US News
Wall Street back under scrutiny as Obama begins overhaul
Feb 26, 2009, 1:36 GMT
Washington - The US government Wednesday began a review of the viability of Wall Street's largest banks, but officials denied that nationalization plans as President Barack Obama vowed to forge a well-regulated, vibrant financial system.
Wall Street stocks have plummeted over the last week to the lowest index levels in more than a decade, amid investor fears that the government could take controlling stakes in financial institutions on the verge of collapse.
Obama sought to allay the concerns about hefty government control after a White House meeting with top congressional leaders and his economic policy team to discuss an eventual overhaul of the US financial regulatory system.
'The choice we face is not between some oppressive, government-run economy or a chaotic and unforgiving capitalism,' Obama said. 'Rather, strong financial markets require clear rules of the road ... not to stifle but to advance competition, growth and prosperity.'
Federal Reserve Chairman Ben Bernanke rejected the idea of nationalization during a second day of testimony to legislators.
The US central bank head said the administration preferred to use public-private partnerships, which are temporary and involve taking only a portion of banks' shares in exchange for emergency government money.
Nationalization involved completely shutting private shareholders out of the process; 'we don't plan anything like that,' Bernanke told the House Financial Services Committee.
A series of so-called 'stress tests' of the country's 19 largest banks began Wednesday to decide how much more capital each institution might need to stay afloat and continue lending to consumers.
The US Treasury released details of the tests and its bail-out programme late Wednesday, insisting that any new stock purchases and capital injections amounted to a temporary guard for banks against future losses.
The programme 'will be designed to give banks the incentive to redeem or replace the government-provided capital with private capital when feasible,' the Treasury said in summary of the plan.
Some US economists and even politicians have suggested nationalization may be the only option for banks in danger of bankruptcy amid the worst financial crisis since the Great Depression. The government is currently mulling whether to take an up to 40-per-cent stake in Citigroup Inc, according to US media reports.
Financial institutions are expected to lose more than 2 trillion dollars in connection with the United States' collapsed housing market, and the government has already injected hundreds of billions of dollars into banks to plug that gap.
In a speech Tuesday to Congress, Obama said his administration would likely need additional money beyond a 700-billion-dollar financial rescue package approved in October.
On Wednesday, he promised a major overhaul of the country's regulatory system to prevent another crisis of similar magnitude.
Legislation would be drawn up in the coming months to pull US watchdog agencies out of a '20th-century' regulatory structure that has shared blame for the devastating credit crisis.
'This financial crisis was not inevitable,' Obama said, blaming both greedy investors on Wall Street and a failure by regulators to raise alarm bells about a growing housing bubble that ultimately collapsed.
The reform process will involve boosting transparency, simplifying financial products and ensuring that banks in the future maintain enough capital to withstand shocks to the system.
'If we once again guide the market's invisible hand with a higher principle, our markets will recover. Our economy will once again thrive, and America will once again lead the world in this new century as it did in the last,' Obama said.
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Older Talkback
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..not that any of that has to do with tha article above....by the way, how's the dissertation on Bush breaking the Bank of England coming along? You need to get busy Lance.
And how is your education going ?Found out why Japan never planned to invade your country?Found out why snowfall does NOT mean Antarctica can not experience global warming ?Found out why the world went into a major economical crisis shortly after you claimed 'the economy is going through the roof' in spite of every factor pointing differently ?Your expertise concerns more things like watching paint dry....Have you finally accepted the fact that Iraq had no WMD,that the invasion of it was poorly planned,that torture is a formula for failure that tortured people will confess to anything asked,that Abu Graibh is a scandal...Your track record consists only of GOP propaganda.Poor lost soul yourself.May somebody find pty for your stupidity....
@sp4Feb 26th, 2009 - 13:29:03
And how is your education going ?Found out why Japan never planned to invade your country?
SP4 - Gen. Tojo said that, not me...and he DID say it.
Found out why snowfall does NOT mean Antarctica can not experience global warming ?
SP4 - never said that it did, except you cannot have glacial calving and glacial recession at the same time...
Found out why the world went into a major economical crisis shortly after you claimed 'the economy is going through the roof'
SP4 -the previous still produced record employment, record tax receipts, record housold wealth and record GDP growth, which would still be the case were Barney Frank and Chris Dodd not to have ruined the banking industry. Bush and McCain warned you and now they laugh in your faces...
and read the reply at the end of this post
in spite of every factor pointing differently ?
