The Conservative Cave
Current Events => The DUmpster => Topic started by: CactusCarlos on October 25, 2008, 11:06:22 AM
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http://www.usmessageboard.com/elections-2008/62133-barney-frank-thinks-the-government-has-its-own-money.html
Barney Frank in his factually and wildly incorrect comments about the Bush tax cuts and results, stated that we should tax the rich so we "can recover" some of what they received.
He apparently does not know that government is a 100% parasite that has no money of its own nor does he apparently know that a tax cut reduces a future payment, it never gives anything except the money of "taxpayers" who have earned it, to those who have not.
In the case of those in the highest bracket, when the 2003 cuts took place,
the lowest amount of income taxes paid upon reaching that bracket "final net tax" was $96,000. After the cut, it was $84,000 a percentage cut of under 12%.
Even though the government still had a whopping $84,000 of that taxpayers' money, Frank and many libs think the taxpayer took $12,000 from the government rather than paid $84,000 to it.
The highest percentage cuts went to the lowest bracket (15% to 10%). That is a 33 1/3% cut.
Is the dollar amount much less? Of course! To be in the lowest bracket you could only have paid a tiny fraction of the highest bracket amount as your "final net tax".
Without Marxist redistribution of others' earnings, it is absolutely the fairest thing that can be done.
Two other critical factors.
With higher tax rates, before the tax cuts, the top 1% paid 35% of the total burden of income taxes (IRS data--tax returns). With the lower rates, the top 1% are paying 39.37%
In Clinton's last submitted budget, government revenues took a steep drop, then continued downward for 2 more years.
After the 2003 Bush cuts revenues soared (Congressional Budget Office, IRS, Census Bureau, every other reliable source)
There may be some liberals in the world who tell the truth about taxes and economics-I just don't know of any.
The economy was doing great before Democrats gave us the collapse of Fannie Mae and Freddie Mac.
Yes, the government gives you things. Or do you not drive on roads? Do you not benefit from police protection? Do you not benefit from firemen? Do you not benefit from the US military? How about the USPS?
Have fun running a business and making money without all those things. The government allows you to have the capability to run a business at all and make money at all, by creating a stable, safe environment.
Might wanna check again.....the deregulation of the markets, which in turn led to the predatory lending, which in turn led to the housing bubble bursting, which in turn led to the mess that we are in now, WAS NOT done by Dems.
It was done by Reps and that idiot in the White House Bush Jr.
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Might wanna check again.....the deregulation of the markets, which in turn led to the predatory lending, which in turn led to the housing bubble bursting, which in turn led to the mess that we are in now, WAS NOT done by Dems.
It was done by Reps and that idiot in the White House Bush Jr.
Let me make sure I understand this. The republicans said, "we're removing the rules from you". With that the banks said, "Great, now we can land money to people too poor to pay it back!" Is that how it worked?
I make no claims of being an economist or financial expert; however, if I happened to be a bank I'd only loan money to people that showed evidence that they could pay it back UNLESS someone made me do otherwise.
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Let me make sure I understand this. The republicans said, "we're removing the rules from you". With that the banks said, "Great, now we can land money to people too poor to pay it back!" Is that how it worked?
I make no claims of being an economist or financial expert; however, if I happened to be a bank I'd only loan money to people that showed evidence that they could pay it back UNLESS someone made me do otherwise.
this is the most profound explanation of how those evil businesses wouldn't get into that situation on their own i've ever seen h5
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Actually, it is rthe EXACT OPPOSITE. The Dems. wanted these "no income, no downpayment" loans so that the "working poor" could own their homes. A sweet, liberal thought, no? But it depended on some things that are NEVER true. First, that demand for housing would just increase forever. That there would never be a saturated or supersaturated market. That prices would continue to rise. That "flipping" at a profit was a never ending fact of life. As a result, economic growth would be open ended upward only. Ignoring everything that is economic reality.
This , of course, caused some big problems that were exothermic in the economy. First, when you own the house, you are no longer mobile. Job leaves, you must find/create a new one, try and sell and follow the job, but for a while, at best, you are economically aqueezed. As the low skilled and unskilled labor was no longer mobile, the requirement for that labor had to be filled from SOMEWHERE. Enter widespread illegal immegration replacing domestic migrant workers. The more immegrants, more housing, more immobility, more migrqants, more houses ,more cars, more gas, more more more until , abruprtly, supersaturation, and the problems bergan to crystalize and settle out. Cooling things off, and the cooler it gets, the more crystalizes out, doesn't it?
Bringing us to the completely idiotic but very vervbose Barney Frank. His solution, reheat everything by spend spend created money, the grandfather of Carterism inflation! Viciously unmerciful to retired and other fixed income people, but meaningless to Barney. He, and cohorts , can always arange for Government (THAT'S US FOLKS) to provide him with whatever he wants. And it showes that he has no idea whatever what money and wealth are or how thay are crearted, clearly thinking that printing up paper and calling it money adds to the wealth rather than what it does. What it does is ADD TO POVERTY! To fix THAT matter, he plans to steal the wealth from those who EARN IT! cAN'T SEE THE FLAWS IN HIS "LOGIC"! But, then, he's an idiot,what do you expect?
Interestingly, Barry's saying the same things. No matter how well spoken or lisping you say the same thing, the result is ALWAYS the SAME! You create POVERTY and INFLATION!
Barry ansd Barney who have no empathy whatever would let you freeze and starve in the dark without quam. We've got to be shut of them , and soon.
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Might wanna check again.....the deregulation of the markets, which in turn led to the predatory lending, which in turn led to the housing bubble bursting, which in turn led to the mess that we are in now, WAS NOT done by Dems.
It was done by Reps and that idiot in the White House Bush Jr.
Which in turn led you to be a total flaming asshat with no idea of what you are talking about....just sayin'. Do just a bit more research and get back to me, OTAY? :mental:
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It was that fat assed Barney Frank and a whole host of Dems that laid the ground work for this disaster. Those are the people that need to be in San Quentin
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Of course it was the sub prime mort. mess, pushed by Frank, Dodd, Schumer, Waters etal in the co ngress and ACORN threatening community action that started the call rolling. The Rep.'s only roll is not saying "Not only no, but HELL NO!" TO THIS STUPIDITY.
There was no "predatory" lending, it was preditory BORROWING that caused this boil to form, then burst.