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Posts Tagged ‘tax increase’

There is an old joke that if you asked Congress to design a mouse, you would get an elephant. But that pales in comparison to what would happen if you asked Obama to slim down the budget:

http://cuteoverload.com/2009/04/17/i-shall-call-him-mini-blorp/#comment-326966

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wow!!
Obama will give up to $8,000 or less if you trade in a car 8 years old for better mileage new cars.

Of course, this is regressive because Acorn members don’t buy new cars, and the price of junks will go up because my kids will go buy $300 junks and trade them in for $8,000, but, hey, its for the economy.

And you cannot raise taxes unless you give money away on brainless schemes.

Any time the government intervenes in the economy to “make life better” or to stimulate an industry, the government always does more harm than good.

Still I will trade in my 19 year old perfect condition car for a brand new one because after the $8,000 Obama is offering today I can get a brand new car for $11,000 to $12,000

Gee? Is that too good to be true?

Do you think GM and F will raise prices on new cars and eliminate anll the cash back incentives so that a Taurus that I could have gotten yesterday for

MSRP            $22,500
Cash back         2,500
trade in          3,500
Negotiation/      2,000

March 22, 2009   14,500
After Cash for Clunkers
MSRP             $24,500
clunker            8,000

April 1, 2009     16,500

So I will pay $2,000 more for the car plus $6,000 more in taxes
My taxes will go up to pay the $6,000 to Ford

Way to go, food stamp baby President.

Change you can believe in.

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To see the graphical representation of this prediction, click on http://bigcharts.marketwatch.com/

 select:  advanced charts with  nasdaq as symbol

 10 years with frequency monthly

charts style candlestick

 Notice that in Oct Nov Dec of 2001 there was a 700 point, 51 percent  percent rally from the December 2001 low of 1387 up to  almost 2100.

That was a much larger rally than the current fools’ rally which is only 21 percent so far.

BUT the 2001 fools’ rally was followed by a 52 percent, 990 point drop down to 1108 on the Nasdaq index.

 The March 2009 low was 1265, and today the Nasdaq index is 1453.

 

My thesis is that this is a long term bear market. If I am correct than the current rally must drop down to the December 2001 low of 1450 and test that low before the Nasdaq market can  stay higher.

 

Most likely we will fail that test and drop to 1,000 or lower on the Nasdaq.

Personally, my family is 100 percent in insured bank deposits and short term treasuries. Munis are too risky right now.

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Obama’s approach to “saving” the economy is pure Leninist Communism

The facts are that the “working class” in the US is really two classes:

First Class are the Democrats who both as individuals and legislators spend more than they earn and are deeply in debt

Second class are the Republicans who as individuals and legislators save by spending less than they earn

Inflation rewards the Democrats/debtors and punishes the Republicans /savers by stealing the value of our savings and paying us nothing on our savings and then raising taxes on our investment income

Inflation is a regressive tax that steals from savers and rewards debtors

And that destroys every economy

Inflation cause wars and revolutions and one term Presidencies.

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Obama’s policies punish savings more than any President in history. Under “Change you can believe in” short term investments earn only 0.25 percent. That is less than the postage to send a check to the bank, and postage is going up while interest rates go down, and less than the gas money to drive to the bank.

CD rates for a year and longer only earn around 2 percent. Our savings cannot keep pace with inflation. China, France and Russia all want to dump the dollar because of the inflation Obama will cause, yet our savings earn nothing compared to inflation.

Under Obama, every dollar saved will become 90 cents, then 80 cents, then toilet paper.

So why save?

Exactly how is Obama moving us to save?

We lost more than half our savings in the stock market. Yes, there is a rally this month, but who can trust it to continue when businesses are closing down in every town at the same time that more jobs are moving to Communist China.

Perhaps Communism works better than Barackism Socialism? Communist China is not going bankrupt, but America is.

And to cap it off, Obama wants to raise taxes on any profits we might ever make in the stock market?

And Obama wants to raise taxes on interest and dividend income.

Exactly how is Obama moving us from borrow and spend to save and invest?

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After all the clownshows in Congress, we have now learned that approval for the AIG bonuses were in fact added to the Obama Stimulus Package by Obama Staff Geithner.

To this distracting provocation, add Obama’s punch drunk performance on 60 Minutes, Obama’s insult to Special Olympics and laughter about the economic disaster on Jay Leno, and the Democratic Party financed and organized phony street demonstrations outside AIG headquarters.

The total money for AIG bonuses is too small to calculate. AIG is a meaningless circus. The bonuses are totally unimportant. But like a magic show, this irrelevant controversy is being used to distract us from the real action, the real mischief being done behind our backs while we look in the wrong direction.

The sum total is a giant clownshow of distractions, a SMOKESCREENto distract us from Rahm Emanuel and David Axelrod strong arming Congress to pass (A) the most Titanic socialist budget in all history and (B) the provision to let Obama’s Treasury Dept. take over companies that are not covered by FDIC Insurance.

Together, these tactics make Adolp Hitler’s Brown Shirts and George Orwell look like amateurs.

The Progressive Liberal Extreme Left and Obama are masterminding the biggest takeover of government powers and procedures ever imagined.

