Tax cuts for the rich....a reality

No Chicago, yayyyyyyy, the boss's son is going instead

 

So you get to miss....

SIGNIFICANT WINTER STORM TO AFFECT THE AREA SATURDAY NIGHT
INTO MONDAY...

DEEPENING LOW PRESSURE OVER NORTHERN IOWA WILL CONTINUE TO
STRENGTHEN AS IT CROSSES NORTHERN ILLINOIS AND SOUTHERN LAKE
MICHIGAN TONIGHT. FREEZING RAIN WILL DEVELOP OVER THE NORTHERN
TIER OF COUNTIES ALONG THE WISCONSIN BORDER THIS MORNING AND THEN
A MIX OF RAIN AND SNOW WILL DEVELOP ACROSS THE NORTHWESTERN
PORTIONS OF THE AREA THIS AFTERNOON. THE PRECIPITATION SHOULD
CHANGE OVER TO SNOW ALONG AND WEST OF I-39 THIS EVENING.
PRECIPITATION WILL START OUT AS RAIN OVER THE REMAINDER OF THE
AREA AND THEN CHANGE OVER TO A RAIN SNOW MIX THIS EVENING.

COLD AIR WILL QUICKLY SPREAD ACROSS THE REGION LATE TONIGHT. A
PERIOD OF SNOW IS EXPECTED TO DEVELOP SATURDAY NIGHT AND CONTINUE
INTO SUNDAY MORNING...ESPECIALLY FOR THE NORTHERN TIER OF COUNTIES.
DRY AIR ALOFT WILL OVERSPREAD MUCH OF THE REGION TONIGHT AND THE
PRECIPITATION MAY CHANGE OVER TO FREEZING DRIZZLE FOR A PERIOD LATE
TONIGHT.

WINDS WILL RAPIDLY STRENGTHEN SUNDAY MORNING WITH GUSTS IN EXCESS
OF 45 MPH LIKELY. THE VERY STRONG WINDS WILL COMBINE WITH
FALLING AND NEWLY FALLEN SNOW TO CREATE CONSIDERABLE BLOWING AND
DRIFTING SNOW...WITH GREATLY REDUCED VISIBILITIES. IN ADDITION...
TEMPERATURES WILL DROP INTO THE TEENS SUNDAY...CREATING WIND
CHILLS OF 10 BELOW ZERO. AS ARCTIC AIR CONTINUES TO FILTER OVER
THE REGION...MORNING LOW TEMPERATURES WILL BE BELOW ZERO OVER MUCH
OF THE AREA MONDAY AND TUESDAY MORNING. WITH PERSISTENT BRISK
WINDS...DANGEROUS WIND CHILLS OF 10 TO 20 BELOW ZERO SUNDAY NIGHT
THROUGH TUESDAY MORNING MORNING. WIND CHILLS READINGS MAY REACH AS
LOW AS 30 BELOW ZERO IN SOME LOCATIONS MONDAY MORNING.

 

I've got one for you too.....

My boss just "saved or created" 34 jobs. A local media company was shutting it's doors & laying off it's 4 employees. My boss decided to acquire the operation & keep the people working for us. He also pulled the trigger on creating a new division within our company. By adding a document scanning group, we need to fill 30 positions ASAP plus a loyal, 15 year employee is getting promoted to run this new operation.
The decision not to raise taxes on this evil millionaire wasn't the only reason he took these steps but it ultimately was the deciding factor.

 

You're joking right? We have been borrowing to pay our deficit for over a decade. We borrow money mostly from China, Saudi Arabia, Qatar, Iran, etc. You do know the difference between the deficit and the debt? Here is an explanation:

The deficit is how much the government borrows each year -- it's how much more it spends than it takes in in revenues. The debt is all the borrowing we've done, accumulated. So the debt is trillions and trillions of dollars because it's each year's deficit layered upon the previous years.

Since we have debt that is layered on the previous years and we have deficit spending, we have no choice but to cover this additional 900 billion in give aways by borrowing it from someplace. The real problem isn't just spending. Spending has increased every year since WWII and that will never change. It has increased under Democrats and it has increased under Republicans. We're at the point where if we shut down the government, the military, and everything else, we'd still be massively in debt. The only real solution is to increase revenue. Instead, we pretend that the government doesn't need the money and we borrow more from other countries. The middle class is tapped out and losing ground. The wealthy are richer than they have ever been. Where do you think we should get the money from to balance the budget?