SP4 - try to differentiate 'then' and 'now' also, read the end of the post
Your expertise concerns more things like watching paint dry....Have you finally accepted the fact that Iraq had no WMD,
SP4 -except for the glaring fact that over 500 were discovered, a fact the libnazi left just cannot seem to accept
that the invasion of it was poorly planned,
SP4 - actually, the invasion was a success, with record ground covered in record time. What planet do you live on? By the way professor...we won in Iraq. Now run back and figure out how to rob the troops of their victory. Hurry, before prosperity comes to Iraq...and notice the libnazi left has no more antiwar sentiment...golly...what a surprise...
that torture is a formula for failure
SP4 - what torture?
that Abu Graibh is a scandal...
SP4 - you mean like white water, Chinese and russian campaign funds for influence, Mr. Hsu, Pardon of Puerto Rican terrorists, Tony Rezko, Countrywide, the Blagojevich gag order, all the new Obama appointees tax situation,...Tommy Daschle and Homestake....that kind of scandal?...or was Abu just a couple of dickheads who got out of control?
Your track record consists only of GOP propaganda.
SP4 - Read the above and below
Poor lost soul yourself.May somebody find pty for your stupidity....
SP4 - Oh Yes Prfofessor, I rarely hear libnazis calling people stupid once their arguments are dismembered.
Now, inform yourself:
This was preventable.Sep 21st, 2008 - 01:59:13
John McCain predicted Fannie Mae and Freddie Mac crises, pushed 2005 legislation to prevent trouble:
The 'FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005' would have headed this off but it was killed in the Committee on Banking, Housing, and Urban Affairs by Chris Dodd who recieved the most money from Fannie Mae and Freddie Mac.
President Bush sought to rein in Fannie and Freddie in 2003.
The Democratic response to Bush in 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
I have no faith and no confidence in this porch monkey who thinks he is president of my country.
We have to combine our strengths to oppose his vision and his actions.
We simply cannot allow a descendant of an ape rule over us.
Poor lost soul.Tojo never ever considered invading the USA,he even opposed invading Australia ,which was much closer and less populated and I'll give you a hint...it was not because the ozzie farmers were armed to the teeth .
You really need an education ,your silly ranting is an embarrassment for other americans .The rest of your silly ranting even doesn't deserve a rebuttal .,you are the only person in the world who believes in such fairy tales...the world moves on without you,and so does the USA,fortunately.
back to the lance & sp4 show after this important message don't touch that dial.
Not-so-very-dear SP,
I have now submitted several posts to this site. I admit that many of them have been unfavourable to your viewpoint. This is because of your habit of talking b*ll*cks on subjects about which you know, it would seem, very very little indeed. I see you are still at it.
Nevertheless, “God loves a ‘tryer’” as we say over here, and when you invited me to apply my “razor sharp insight” I felt it would be churlish not to respond. So I wrote a little piece. Nothing fancy. Just a simple critique of an everyday news report. I kept it reasonably brief, wound it up with a bit of elementary analysis, and cross-referenced it all
paragraph by paragraph (See para 20, etc) with the report itself. What did I get in return?
“Truebrit….” (er.. um.. er? ) “…has merit in what he says.”
Didn’t understand a word, did you?
I can just envisage the scene.
SP: “Whussis h’yar then?” …”Hell! Thet goddam limey pinko Libnazi psoodo- intelectool agen!” ???? ……”Whar’s he a-commin’ from this time?” ….”Exercisin’ his “razor-sharp- insight” eh???? (THINKS: heh-heh-heh!… thet’s one hell o’ a tag ya finded, ol’ SP, .. thet allus gets ‘em, Yessirreeee!!!… ???? (wunner whit an “I-n-s-i-g-h-t” is???, ..like a foresight or a backsight mebbe but sorta half way ‘long the barrel?) … barrel??, hell, I plum fergit, Mr huntin rifle could do wi’ th’ol oily rag agen)…….. ……. !!!!! ”WHUT GOIN ON H’YAR THEN!!” .. “BILLIE-SUE!!! I TOL’ YA, DON’ PLAY LIKE THET WI YO POPPA’S RIFLE!” ….. …” YA HOLD IT BY THE OTHER END!”… “C’mon now c’mon, give it h’yar… NO DON’T UNLOAD IT!!!…” “an unloaded gun is like a car wi’ no gas in the tank.”… “Now run along t’ yo bed now, it’s 6.30pm an’ y’ know ya got pre-school in the mornin’.”…… “Right, now fer thet psoodo-int’lectool limey sonnab*tch!!”….. ( ???????????? !!?????….. …???$$!?????… whut the h*ll is he onnabout?.. …”stage in the economic cycle???”… …”Whut’s Harley D’s got to do with it?? th’article’s about GM and Chrysler fer Chrissakes!”….. …”Para 14,… …Para 6?… ..Para 20!!??????”
