The Conservative Cave
Current Events => Economics => Topic started by: Chris_ on December 08, 2012, 11:59:29 AM
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DESPITE TAX INCREASE, CALIFORNIA STATE REVENUES IN FREEFALL
California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.
Democrats thought they could hammer “the rich†by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet†by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.
Passage of Proposition 30 set off euphoria and expectations of higher spending for public employees. The California Teachers’ Association (CTA) trumpeted: "California students and working families won a clear victory today as voters clearly demonstrated their willingness to invest in our public schools and colleges and also rejected a deceptive ballot measure aimed at silencing educators, other workers and their unions.â€
Breitbart (http://www.breitbart.com/Big-Government/2012/12/07/CALIFORNIA-STATE-BUDGET-GOES-OFF-THE-CLIFF?utm_source=twitterfeed&utm_medium=twitter)
Bless their hearts.
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Surprise, surprise.
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"Hammer the rich"?
More like convince them it's time to pack up and head to Nevada or Texas.
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They were against putting up a wall to keep welfare leeches out, maybe they'll follow the lead of the former German Democratic Republic (Aka East Germany) and put up one to keep the professional class in, since after all they owe their skills and success to the glorious workers' and people's state.
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DESPITE BECAUSE OF TAX INCREASE, CALIFORNIA STATE REVENUES IN FREEFALL
Fixed for accuracy. :banghead:
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There are going to be a whole lot more leaving in 2013 once prop 30 kicks in. Will the ever figure out that there are too many on the gravy train when no one is left to pull it?
On O'Reilly the other night, he said that there were 87 million on the public dole (including 21 million working for the government) and only 109 million in the private work force. If those numbers are correct, it would be nice to know how that computes to CA. I would wager there are more takers than makers, as one third of the countries gravy train riders live in CA.
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"Hammer the rich"?
More like convince them it's time to pack up and head to Nevada or Texas.
Frankly, CA is doing a death rattle now.
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I can't believe people are still surprised by this result from raising taxes.
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But it now appears that high income earners have already “voted with their feet†by moving themselves and their businesses out of state
Anyone with a clue could have seen this coming a mile away. Oh well, I'm sure some of the other states will be happy to have those people.
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A liberal friend of mine was giddy with excitement when she heard that the Gates Foundation was giving 5 million dollars to the city of Hartford as an education grant. When I asked her how much she thought Hartford spends on schools she said she didn't know, after a 10 second google search we found the answer: $284 MILLION in the 2011-12 school year. She was far less confident that $5 million was going to do any good after seeing that budget. (Sorry no cops jumped out of bushes.)
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I can't believe people are still surprised by this result from raising taxes.
It's the same reason people keep trying socialism despite dozens of failures and over 100 million dead in the last century--they just didn't have the "right" people in charge.
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I can't believe people are still surprised by this result from raising taxes.
The Liberal/Progressive voters here are typical socialists. What? It did not work before? It'll work.... THIS time!!!!!!!
Yes I live in Ca, and I can't wait to see this come crashing down. I hope it'll purge the State of free loaders once there's no money for them.
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The Liberal/Progressive voters here are typical socialists. What? It did not work before? It'll work.... THIS time!!!!!!!
Yes I live in Ca, and I can't wait to see this come crashing down. I hope it'll purge the State of free loaders once there's no money for them.
Frankly, it won't stop even then, because the dolts in SF/LA/Sacramento will just turn to Obama with outstretched palms.
And the day that happens, future historians will point to that event as the beginning of the Second American Revolution/Civil War.
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They just passed this. I'm pretty sure it won't take effect until January.
California Proposition 30, Sales and Income Tax Increase (2012) (http://ballotpedia.org/wiki/index.php/California_Proposition_30,_Sales_and_Income_Tax_Increase_%282012%29)
Proposition 30, a Sales and Income Tax Increase Initiative, was on the November 6, 2012 ballot in California as an initiated constitutional amendment, where it was approved.[1]
Gov. Jerry Brown led the charge for Proposition 30, which was a merger of two previously competing initiatives; the "Millionaire's Tax" and Brown's First Tax Increase Proposal.[2]
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They just passed this. I'm pretty sure it won't take effect until January.
