While it didn’t come too soon, President Elect Barack Obama has finally called upon Illinois governor Rod Blagojevich to resign. Today when questioned about it in his press conference Obama could not repress a smug, satisfied smile when he replied that his staff had prepared a response but Barack could not release it for at least a week because the FBI and prosecutors asked him not to. I could not understand why Obama was smiling and happy at the plight of a fellow Democrat from his own political base camp of Chicago until I read Frank Lynch’s analysis at http://franklynchusa.wordpress.com What a great analysis! Be sure to read it.
Tag Archives: mortgages
Obama was on TV today Oct. 13, 2008 saying he wants us to take $10,000 out of our 401(k) and tax deferred retirement savings tax free to help stimulate the economy.
Simultaneously, he wants stimulus to credit card, car loan and business loan companies to lend us more money.
Duh! Isn’t too much debt and lack of savings what got us into this mess?
Barry, the reason there are tax penalties on early withdrawals from 401(k) and other retirement plans are twofold:
(1) We are supposed to accumulate our savings long term so the money is there when we retire.The tax penalty on early withdrawal is to prevent people from doing stupid things like stealing from their retirement for current pleasures. There is a concept called Deferred Gratification, but Barry wouldn’t know about it because his entire life has consisted of charities and taxpayers fulfilling his every need everey day of his life. Barry took a four month trip around the world after his sophomore year in college without ever having worked a day in his life. Barry went to Indonesia, Pakistan and Africa with his Two Pakistani Muslim friends who today control his Presidential campaign finance. Where did the money come from for his “Round the Muslim World” sophmore trip, and where does the money actually come from for his current campaign?
(2) All retirement accounts are rstricted to investments which help build the economy. Retirement accounts are either banking deposits, stocks and other instruments which supply capital to build the capitalistic economy. In case you have not noticed Barry, the government is taking a trillion dollars of taxpayer money to increase the capitalization of the same companies that will lose capital when people withdraw $10,000 from their retirement accounts.
So with one hand Barry will take money out of retirement capital investments, while the other hand uses tax payer dollars to inject capital into the companies from which the withdrawals come/
This is economic insanity. But if Barry has never been part of the economy, how can we expect him to know anything? I gues I am unfair to Barry for exposing his insane ignorance of the economy. More here
Yes, there was a credit crisis (which is separate from the stock market), but government announced effective plans to fix it. So why did the stock market crash afterwards?
There are four big reasons why smart investors are causing a stock bear market crash by dumping all their US stocks before Obama becomes President:
1. If by some chance, despite all the burdens listed below that Barry will place on companies, if you still manage to sell a stock for a profit, Barry will double the tax you pay on capital gains.
Therefore, smart investors who had any profits on stocks sold their stocks as soon as the polls turned in Barry’s favor, preferring to pay a smaller current capital gains tax today instead of Barry’s higher tax tomorrow. Even Kelsey Grammer, Frasier, was on TV saying he sold all his stocks as soon as the polls turned in favor of Obama. Don’t believe me? Look at the polling history. The week that McCain’s post-convention lead evaporated and Obama took the lead, the market crash began.
2. Obama made a deal with labor unions to eliminate secret ballots when voting on whether or not to unionize. Also Barry will make the Union Steward the guy who walks up to you and collects your vote in front of him, so they can destroy your car in the parking lots if you vote against the union. This means all businesses will become unionized, further driving up costs, so you will pay a higher price for everything, yes EVERYTHING, and making it even harder for US companies to compete abroad. SO IMPORTS WILL INCREASE, AND EXPORTS AND JOBS WILL GO DOWN.
3. Obama is going to increase income and other taxes on business and eliminate all the loopholes, increasing companies’ costs and further decreasing companies’ ability to compete abroad.
4. Health care. Obama wants all health coverage to equal the health care that Congress has. Barry is such a stupid doofus that he does not realize that the insurance companies give Congress excellent coverage for very low premiums AS A BRIBE!!!! repeat as a bribe!!!
When the insurance companies have to include all those rich benefits in policies for everybody, the insurance companies will have to increase the premiums to cover the high costs, plus profit, plus commissions, plus the bribes/payoffs to Barry and the Democratic party for giving such a windfall proft to the insurance companies. And I guarantee you that Barry will not call for a windfall profits tax on the insurance companies who got him elected.
This will increase already out of control health costs by 30 percent, putting US companies at an even bigger disadvantage competing with foreign companies who have no health care costs at all, zero, because other countries pay socialized health care nationally, without stupidly putting the burden on employers.
All four of these points add greatly, hugely to the costs of running every business in America, so every business will be forced to increase prices to pay for all of Barry’s added costs. That is called inflation. Barry says he will not increase taxes on moderate income families, but his four points above will make everything you buy cost more. Much more.
And given all of the above, there is no reason to own stocks in American Companies.
Obama killed the stock market.
Obama caused the stock market crash and long term bear market.
