Dear Uncle Sam:
We second most of the points made by Mr. Buffet, but would like to add a few of our own:
1) The Fed needs to understand that just like in real estate land, its time to start thinking LOCAL: $ 250,000/year in New York City is not the same income as in Little Rock, Arkansas. Government needs to acknowledge this in the laws it passes, especially taxation laws. Rich is different to-day.
2) Banks need to lend money to make the economy grow. They should be monitored to prevent reckless behaviour. But the monitoring should not be absurd and counter-productive. It should be rational and smart.
3) Taking away the mortgage tax credit/deduction will hurt the real estate industry more and further deflate the market. We all agree that lower housing pricing will hurt everyone, including tax coffers.
4) Large Cities, such as New York City, contribute HUGE amounts of federal tax dollars: don’t discount our opinions or needs so easily. Don’t forget that of every dollar we send to you, we only get to see about 80 cents: that’s not fair. So if we are being treated fiscally unfairly, at least treat us with respect elsewhere.
5) Stop fighting: We are sick and tired of paying your salaries when all you care about is re-election and your benefits. Start thinking practically and act more independently. Start quickly before we encourage our Mayor Bloomberg to start a THIRD PARTY, at which point you will be forced to do so.