Ok, You Two, What Would You Do to Solve This Mess?

Obama: "What I have proposed is that we raise the cap on the payroll tax, because right now millionaires and billionaires don't have to pay beyond $97,000 a year ??? [which] only 6 percent of the population does."

Yes, only 6 percent of households will earn more than $97,000 this year. But many more would pass the income threshold for this tax increase at some point in their working careers. Glenn Hubbard, former chairman of the President???s Council of Economic Advisors, has noted that more than one-quarter of Americans move into a higher tax bracket each decade. Most workers??? incomes start low and then move up during their careers, before falling back at retirement. Many more than 6 percent of households would face this tax increase over the years.
Under Obama???s proposal, these families would face a staggering 12.4 percentage point tax increase on all incomes over the threshold. This dwarfs the 4.6 percentage point tax cut that upper-income families received in the 2001 and 2003 tax cuts (which he would also repeal), Combined with the near-doubling of investment taxes, Obama???s policies may amount to the largest tax increase in American history -- all to fund new spending, rather than deficit reduction.
http://www.heritage.org/Press/Commentary/ed042008a.cfm

This link of a CSPAN video clip may help set the context, as these hearings were at the time of McCains attempt at S.190.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

"Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis"

How the Obama Tax Plan Compares to Other Countries
Senator Obama's new tax rate would give the United States one of the highest tax rates among developed countries. Currently only six of the top 30 industrial nations have a tax rate for all levels of government combined of over 55 percent. Under this tax plan, the United States would join this group and have a higher top rate than such high-tax nations as Sweden and Denmark. The top marginal rate would exceed 60 percent with the inclusion of state and local taxes, which means that only Hungary would exceed Senator Obama's new proposed top tax rate.
The costs in economic terms of such high taxes are real. For example, of the six countries with higher tax rates than 55 percent, the average unemployment rate is 7.35 percent . This figure includes Denmark, which appears to have a very low unemployment rate of 3.9 percent. However, Denmark spends over 5 percent of its GDP on unemployment programs and benefits, thereby increasing its unemployment rate.
A Return to the Bad Old Days
Historically, Senator Obama's tax rate would be the highest individual tax rate since the Jimmy Carter days. Tax shelters and tax avoidance strategies were common when the top marginal rate was 70 percent or higher. This new top tax rate will again encourage these gimmicks, reducing investment and economic growth as resources are squandered in an attempt to avoid punitive taxation.
Many individuals will attempt to transfer their compensation from wages to capital gains, since capital gains would only be taxed at 25 percent, or less than half of the top rate on wages. This would put a great deal of pressure on a company to do anything it could to make its stock quickly increase in value. Other individuals would try to incorporate so they could pay business taxes instead of having to pay taxes on their wages. Again, these resources would be diverted away from more productive uses and slow the economy.
http://www.heritage.org/Research/Taxes/wm1973.cfm

myvoice63: Clinton's presidency ended in a recession.

Clinton's "A" team? - so much for change! This newsweek article does not deserve the paper it is printed on. It does Obama's bidding by characterizing the cagey silence of the Clinton boys as some kind of high road while branding McCain's concrete response as "loose" and only "an effort" at activism. Have the Clinton era boys forgotten that Alan Greenspan and a Republican Contract with America provided the reassurance of the 90's and that it was free wheeling dotcoms which delivered success to America in the 90's before the dotcoms fell apart under the watchful eye of Clinton's "A" team? That is why America voted Republican in 2000 and again in 2004. Why should we have confidence in them? Why does Obama have confidence in them? Because he is so new and inexperienced at this, he has no team of his own. So, now we know why the Obama crowd has changed their slogan from "change we can believe in" to the much safer "change we need."

Current crisis is not because US lost money - just opposite, a lot of foreign countries invested in bad US mortgages, so they effectively paid high price for our real-estate, and eventually it will be sold americans for lesser price. Those countries are in a real trouble now. The problem here is the lack of lending power. Banks have to keep cash to cover their debt to other banks or institutions. They can not use as the coverage the motgage papers, because under current circumstances nobody knows the real price of them (for that, they need to know the price of the house). So, these papers, even defalted, might cover more than a half of the debt (and therefore release alot of money), but, their current cost is considered to be zero. And they will stay this way before people start buying houses by any price. But again it does not happen because even very qualified buyers can not find any mortgage lender.
Recently I saw several foreclosed or pre-forclosed houses. Banks are desperate to sell them for really rificulous price, and several buyers wold rush to buy them right now - no way without cash.
To restart the lending process, our Goverment has to do very little- start lending people money directly. It is enough to start lending only to very good qualified buyers - process will start immediately. People will start buying foreclosed homes, houses prices will stabilize, banks will be able to estimate part of their mortgage papers and use some cash for lending, more people will get mortgages, and so on. And goverment will return tax payers monew with good income.
Some economy professors suggested something like that - but it seems that those idiots in Treasery Dep. (their contradictory statements alone dropped market by 1000 points), areconsulted by somebody else, if any. Their initial idea to buy bad loans is not realistic and if it was - it would not work.
Unfortunately, both candidates (or their advisers?) also have no clue.