California Proposition 30, Sales and Income Tax Increase (2012) (http://ballotpedia.org/wiki/index.php/California_Proposition_30,_Sales_and_Income_Tax_Increase_%282012%29)
Partially wrong. The state budget passed by Dipsydoodle Brown and the Commiefornia Legislature assumed passage in 2012. The quarter percent of sales tax increase takes effect 1/1/13 and conclude - allegedly - in 2016. The big hits take place on personal income taxes. These taxes begin in 2012 for the high-end earners.
So Moonbat Jerry wasn't happy enough with just a sales tax increase in 2013. The ****tard had to hit earners as well in 2012, even basing their budget on the assumption that Prop 30 would pass, as it did.
Little wonder that businesses and high earners are bailing the **** out of that shitbird state.
http://voterguide.sos.ca.gov/propositions/30/analysis.htm
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Partially wrong. The state budget passed by Dipsydoodle Brown and the Commiefornia Legislature assumed passage in 2012. The quarter percent of sales tax increase takes effect 1/1/13 and conclude - allegedly - in 2016. The big hits take place on personal income taxes. These taxes begin in 2012 for the high-end earners.
So Moonbat Jerry wasn't happy enough with just a sales tax increase in 2013. The ****tard had to hit earners as well in 2012, even basing their budget on the assumption that Prop 30 would pass, as it did.
Little wonder that businesses and high earners are bailing the **** out of that shitbird state.
http://voterguide.sos.ca.gov/propositions/30/analysis.htm
Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.
Point being, Breitbart lied in his article. :-)
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Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.
Point being, Breitbart lied in his article. :-)
So your statement that "I'm pretty sure it won't take effect until January," while partially false, is excused?
Once again, your hatred for those who "have" and your tendency to practice class warfare is evident.
How do you factor in those who have already decided to bail out, irrespective of the passage of Prop 30, and have done so?
Do you think it's entirely possible that people are seeing the handwriting on the walls and are bailing out of Commiefornia? Especially since the personal income tax is retroactive to Jan. 1 2012?
Don't you see this? Or are you just being obtuse?
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So your statement that "I'm pretty sure it won't take effect until January," while partially false, is excused?
Once again, your hatred for those who "have" and your tendency to practice class warfare is evident.
How do you factor in those who have already decided to bail out, irrespective of the passage of Prop 30, and have done so?
Do you think it's entirely possible that people are seeing the handwriting on the walls and are bailing out of Commiefornia? Especially since the personal income tax is retroactive to Jan. 1 2012?
Don't you see this? Or are you just being obtuse?
Who hates the rich? They got GREAT tax cuts from 2001 to now and they also HIDE most of their income on offshore accounts. I call that pretty good investment in buying the republican party. But now the debt is expanding from the $13 trillion Bush left and we need them to pay what they did in 2000 when the deficit was balanced and the debt much lower. How can that be a bad thing?
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Who hates the rich? They got GREAT tax cuts from 2001 to now and they also HIDE most of their income on offshore accounts. I call that pretty good investment in buying the republican party. But now the debt is expanding from the $13 trillion Bush left and we need them to pay what they did in 2000 when the deficit was balanced and the debt much lower. How can that be a bad thing?
You've got BDS pretty badly. You should see a doctor for that.
Uh...Sam? In order for me to accept that bullshit that's oozes out of your mouth about how the rich "hide" most of their income on offshore accounts, you're going to need to post some support for that contention.
As it is, you're sounding like just another hack libtard with nothing better to do than to bash Bush.
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You've got BDS pretty badly. You should see a doctor for that.
Uh...Sam? In order for me to accept that bullshit that's oozes out of your mouth about how the rich "hide" most of their income on offshore accounts, you're going to need to post some support for that contention.
As it is, you're sounding like just another hack libtard with nothing better to do than to bash Bush.
No problem.
Trillions hidden in offshore accounts (http://triblive.com/news/2126360-74/tax-money-accounts-taxes-countries-financial-hide-billion-china-global)
. . .
Though tax evasion and avoidance are only part of the reason for the shadow economy, they play a role. Tax losses to the United States amount to $1 trillion over a decade, according to the Congressional Research Service. That’s the amount congressional leaders tried to cut in last summer’s deficit showdown.
