Comments on: Will U.S. Taxpayers Need A Bailout?

Declan McCullagh Says Plan To Partially Nationalize U.S. Banks Has Many Potential Perils

[bobnjersey]

[Yea, those evil rich.... Bet you didn''''t know that the top 50% of earners pay just over 97% of the taxes collected and the bottom 50% pays just under 3% of all taxes.... but the "rich" rich are not paying their fair share.]
[Posted by mbourn2 at 02:59 PM : Oct 15, 2008]

there''s a famous quote and it goes like this: ''lies, *** lies, and statistics. usually attributed to mark twain, but it actually was first uttered by someone else.

so ... in the spirit of statitics being used to confuse ... here''s some more:

- Top 5% of population own 59% of the total ''wealth'' in the country

- In other words, the top 5% have more wealth than the combined wealth of other 95% of population

- Top 1% hold half of all the non-home wealth

- Assets are home, checking/savings, cd''s & mutual funds, pensions.

- For average middle class family, these assets represent 84% of their total ''wealth''

- Blacks have about 60% of the income of whites

- Blacks have about 18% of the wealth of whites

[truthspeake2]

unless Obama gets in. If he gets in it is off to Mexico to open the business. Should be 20 jobs for the US but may be 20 for Mexico.


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Posted by robert2237 at 04:18 PM : Oct 15, 2008


LOL...why don''t you go now and avoid the rush!

[kc629]

Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to "spread the wealth around" This one statement should tell people he is looking to take anyone who works for a living money and give it to those who don''''t work, don''''t want to work and think because 200 yrs ago one of their family were slave''''s to some whites that all whites owe them a living. Sorry, my family was not even in this country at that time. And I donot plan on paying your way through life. I am willing to make sure you can get a education, have food to eat and your kids (not you but your kids) have the medicare they need. Now for you get off your but and get to work. I had a business that went under when all was said and done I was in debt over $300K. What did I do found a job no 3 jobs, started paying back the debt and now opening another business unless Obama gets in. If he gets in it is off to Mexico to open the business. Should be 20 jobs for the US but may be 20 for Mexico.


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Posted by robert2237 at 04:18 PM : Oct 15, 2008


somehow i doubt you bring home or ever brought home more than 250.000 judging by the language in your post you are just jealous and probably a racist (judging by the comment you made about slaves, it seems you feel no remorse for the torture blacks had to endure)

[robert2237]

To all you Texans, I think you are the only state in the Union that has a right to withdraw from the Union, if I am not mistaken. I think if I were you guys I would be working on the paperwork to accomplish this. If you don''t then what use to be America will not longer be. You are the only hope we have to keep the light shinning if Obama is elected. Please Please Please do it before Jan. 20, 2009 if Obama gets elected.

[robert2237]

Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to "spread the wealth around" This one statement should tell people he is looking to take anyone who works for a living money and give it to those who don''t work, don''t want to work and think because 200 yrs ago one of their family were slave''s to some whites that all whites owe them a living. Sorry, my family was not even in this country at that time. And I donot plan on paying your way through life. I am willing to make sure you can get a education, have food to eat and your kids (not you but your kids) have the medicare they need. Now for you get off your but and get to work. I had a business that went under when all was said and done I was in debt over $300K. What did I do found a job no 3 jobs, started paying back the debt and now opening another business unless Obama gets in. If he gets in it is off to Mexico to open the business. Should be 20 jobs for the US but may be 20 for Mexico.

[robert2237]

This is just the first step in a complete goverment take over and wealth re-disturbution. And it is playing righ into Obama''s hands. If we are not careful he will appoint himself as ruler for life and far left will be happy until they see they have lost every thing. Anni get you gun we may need it just to protect our freedom. Both parties have a part in this

[brianbwb-2009]

"Do I have that wrong?" Posted by bailmeout1

Actually yes, it goes like this.

Reagan started the "trickle down" process that decimated the numbers the of middle class.

Banks couldn''t make money lending to the rich, there was little interest collected.

The middle class no longer had the numbers to sustain the banks.

Banks began a scheme to steer 60% of eligible borrowers, into ARMs when they qualified for fixed rate, and gave ARMs to the poor, collecting fees per loan.

The banks raised payments by factors of two and three, kicked out the defaulters, then suckered more people in, making money on fees.

Banks bundled bad loans into cdos, bribed ratings agencies into giving them AAA and AA ratings, then sold them to other banks, who did the same thing, all the time collecting fees.

Banks started gambling money they did not have on credit default swaps, until their liabilities far exceeded their cash.

Interbank collateral calls were like a shark feeding frenzy, when the little fish were done they started on each other.

Finally when no bank could trust the other, credit froze.

This had very little to do with Fannie and Freddie.

[deckardbr]

The whole economy/bailout thing is getting dumber by the minute; IF THAT''S POSSIBLE!