Obama may well win, but most people don't know what they're getting. For example, he has voted against extending the Bush tax cuts, which expire at the end of 2010. This means -For families with taxable income of:
$17,000 - increased taxes of $400
$29,000 - increased taxes of $1,100
$72,000 - increased taxes of $2,300
$251,000 - increased taxes of $6,900
When he says that people making under $250,000 won't see a tax increase, he means no increase above the scheduled increase after 2010. And if you have anything that sells at a profit (capital gains), there will be more taxes on that as well. McCain voted to make these tax cuts permanent, but the Democrats in Congress voted against it. Watch your wallets when Obama gets in and he has control of Congress.

I can see why Newsweek is being accused of being a media outlet for Obama. This article vertainly reinforces the idea.

McCain demanded a regulatory review of Freddy and Fanny in 2006. Here is a copy of the letter:
http://www.humanevents.com/article.php?id=28973

How do we NOT know that these people are not Using Team Obama to carry out the Electronic Terrorism in our Electronic trading in USA and Foreign traded Markets ????????
I heard Mike Huckabee on Fox News Geraldo Rivera talk about this idea that some traders were telling him that could happen ......
TOP OBAMA CAMPAIGN FINANCIER WORKING WITH STATE SPONSORS OF TERRORISM TO UNDERMINE U.S. http://www.freerepublic.com/focus/f-news/2102867/posts
Friday, October 10, 2008 | Kristinn

Posted on 10/10/2008 8:15:38 PM PDT by kristinn

Fw: Bundler: Hasan Chandoo ; Bundler for Barack Obama, raised at least $100,000.00

The Chandoo he was referring to is Mohammed Hassan Chandoo which this website claims is now a major campaign bundler for Obama

check out the Bundler that works for Oppenheimer & Co. , same guy Obama went to meet in Pakistan in 1981

In 1981 Barack Obama visited Pakistan stayed with Mohammed Hasan Chandoo, who are the Chandoo Brothers?
September 18th, 2008 · http://www.mikefrancesa.com/wordpress/?p=1190


Washington Prowler
Obama???s Fishy $200 Million
By The Prowler http://www.spectator.org/dsp_article.asp?art_id=13981
Published 10/2/2008 12:08:46 AM
FUNNY MONEY ; The FEC analyst says that Obama's filings indicate he has received large, bundled sums of donations from overseas, sometimes exceeding a quarter millions dollars. "It's suspicious, but it's the small donations made by credit card that need to be examined. We've raised red flags on many of these and the Obama campaign just ignores us. After this election, after we've sifted through everything -- if we're allowed to sift through everything -- I am confident that we are looking at perhaps the largest fine every leveled against a national campaign entity."

Just as frustrating as the lack of desire on the part of his bosses to act, says the analyst, is that major media outlets have ignored the story he has been attempting to tell. Thus far, Newsmax is one of the few publications to cover the Obama campaign finance scam story.



The Chandoo he was referring to is Mohammed Hassan Chandoo which this website claims is now a major campaign bundler for Obama:

Bundler: Hasan Chandoo

Employer:
Oppenheimer & Co
State:
NY
Bundler Status for 2008:
Bundler for Barack Obama, raised at least $100,000.00


Obama Campaign Met with Hamas and Hezbollah Supporters
LittleGreenFootballs ^ | 10/10/2008 | Charles Johnson

http://www.freerepublic.com/focus/f-news/2102441/posts
Posted on Friday, October 10, 2008 10:42:09 AM by mojito

The Obama campaign is trying to minimize the damage from a meeting attended by their ???Muslim outreach director,??? at which several notorious Hamas and Hezbollah supporters were present: Obama concedes mistake over Muslim outreach meeting.

