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Thread: Hoyer: Permanent middle class tax cuts too costly

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Quote Originally Posted by scottsoperson View Post
    govt did get out of the way which resulted in the financial meltdown.
    That's a big, not.

    It was government involvement that caused the meltdown. Ever heard of Fannie and Freddie? This meltdown had more to do with government involvement than anything else.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Hoyer: Permanent middle class tax cuts too costly

    how many of the subprime loans came from fannie and freddie? how many of the credit default swaps came from fannie and freddie?

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Quote Originally Posted by scottsoperson View Post
    obama has signed two tax cuts so far.

    the corporate media does not focus on that.
    oh yeah, he gave the working man an extra 13 bucks a week, all the while ****ing the working man's employers out of hundreds a week, making it harder for the employer to keep the working man, working. How is that a good thing again?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Except that it doesn't. Banks and insurance companies are regulated; the credit swaps market is not. As a result, contracts can be traded — or swapped — from investor to investor without anyone overseeing the trades to ensure the buyer has the resources to cover the losses if the security defaults. The instruments can be bought and sold from both ends — the insured and the insurer.

    All of this makes it tough for banks to value the insurance contracts and the securities on their books. And it comes at a time when banks are already reeling from write-downs on mortgage-related securities. "These are the same institutions that themselves have either directly or through subsidiaries invested in the subprime market," said Andrea Pincus, partner at Reed Smith LLP. "They're suffering losses all over the place," and now they face potentially more losses from the CDS market.

    Indeed, commercial banks are among the most active in this market, with the top 25 banks holding more than $13 trillion in credit default swaps — where they acted as either the insured or insurer — at the end of the third quarter of 2007, according to the Comptroller of the Currency, a federal banking regulator. JP Morgan Chase, Citibank, Bank of America and Wachovia were ranked among the top four most active, it said.



    Read more: Credit Default Swaps: The Next Crisis? - TIME

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Quote Originally Posted by scottsoperson View Post
    how many of the subprime loans came from fannie and freddie? how many of the credit default swaps came from fannie and freddie?
    Half, or better belong to Freddie and Fannie. Who was calling the shots at Fannie and Freddie when the economy took a ****?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Hoyer: Permanent middle class tax cuts too costly

    obama raised taxes?

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    Re: Hoyer: Permanent middle class tax cuts too costly

    half or better? says foxpropaganda?

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Quote Originally Posted by scottsoperson View Post
    Except that it doesn't. Banks and insurance companies are regulated; the credit swaps market is not. As a result, contracts can be traded — or swapped — from investor to investor without anyone overseeing the trades to ensure the buyer has the resources to cover the losses if the security defaults. The instruments can be bought and sold from both ends — the insured and the insurer.

    All of this makes it tough for banks to value the insurance contracts and the securities on their books. And it comes at a time when banks are already reeling from write-downs on mortgage-related securities. "These are the same institutions that themselves have either directly or through subsidiaries invested in the subprime market," said Andrea Pincus, partner at Reed Smith LLP. "They're suffering losses all over the place," and now they face potentially more losses from the CDS market.

    Indeed, commercial banks are among the most active in this market, with the top 25 banks holding more than $13 trillion in credit default swaps — where they acted as either the insured or insurer — at the end of the third quarter of 2007, according to the Comptroller of the Currency, a federal banking regulator. JP Morgan Chase, Citibank, Bank of America and Wachovia were ranked among the top four most active, it said.



    Read more: Credit Default Swaps: The Next Crisis? - TIME
    Yeah, whatever, but here's the reality:

    People and companies pay taxes this year on last year's earnings. If they don't have the money this year to pay last year's taxes, then the taxes may not get paid. Are you getting it, or is this too big for you to understand? See the importance of companies making money every year?

    This year's income needs to be good, too, so that that company can pay last year's taxes? Are ya gittin' it yet?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Hoyer: Permanent middle class tax cuts too costly

    fannie and freddie were late to the subprime game.

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    Re: Hoyer: Permanent middle class tax cuts too costly

    the rich pay a 27% federal tax rate after deductions. is that too much?

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