[mbourn2]

Yea, those evil rich.... Bet you didn''t know that the top 50% of earners pay just over 97% of the taxes collected and the bottom 50% pays just under 3% of all taxes.... but the "rich" rich are not paying their fair share. Do a google search for Obama and plumber and you will find an interesting little clip of Obama telling a plumber about his tax plan. This the gist of the story... Not that you will see it on CBS.

Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to "spread the wealth around" -- a comment that may only draw fire from riled-up John McCain supporters who have taken to calling Obama a "socialist" at the Republican''s rallies.

Obama made the remark, caught on camera, after fielding some tough questions from the plumber Sunday in Ohio, where the Democratic candidate canvassed neighborhoods and encouraged residents to vote early.

"Your new tax plan is going to tax me more, isn''t it?" the plumber asked, complaining that he was being taxed "more and more for fulfilling the American dream."

"It''s not that I want to punish your success. I just want to make sure that everybody who is behind you, that they''ve got a chance for success too," Obama responded. "My attitude is that if the economy''s good for folks from the bottom up, it''s gonna be good for everybody ... I think when you spread the wealth around, it''s good for everybody."

[sepa2]

"But in the real world of Washington politics, what may work in theory may not work nearly as well in reality."
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All these "experts" dealing with finances are non productive workers unless they provide a good fiscal policy for advancement of technology and production which give real value to the economy. Judging by the shortterm and non-productive investment they have been promoting (to gain quick returns) they were not doing their job

[Redoubt]

The elected officials dont care about the little people anyway. All they care about is how much money they can make, and how many people they have to kiss butt for to get more money....

Posted by holly1daze
...

Exactly

[holly1daze]

I agree with get rid of Congress, all of states have a government office to run them...The elected officials dont care about the little people anyway. All they care about is how much money they can make, and how many people they have to kiss butt for to get more money....

[Redoubt]

@IOWEIGN-

Both the left and the right, Dems and Reps supported NAFTA. In truth, it was Bush the First who began the process.

We are already polarized, a house divided as it were. Do we really need to drive the wedge any deeper?

Neither paty is working FOR the people. They are bought and owned by special interests.

The red vs. blue game is old and stale and... dang it, really tastes bad right now. $700 billion in US dollars bad as a matter of fact... billions that both presidential candidates voted for. Billions that both parties demanded on spending against OUR wishes.

Get wise...

[ioweign]

Bill Clinton got NAFTA signed, which in turned shipped our jobs overseas and to Mexico. The top worst cities in the US have been governed by Demorcrats over the last 40 years. The Senate and House went to Demorcratic rule 2 years ago and look what shape the country is in. And all you people blame BUSH! If OBama is elected president, hang onto your wallets!

Posted by hunterdon6 at 01:59 PM : Oct 15, 2008

I have been trying to hang on to my wallet since 2001 when Boosh was elected and he got his "tax cuts" for the upper crust...

[ioweign]

Remember, it is Congress that makes the laws and spends our money -not the President.

He has to work with what''''s handed to him

Posted by lwc777 at 01:34 PM : Oct 15, 2008

Remember that it is the President that vetoes bills and creates the Federal Budget...

[Redoubt]

here''s a bet for anyone brave enough to take it...

The wager is that the US Government will NOT come to the aid of the People, in the way it bailed out the Wall Street bankers.

Here''s betting that millions of Americans will see their electricity disconnected, cars reposessed, jobs lost and families go hungry before Congress votes a single dollar directly to them.

Care to take that up? You can reach me at: [e-mail]

best of luck.

[bobnjersey]

[The Senate and House went to Demorcratic rule 2 years ago and look what shape the country is in. And all you people blame BUSH! If OBama is elected president, hang onto your wallets!]
[Posted by hunterdon6 at 01:59 PM : Oct 15, 2008]

bush is a fool ... and he deserves much of the credit/blame.

so ... where have all the republicans gone since 2006 ... the congress is 100% democrat? do you have any idea how the legislative process works ... or are you just repeating what you were told to say/think?

[bobnjersey]

[President Bush says the move to partially nationalize large U.S. banks, including Bank of America and Wells Fargo, is necessary to "preserve" the free market. ]

this is interesting logic ... to ''preserve'' the free market ... the govt needs to take them over.

well ... since all these banks are part of the fed govt now ... lets modify some of the ridiculous late fee, credit limit, and ''credit to anyone'' policies these banks use.

[hunterdon6]

Bill Clinton got NAFTA signed, which in turned shipped our jobs overseas and to Mexico. The top worst cities in the US have been governed by Demorcrats over the last 40 years. The Senate and House went to Demorcratic rule 2 years ago and look what shape the country is in. And all you people blame BUSH! If OBama is elected president, hang onto your wallets!

[gop_will_win]

As a conservative republican and Bush loyalist, I am completely against bailing out the general public. Who do they think they are, corporations?