from what AP reported, “…aims to prevent as many as $9 million homeowners from being evicted and to stabilize housing markets.”

“All of us must learn to live within our means again,” said Obama.

What an insult to the many good people who have been living within their means.  Who didn’t spend more than they make.  Who didn’t buy a house for more than they can afford.

These are the good people our friend James Davidson tells us suffer the most from financial collapses.  The hard working… the savers… the taxpayers… the folks who “play by the rules.”  Good people like you.  For you’ll be the one’s “pitching in” to help irresponsible spendthrifts make their mortgage payment for years to come.

Take solace, nonetheless.

“This plan will not save every home,” said the President.

How to Build a Legacy of Wealth

Speaking of James Davidson.  On Tuesday we promised an extraordinary opportunity that James has identified to take advantage of the economic downturn to quickly build a legacy of wealth.

Well, here it is…

James has pinpointed five coming “black hole” catastrophes and has strategically targeted multiple wealth building opportunities for exploiting each of them during the Second Great Depression.  What’s more, for a limited time, my readers are entitled to one year free of his exclusive crisis investing service.  Learn all about it here: Quickly Build a Legacy of Wealth.


M.N. Gordon
Great Depression Online

P.S.  Even if you don’t take James up on his offer, you’ll learn more reading this letter than over a month of the Wall Street Journal.  Check it out here: Quickly Build a Legacy of Wealth.


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