“C’mon SP boy, Yoo c’n do it…. …s’fo THE GOP.” … ….”Um, best be careful tho, the guy’s got 20 Paras backin’ him”….. …. “Wunner which reg’ment thar from????”…. …”Ah, I got it!!!!”
“Truebrit has (er. um.. er?) merit in what he says.”
“Thet’ll fix the b*st*rd!!!”
Toodle Pip
SP4 ... You're still shamelessly (and stupidly) claiming that 500 rusty, empty and useless artillery shells are the WMDs Bush claimed were an 'imminent threat' to western civilization?
That's hilarious. Pure Comedy.
Even Bush doesn't have stupidity to try and call them 'WMDs' (yes SP4 ... you surpass Bush on stupidity ... and yes that makes you wrong, again)
Clue for Mr. Clueless (aka SP4) : a few (by battle standards - only minutes worth) useless artillery shells are NOT 'mushroom clouds' or 'mobile chemical manufacturing facilities' or 'Yellow Cake' etc.
You know that ... but you also don't have the self-respect, or self-control to stop making yourself a public idiot.
How many times did your momma hit you with that Stupid Stick anyway?
Thank you for the poignant post to SP4.
Absolutely love your effort to speak to SP4 in his own language!
I'm still laughing!!!!
Just for the sake of simple fun:
'you cannot have glacial calving and glacial recession at the same time...
dixit the authority on the subject SP4.
It will probably not escape to the attention of the rest of the universe that calving of the ice and recession of the icecaps go hand in hand not hindered by the theories of SP4 .
Take a piece of ice,break it,it is calving,it is also rededing as part of it is gone .Too difficult to be understood by SP4 that is ,but not lost to the rest of humanity .As usual when caught in an act of ignorance the escape route leads him into spouting even more stupidity .There is nobody else like him .
The more investors see of the Obama administration, the more they are running for the exits.
These are folks voting with their dollars. Dollar votes are the most-careful, least-manipulated votes anyone makes.
All you lovers of 'Obama the Wise' need to wise up. Take a look at your 401k statements and see what your wonder boy has done for you lately.
ROFLMAO
The percentage of market drop in October ... in response to the economic mess created during the previous 8 yrs ... was only about 100 times greater than the 'what has become typical' fluctuations since October ... (starting before the election even happened).
If you followed the market you'd know that.
Clearly you don't know.
You're 'ROFLMAO'?
Me too ... esp when I read nonsensical posts from people like you who somehow think the market dropped in the last month.
When Obama speaks the stock market tanks... Down 1000 pts since he took office. Nothing he has said has helped only hurt. Now he is going to TAX 95% of all America. Gas tax, carbon tax, green tax, Pull out of Iraq tax, Saved the car (Unions)tax, socialized medicine tax, save the earthworm tax... All the taxing he does to those who made $250K or more will hit those that make less even more
the last line of the previous post should read ...
Me too ... esp when I read nonsensical posts from people like you who somehow think the market 'only' dropped 'within' the last month.
Hey Obama Speaks Poster ...
You write 'Down 1000 pts since he took office'
Well how's that compare to , at one point, 7,000 point drop while Bush was in office?
Funny how critical you are of Obama for the lingering Bush effect othe economy and job losses.
Idiot ... this is not something that has only happened in the last 36 days.
Nonetheless, we can count on you 'ditto-heads' (ditto, because you don't think for yourselves) to post your uninformed dribble.
It wasn't Bush who screwed up Fannie and Freddie to a fare thee well.
We all have Barny 'the fag' Frank and his like-minded financial know nothings to thank for that. The toxic debt that they are responsible for enabling is everywhere and screwing up everything.
Anyone who thinks another liberal Democrat is going to be able to clean up their mess is truly living in a dream world.
Obama's 'children of the corn' is what this is all about. Ugh.
i for one would like Obama impeached.
we do not need a president in this greedy back stabbing country.
I see you've bought the partisan line that ALL of the economic troubles stem from Freddie Mac and Fannie Mae ... thank you for showing us how little you understand.
How bout you google 'Phil Graham banking deregulation' ... (though I doubt you will) ... clearly you could learn much more truth about the subprime crisis than you're getting from your uninformed sources.