 

We even borrow money from China to give to other countries as foreign aid. Crazy stuff.

 

From what I've heard, a huge percentage of our "foreign aid" is in the form of military hardware anyway. It's sort of akin to being the only source of water and giving away free saltine crackers.

 

Beans or bombs...it's all borrowed.

 

True enough, true enough.

 

It's "just a business decision". The markets will resolve it all.

 

These are the people that desperately need two more years of tax breaks. So lets borrow more money from China and make sure we add to the tax money we've already given to them. Oh, and we'll pay the interest on the money we borrow so they don't have to. How many millions a week was that anyway? I would have read the entire article but I just felt sick half way through. Maybe you can make it.

Merry Christmas Wall Street!

Wall Street’s biggest banks, rebounding after a government bailout, are set to complete their best two years in investment banking and trading, buoyed by 2010 results likely to be the second-highest ever.
The five largest U.S. firms by investment-banking and trading revenue -- Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley -- will likely have a better fourth quarter than the previous two periods, driven by equity underwriting and higher volume in stock and bond trading, according to data compiled by Bloomberg. Even if this quarter only matches the third, the banks’ revenue will top that of any year except 2009.
The surge has come after the five banks took a combined $135 billion from the Treasury Department’s Troubled Asset Relief Program and borrowed billions more from the Federal Reserve’s emergency-lending facilities in late 2008 and early 2009 following the collapse of Lehman Brothers Holdings Inc. Since then, the firms have benefited from low interest rates and the Fed’s purchases of fixed-income securities.
“This is a once-in-a-lifetime opportunity for most of these banks, and I think they’ve recognized it as that,” said Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, who has written about Wall Street’s history. “The profits they’re making now will allow them to replenish their capital and take care of the other things they need to do.”
That may include beginning to return more of their profits to shareholders. The Fed issued guidelines last month on how it will decide whether large U.S. banks may increase dividends and buy back shares.
Con’ed…

Wall Street Sees Record Revenue in Recovery From Bailout - Bloomberg

 

Just to expand on my earlier post, we used a media company (4 employees) to shoot our tv commercials, promo videos, etc. Their owner announced he was retiring & closing the business at the end of the year so we stepped in & bought the operation. Now we won't have to outsource media production & can pick up extra business doing similar work for other businesses. if it works out as we expect we'll expand & hire more people. The document scanning group we have created will be picking up work that was previously outsourced (to India, I think) by other local businesses.

 

I read your thingy Mr Moen. Cool.
What amazes me is that all the left is now concerned with borrowing and deficits. Have your values changed, or just your opinions. As long as BO and the Dems were doing it, it was awesome, and the left never had a problem wih it.

Thts my case here. If the R party gets something out of it, it must be stopped, otherwise it is all good and cool to spend us into oblvion.

And I am glad to stil be in Phoenix, it was 80 today, nanner , nanner

 

I would think the right should be applauding here. All these great times with a democrat in the White House. Tough to criticize when the party of the rich doing so well I guess. I'm sure they'll think of something soon though to chastise the "socialist" President with soon. I was wondering though...what's the right gonna run on in 2012? Endorsing Obama's wealthy policies enriching the wealthy, or just the usual God, guns and gays theme?

 

Check out who runs/manages those big banks......nearly across the board they are big ol' libs.

 

Jack, it is way too simplistic to lump the entire Left into the category of being unconcerned with deficits and debt. That is simply another right wing talking point with no validity. Look at recent history. Who was the last administration to balance the budget? Didn't George Bush borrow and spend for 8 years? At least Obama walked into a situation where he was forced to stimulate an economy that was about to collapse. Either party would have had to do the same thing but it makes for good political hay to point the finger in politics.

You have to be able to see the flip side of your own argument here. If Republicans are so against deficits and borrowing, why are they so willing to borrow so many billions of dollars to help out 2% of the population that are doing just fine? You have to ask yourself if their "aversion" to spending only goes as far as the spending that isn't on themselves. The real hypocrisy here is definitely on the Right.

