Yeah tax the out of everyone and then......
I've got an SEP and rothIRA but neither are a huge gamble. Contributions are capped and the last 75 years tells me it's nothing like vegas.
40 years of compound interest that the government can't tax at the end IS SUCH A HUGE GAMBLE
You won't retire on Earned Income...wake the up.
Last edited by Anti.Hero; 09-27-2008 at 02:08 AM.
If you need one more reason to oppose the bail out, please read the WSJ article on Sep 27 below:
Re-Seeding the Housing Mess - WSJ SEPTEMBER 27, 2008
http://wsj.com/article/SB122247015469280723.html
Taxpayers are naturally su ious that political insiders and contributors on Wall Street are going to make out like bandits once Washington starts spending the $700 billion in the financial market rescue. But Democrats have already decided to spin off potentially billions of taxpayer dollars from the bailout fund to their own political buddies -- not on Wall Street but on nearby K Street.
The House and Senate Democratic drafts contain an indefensible and well-hidden provision. It would mandate that at least 20% of any profit realized from the sale of each troubled asset purchased under the Paulson plan be deposited in either the Housing Trust Fund or the Capital Magnet Fund. Only after these funds get their cut of the profits are "all amounts remaining . . . paid into the Treasury for reduction of the public debt."
Here's the exact, amazing language from the Democratic proposal, breaking out how the money would be divided and dispensed:
"Deposits. Not less than 20% of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
"Use of Deposits. 65% shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act . . . ; and 35% shall be deposited into the Capital Magnet Fund . . .
"Remainder Deposited in the Treasury. All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt."
What we have here essentially are a pair of government slush funds
Acorn, one of America's most militant left-wing "community activist groups," is spending $16 million this year to register Democrats to vote in November.
Along with other potential recipients of these funds, including the National Council of La Raza and the Urban League, Acorn has promoted laws like the Community Reinvestment Act, which laid the foundation for the house of cards built out of subprime loans. Thus, we'd be funneling more cash to the groups that helped create the lending mess in the first place.
This isn't the first time this year that Democrats have tried to route money for fixing the housing crisis into the bank accounts of these community activist groups.
This is a crude power grab in a time of economic crisis. Congress should insist that every penny recaptured from the sale of distressed assets be dedicated to retiring the hundreds of billions of dollars in public debt that will be incurred, or passed back to taxpayers who will ultimately underwrite the cost of the bailout.
The idea that special-interest groups on the left or right should get a royalty payment for monies that are repaid to the Treasury is a violation of the public trust.
Sounds like in 2000 when they were driving felons to polling places to vote.Acorn, one of America's most militant left-wing "community activist groups," is spending $16 million this year to register Democrats to vote in November.
yes since your vote is the only one that should count right tpark
Bailout rejected by the house:
http://news.yahoo.com/s/ap/20080929/...ncial_meltdown
By JULIE HIRSCHFELD DAVIS, Associated Press Writer 1 minute ago
WASHINGTON - The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
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Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their cons uents back home.
The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. And with only five weeks left until Election Day, there was no clear indication of whether the leadership would keep them in Washington. Leaders were huddling after the vote to figure out their next steps.
A White House spokesman said that President Bush was "very disappointed."
"There's no question that the country is facing a difficult crisis that needs to be addressed," Tony Fratto told reporters. He said the president will be meeting with members of his team later in the day "to determine next steps."
Monday's mind-numbing vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a "call list" of people he wanted to persuade to vote yes as late as just a short time before the vote.
Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.
They found only two.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other rotten assets held by troubled banks and financial ins utions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy that is already sputtering.
The fear in the financial markets send the Dow Jones industrials cascading down by as over 700 points at one juncture. As the vote was shown on TV, stocks plunged and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
A White House spokesman said that President Bush was "very disappointed."
"There's no question that the country is facing a difficult crisis that needs to be addressed," Tony Fratto told reporters. He said the president will be meeting with members of his team later in the day "to determine next steps."
Exit Mr. Bush, George W.
What else can one say about the worst presidency of US history and a legitimate contender for the worst any country has ever had?
Brush up on world history homie.
Anytime.
Bush is the worst president of presidents ever, anywhere in the world. That includes president of anything, PTA, HOA, Fan clubs, etc, etc
Isn't ironic that the ONLY right thing he managed, at the very end of his presidency, has just been turned down.
Kiss of death.
So you don't have a problem with felons voting, even though it's against the law?
It is really amazing how the middle class, and most people posting in this thread, have no concept of how not providing this sort of assistance will harm them in a very direct and very real way. While I will agree that is is not the ideal thing, playing the blame game can be done later. This money is needed to keep the economy afloat. It isn't perfect capitalism, but our economic system never has been. Citizens interested in keeping America's economy as the world's leader (not to mention keeping their retirement savings) should be hoping that this bill, or some form of it, gets passed and passed soon.
Look up Carter, Jimmy first jackass.
Felons, dead people, illegals
why the not
Having the people that have been talking down the economy while watching gas prices skyrocket for the last two years step in and try to fix this issue is laughable. Consumer confidence is already shot. You take the hit with the least amount of overhead, and a market adjustment is exactly that.
So the country up worse, to bail out some foreign banks and wall street people who failed at business?
No thanks. You up the business you suffer the consequences.
Getting the government involved in the money sector is a huge mistake cause they will never leave.
Many people on here need to read Milton Friedman.
Lets play the blame game after we fix this, deal?
I agree that the administration has done a piss poor job for 8 years, but this isn't about Bush. The choice is have the problems of the last week be the bootom if you pass it, or have a depression-like issue when you don't. I admire the principles of what you're saying and 95% of the time I'd be on your side, but the consequences are simply too grave if no action is taken.
If it was just their businesses that would suffer, then you'd be right. Unfortunately this isn't some small business. This is our whole economy. If you want these people to suffer more then you will start suffering right along with them because you don't realize how dependent on these systems your everyday life is.
I understand whats going on, but letting this fly by, then have a 2 year recession followed by recovery is what I'm rooting for. Leave the bailout dead please.If it was just their businesses that would suffer, then you'd be right. Unfortunately this isn't some small business. This is our whole economy. If you want these people to suffer more then you will start suffering right along with them because you don't realize how dependent on these systems your everyday life is.
this bailout. Business's up, they have to pay. Thank god the will of the people came threw on this. Maybe if they pass a mother ing bill that doesn't have a load of crap like the treasury having no one to check on his spending(as I understand, The treasurer can sign money without anyone being able to keep an eye on him, I could have heard wrong), then I could be comfortably with this being passed. Maybe Bush should be behind something that isn't so gosh damn questionable. Is that too much to ask?
If the result of letting this be was a simple recession then I'd be with you. The issues go deeper than that and would cause a full depression if not stopped by government intervention.
Please.
Government intervention in price fixing and money issues is never a good thing.
agreed!BTW, wasn't the stimulus package supposed to help our economy? How'd that work, and for how long? How much more of bushism do you really want? Bush will go down in history as the worst Pres ever. What an idiot. Let wall street bail itself out or go under like a lot of american's have had to do.
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