Too bad our government oligarchs are so far removed from the plight of the common man, they neither see this nor would they care if they did. The following is from the AR15 Forum.
Well the SHTF for me. This Independence Day I find myself contemplating just how far this nation has fallen.
After years of success owning my own small business, the shit has finally hit the fan for me and I’m infuriated. I’m sharing this as a warning because it reflects the larger problems in this country.
Here’s how this went down:
It’s 2008; I’ve doing business with our local branch of LaSalle Bank for years and my company and credit rating are top notch. LaSalle is part of the community and treated us well. Both myself and many of my clients have their operational credit lines with this bank. In 2007 Bank of America buys out my bank; and in 2009 they assume control over my branch. BOA fires everyone I had a working relationship with, assigns me a new account manager that’s not even in my state, the new account manager immediately audits the small business loans. We pass audit, but several clients do not and are put out of business by BOA. This causes the local small business community to loose money off the unpaid accounts receivable from the bankrupt companies; making our books record losses. BOA got their money of course.
BOA after buying major banks like mine, claims to be too big to fail. Obama’s TARP 2, was designed to increase bank lending but instead had the opposite effect. The government cash allowed BOA call in their outstanding debts in order to consolidate their wealth. We were immediately re-audited. The bank pulled our credit line without negotiation or option to appeal, even though we had never been a day late in payments and had flawless credit scores. BOA gave us two shitty options:
1.Either pay back the entire outstanding balance immediately in a lump sum.
2.Pay it back monthly with interest on short repayment schedule.
The economy is quite slow at this point, and we lost a lot of money on the clients that BOA bankrupted the year earlier, and without the credit line we were no longer able to extend credit terms to our customers, greatly limiting our ability to close new jobs or advertize. Payback with interest was not an option, we simply couldn’t afford it. So we negotiated a lump-sum repayment. BOA knew exactly how much cash we had on hand both business and personally due to the audit, and they demanded it all, which turned out to be 60% of the total amount owed; BOA took it and ran.
We survived, just barely. But now the IRS is moving in for the coup de grâce.
The IRS claims the difference between the money BOA took from us (which was all of it) and what was owed is PROFIT, and now they are demanding their cut. The government is now going to bankrupt me.
This 4th of July I’m reflecting on how a free nation turned into an organized crime ring designed to suck every last dollar out of the self-employed. I’m starting to believe that this is an actual strategy that is designed to enslave the American public into complete dependence on the government and the corporations that fund their political ambitions.
15 years of work, savings, and effort all gone. Land of the free my ass…
I cannot repay my debts as now 147% of my income goes to taxes. My failure is going to cause other businesses to fail, and the cycle continues.