Og course he stock market plunged.A small reminder Obama is not sworn in by Wall Street or billionaires.His first measures are directed in helping those who are about to loose their houses,roughly ten thousand families every single weekto keep a roof above thei heads .Let's keep the children our of tent cities and homeless sheleters first of all.There is preciously little money for that is it is ,courtesy of Bush,Cheney and the whole rotten GOP in the first place .His next steps should even be more bold .Tax those very same bastards tha gobbled up the wealthy of the nation,put the money on their tax shelter bank accounts ,etc.Or did you think they pay taxes ?Sytipping them of part of their assets will benefit all of us.
Og course he stock market plunged.A small reminder Obama is not sworn in by Wall Street or billionaires.His first measures are directed in helping those who are about to loose their houses,roughly ten thousand families every single weekt o keep a roof above thei heads .Let's keep the children our of tent cities and homeless shelters first of all.There is preciously little money for that is it is ,courtesy of Bush,Cheney and the whole rotten GOP in the first place .His next steps should even be more bold .Tax those very same bastards thar gobbled up the wealth of the nation toput the money on their tax shelter bank accounts ,etc.Or did you think they pay taxes ?Stipping them of part of their assets will benefit all of us.
1.) Selma Got Me Born - LIAR, your parents felt safe enough to have you in 1961 - Selma had no effect on your birth, as Selma was in 1965.
2.) Father Was A Goat Herder - LIAR, he was a privileged, well educated youth, who went on to work with the Kenyan Government.
3.) Father Was A Proud Freedom Fighter - LIAR, he was part of one of the most corrupt and violent governments Kenya has ever had.
4.) My Family Has Strong Ties To African Freedom - LIAR, your cousin Raila Odinga has created mass violence in attempting to overturn a legitimate election in 2007, in Kenya. It is the first widespread violence in decades.
5.) My Grandmother Has Always Been A Christian - LIAR, she does her daily Salat prayers at 5am according to her own interviews. According to the New York Times: 'I am a strong believer of the Islamic faith,' Ms. Obama, 85, said in a recent interview in Kenya.' Not to mention, Christianity wouldn't allow her to have been one of 14 wives to 1 man.
6.) My Name is African Swahili - LIAR, your name is Arabic and 'Baraka' (from which Barack came) means 'blessed' in that language. Hussein is also Arabic and so is Obama.
7.) I Never Practiced Islam - LIAR, you practiced it daily at school, where you were registered as a Muslim and kept that faith for 31 years,until your wife made you change, so you could run for office.
8.) My School In Indonesia Was Christian - LIAR, you were registered as Muslim there and got in trouble in Koranic Studies for making faces (check your own book).
9.) I Was Fluent In Indonesian - LIAR, not one teacher says you could speak the language.
10.) Because I Lived In Indonesia, I Have More Foreign Experience - LIAR, you were there from the ages of 6 to 10, and couldn't even spea k the language. What did you learn, how to study the Koran and watch cartoons.
11.) I Am Stronger On Foreign Affairs - LIAR, except for Africa (surprise) and the Middle East (bigger surprise), you have never been anywhere else on the planet and thus have NO experience with our closest allies. You seek to disarm America while our avowed enemy, Iran, will not subject itself to a nuclear ban. Top Hamas politica l adviser Ahmed Yousef said the Hamas terrorist group 'supports Obama's foreign policy vision'.
12.) I Blame My Early Drug Use On Ethnic Confusion - LIAR, you were quite content in high school to be Barry Obama, no mention of Kenya and no mention of struggle to identify - your classmates said you were just fine.
13.) An Ebony Article Moved Me To Run For Office - LIAR, Ebony has yet to find the article you mention in your book. It doesn't, and never did, exist.
14.) A Life Magazine Article Changed My Outlook On Life - LIAR, Life has yet to find the article you mention in your book. It doesn't, and never did, exist.
15.) I Won't Run On A National Ticket In '08 - LIAR, here you are, despite saying, live on TV, that you would not have enough experience by then, and you are all about having experience first.
16.) Present Votes Are Common In Illinois - LIAR, they are common for YOU, but not many others have 130 NO VOTES.
17.) Oops, I Misvoted - LIAR, only when caught by church groups and Democrats, did you beg to change your misvote.
18.) I Was A Professor Of Law - LIAR, you were a senior lecturer ON LEAVE.
19.) I Was A Constitutional Lawyer - LIAR, you were a senior lecturer ON LEAVE.
20.) Without Me, There Would Be No Ethics Bill - LIAR, you didn't write it,introduce it, change it, or create it.
21.) The Ethics Bill Was Hard To Pass - LIAR, it took just 14 days from start to finish.
22.) I Wrote
A Tough Nuclear Bill - LIAR, your bill was rejected by your own party for its pandering and lack of all regulation - mainly because of your Nuclear Donor, Exelon, from which David Axelrod came.