 

And the wealthy simply got wealthier.

What Americans lost in the recession

By Ben Rooney, staff reporter December 14, 2010: 4:52 PM ET




NEW YORK (CNNMoney.com) -- As the U.S. economy slowly recovers from a severe recession, Americans are still skating on thin ice financially, according to a report released Tuesday.
The report, from the Rockefeller Foundation and Yale University, said that 93% of U.S. households suffered at least one "substantial economic shock" in the 18-month period from March 2008 to September 2009.
The shocks included declines in wealth or earnings, as well as increased spending on "nondiscretionary" items such as medical needs or helping family members.
The most common shocks were tied to declines in household wealth, including investment losses and falling home values, which hit more than three-quarters of those surveyed. The study also showed that almost 70% of households suffered shocks related to unexpected medical bills or a drop in earning power.
Nearly one quarter of those surveyed were hit with declines in earnings of at least 25%, according to the study.
"This new report shows the extent to which American families have been rocked by economic shocks whose consequences include not just worry but also real economic hardship," Jacob Hacker, a professor of political science at Yale University who co-wrote the report, said in a statement.
The study, "Standing on Shaky Ground," is based on two surveys conducted in 2009, which focused on four key areas: employment, health care, family and wealth. It comes after the Economic Security Index, which Hacker published in July, rose in 2009 to its highest level in the past 25 years.
Middle-class blues
While economic insecurity has been increasing for years, it's not just low-income households that are struggling, the report showed. More than half of families with incomes between $60,000 and $100,000 that suffered an economic shock during the recession reported being unable to meet at least one basic need, such as paying for food, shelter or medical care.
Overall, households that experienced a "major economic dislocation" were up to four times more likely to have trouble meeting basic needs.
And the recession has left Americans vulnerable to future economic shocks. That's partly because of a loss of some safety nets like personal wealth and the ability to borrow from family and friends, according to the data.
Nearly half of U.S. households could go no more than two months without hardship if their earnings were to stop tomorrow, while one in five would suffer hardship within two weeks. By contrast, about 30% indicated that they could go six months without hardship if their earnings fell off immediately.
While most of the data for the study was collected in 2008 and 2009, Hacker said there has been little improvement since then.
"We've seen very little decline in many of these measures," Hacker said at a press conference in Washington, D.C. "I think we're going to see elevated levels of economic risk for some time to come."

 

Tax cuts for the rich will fix it all. The right wing will get us all through it safely.

 

I find it funny and sad that Republicans are offended that Obama characterizes them as hostage takers. Let's see, "If you do not give wealthy people a lot of money, we will refuse to consider any other legislation". The only thing missing here is a physical ransom note, 98% of the American people bound and gagged in the corner, and a sack with a big dollar sign on it. Maybe extortionists is the term they prefer?

 

Maybe that's why the tan man cries on cue now. His guilt for his party's criminal behavior is overtaking him? Woe. That's ridiculous. Republicans hearts have been turned to stone some time ago. Don't know what I was thinking. Profit and having a heart aren't compatible. Scuse the misstep.
Back on topic. Hey...we should thank the right for them bound and gagging only 98% of the people and not 99.9999%. Let's examine the mentality. The rich are well, rich. They're doing great, They have everything they want because well, THEY'RE RICH! So...they deserve a tax break, they deserve more. The rich need the tax break because they might need or want something. Oh wait...they have everything they need or want already, cause...THEY'RE RICH! Ummmm.We should tiptoe around the rich, give them MORE, and hope they don't get mad and leave the rest of us a little. Don't complain and be thankful they leave us anything at all??? Let's see....if the rich lose these tax cuts, they're STILL RICH! If they are required to comply with the expiration of the original republican plan to have their republican made cuts expire, they're STILL RICH! If an additional tax requirement were placed on them, they would STILL BE RICH!
Yeah I see why holding the majority of America hostage to having MORE for the rich
makes sense. They need MORE!
We're so done as a society.

 

6,600 families in America will receive a total of $25 billion. Who are these 6,600 families? I don't know but I'm guessing two things. They are all Republicans and we are unlikely to see few if any jobs created from the 6,600 families. It's a pure money grab and it is money we the tax payers have to borrow from China and pay the interest on.