"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
Last edited by zimmer; 10-18-10 at 06:24 AM.
I AM DEPLORABLE.
NEVER CRIMINAL HILLARY (S-NY)
Is that so? Remember this?I was addressing Wall Street as they have the most effect on the economy.
Now follow along here....If taxes on the top say 10% of income earners are what you say drives the economy in this country, and you want to raise their rates, heck I've seen credible liberals say to 90% or higher, then how is it that 47% of people not paying anything is acceptable to you? Shouldn't everyone pay?WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.
About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
Nearly half of US households escape fed income tax - Yahoo! Finance
First you have to understand what you are talking about. That highly leveraged paper as you call it, was in response to liberals putting the CRA on steroids then threatening regulators in congress for ringing the warning bell about Fannie, and Freddie. Remember this?Highly leveraged paper with dubious worth.
Now you can argue that it is all the banks fault, and I would say that an era of abandon did rule in the 90s and early to mid 2000s, but it wasn't without politicians, mostly liberal, egging them on so that they could have their vision of everyone owning a house, forget that they couldn't afford the house they wanted. Now you want to turn and blame the banks for developing a way to hedge their losses that they knew was going to be a result of this unbridled buying? That is really jaw dropping.
Look, you probably don't even realize that it is your money, and my money through savings that makes up the lion share of the capital needed for banks to make loans. That worthless paper as you put it allows banks to lend the money needed to buy things. But you seem to just want big daddy government to take care of everyone. Tell me, where will the government get the money as the rich flee?
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.