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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Mon Jan 26, 2009 8:55 am Post subject: |
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| bacasper wrote: |
| ontheway wrote: |
| Now, the Obama administration is following the Bushites in using the entire world as a giant experiment, trying to save a failed ideological dogma. |
Now which poster was it who said there was not a dime's worth of difference between Obama and Bush/McCain? Oh yes, that would be ME!!! |
You were blowing green smoke out of your ass then, and are doing the same now.
http://globaleconomicanalysis.blogspot.com/2009/01/obama-announces-new-rules-to-address.html |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Jan 26, 2009 9:01 am Post subject: |
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Here's one for you ontheway:
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http://www.theagitator.com/2009/01/26/scariest-thing-youll-read-today/
Scariest Thing You�ll Read Today
It�s the cover story from the current issue of Reason, detailing the next financial calamity: the crash of pension funds.
To make it more aggravating, the funds are going to go down especially hard thanks to �socially conscious� investing, which generally means fund assets have been put into investments that match the politics of fund managers, instead of the investments most likely to yield the best returns.
When the funds fail, then, Congress is going to force you and I to bail them out. Watch, then, as fund manager and do-gooder politicians then see the federal bailout money as a golden opportunity to . . . engage in some socially-conscious investing.
When I was discussing all of this with a friend the other night, he asked if there�s any way to make some money shorting, for example, the California Public Employees� Retirement System. I have no idea. Anyone know? |
http://reason.com/news/show/130843
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Funds worth trillions of dollars start to plummet in value. Political pressure to be �socially responsible� distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered their retirements safely protectedwake up to a sinking feeling of uncertainty and gloom.
Sound like the great mortgage-fueled financial crisis of 2008? Sure. But it also describes a calamity likely to hit as soon as 2009. State, local, and private pension plans covering millions of government employees and union workers with �defined benefit� accounts are teetering on the brink of implosion, victims of both a sinking stock market and investment strategies influenced by political considerations. |
Read it all. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Mon Jan 26, 2009 9:04 am Post subject: |
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| mises wrote: |
| bacasper wrote: |
| ontheway wrote: |
| Now, the Obama administration is following the Bushites in using the entire world as a giant experiment, trying to save a failed ideological dogma. |
Now which poster was it who said there was not a dime's worth of difference between Obama and Bush/McCain? Oh yes, that would be ME!!! |
You were blowing green smoke out of your ass then, and are doing the same now.
http://globaleconomicanalysis.blogspot.com/2009/01/obama-announces-new-rules-to-address.html |
My, my, touchy, touchy! 
Does it really bother you so much that I told it like it is?
There are no significant differences there. It is all window dressing. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Jan 26, 2009 9:05 am Post subject: |
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What we need to do is go back on the gold standard. Now. Immediately.
We have to let the crash happen. Even the Federal Government is not big enough to stop it.
Freeze the National Debt and borrow no more.
Slash government spending and balance the budget.
Repeal all taxes on income and property.
Institute a national sales tax of exactly 10% to be divided among the Federal, State and Local governments.
Allow no borrowing and no deficits by any level of government ever again.
Make all taxes on income and property unconstitutional.
Make all taxes other than the national sales tax unconstitutional.
Place a constitutional cap on the national sales tax at 10%.
Then, let the recovery and growth begin. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Jan 26, 2009 9:08 am Post subject: |
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| bacasper wrote: |
| mises wrote: |
| bacasper wrote: |
| ontheway wrote: |
| Now, the Obama administration is following the Bushites in using the entire world as a giant experiment, trying to save a failed ideological dogma. |
Now which poster was it who said there was not a dime's worth of difference between Obama and Bush/McCain? Oh yes, that would be ME!!! |
You were blowing green smoke out of your ass then, and are doing the same now.
http://globaleconomicanalysis.blogspot.com/2009/01/obama-announces-new-rules-to-address.html |
My, my, touchy, touchy!
Does it really bother you so much that I told it like it is?
There are no significant differences there. It is all window dressing. |
You told it like it is.. ha.
You little conspiracy types are bloody obnoxious. You speak only in hyperbole. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Jan 26, 2009 9:09 am Post subject: |
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| ontheway wrote: |
| What we need to do is go back on the gold standard. Now. Immediately. |
A properly regulated fiat system can work. Leverage kept low, capital requirements high etc. Rein in fractional reserve banking. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Mon Jan 26, 2009 9:18 am Post subject: |
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| mises wrote: |
You told it like it is.. ha.
You little conspiracy types are bloody obnoxious. You speak only in hyperbole. |
What hyperbole have I stated? What haven't I backed up? Never mind, don't answer, as it's OT.
Whatever crawled up your arse I suggest you get it removed. |
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asylum seeker
Joined: 22 Jul 2007
Location: On your computer screen.
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| Posted: Mon Jan 26, 2009 10:08 am Post subject: |
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Good to see Citigroup using their bailout money wisely:
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Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet -- only this time, it's the taxpayers who are getting screwed.
Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the Citigroup's execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month.