23.) I Have Released My State Records - LIAR, as of March, 2008, state bills you sponsored or voted for have yet to be released, exposing all the special interests pork hidden within.
24.) I Took On The Asbestos Altgeld Gardens Mess - LIAR, you were part of a large group of people who remedied Altgeld Gardens. You failed to mention anyone else but yourself, in your books.
25.) My Economics Bill Will Help America - LIAR, your 111 economic policies were just combined into a proposal which lost 99-0, and even YOU voted against your own bill.
26.) I Have Been A Bold Leader In Illinois - LIAR, even your own supporters claim to have not seen BOLD action on your part.
27.) I Passed 26 Of My Own Bills In One Year - LIAR, they were not YOUR bills, but rather handed to you, after their creation by a fellow Senator, to assist you in a future bid for higher office.
28.) No One Contacted Canada About NAFTA - LIAR, the Candian Government issued the names and a memo of the conversation your campaign had with them.
29.) I Am Tough On Terrorism - LIAR, you missed the Iran Resolution vote on terrorism and your good friend Ali Abunimah supports the destruction of Israel. You state you will open friendly communication with the Leader of Iran who is attempting to develop nuclear weapons to destroy us, but refuse to speak to FOX news. You are against provisions of the Patriot act which would all wiretapping of the phones of suspected terrorists in the USA.
30.) I Am Not Acting As President Yet - LIAR, after the NAFTA Memo, a dead terrorist in the FARC, in Colombia, was found with a letter stating how you and he were working together on getting FARC recognized officially.
31.) I Didn't Run Ads In Florida - LIAR, you allowed national ads to run 8-12 times per day for two weeks - and you still lost.
32.) I Won Michigan - LIAR, no you didn't.
33.) I won Nevada - LIAR, no you did not.
34.) I Want All Votes To Count - LIAR, you said let the delegates decide.
35.) I Want Americans To Decide - LIAR, you prefer caucuses that limit the vote, confuse the voters, force a public vote, and only operate during small windows of time.
36.) I passed 900 Bills in the State Senate - LIAR, you passed 26, most of which you didn't write yourself.
37.) My Campaign Was Extorted By A Friend - LIAR, that friend is threatening to sue if you do not stop saying this. Obama has stopped saying this.
38.) I Believe In Fairness, Not Tactics - LIAR, you used tactics to eliminate Alice Palmer from running against you.
39.) I Don't Take PAC Money - LIAR, you take loads of it.
40.) I don't Have Lobbysists - LIAR, you have over 47 lobbyists, and counting.
41.) My Campaign Had Nothing To Do With The 1984 Ad - LIAR, your own campaign worker made the ad on his Apple in one afternoon.
42.) My Campaign Never Took Over MySpace - LIAR, Tom, who started MySpace issued a warning about this advertising to MySpace clients.
43.) I Inspire People With My Words - LIAR, you inspire people with other people's words.
44.) I Have Passed Bills In The U.S. Senate - LIAR, you have passed A BILL in the U.S. Senate - for Africa, which shows YOUR priorities.
45.) I Have Always Been Against Iraq - LIAR, you weren't in office to vote against it AND you have voted to fund it every single time, unlike Kucinich, who seems to be out gutting you Obama. You also seem to be stepping back from your departure date - AGAIN.
46.) I Have Always Supported Universal Health Care - LIAR, your plan leaves us all to pay the 15,000,000 who don't have to buy it.
47.) I Only Found Out About My Investment Conflicts Via Mail - LIAR, both companies you site as having sent you letters about this conflict have no record of any such letter ever being created or sent.
48.) I Am As Patriotic As Anyone - LIAR, you won't wear a flag pin and you don't put your hand over your heart during the Anthem. There is a Cuban Flag with Che Guevara Displayed at Barack Obama Campaign Office which you allow to be displayed. You voted against making english the official language of the United States. You voted to give illegal aliens social security benefits, which would bankrupt the social security system for Americans legally paying into it.
49.) My Wife Didn't Mean What She Said About Pride In Country - LIAR, your wife's words follow lock-step in the vain of Rev. Wright and Louis Farrahkan, in relation to their contempt and hatred of America.
50.) Wal-Mart Is A Company I Wouldn't Support - LIAR, your wife has received nearly a quarter of a million dollars through Treehouse, which is connected to Wal-Mart.
The above post looks like some little neocon is having a bad hair day.
Apparently doesn't mind posting his own lies.
Well, when your arguments are weak, so are your posts.