Read more: http://triblive.com/news/2126360-74/tax-money-accounts-taxes-countries-financial-hide-billion-china-global#ixzz2EgyrQ3GT
Follow us: @triblive on Twitter | triblive on Facebook
. . .
Here's a freebie on the income gap created by Bush's tax cuts.
U.S. Income Gap Rose, Sign of Uneven Recovery (http://www.nytimes.com/2012/09/13/us/us-incomes-dropped-last-year-census-bureau-says.html)
. . .
Income for the top fifth of American households rose by 1.6 percent last year, driven by even larger increases for the top 5 percent of households, said David Johnson, the Census Bureau official who presented the findings. All households in the middle of the scale saw declines, while those at the very bottom stagnated.
“You’re really struck by the unevenness of the recovery,†said Lawrence Katz, an economics professor at Harvard. “The top end took a whack in the recession, but they’ve gotten back on their feet. Everyone else is still down for the count.â€
The numbers helped drive an overall decline in income for the typical American family. Median household income after inflation fell to $50,054, a level that was 8 percent lower than in 2007, the year before the recession took hold.
. . .
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No problem.
Trillions hidden in offshore accounts (http://triblive.com/news/2126360-74/tax-money-accounts-taxes-countries-financial-hide-billion-china-global)
Show me an IRS statue that states that it is illegal for anyone to put their wealth in a foreign bank which taxes have been paid on. You can not. Strike 1
Those funds must be reported to the IRS at the end of the year but are not taxable under a reporting penalty if not reported. Many of the tax cheats have paid up cause the IRS gave them a time period to report that money without severe penalties and jail time. This is being negotiated as we speak. Many of the banks that have given the IRS the names have already paid taxes on that money which I will say again is not ILLEGAL. Hiding your money is legal. Got it.
Secondly, any US citizen can buy immediate citizenship in two Carribean countries and renounce their US citizenship along with obligation to pay taxes to the US in a very short time frame. Not that many have done that YET. However, it may come to that point.
Thirdly, any individual or corporation can earn money outside the US and if that money does not come back to this country, it is not taxable. How the hell do you think GM & GE made a profit and paid zero corporation taxes. Almost forgot, those are two of Obama's top economic advisers who have rooked the system. The US taxpayer bails these two crooked companies according to your logic and exports the jobs to China. What a great deal for the Chinese. Let's not forget another liberal Obama whizz who owes the Treasury millions and is fighting tooth and nail to avoid those taxes. What a hypocrite your boy Buffet is.
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How quixotic of them. :mental:
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I can't believe people are still surprised by this result from raising taxes.
You'd be surprised at how many people would be surprised.
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No problem.
Trillions hidden in offshore accounts (http://triblive.com/news/2126360-74/tax-money-accounts-taxes-countries-financial-hide-billion-china-global)
And what makes you think you deserve a single red cent of any of it?
You produced none of it but you're a greedy little thug who wants to take what others have made.
You're a crook and a thief.
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Who hates the rich?
You, the rest of your liberal bretheren and the government (both fed and state). Next question.
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Its this team effort mentality that should have dissipated after High School. When you make your bed you sleep in it, and shouldn't expect anyone else too. People have a right to protect their property and having any in California is like being the only person in a mob with an umbrella during an acid rain storm. Of course you'd leave California, what are ya crazy!
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Who needs an offshore bank account....just be a DUmmiecrat and not pay taxes.....A-LA-Obama appointtees.
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Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.
Point being, Breitbart lied in his article. :-)
Dipshit, Breitbart is dead. And EVERYONE got a tax cut in 2001/03. Even the 49.5 percent of people who have no/negative federal tax burdens. The "rich" actually pay a LARGER share of the total tax burden over the last 25 years, going back to Reagan, to say nothing of the last 10 years. Don't believe me? I'm using the IRS's own data.
Second, when you combine federal/local/state taxes, people in CA are paying as much as 53 percent of their income in taxes. This isn't including SS/Medicare, which can add another couple percent (Medicare is 1.45 percent with no cap, and we'll say for sake of arguement that a person making $1M/year has an effective SS tax rate of 1 percent.)
Even I, who is by no means anywhere near the 1 percent, pay in excess of 40 percent of my income in taxes. And they want MORE.
