Barack Obama Wants Your Money As You Tumble From The Fiscal Cliff

Quote from Free Thinker:

who forced it to happen? republicans. they were willing to cause a financial crash refusing to raise the debt limit unless they got their way.
there was only one grownup at the table. grownups know the us form of government has to have compromise.
More...
only a person with a brain who paid for it what you paid ever doubted the debt limit would be raised

why don't you just die and go away? We are all about tired of your small minded partisan thinking.

ok, the democrats are good and the republicans are bad. There settled, no need anymore for you to raise your stupid gotten for free head.

Congratulations on the price you got for your thinker. Can't get much better than free.
 
The USA debt level is about $16 trillion and rising.

It is disastrous to have to pay back on this vast debt.

At least one of the candidates should acknowledge this.

Neither is man enough to say enough is enough - now we pay it off.

At the present rate it will top $30 trillion if Obama gets re-elected for another 4 years. and virtually impossible to pay off.

The USA should seriously consider putting Clinton, Bush, Obama on trial for incompetence and mis management of the country's/worlds' finances.
 
Quote from Free Thinker:

who forced it to happen? republicans. they were willing to cause a financial crash refusing to raise the debt limit unless they got their way.
there was only one grownup at the table. grownups know the us form of government has to have compromise.
More...

"Compromise" is possible when only people share basic assumptions.

That's no longer the case in the US and the "problem" of not sharing basic assumptions is equally true of both sides. I share more basic assumptions with a free-market advocate in Chile than I do with an Obamabot.

If it makes you feel better about your assumptions to call them "grownup", go ahead. Doesn't make them so, nor does it make me want to adopt them as my assumptions.

I do find it funny that the "grownup" assumption in the debt ceiling debate was that the money raised in new revenues would go to paying down the existing debt when all of history prior to the debt ceiling debate of 2011 showed that any and all tax revenues would eventually become part of that huge leveraged hedge fund known as the US Federal Government.

It hardly seems like the kind of thing a "grownup" would assume, but I guess not being a "grownup" inhibits my ability to see the wisdom in that assumption.
 
Quote from Humpy:

The USA debt level is about $16 trillion and rising.

It is disastrous to have to pay back on this vast debt.

At least one of the candidates should acknowledge this.

Neither is man enough to say enough is enough - now we pay it off.

At the present rate it will top $30 trillion if Obama gets re-elected for another 4 years. and virtually impossible to pay off.

The USA should seriously consider putting Clinton, Bush, Obama on trial for incompetence and mis management of the country's/worlds' finances.
More...
Humpy, why don't you just crawl up in one of your dark damp English root cellars and leave the ruling of the world to us Americans. You have no idea what you are talking about and you make the the whole UK look foolish when you take what our politicians say seriously.

That's the good thing about being American. Our root cellars are cool and dry. Get a life or immigrate to America like we all did, or shut up because all you know is how to be a subject to the Queen.
 
Quote from Robert A. Green:

Both parties have played chicken, held the other hostage and fiddled too much. Read a blog I wrote In Nov. 2011.

Republicans And Democrats Dicker While The Deficit Yawns And Rome Burns - Forbes
http://www.forbes.com/sites/greatsp...icker-while-the-deficit-yawns-and-rome-burns/
Or this version http://www.greencompany.com/blog/index.php?postid=132
More...
no they didnt. one side wanted to do the right thing and the other side was playing politics and was willing to cause a possible meltdown to get their way.
since then the republicans have control of congress for 2 years. you see any serious cuts out of those guys? no they are too busy with abortion, gays and other nonsense.
 
Quote from Robert A. Green:

Wrote this piece from the heart after watching the conventions and right after Obama's speech. Most speakers shared their feelings, so I shared mine. I didn't have my personal editor review it, and my Forbes editor always changes the title.

It's not right or wrong, but how I feel. Others will strongly disagree, while some feel the same way. It's not technical, and I wrote it in simple speak late at night.

Don't criticize my ethics. For personal business, many tax accountants vote Democratic to keep the status quo on a complicated tax code with steep progressive tax rates. They have a good business as a result. Mitt Romney proposes no taxes on investment income for people making under $200,000. That may not be good for my tax business, but it's good for traders.

I've earned my stripes fighting for traders against FTT, with the IRS on traders tax status and MTM losses, and much more.

I didn't post this blog on our company Website because it's my personal politicsl feelings. I am not a member of either party and I like many elements of each of their platforms. Politics don't define me and please don't you either.

Some commenters seem to misread what I wrote. Here's a comment I posted on Barron's this morning.

The Bush-era tax cuts were passed with reconciliation, and wasn't that the reason why they had to sunset after 10 years? Hasn't extending them been in contravention of this law? Personally, I like extension.

Both parties are far apart on tax and deficit reform. They can't cut the deficit. Obama won't close middle class tax loopholes like mortgage deductions. Charities will scream if the rich lose their deduction. Obama will only accept lower corp rates if worldwide income is brought into the tax base. Republicans don't want to cut defense and Dems won't cut entitlements. The tax-protection pledge is the third rail of politics. I still don't see a deal taking shape. Get ready to be held hostage.
More...