Comedy.
You go baby!!! Fun watching the truth flow. It funny watching the posters on this site get their panties ruffled. I checked out the facts you presented against www.snopes.com/politics/obama/50lies.asp. The site that debunks urban legend and wow your spot on.
You guys wanna believe the '50 lies' posts?
Knock yourselves out. I love to laugh at you.
I especially love it when you guys are so eager to make public idiots of yourselves.
Re: Panties in a wad
It's pretty clear the writer of the '50 lies' post would be one who's got his panties in a wad (as evidenced by his long post and fixation).
Too funny.
Actually it looks more like your panties are not only in a wad but pretty wet too. My guess is you will want Obama to wash them for you useing the wet panty tax. ROTFLMAO
Shall we return to the topic for the sake of fun:
Ken Lewis,president of the Bank of America thought it was funny to snub the new government and refuse to tell who in his bank profited from 18.5 billion bonuses he gave to the top mangers from his bank last year .After having raked in more than 50 billion dollars from YOUR money,that was ,in the form of state aid .Where are the GOP pen pushers when such a thing occur ?Busy spouting their nonsense just above my posts,these folks are ...None of what they claim about Obama is either relevant or true .But so much more in accordance with their vision of your country,were the rich loot from you and then give you the finger .The GOP is simply part that ideology.ASk SP4 hell admit gladly to that.Everything going wrong is of course 'libnazi' evil's wrongdoing.A kindergarten version of reality.How boring for any person with a brain.
OK, so I did it. I clicked the square Obama ad to see what I would 'save' under the Obama Biden tax plan.
I filled in the requested info and was told (this is cut and pasted directly from the site):
Obama tax savings $1731
McCain tax savings$180
Plus, under Obama, you may be eligible for
50% tax credit for up to $1000 for retirement savings
OK, so them I clicked the FAQ link in the lower left corner and clicked the 'ObamaTaxCut.com' link provided. Here you are told that:
'These numbers are based on public statements by Barack Obama, John McCain, and their respective advisors. Actual results will vary.' (Again, C&P directly.)
OK, so results vary. I filled in the same info in the boxes for the non-partison Tax Policy Center (located right there on the left side of the Obama window telling you that 'results will vary', I didn't leave the Obama site. Guess what the Tax Policy Center Calculator said (C&P):
'The results are in...
Your Obama Tax Cut:
$478.92These numbers come directly from calculations by the independent, non-partisan Tax Policy Center. They estimate that your taxes in 2009 will change by -$478.92 under Barack Obama and -$1,162.59 under John McCain. Click here to see the relevant table for your filing status. Tax cuts for Obama and McCain are calculated by adding the changes in income tax and corporate tax estimated by the Tax Policy Center.
To calculate your tax cut in more details, check out ElectionTaxes.com, a calculator made by Quantrix and the University of Southern Maine.
Click here to run another calculation.'
Did you catch that?
'They estimate that your taxes in 2009 will change by -$478.92 under Barack Obama and -$1,162.59 under John McCain.'
As it has been said, the truth is out there. Someone needs to check for a 'results may vary' disclaimer on the bottom of Obama's foot...
Run it yourself, I'm curious to see what results other people get.
Obama's huge tax increases will sink the economy in a deep recession. Historically , When you raise taxes on Business , the economy slows down, and jobs are reduced. This all leads to an economic domino effect. Inflation rises, unemployment rises, interest rates rise, and retail sales decrease. Obama says he won't raise taxes on the middle class. This is complete rubbish. He voted numerous times to raise taxes on people earning 40k a year. He is a compulsive liar.
Also Obama plans to confiscate the oil companies profits. How is that going to reduce gasoline prices ? Obama's economic proposals are completely insane. The morons who are voting for the 'Messiah' ,and his empty slogans , will be standing in the unemployment line if he wins on Nov 4th. Get ready for 10 million unemployed, double digit inflation, 6.00 a gallon gas prices, and higher interest rates. This is the change we are going to get , a European style Socialist nightmare economy . God help us all.
If ,and I say IF Obama would nationalize the oil industry of course it would not lower the price of petrol at the gas station.That is not the issue.It would simply divert the incoming money from a few banks in Antigua and the Cayman Islands into the state coffers.In your pockets that is,plain and simple .Less for them more for you ,a very good income source to provide for health care for instance .Now that would bring relief to the car manufacturing industry .and so the chain of improvements is slowly lifting your country out of it's misery .That is ...if you can convince the ignorant souls that the right of property does not extend to owning the country's wealth and diverting it' profits into a few bank accounts.