After Obamaniac’s $10 trillion of deficits destroys both our currency and our economy, the only “Crisis too good to not be usedabused” of worthless dollar in international trade, Obama and Soros will unite for One World Order, a single government and a single currency.

Then the UN will get its power to tax the entire world one percent (TO START ? ? ?)

Change You Can Believe In.

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Is the term “Global Warming” or “US Warming?” Obama’s new carbon tax is only on US employers. China and India, etc., get to keep on polluting, while Obama makes US companies pay a carbon tax.

So US businesses now have to pay yet another tax that their foreign competitiors do not, futher pricing American goods out of the world markets.

For Acorn members, let me explain that. The more anything Made In America costs, the less people buy it. People will buy the cheaper stuff made in China where there is no carbon tax.

This means less jobs in America.

It also means MORE GLOBAL WARMING because everything will be made in nations that have no pollution controls.

So why doesn’t Obama have a global tax on carbon dioxide?

Good work, food stamp president!

You found another way to reduce jobs in America and turn our recession into a full blown depression.

Change You Can Believe In.

Go Obama Go!

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Nobody in their right mind should buy a house today. If you have to relocate, you should rent, not buy. Home prices just keep dropping as Obama gives confidence to nobody.

Sales of existing homes unexpectedly plunged in January to the lowest level in nearly 12 years as pessimism about the economy grew. sales nationwide fell 7.6 percent from a year earlier. The median sales price in January plunged to $170,300, down 14.8 percent from $199,800 a year earlier and from $175,700 in December. It was the lowest price since March 2003 .

Historically, real estate corrections take prices back ten years, and so far prices are only back six years, to 2003 levels.

So it is too early to buy based on past cycles.

But this is worse than past cycles because the government is meddling with the free market, thereby artificially prolonging and deeping the decline.

If the government stopped bailing out deadbeats, the market might stabilize within a year at perhaps 15 percent lower prices.

But with the Food Stamp President keeping the free market from working, the decline will last longer.

Obama must shut down Fannie Mae and Ginne Mae and ban the sale of securitized mortgage backed securities.

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  • These comments from a previous post are worth a separate post. I wrote that I do not want a President who was raised on Food Stamps to take my hard earned money away from me to pay off the mortgages of some deadbeats.
  •  
  • Somebody commented: “The fact that you refer to those who are struggling as “deadbeats” is plainly ridiculous. It proves to me that this American style of free market capitalism has destroyed the World, whilst simultaneously injecting a sense of “I’m better than you because I have more money”.
    Consumerism has created such deep resentment for those who struggle to survive.”
  • Commies always miss the point. I replied: “I am better than you” because I went to school instead of dropping out, always worked, always saved, never was dumb enough to have credit card balances, ate macaroni at home instead of salmon in restaurants, bought my clothing at Sears instead of Macy’s, and SAVED instead of squandered. We once went without a TV when our old one broke and we had to eat hotdogs, spaghetti and eggs until we had the money for a new TV

  • I did not buy a house until I saved up twenty percent down payment, never bought a new car, always bought three year old used cars, but not until my old car could no longer be repaired. I was never dumb enough to lease a car, or buy anything on credit cards unless I knew I could pay off the full balance at the end of the month.

    I made most of my cars last until they were 12 to 15 years old before I replaced them with another three year old used car. My current car is an eleven year old made-in-America Ford. I will never ever never buy a car made outside America. I have no debt because I managed my money.

  • 99.9 percent of people who bought their homes with twenty percent down have no problems.

    After all my hard work and sacrifice, I am not going to give my savings to a President who grew up on food stamps and free schools so he can give free homes to scumbags.

  • Some readers say they would not live my way, that life is too short. Duh! I am not being evicted! I paid off my mortgage early so if I lose my job I can go many years with no problems. And nobody is going to demean my sacrifices and hard work by taking my money to pay off some high living, high spending deadbeats mortgage.

    I am better than you, deadbeat!

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    On TV today our food stamp President said that he could reduce the deficit because there is plenty of room to increase taxes on business.

    WRONG!! America has the HIGHEST TAX on businesses of any industrialized nation, which is one of the many government-caused reasons why American companies cannot compete abroad.

    And Brainless Barry wants to increase our taxes on businesses?

    Barry, reduce the deficit by canceling your brainless stimulus package, and reduce taxes on businesses.

    Businesses are the only entities that create private sector jobs!

    Brainless Barry please focus on this:

    Business = private sector

    Duh!

    Taxing something means you get less of it. How can we get more private sector jobs by increasing taxes on private sector so there is less private sector?

    And that is why investors call him “Brainless Barry!”

    And that is why the stock market has gone down every month since the national polls showed that Obama was our next president.

    Don’t believe me? Go to www.bigcharts.com click on the DJIA chart so it turns into a 12 month chart and look at May 2007 and observe the decline since then.

    That will be called forever in our nation’s history, or at least for the next hundred and more years: “The Obama Stock Market.”

    Then click on the arrow on top to change the time frame to one decade and notice that the Bush stock market went from 10,500 to 14,000.

    Then when the polls showed that our next President’s sole economic experience was  how to live an entire life paid by the taxpayers, the market got cut in half.

    I cannot wait to hear the liberal progressive communists, with falsehoods and convoluted phraseology, attempt to refute these facts.

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