I have no doubt you're good at what you do. I notice that nowhere in your proposals do you mention bringing back the centerpiece of the 1986 tax reform compromise, making cap gains and ordinary income equal as far as tax rates. Without that equality, a thousand loopholes get spawned. Instead, you laud Romney for excluding investment income from tax. No wonder, as that would spawn ten thousand loopholes that would be very nice indeed, for you.
ALL income, whether salary, cap gains, dividends, or interest, should be taxed at the same rate. After that we can then decide on the rates, which ideally should, once again, be after the 1986 template: an exclusion of some amount for the first piece, a lower rate for the next piece, and a higher rate for the last piece.
And that should be it. You'd have to find another line of work.
 
"Those who cast the votes decide nothing.
Those who count the votes decide everything." -Stalin

B.O. wins a second term but Dems lose seats in Senate and House. Making him even more lame duck til 2014 midterms. So nothing gets done while Rome burns and the pimps in govt get fatter on wine, women and tobacco. On our dime.

As to how to play this per the OPs question

Politics is the only force that can temporarily supercede fiscal sanity and we have not been sane for decades. The pressure cooker is in overdrive.

With a B.O. presidency and in lieu of The Bernaks QE Operation Twist Part 10, expect Bonds down, interest rates up, dollar down but offset by Euro pigs even bigger nanny state collapse, stocks down. Healthcare stocks up, medical device stocks down. That ridiculous device tax provision in ObamaCare will pressure margins.

Also expect B.O to leave Israel twisting in the wind. Whether you like/hate the Jews, or think we have any business in M.E at all, Mr Jew isnt going into the oven a second time. When Iran goes nuclear they will take action. Oil futures anyone?

When, not if the fiscal cliff hits expect 2 or 3 quarters of contraction ie recession next year.

Also, as it stands now on Aug 7 B.O signed off on military cuts that by law he has 60 days to specify what/where those will be. One month before an election? Good luck having those be named but regardless short of melt down in M.E expect defense stocks to take a hit as their funding is cut also.

The is actually the perfect storm there are so many opposing forces very nearly equally matched. A politicians dream to rake in as much cronyism as possible. Wet their beaks. On both sides.

The middle class of course will continue to be squeezed by Romney/Obama policies which in conjunction with our brain dead youth will result in renter nation.

Housing is still WAY over market clearing price. More bloat to wring out but is relatively "cheap" compared to 05-07. So oddly enough landlords will do well and probably dividend growth stocks that the sheeple even when they refuse to part with their 150$ month Iphones will still buy. PG, KO, PM, MCD, O. Just make sure to strike when the general market pain hits and they are more fairly valued.

Those who gaze into crystal balls should get used to the taste of glass. I have no clue if any of the above will happen. But what I do expect is volatility is a-coming.

As a trader I love it. As an investor it has me reaching for Tylenol.

Good luck to us all Nov 6. Maybe these clowns will actually get something done by the end of the year.

I doubt it.
 
Quote from logic_man:

"Compromise" is possible when only people share basic assumptions.

That's no longer the case in the US and the "problem" of not sharing basic assumptions is equally true of both sides. I share more basic assumptions with a free-market advocate in Chile than I do with an Obamabot.

If it makes you feel better about your assumptions to call them "grownup", go ahead. Doesn't make them so, nor does it make me want to adopt them as my assumptions.

I do find it funny that the "grownup" assumption in the debt ceiling debate was that the money raised in new revenues would go to paying down the existing debt when all of history prior to the debt ceiling debate of 2011 showed that any and all tax revenues would eventually become part of that huge leveraged hedge fund known as the US Federal Government.

It hardly seems like the kind of thing a "grownup" would assume, but I guess not being a "grownup" inhibits my ability to see the wisdom in that assumption.
More...
you aint too bright. the debt ceiling was about money that had already been spent. republicans wanted to refuse to pay the credit card bill unless obama gave them an extension of tax cuts for the rich. apples and oranges.
 
Quote from trefoil:

I have no doubt you're good at what you do. I notice that nowhere in your proposals do you mention bringing back the centerpiece of the 1986 tax reform compromise, making cap gains and ordinary income equal as far as tax rates. Without that equality, a thousand loopholes get spawned. Instead, you laud Romney for excluding investment income from tax. No wonder, as that would spawn ten thousand loopholes that would be very nice indeed, for you.
ALL income, whether salary, cap gains, dividends, or interest, should be taxed at the same rate. After that we can then decide on the rates, which ideally should, once again, be after the 1986 template: an exclusion of some amount for the first piece, a lower rate for the next piece, and a higher rate for the last piece.
And that should be it. You'd have to find another line of work.
More...
I could go for that, even though it would hurt me quite a bit personally in exchange for zero corporate taxes. But you aint gonna go for that and I aint gonna give up an inch until you do so it's stalemate and that is fine for me, much better than what you want.

Now we have already defined what the government is, and we are just bickering about the price.
 
You must log in or register to reply here.
Back
Top