But then of course the GOP has no interest in talking about that.They are more concerned with '50 points of completely irrelevant absurdities' .
somebody doesn't know what day, month, year this is, or somebody is so far behind the times that he is SP4, or some idiot is posting GOP election propaganda. In any case it is pure codswallop.
Obamas tax increases
The morons who are voting for the 'Messiah' ,and his empty slogans , will be standing in the unemployment line if he wins on Nov 4th.
Obama Tax Calculator Lies Feb 27th, 2009 - 20:08:05
If Obama keeps making the right decisions, history will regard Obama as a great statesman, right up there with Lincoln and Washington.
I was a bit shaky about Obama at first, and was a McCain supporter. But Obama has shown me that my fears were unfounded, that he has what it takes to lead this country in the RIGHT direction. Yes Bush stole the election and was a warmongerer and yes we all despised him, but perhaps eight years of agony is what America finally needed to elect a great man like Obama into office.
Reagan encouraged the wealthy to exploit their neighbors, with his war on the middle class and war on poverty, without any thougt, regard or conscience to the inhumanity of it. The next 3 presidents carried that torch without any thought or care themselves. Yet now Obama will reintroduce economic fairness and equality back into American society (of course this will help to solve many of the racial issues that cross socio-economic boundaries as well)
At this point I would certainly trust Obama with a blank check, he has shown himself to be an honorable and decent man. Trust in him, he knows what he's doing.
Because creeping socialism is threatening the country it is time for an updated Declaration of Independence—from Obamaism. I offer the following (adapted from our Founding Fathers’ language) and I invite additions or amendments from readers:
We hold these truths to be self-evident, that because all men and women are endowed with the rights of life, liberty and the pursuit of happiness those rights shall not be usurped by President Obama, who is trying to reshape our economy and way of life to one of Big Government, by Big Government and for Big Government.
If President Obama’s sweeping plans go forward to have government—rather than the free market—shape environmental, energy, health and educational policy, it is the peoples’ right and it is their duty to throw off such government in the next election.
Governments derive their powers from the consent of the governed, but we, the people, are having no voice as President Obama and Democrats ram legislation through Congress (brooking no dissent from Republicans) to spend an initial $3.6-trillion. The result would be a “stimulus” largely made up of pork spending, special interest giveaways that will benefit unions, lawyers and radical groups like ACORN and “shovel-ready” make-work projects that are not ready to start this year and are just shoveling—well, use your imagination. Furthermore, $3.6-trillion is a low-ball figure. It is really $7.4-trillion: $1-trillion in new entitlements, $1.4-trillion in new taxes and $5-trillion in new debt—so far.
Using our powers of free speech now and the power of our votes in the next elections, we the people shall protest against President Obama’s attempts to nationalize health care, which would make it bureaucrat-driven rather than patient-driven; to dumb down education by turning it into a system of social promotion rather than learning promotion; to weaken our national defense by gutting the military and enabling terrorists to game our legal system; and to otherwise take power from the people and give it to Big Government by using activist judges to impose reforms that would never pass if subjected to votes.
If President Obama’s sweeping plans go forward to have government—rather than the free market—shape environmental, energy, health and educational policy, it is the peoples’ right and it is their duty to throw off such government in the next election.
Let facts be submitted to a candid world:
President Obama proposes to pay for his grandiose socialist schemes by ending, as he puts it, “tax breaks for the wealthiest 2% of Americans.” But as The Wall Street Journal points out, confiscating 100% of the taxable income of everyone in America earning over $500,000 would only get President Obama a third of the way toward his initial goal of $3.6-trillion for Big Government. That assumes that those wealthy small and big business owners, entrepreneurs and investors would simply roll over and pay, without shifting their activities and legal structures so that they could declare less taxable income, all of which would suppress economic growth and job creation.
Thus, it is almost inevitable that the middle class will get socked with higher taxes because to get to his $3.6-trillion goal, the math shows that President Obama will have to eventually increase taxes on everyone earning just $75,000 or more.
President Obama avoids admitting this because he either disguises what are really huge tax increases by calling them something else or he has unrealistically rosy projections of how much the economy will grow because of the “jolt” of his stimulus.
On the tax side, in the “climate revenues” section of Obama’s new budget is a “cap-and-trade” program that is actually a carbon tax that will raise energy prices for all Americans. The “revenues” (aka taxes) expected to be raised are projected to be $78.7-billion in 2012, growing to $237-billion through 2014 and $646-billion through 2019. Of course, Obama doesn’t call this a “tax.”