**** that.
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Who hates the rich? They got GREAT tax cuts from 2001 to now and they also HIDE most of their income on offshore accounts. I call that pretty good investment in buying the republican party. But now the debt is expanding from the $13 trillion Bush left and we need them to pay what they did in 2000 when the deficit was balanced and the debt much lower. How can that be a bad thing?
You mean like Google did? Seems I heard a story this morning how they created a shell company in the Bahamas to avoid taxes--about $2 BILLION in taxes, IIRC.
Or how the co-founder of Facebook just renounced his US citizenship, as did Mrs. Rich, wife of Marc Rich? Or shall I go on with that one?
Or how the people calling for tax hikes aren't ponying up any extra money? Actually, how many tax attorneys and accountants do you think those folks employ? You know, like Warren Buffett, who is currently fighting with the IRS over a $600+ Million tax bill?
Finally, the debt was $10.6T when Bush left office, not $13T. Your boy is on the hook for over $6T in less than four years--and by the time he leaves office, he'll have MORE THAN DOUBLED the national debt. It took Bush 8 years to increase the debt less than $5T. Obama did that in 3 1/2 years and hasn't even broken a sweat yet.
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I thought this might be interesting even though it might be anecdotal.
http://www.france24.com/en/20121210-critics-savage-depardieus-new-role-tax-exile
AFP - French politicians reacted with dismay on Monday after it emerged the country's leading actor, Gerard Depardieu, has taken up the role of tax exile in neighbouring Belgium.
<snip>
I also think that france24 is a big fan of socialism.
C'est la vie, right?
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I thought this might be interesting even though it might be anecdotal.
http://www.france24.com/en/20121210-critics-savage-depardieus-new-role-tax-exile
AFP - French politicians reacted with dismay on Monday after it emerged the country's leading actor, Gerard Depardieu, has taken up the role of tax exile in neighbouring Belgium.
<snip>
I also think that france24 is a big fan of socialism.
C'est la vie, right?
I'm not gonna link it, but there's been a big exodus in Britain's millionaires as well. Confiscatory income tax of 50% just doesn't sit real well when you simply don't have to pay that kind of money just by unassing the AO. So the unintended consequences have kicked in and instead of the Brits collecting as they planned they would, they're not collecting anything close to what they thought they would.
Once again, if you want less of something, TAX IT. Happens every time.
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...EVERYONE got a tax cut in 2001/03. Even the 49.5 percent of people who have no/negative federal tax burdens. The "rich" actually pay a LARGER share of the total tax burden over the last 25 years, going back to Reagan, to say nothing of the last 10 years. Don't believe me? I'm using the IRS's own data...
**** that.
I would say we've moved beyond facts and figures. That 10% earns 25% of the income but pays 70% of the taxes means nothing to these peasants; they just want to take and steal whatever they can because they want to believe the agitators who tell them it is OK and they deserve it.
It's time the peasants be made to understand that they did nothing to earn it, it's not theirs and if they try to take it they will be treated as the common thieves they are.
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School District Owes $1 Billion On $100 Million Loan
http://www.npr.org/2012/12/07/166745290/school-district-owes-1-billion-on-100-million-loan
Why would you leave $25 million on the table? You would never leave $25 million on the table.
- Charles Ramsey, school board president, West Contra Costa School District
"We'd be foolish not to take advantage of getting $25
<snip>
This is comifornia after all.
An editorial comment that I read said....BWAHAHAHAHAHAHAH!!
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You mean like Google did? Seems I heard a story this morning how they created a shell company in the Bahamas to avoid taxes--about $2 BILLION in taxes, IIRC.
Or how the co-founder of Facebook just renounced his US citizenship, as did Mrs. Rich, wife of Marc Rich? Or shall I go on with that one?
Here's another one; Jeffrey Immelt, Obama's jobs czar and CEO of GE, you know the multi billion dollar company that paid zero taxes and shipped lots of American jobs to China, thinks that the way the Communists run their businesses is great and we should do the same thing. Surprise, surprise.
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Thanks for the link, Eaglekeeper. It was one of those usurious payday loans, at 205% effective interest. Why are morons allowed to run the nation's cash registers?
98% of the comments were conservative. The other 2% could only say "b-b-b-b-but Bush!"
