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Obama's Economic Plan


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Apparently Jazz Ad's fellow Europeans have a very low opinion of Mr. Obama's Economic Recovery Plan:

 

 

(CNN) - The European Union president went head-to-head with Washington over the global economic crisis Wednesday, condemning President Barack Obama's economic recovery plan as "a way to hell."


The comments came as the prime minister of the Czech Republic and current holder of the EU presidency Mirek Topolanek addressed the European Parliament in Strasbourg, France. The Czech PM blasted the "Buy America" campaign and growing US budget deficit, saying "all of these steps, these combinations and permanency is the way to hell."


Topolanek continued his attack saying Treasury Secretary Tim Geithner's toxic assets plan was "quite alarming" and that US fiscal bailouts "will undermine the stability of the global financial market."


"We need to read the history books and read with it the lessons of history and the biggest success of the (EU) is the refusal to go this way," he said.


Topolanek's criticism followed UK Prime Minister Gordon Brown's speech to Parliament Tuesday where stressed the importance of EU-US cooperation and lauded President Obama's transatlantic collaborative efforts.




 

 

Nice to know its not just those of us that voted against him. They (supposedly) love Obama in Europe.

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The 52 million + voting cult members and Lemmings in this country think it's OK to spend the evil rich' money to get us back into prosperity. ;)

 

After all, WTF is 10 trillion dollars anyway? Most can't add, subtract, multiply or divide let alone think of the concept of confiscation of wealth and what a trillion means. As long as it hain't theirs! :cop:

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QE = Quicker Ending

 

Study exponents and interest on borrowed money(bailouts, this budget from Hell).

 

They'll spend until debt default.

No doubt about it in my mind.

Is there any evidence to the contrary?

 

When you have a Keynsian hammer, every problem looks like an "opportunity for government financial 'support'" nail.

Their only hammer is spending money, they'll bang away with it until the head snaps off.

 

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The 52 million + voting cult members and Lemmings in this country think it's OK to spend the evil rich' money to get us back into prosperity.
;)

In this case it's more like spending the average American taxpayer's money so said evil rich people can pay the loan on their 3rd Ferrari.

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1: Pass a law that repeals congresses pensions and puts them in the same health care system as govt employees.

2: Eliminate mark to market.

3: Dramatically reduce capitol gains tax.

4: End double taxation on sole props and S corps.

5: End quota legislation of lending institutions.

 

that's a start.

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1: Pass a law that repeals congresses pensions and puts them in the same health care system as govt employees.

2: Eliminate mark to market.

3: Dramatically reduce capitol gains tax.

4: End double taxation on sole props and S corps.

5: End quota legislation of lending institutions.


that's a start.

 

 

All of these are very good suggestions.

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Armchair econmists.

Please present a way out of the USA's financial crisis, only looking forward, not looking back.

 

 

For a start:

 

1) Put back the banking regulations that were removed under Clinton. If they had been in place since 1994 the banks would not have been permitted to purchase the "toxic assets" that are creating such turmoil. If those "toxic assets" could not be sold they would not ever have been created.

 

2) Require the SEC to do its jobs. Cox led the way during Bush II's administration to free the investment banks from capital limitations in place since the 1934 Act. This is why Bear Stearns had a debt to equity ratio of 49 to 1 when it failed. This would not have been allowed prior to June 2004.

 

3) Require Congress to follow the Graham-Rudman Act without using the Social Security Fund to count towards revenue nuetrality. That will eliminate 2 trillion dollar deficits.

 

4) Require Congress to be subject to the laws it passes regarding work rules, pensions, and right to work.

 

5) Have the US Treasury stop adding to the money supply without a revenue source to support it. They don't even bother to try and calculate what the money supply is any more.

 

6) Let the free market sort things out. If AIG or Citibank or General Motors or any other institution is failing, let them fail. A more efficient entity will take the place of those that fail. That is the free market.

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All of these are very good suggestions.

 

+1

You could almost summarize a plan of helping us out of this economic downturn by saying "the opposite of what we're doing now."

 

I mean, do we really want to turn Ayn Rand into a prophet?

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Armchair econmists.

Please present a way out of the USA's financial crisis, only looking forward, not looking back.

Why? It's supposed to be a free market economy. Why would one present a way out other than letting the market sort it out?

 

Use the Tarp Funds for what they were original meant for, dump the spending spree (or was that a stimulus :D), keep the Bush tax cuts for all ages, lower capital gains tax, corporate tax and also eliminate the estate tax.

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1: Pass a law that repeals congresses pensions and puts them in the same health care system as govt employees.

2: Eliminate mark to market.

3: Dramatically reduce capitol gains tax.

4: End double taxation on sole props and S corps.

5: End quota legislation of lending institutions.


that's a start.

 

 

Let us add to the list (a good one incidentally).

 

Let GM, Ford and Chrysler fail if that is their lot.

Let Fannie Freddie and AIG fail.

Let the large banks do what happened in the past. They break up into smaller entities and begin again.

 

The word fail doesn't necessarily mean the business goes completely out of existence. Occasionally it does but most often they are broken up into smaller businesses and taken (or bought) by new owners who are willing to take the risk of making them go and grow under new management.

 

Make the Congressman and senators who required banks make bad loans pay them off out of their own pockets and if that isn't enough then take the rest out of their scummy ass hydes.

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If we really want to fix the problems we have in the US, the first and most productive single thing we can do is place term limits on ALL political offices.

 

Anything else we do will have minimal success at best without term limits.

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If we really want to fix the problems we have in the US, the first and most productive single thing we can do is place term limits on ALL political offices.


Anything else we do will have minimal success at best without term limits.

 

 

Theoretically there have ALWAYS been term limits; they are administered by the voters. In practice though, it doesn't play out. This is because people can't see through rhetoric.

 

Here's an example: Obama said at the press conference that (paraphrased) 'Nobody has offered an alternative budget, they are just criticizing his and not offering a solution.' The thing is, the criticism IS the alternative, based on the system. The system is that the budget is submitted to congress BY THE OFFICE OF THE PRESIDENT for congress' review/approval (or disapproval). What people HEAR though is 'The Republicans are being critical. blahblahblah...'

 

PT Barnum was right. There IS a sucker born every minute.

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After all, WTF is 10 trillion dollars anyway? Most can't add, subtract, multiply or divide let alone think of the concept of confiscation of wealth and what a trillion means. As long as it hain't theirs!
:cop:

Are you talking current or new debt? The National Debt is over $11 trillion as it is, his budget proposal can potentially add almost another 10 to that over the next decade.

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true, but to those who cannot afford a 45% tax, that don't own land much land, they most likely will never hit that. And plus you got to remember "estate" applies to more than land.

I was using land as one item of many things within an "estate." It's not that difficult to get to $3.5 million. We're not talking about rich people making millions each year. One's estate is acquired over a lifetime. The $3.5 million figure you also quote runs out in 2011 and is only $1 million and 55%. Is there a reason a person works hard their whole life to save and build, giving away something in death only to see the holdings sold because the benefactors may not be able to afford the taxes?

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