In respect to McCain's "where" to go get ideas as to how to deal with the economy, it is fine to confer with numerous businesses but having too many opinions creates confusion and lack of clarity in his mind, which is felt by the public whenever he says anything on that matter. It is his responsibility to find a few good men and hammer it out until he gets it, to deliver his ideas with confidence; unfortunately, he lacks desire to do so.

He claims his wife is running a successful company, so he has access as to how a business is run from an economic point of view. There is no comparison to a beer company by virtue of the economics of a country where its decisions are affected on a global level. The beer company (to which Mrs. McCain is heir), has been successfully administered prior to her appearance on scene and she is simply continuing to run it as per her predecessors. As well, beer is a luxury, not a commodity and, not everybody drinks beer; however, everybody is affected by a poor economy.

A bad economy is a serious threat to any society's peace of mind. On more than one occasion McCain has confirmed he is weak on economics. In order to be strong on any issue, you must have a liking for it. When someone likes something he is usually good at it; he will dig out his creative abilities and go to great lengths to be on top of things. McCain does not possess that "innate" desire, his lack of knowledge is affecting his standing and creating insecurity, which is one of the reasons why people are taking Obama's side.

How do we NOT know that these people are not Using Team Obama to carry out the Electronic Terrorism in our Electronic trading in USA and Foreign traded Markets ????????
I heard Mike Huckabee on Fox News Geraldo Rivera talk about this idea that some traders were telling him that could happen ......
TOP OBAMA CAMPAIGN FINANCIER WORKING WITH STATE SPONSORS OF TERRORISM TO UNDERMINE U.S. http://www.freerepublic.com/focus/f-news/2102867/posts
Friday, October 10, 2008 | Kristinn

Posted on 10/10/2008 8:15:38 PM PDT by kristinn

Fw: Bundler: Hasan Chandoo ; Bundler for Barack Obama, raised at least $100,000.00

The Chandoo he was referring to is Mohammed Hassan Chandoo which this website claims is now a major campaign bundler for Obama

check out the Bundler that works for Oppenheimer & Co. , same guy Obama went to meet in Pakistan in 1981

In 1981 Barack Obama visited Pakistan stayed with Mohammed Hasan Chandoo, who are the Chandoo Brothers?
September 18th, 2008 · http://www.mikefrancesa.com/wordpress/?p=1190


Washington Prowler
Obama???s Fishy $200 Million
By The Prowler http://www.spectator.org/dsp_article.asp?art_id=13981
Published 10/2/2008 12:08:46 AM
FUNNY MONEY ; The FEC analyst says that Obama's filings indicate he has received large, bundled sums of donations from overseas, sometimes exceeding a quarter millions dollars. "It's suspicious, but it's the small donations made by credit card that need to be examined. We've raised red flags on many of these and the Obama campaign just ignores us. After this election, after we've sifted through everything -- if we're allowed to sift through everything -- I am confident that we are looking at perhaps the largest fine every leveled against a national campaign entity."

Just as frustrating as the lack of desire on the part of his bosses to act, says the analyst, is that major media outlets have ignored the story he has been attempting to tell. Thus far, Newsmax is one of the few publications to cover the Obama campaign finance scam story.



The Chandoo he was referring to is Mohammed Hassan Chandoo which this website claims is now a major campaign bundler for Obama:

Bundler: Hasan Chandoo

Employer:
Oppenheimer & Co
State:
NY
Bundler Status for 2008:
Bundler for Barack Obama, raised at least $100,000.00


Obama Campaign Met with Hamas and Hezbollah Supporters
LittleGreenFootballs ^ | 10/10/2008 | Charles Johnson

http://www.freerepublic.com/focus/f-news/2102441/posts
Posted on Friday, October 10, 2008 10:42:09 AM by mojito

The Obama campaign is trying to minimize the damage from a meeting attended by their ???Muslim outreach director,??? at which several notorious Hamas and Hezbollah supporters were present: Obama concedes mistake over Muslim outreach meeting.

Sorry I posted twice. I didn't think my first one made it!!

I am pulling 100% for McCain & Palin to get in office! I was listening to what Biden & the Clintons had to say (knowingly it would be a waste of my time), and I had to change the channel because of such language! Who'd ever thought that listening to Presidential candidates that a person would have to change the channel to protect their child!?!?! If they get into office, God help us all!!!! It's riduculous to think that the day has come for Americans to change the tv channel so our children won't hear such filthy language from our very own Presidential candidates. What's next? I hate to imagine if the democratic party gets in!!