Regarding growth projections, President Obama claims that his economic stimulus will produce 3.2% economic growth next year. According to Bloomberg News, “That is twice the 1.5 percent growth projected by the Congressional Budget Office before the stimulus bill was enacted and higher than the 2.1 percent consensus growth estimate by analysts in the Blue Chip Economic Indicators survey.”
President Obama is capitalizing on the panic Americans are feeling about the economy to try to rush through a wealth transfer—call it a stealth transfer—of money and power to Big Government.
Free markets, free trade, freedom of speech (the return of the unfair Fairness Doctrine is being debated as we speak) and the very freedom to succeed by dint of one’s hard work and enterprise are under threat. Obamaism would turn the American dream into a nightmare, where the successful are punished to reward the unsuccessful, where a nanny state infantilizes Americans rather than treating them as adults, where dependency replaces independence and where meritocracy is overwhelmed by a new national culture of mediocrity.
We the people therefore solemnly publish and declare that these United States ought to be free and independent to shape and choose an alternative path for our country, using our free speech and the influence of legal and peaceful protests. With a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes, and our sacred honor.
'Because creeping socialism is threatening the country'
The only thing threatening the country is creeping creeps like you.
The truth hurts!!! Just wait till your wallet hurts more!I expect to see you in the Obama food lines soon.
our wallets hurt already,many of us have lost their homes to the credit crunch,only to be blamed for the crisis by the morons of the GOP whilst those that have lined their pockets during eight years of plundering the finances are now wailing because their special interest groups and lobbies have lost influence .Citing from the Wall Street Journal in view of support is just cititng Rupert Murdoch.All his newspapers and media are nothing but barking dogs .Murdoch is pulling the strings behind them.
Le the rich pay the crisis ,unless they claim that 1 percent owning 25 percent of all wealth is absolutely necessary in their 'pursuit of happiness' of course as a parrot of the GOP claims in his post.
America's budget deficit - the amount by which what the government spends exceeds what it earns - is now $1.75tn, and its national debt - the total of those deficits accumulating from year to year - is nudging $11tn. If it helps to view it as a figure then here is America's annual budget deficit as it stands now: $1,750,000,000,000. And the national debt: $11,000,000,000,000.
President Obama has unveiled his $3.6tn (£2.5tn) budget for 2010.
Does that help?
No?, I rather thought it would not.
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 02 Mar 2009 at 12:14:04 PM GMT is:
................ $10,894,184,416,675.77...................................
The estimated population of the United States is 305,741,015
so EACH each citizen's (MAN,WOMAN & CHILD) share of this debt is $35,632.05.
The National Debt has continued to increase an average of
$3.62 billion per day since September 28, 2007!
..........I think the US is already Bankrupt!
President Obama has unveiled his $3.6tn (£2.5tn) budget for 2010.
Does that help? No?, I rather thought it would not.
The National Debt has continued to increase an average of
$3.62 billion PER DAY...........
................................I think that the US is ALREADY Bankrupt!
I am puzzled at the way americans keep quoting 'socialism' as if it were some huge monster which will ruin their lives.
Yet, they exist in a country of extreme contrasts, with some people taking home multi-million dollar salaries and bonuses, while leaving others in third world conditions of poverty, where basic health care has to be paid for at great expense when a civilised country would provide this as a basic human right, where their infra-structure is collapsing around them, where jobs are being exported to China and India at huge expense to the national exchequer (in spite of apparently having strong Unions - but I assume these are 'right wing' Unions who don't actually want to protect workers), and where the two political sides are so opposed to each other that they simply push their own agendas without any thought for the country as a whole (which, as someone pointed out earlier, is rapidly going bust.
The american automobile industry is a good example of failed planning because the people at the top had no idea about their customer's needs but didn't care so long as they continued raking in their multi-million bonuises for doing nothing, where the Banks were all essentially con-men who stole from the little people [by the way - has Citibank gone bust yet? Not long now !}
Americans living abroad are very awar of how backward looking america has become.
Much of the rest of the World is 'socialist' to some extent in that governments run their economies and systems for the benefit of their people as a whole, rather than a money/poer grabbing clique at the top.
Why does america remain stuck in a mind-set of the anti-communist (which they confuse with socialism) era of the 1950s ?
Every time I have mentioned the dreaded word 'Socialism' to Yanks the response is invariably 'Gee! are you a Communist'.
LOL
Every average family in the US , (husband and wife with three children) now owe and are in debt to the tune of $178,160.25.
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lanceFeb 26th, 2009 - 03:22:56
Jesus bombs. Dead babies. North Korea. willfully ignorant typical american citizens. more dead babies.
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