The Lightning RoundIf you're looking for a highly charged debate, this is the place to find it. But be forewarned, rules infractions are taken very seriously here.
***I think integrity and morality count in business, and you are gravely mistaken if you think otherwise.***
I was going to say "I think" but I really feel "I know" in our financial businesses, not all, have went with no holds barred. It make me think about a story I heard from a loan officer back in the 70s-80s of a none FDIC loan outfit pointing out the amount of percentage customers were paying on cars, credit cards, and other loans. The loan officer would ask how much they were paying on each loan and then add the up percentages without dividing and say look at this and this is what we can do for you with just this amount of interest to consolidate all of these loans. He said you would be surprised the amount of people that would fall for it. If someone called him on it he would backup and say my mistake.
The two major down falls of man are sex and money. In want order that depends on the person.
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The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
This bail out is all about Wall Street calling in its markers. They don't give all those millions to both main parties for the hell of it.
Follow the money:
Quote:
In House's Final Bailout Vote, Money from Finance Sector Sided with Bill's Supporters
House members voting for the bailout Friday have collected 41 percent more than opponents from the industries most eager for emergency aid. Senate vote was similarly divided.
WASHINGTON (Oct. 3, 2008) -- Members of the House of Representatives who voted Friday afternoon in favor of the Emergency Economic Stabilization Act of 2008 had received 41 percent more money from the financial sector over their congressional careers than those who opposed the legislation, the nonpartisan Center for Responsive Politics has found. In Wednesday's Senate vote and in the House vote Monday that defeated an earlier version of the bailout proposal, campaign contributions from the finance, insurance and real estate correlated similarly to lawmakers' votes.
Quote:
The two major presidential candidates have benefited from the sector's largesse; Obama has collected about $25 million in the 2008 cycle, while McCain has collected $22 million. Both voted for the Emergency Economic Stabilization Act this week.
There's goes both 'change' and 'hope' out the window at the same time.
Perhpas I'm too old school and/or I diverge with many here. I'd rather have the income tax. Moreover, I'd prefer a no BS wage-dependent flat tax so that I wouldn't have to kill a week going through itemized deuctions, credits, exemptions, rules, and exceptions.
It's a more stable tax, makes the government have to give a dam about us, and doesn't give the government opportunities to hide charges or make excuses like "well it's not the people who pay our salaries".
With all the deficit spending going on, I HAVE NO CLUE AS TO HOW YOU PAY IT BY CUTTING TAXES. It's never worked and never will and the last time we had a chance to balance the budget, Clinton had passed a bite-the-bullet tax.
I will feel much better about a tax cut AFTER I see the debt being chopped down. And if you don't like the politicians, then get out to a voting booth and finally fire your local b*st*rd and let the next person know why (eg).
Agree. A tax reduction will only work in precise situations as a means to a desired end. The particular situation is pretty narrow IMO. Its hardly a be all and end all answer to any downturn. And that needs to apply to the Obama plan that supposedly will grow the Economy from the bottom up.
Both are fantasy. I like a flat tax scenario properly done and a new definition of what "fair" actually means.
If consumer spending increases are the desired objectives? Work on energy costs....not tax policy.
I also dont have any complaint with a consumption based tax system either.
And for God's sake? Get rid of the taxation on the interest on savings.
Last edited by jimzinsocal : 10-05-2008 at 02:14 PM.
The British, French & German stock exchanges have fallen about 5% so far today.
The German government (Europe's largest economy BTW) have had to come out and guarantee public savings. Then arrange a $69bn rescue package for Hypo Real Estate.
The outlook for the U.S. economy darkened after figures released Friday showed that 159,000 jobs in the U.S. were lost last month, the fastest pace in more than five years
The problem with depleting and impoverishing the American middle class is that it removes the largest consumer market in the world.
Again: How can American labor cost-compete against slave/peasant labor in China and India that they don't pay well/at all or give benefits to?
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