Bailout Blues
I have been pissed about this so-called bailout since last week. Immoral, illegal, stupid! Just imagine if Obama does get in and starts to raise taxes - that is going
to deepen the recession or possibly trigger a depression.
I go back to the Great Depression to understand this - in 1930 Hoover and congress raised tariffs on imported goods and then in 1932 raised taxes on the top wage earners - both of these actions deepened the recession and triggered the fall into the great depression. Now I know that many people continue to look at his policies and say "yeah that's right the top wage earners need to pay more in taxes" but these are the people who invest in the economy and help to create jobs.
If you raise the capital gains taxes - who is going to invest in the market - if you raise the top tax rate which small business owner (they file as individuals) is going to be able to hire more employees or even keep the ones they have right now?
And with the credit crisis we are in right now - no matter what the federal government does - credit is going to be tough to get because lenders are going to be more wary of lending money to people or businesses that may be at higher risks. The only way to get out of this is to insure the companies that buy up the bad paper - not have the government buy it all up.
Look - the other thing that many don't get right now is that once these companies get rid of the bad paper then those losses come off of their books - they won't show a profit this year but next year they will and that could trigger these large bonuses for these fat-cats - that is something that nobody wants to happen but if the bailout goes through it will. The government shouldn't let these companies off the hook and that is what is going to happen if they just give this money away. End of my soapbox for today!
I go back to the Great Depression to understand this - in 1930 Hoover and congress raised tariffs on imported goods and then in 1932 raised taxes on the top wage earners - both of these actions deepened the recession and triggered the fall into the great depression. Now I know that many people continue to look at his policies and say "yeah that's right the top wage earners need to pay more in taxes" but these are the people who invest in the economy and help to create jobs.
If you raise the capital gains taxes - who is going to invest in the market - if you raise the top tax rate which small business owner (they file as individuals) is going to be able to hire more employees or even keep the ones they have right now?
And with the credit crisis we are in right now - no matter what the federal government does - credit is going to be tough to get because lenders are going to be more wary of lending money to people or businesses that may be at higher risks. The only way to get out of this is to insure the companies that buy up the bad paper - not have the government buy it all up.
Look - the other thing that many don't get right now is that once these companies get rid of the bad paper then those losses come off of their books - they won't show a profit this year but next year they will and that could trigger these large bonuses for these fat-cats - that is something that nobody wants to happen but if the bailout goes through it will. The government shouldn't let these companies off the hook and that is what is going to happen if they just give this money away. End of my soapbox for today!
Advertisement
I go back to the Great Depression to understand this - in 1930 Hoover and congress raised tariffs on imported goods and then in 1932 raised taxes on the top wage earners - both of these actions deepened the recession and triggered the fall into the great depression. Now I know that many people continue to look at his policies and say "yeah that's right the top wage earners need to pay more in taxes" but these are the people who invest in the economy and help to create jobs.
____
1. That is the Republican line -- and it is utter horseshit refuted ever time it has been tried.
2. Paul Krugman says the opposite. I'll go with him in view of the fact that he's been consistently correct throughout the past 8 years.
And it doesn't surprise that you and "newblood"" would be working in tandem -- and anonymity -- pushing the Republican's reactionary lines on both terrorist economics -- class warfare by the ultrawealthy -- and fake-Christian terrorism.
October 23, 2008 4:48 AM | Reply | Permalink
The baliout is "illegal"? According to whom -- you, a defender the discredited Republican economic line about how the welthy, when given taxx cuts, "create jobs," without including the caveat, "any year now"?
Of course you have to say that -- you don't dare call it "socialism" in view of the fact it was proposed by your Republican extremist hero Bushit criminal enterprise.
October 23, 2008 4:50 AM | Reply | Permalink
If you raise the capital gains taxes - who is going to invest in the market -
_____
Those who invest in it now, ass.
_____
if you raise the top tax rate which small business owner (they file as individuals) is going to be able to hire more employees or even keep the ones they have right now
_____
97 per cent of small business earn UNDER $250,000, so are not IN the "top tax rate".
Take your crap back to the "Elect McCain" campaign blogs. And take fellow racist propagandist "newblood" with you.
October 23, 2008 4:53 AM | Reply | Permalink