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Thread: Obama: No Deal Without Tax Hikes

  1. #2001
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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by teamosil View Post

    The stock market, for example, is up 80% since he took office. 80 freaking percent. It was actually DOWN over Bush's ENTIRE TERM...
    If I'm not mistaken, Bush and Hoover are the only presidents in U.S. history to leave office with the stock market lower than it was when they started.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by teamosil View Post
    It isn't like the president has a switch on his desk that he can flip to "make jobs" and boom, the entire economy immediately reverses direction you realize. It's a long, slow process. First you stop the bleeding. That takes something like 12-24 months. Then you can start to heal the damage done. That takes a heck of a long time when the damage is that extensive.
    As I've said before, Corporate America lost billions over the course of a year, some in a mere 24-48 hours! What we're seeing take place right now in the world of finance is investment banks/investment groups/wealthy individuals are recouping their loses. Banks, hedge fund managers, etc., are building up liquidity while individuals or rebuilding their financial portfolios. Businesses are "retooling" upgrading equipment, etc., etc. And if you take a look at Recovery.org, you'll find that many states are preparing to start putting people back to work. Raising the debt limit and cutting spending (including eliminating some big multi-million dollar tax loopholes) will go a long way towards building confidence within the financial system. If Congress does their part, the economy will start to pickup.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Conservative View Post
    Here we go again, different thread same misinformation. Jobs have been created and should have been created by spending over a trillion dollars. BLS shows the net affect is a job loss. there were 142.2 million people employed when Obama took office and there are 139.3 million now. Where are those jobs?

    When Obama took office there were 12.6 million unemployed and now there are 15.1 million, so where are the jobs?

    BLS.gov
    It doesn't seem like you're responding to what I said. Yeah- we continued to lose jobs for sure. The economy doesn't switch from steadily collapsing to strong growth overnight. That takes a long time and a lot of work just to stop the collapse, then it takes a long time after that to build things back up to where they were before the collapse. So, yeah, of course we still have more people unemployed now than before the collapse... Look at the graph. We won't be right-side up again until there is as much bar above that line as there is below. That's still at least 18 months out at the absolute best.

    I don't think you appreciate the devestation Bush wrought on the US economy. It was the largest recession since the great depression. The great depression took a decade to fix.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Conservative View Post
    When Obama took office there were 12.6 million unemployed and now there are 15.1 million, so where are the jobs?
    See my last post above...

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Objective Voice View Post
    As I've said before, Corporate America lost billions over the course of a year, some in a mere 24-48 hours! What we're seeing take place right now in the world of finance is investment banks/investment groups/wealthy individuals are recouping their loses. Banks, hedge fund managers, etc., are building up liquidity while individuals or rebuilding their financial portfolios. Businesses are "retooling" upgrading equipment, etc., etc. And if you take a look at Recovery.org, you'll find that many states are preparing to start putting people back to work. Raising the debt limit and cutting spending (including eliminating some big multi-million dollar tax loopholes) will go a long way towards building confidence within the financial system. If Congress does their part, the economy will start to pickup.
    In addition because of very low interest rates banks without toxic mortgages are making big bucks because they are able to get money at low rates or almost zero rates and lend it at a good profit.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Objective Voice View Post
    See my last post above...
    I did read it and agree with much of it. Did you read what Democrat Steve Wynn posted today?

    Wynn CEO Goes On Epic Anti-Obama Rant On Company Conference Call

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Conservative View Post

    Jobs have been created and should have been created by spending over a trillion dollars.
    According to you, 3.5 million jobs were saved/created as a result of the stimulus plan...

    "Don't you just love the Obama results? 15 million unemployed, 3.5 trillion added to the debt, 821 billion stimulus program that created or "saved" jobs that cost the taxpayer $228,000 each. Those are the results "your" President generated and why he got shellacked in 2010." ~ Conservative

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Conservative View Post
    In addition because of very low interest rates banks without toxic mortgages are making big bucks because they are able to get money at low rates or almost zero rates and lend it at a good profit.
    It's not just banks that didn't have toxic assets. Some of those banks who the Treasury took their toxic assets off their balance sheets are making money, too. But yes, as long as interest rates remain low, banks and other financial institutions including the Treasury will slowly but surely begin to dig their way out of this economic mess. Still, we have to be careful not to just rely on low interest rates alone especially in the bond market. Eventually, those bonds will mature and folks will insist on getting paid. And then what?

    Remember: T-Bills are making up the difference between low income tax revenues and the debt. Too many bonds out there without tax revenue and you creat another debt crisis.
    Last edited by Objective Voice; 07-19-11 at 05:54 PM.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by Objective Voice View Post
    And the primary driver behind that initiative was?
    The Fed control of the money supply and pumping billions into the economy.

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    Re: Obama: No Deal Without Tax Hikes

    Quote Originally Posted by teamosil View Post
    It amounts to intentionally destabilizing the economy
    i wouldn't go that far

    California budget: Democrats pass austerity budget - Los Angeles Times

    Cuomo budget: $10 billion deficit cut, no new taxes, layoffs likely

    Jerry Brown Budget Cuts | California budget: Gov. Jerry Brown approves cuts to services for poor, sick and elderly - Los Angeles Times

    MA House votes to restrict unions - Boston.com

    New Jersey Assembly Passes Bill That Requires Public Workers' Unions To Pay More For Benefits - WPIX

    Emanuel Unveils Major Budget Cut On First Full Day CBS Chicago

    Governor Pat Quinn signs Illinois education reform bill into law, new rules effect school days, teacher strikes, tenure | abc7chicago.com

    Detroit Moves Against Unions - WSJ.com

    Union Deal Defeated; Gov. Malloy Pledges To Cut State Workers - CTnow

    Rahm Emanuel sends layoff notices to city workers in union showdown - Chicago Sun-Times

    But, the bigger issue is all the actual deals that they turned down
    every hour that goes by the CUTS get bigger by trillions

    all sides

    the gang of six is suddenly bragging this morning about 3.75T of cuts that weren't there YESTERDAY

    boehner's ccp GREW over the weekend from dollar for dollar (2.4T in cuts in return for a 2.4 lift) suddenly to 5.8T in cuts for the same 2.4 of credit card

    CUTS are de rigueur, from albany to sacto, chicago and madison in between

    and the RAGE is only growing

    patience, peeps

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