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February 26, 2008 – Comments (2)

Residential  Foreclosures  Skyrocketing.      State Sales Tax Revenues Falling.       Announced Job Cuts Rising.       Dollar at Record Lows.      Mortgage Rates Rising.        ABX index crashing.  Corporate Bond Spreads widening.       Oil prices at records highs.      Consumer Confidence at multi year lows.      Inflation at 25 year highs.      Commercial Real Estate values crashing.     FDIC preparing for many more bank failures.      Bad Debt writeoffs skyrocketing.        Retail Sales decreasing.        Auto Sales decreasing.        Restaurant Sales Decreasing.       Credit Card defaults rising.     Home Sales decreasing.   Bank Profits Imploding.    Federal Deficit Exploding.   Municipalities paying double digit interest rates.      Municipalities slashing budgets.      Technology revenues slowing in January.   

 

We are getting a $600 dollar check this Summer................oh.

2 Comments – Post Your Own

#1) On February 26, 2008 at 7:36 PM, ATWDLimited (< 20) wrote:

LOL man, this is a bs solution, cut taxes, slash the government, cut regulations, and encourage the economy by being smart no t retarded and just saying borrow money when there is a problem, just like the rest of America dose.

Here is my early post on the matter:

 House and senate bill for 170 billion dollars of tax rebates is a total failure. America is overloaded with debt, 9.2 trillion dollars in just the government and a soft retarded service sector economy instead of actual production of goods and a disintegrating infrastructure. Clearly the need arises to solve these problems. The answer I am sad to say is not more of the same borrow, tax and spend while enlarging government taxing more and inflation of the dollar. The real problem lies in the fact that the US abandoned its strength of industry and is now left with a hollow shell of what it once was. Manufacturing pays more, builds infrastructure, creates jobs, brings innovation and keeps America ahead of the rest of the world. Because the US does not protect its industry, american wages are stagnating and people are borrowing money to maintain the high standard of living. The reasons for this include too much taxing, too much government spending, too much regulation and last but not least, some type of tariff. All Great nations used the tariff to grow, for example Great Britain in the 1700s, The US in 1800s, Germany in the 1900s, Japan in the 1970s and now China in the 21st century. Britain removed tariffs and its industry collapsed and it became dependent on Germany and america by WWI and America in WWII. America is de-industrializing just as BRitain did and is yielding to China.

The damage has been done, rate cuts, or rebates or even lower taxes will not solve the problem in the long run. This is how absurd the plan is. US borrows money from China in the from of T-Bills to rebate money to citizens. The government increase debt and China gets about 3% interest. Than people, if they buy goods go into Wall-Mart or wherever and buy cheap goods, be it electronics, furniture, appliances, toys or most things even. So Companies take half the tax dollars, the government recollects 35% and than about 20%-25% of the money goes to China to pay for the goods or build new cheap factories or transfer Us jobs overseas. Now what a good deal for China, more exports, more jobs, a nice return on their investment and a larger leverage on the US government, economy, the dollar and all the US citizens and the our military.

I ask you fellow Americans to stand up to the one worlders, the taxers, the corporations, the idiots in office and the like to solve the problem for good. Cut government by half, eliminate social programs eliminate income taxes. Establish a 15% protective tariff and create a 4% corporation revenue tax which would net money from US companies and foreign companies who have operations in the US who skew the books to pay virtually no money. I ask also that we ban states from leasing roads and ports, America is not for sale to the world. And finally a tax on the original materials used to produce, a production tax. For example if a company buys logs for paper, we tax the sale at 10%, than the increased price is passed down to the paper manufacture, who in turn passes it to the company that cuts it into smaller sheets and by the time it reaches the consumer the tax will be built into the price and only a small portion of the price.

In conclusion, America has along journey ahead, perhaps a bumpy one, but one which we can solve just as other challenges have. We the American people must rise tot he occasion and demonstrate our ability to be innovative spirit, for that is the strength American dream.

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#2) On February 27, 2008 at 12:19 AM, EScroogeJr (< 20) wrote:

I agree wholeheartedly. Social programs have become too wasteful and should be cut. I can even suggest which ones should go first. The fist social program we should eliminate is Bush's tax cuts for billinnairs, the second is mortgage interest deductions for homeowners, and the third one is the war in Irak.

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