Here's a depressing comment, which we nevertheless know is true:
Ron DeVera >Russ P • 2 days ago
−+
Hey, wait a second! I come from a Chicago Machine Democratic family going back to Anton Cermak. We are the Hyde Park/University/Maxwell Street Dems going back to 1931. We have been ward heelers and precinct captains in the 1st and 5th wards. We resurrected the dead to get Kennedy the Presidency, kept the Daleys in office, put Obama on the Indiana ballot, and gave Emanuel the mayor's office when he didn't qualify to run. There was no way, NO WAY, Romney could have won that election even if 90% of the population voted for him. Sure the Machine fights dirty. Sure we rig elections. Think the vote count was real? So are munchkins. Look: The problem with "democracy" is that it is easily manipulated. The ancient Greeks considered democracy to be the second worst form of government, just above anarchy. That's because the dumb are easily bought or swayed. Want a vote? Give the masses freebies. They vote for "now", not for later. They have no idea where the money for their free cell phones come from, they just want one.
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Links aren't required here when mentioning an article of quoting something? Cool
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Links aren't required here when mentioning an article of quoting something? Cool
I'm almost certin the link your looking for is on this very page of this topic...if you'll look for it.
http://www.npr.org/2012/12/07/166745290/school-district-owes-1-billion-on-100-million-loan
Found it ::)
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Links aren't required here when mentioning an article of quoting something? Cool
Yet another bitchslap issued for failure to observe the link in question.
You're not doing very well today, Sammy. :loser:
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Yet another bitchslap issued for failure to observe the link in question.
You're not doing very well today, Sammy. :loser:
So many quotes without links...so, what's the answer? The original post that started the thread?
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Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.
Point being, Breitbart lied in his article. :-)
That's a very good description of the Government. Shouldn't they "give back"? When I don't have enough money, I can't go out and shake down the public.
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That's a very good description of the Government. Shouldn't they "give back"? When I don't have enough money, I can't go out and shake down the public.
Corporations can...even banks and insurance companies were bailed out for knowing what they were doing were bad business practices.
Ask your Republican controlled House of Representatives why is it they allow banks to be bailed out, but not people?
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So many quotes without links...so, what's the answer? The original post that started the thread?
It's really simple...........................those taxed to death.......................leave.
Of course Liberal/Progressives are too stupid, and continue to revise history.
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Corporations can...even banks and insurance companies were bailed out for knowing what they were doing were bad business practices.
Ask your Republican controlled House of Representatives why is it they allow banks to be bailed out, but not people?
FDIC ring a bell?
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Corporations can...even banks and insurance companies were bailed out for knowing what they were doing were bad business practices.
Ask your Republican controlled House of Representatives why is it they allow banks to be bailed out, but not people?
Why were Chrysler and GM bailed out? Oh yeah, because they bent over and spread their cheeks wide, paying off the unions before the bond and stockholders to get "dat Obama money!"
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Links aren't required here when mentioning an article of quoting something? Cool
Uh, dipshit, you don't set the rules here.
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So many quotes without links...so, what's the answer? The original post that started the thread?
It's called "paying attention," Sammy. And in that you're simply not doing well.
Maybe you ought to slip back into your coma - where you belong.
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Corporations can...even banks and insurance companies were bailed out for knowing what they were doing were bad business practices.
Ask your Republican controlled House of Representatives why is it they allow banks to be bailed out, but not people?
Wrong answer, condor breath.
As it stands in today's WSJ, your very own hero Dingy Harry Reid is on board with bailing out the banks yet again.
WSJ (http://online.wsj.com/article/SB10001424127887324478304578171742093199244.html?mod=WSJ_Opinion_AboveLEFTTop)
Sammy, let me know if you can't read it. I'll post the whole thing. You really need to read the article, just so you can get it through your peabrain that the Dems ain't your friends.
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Ask your Republican controlled House of Representatives why is it they allow banks to be bailed out, but not people?
Why don't you ask your fellow Socialist Democrats...since they had control of both houses when the banks were bailed out.
The House and Senate were run by the Democrats in 2008.
Republicans didn't regain control of the house until 2010.
Care to take a guess at who was in charge of the NY Fed when AIG was bailed out?
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Republicans didn't regain control of the house until 2010.
January 2011, actually; since they had to wait to be sworn-in.
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What happens everytime tax rates are raised? What do liberals tell us will happen before the increase is enacted?
What's that old line about insanity?