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said. |
http://www.foxnews.com/story/0,2933,483007,00.html |
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Khenan
Joined: 25 Dec 2007
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| Posted: Mon Jan 26, 2009 10:23 am Post subject: |
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| ontheway wrote: |
What we need to do is go back on the gold standard. Now. Immediately.
We have to let the crash happen. Even the Federal Government is not big enough to stop it.
Freeze the National Debt and borrow no more.
Slash government spending and balance the budget.
Repeal all taxes on income and property.
Institute a national sales tax of exactly 10% to be divided among the Federal, State and Local governments.
Allow no borrowing and no deficits by any level of government ever again.
Make all taxes on income and property unconstitutional.
Make all taxes other than the national sales tax unconstitutional.
Place a constitutional cap on the national sales tax at 10%.
Then, let the recovery and growth begin. |
Some semi-decent ideas here, but this would simply not work. First of all, 10% is not nearly enough. Many states already have sales taxes at or near 10%... so once this gets reappropriated to the Feds and spread around, you're talking about an actual loss of income for individual states, many of whom already deal with serious budgetary struggles.
Second of all, a flat sales tax will have the effect of further concentrating money upwards on the pyramid. Poor people spend a much higher percentage of their income in stores than do rich people, and so will be paying a disproportional percentage of the tax.
You seem to have some sort of ideological problem with income and property taxes, which I'm not sure I understand. What we should do is simply take all the money away from the rich people instead of borrowing it all from foreign governments. There's plenty of money sitting around - we should just take it back and spend it on useful things. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Jan 27, 2009 2:44 am Post subject: |
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| ... you're talking about an actual loss of income for individual states, many of whom already deal with serious budgetary struggles. |
This is exactly the intent. We need to cut back spending at all levels, Federal, State and Local. There is little that the government does at any level that is needed. In fact, there is little that is done by the government at any level that is not harmful to the people.
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| ... Poor people spend a much higher percentage of their income in stores than do rich people, and so will be paying a disproportional percentage of the tax. |
This may be true, but it is not the issue. Government spending is consumption spending and its revenue source should be consumption spending.
People who save and invest create jobs and expand the economy. It is in the national interest to let such investment be untaxed. Likewise, all workers should be able to earn their livings tax free. This will encourage work and leave no excuse to stay out of the productive economy. Consumption uses up resources, so it contributes the least to our economy and to economic growth.
Of course, to be fair, all taxation should be abolished. It's just not possible at the present time. Ultimately, our goal should be to abolish all taxation, even if that goal can never be reached.
Finally, those in lower income groups suffer the most from taxation of income and property, especially if they are trying to save and invest.
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simply take all the money away from the rich people instead of borrowing it all from foreign governments. There's plenty of money sitting around - we should just take it back and spend it on useful things.
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This is not only advocating theft, it misses the point that if you "soak the rich" then people who create wealth will just create their wealth in another country. People who have wealth will move their wealth to another country. Countries that have tried this method have found themselves with the poorest citizens and the worst performing economies.
All productive citizens will flee a country that commits such mass theft. The productive poor and middle classes will flee as well, knowing that they will be the next victims. |
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mises
Joined: 05 Nov 2007
Location: retired
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fusionbarnone
Joined: 31 May 2004
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| Posted: Sun Feb 22, 2009 7:30 pm Post subject: |
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| Rockerfeller, Morgan, Rothschilds banking concerns can never lose. All bailouts should go to mortgage lenders. |
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fusionbarnone
Joined: 31 May 2004
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| Posted: Sun Feb 22, 2009 7:34 pm Post subject: |
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| oops! I mean mortgage borrowers. |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Thu Apr 01, 2010 11:09 am Post subject: |
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| The Lazarus-like recovery of the nation�s big banks did not benefit just the bankers � it also created huge paydays for hedge fund managers, including a record $4 billion gain in 2009 for one bold investor who bet big on the financial sector. The manager, David Tepper, wagered that the government would not let the big banks fail, even as other investors fled financial shares amid fears that banks would collapse or be nationalized. �We bet on the country�s revival,� Mr. Tepper, who describes his trading technique as a mix of deep analysis and common sense, said Wednesday in an interview. �Those who keep their heads while others are panicking usually do well.� |
http://www.nytimes.com/2010/04/01/business/01hedge.html?hp |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Thu Apr 01, 2010 11:12 am Post subject: |
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| jaykimf wrote: |
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| The Lazarus-like recovery of the nation�s big banks did not benefit just the bankers � it also created huge paydays for hedge fund managers, including a record $4 billion gain in 2009 for one bold investor who bet big on the financial sector. The manager, David Tepper, wagered that the government would not let the big banks fail, even as other investors fled financial shares amid fears that banks would collapse or be nationalized. �We bet on the country�s revival,� Mr. Tepper, who describes his trading technique as a mix of deep analysis and common sense, said Wednesday in an interview. �Those who keep their heads while others are panicking usually do well.� |
http://www.nytimes.com/2010/04/01/business/01hedge.html?hp |
The country's revival? What country? Can't be the US he's talking about. |
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