Obama will kill the US economy.
Barack will give us Change instead of our 401k’s. Pocket change instead of retirement savings.
I found this one on Obama’s secret executive experience: http://ngoldfarb.wordpress.com
The original bailout was ONLY $700 billion, and everyone with a brain warned that it would grow because there are $5 trillion of mortgages larger than the value of the underlying homes.
Now the Senate is trying to “IMPROVE” the bill. This why we need a Constitutional Amendment banning anyone who has ever been a Senator from becoming President. Being a Senator permanently, irreversibly damages your mind. Oh, both candidates are Senators, so we are in real trouble because they are Senators and their minds have been permanently infected with “SENATORITIS” the chronic, terminal disease closely related to Alzheimer’s.
Because they have SENATORITIS, both candidates support the IMPROVED Senate version of the bailout. The IMPROVED Senate bill is what Senators think will make it more attractive to more voters and therefore more likely to pass. It proves the old joke that a Hippopotamus is a mouse designed by Congress.
The Senators are totally oblivious to the complaints voiced by 95% of voters that the original bill will (1) cause inflation, (2) bust the budget, (3) cause the value of the dollar to drop, creating even higher gasoline prices, (4) require a huge tax increase.
The SENATORITIS “improved” the bill by ADDING Senator Obama’s (of course the moron is a Senator) (1) $64 billion earmark for ACORN and LA RAZA, (2) $40 billion to repeal the AMT, and (3) $68 billion in alternative energy tax credits. These increases total $172 billion more costs to the taxpayers.
The $17 billion is $1,700 per household increase, and raises the total bailout to more than $8,720 per household, and it is still growing. It will end up costing way more.
These increases/improvements total $172 billion in additional tax increases required to pay for them.
These increases/improvements total $172 billion of inflationary pressure on our rapidly inflating currency, wiping out the value of our savings and investments.
These increases/improvements total $172 billion in the budget deficit that we have to borrow from China.
These increases/improvements total $172 billion that are being passed with no hearings open to the public, with no voice of the people. THE BASTARDS ARE RAMMING THIS DOWN OUR THROAT IN TOTAL DISREGARD OF THE EMAILS AND PHONECALLS FROM THE VOTERS OPPSING EVERY FORM OF THE BAILOUT.
The bailout has grown from $700 billion to $872 billion in less than one week. Imagine what it will really cost? Congress just increased the limit on our debt ceiling by more than twice the size of the bailout, indicating that the bastards intend to spend double the amount of the bailout.
Stop this destruction of America by clicking on the following link, enter your zip code in the box on the left to find your Senator, and cut and paste the following message into the message box to both of your Senators:
We do not want any form of mortgage bailout, no matter how much you increase it, change it or rename it. Repeal the CRA Community Reinvestment Act and abolish Fannie Mae, Freddie Mac and the FHA. NO BAILOUT OF ANY KIND! NO BANKRUPTCY JUDGES REWRITING MORTGAGES. No assistance to freeloaders who got a house for no money down and won’t pay their mortgages. No cash to cities to buy foreclosed homes. NOTHING! Let the FDIC and Fed take over failed banks and eliminate mark to market, but no government interference in the working of the free markets, or we will impeach you! Got it? We mean it!
Bill Clinton passed the Community Reinvestment Act or CRA although it really was CRAp. Clinton’s law says banks must make a percentage of their mortgages to “nontraditional” homebuyers, or people who could never and should never get a mortgage. You know, the ACORN crowd. Billy said banks could get a commission for writing CRAp mortgages and selling them to Fannie Mae. By selling the CRAp, the banks no longer had any risk. Let a banker earn unlimited, risk free commissions writing CRAp, and you get where we are today.
All the toxic assets that today’s bailout plan wants to buy are nothing but big packages of Bill Clinton’s CRAp.
As soon as Congress rejected bailing out Bill’s CRAp, Hillary Clinton and John Kerry (two who lost any chance at being President and are now mad at the American people for not choosing them) announced that they would revive the bailout in the Senate, hoping that if the Senate passed it, they could twist enough arms in the House to ram it through.
Actually, Hillary Clinton and John Kerry want to ram it up our A**es, with even higher tax increases than even Barry O wants, a weak dollar (which takes more dollars to buy oil – $10 a gallon gas), and inflation that will raise the price of bread to $20 a loaf. See the truth at http://ngoldfarb.wordpress.com
I copied this from another site. Feel free to copy this and send it in emails to all your friends and post it on your own blogs.
We really have to save America from this rape of the taxpayers.
Henry Paulson should be kicked out of office and out of America.
The bailout plan is absolutely Marxist Communism and will destroy and bankrupt America.
It destroys all sense of personal responsibility.
Especially we must not have any program to “assist” people from being kicked out of their homes, or reduce the size of their mortgage. Amend the bankruptcy laws so nobody can get out of their home mortgage. If somebody bought a house for no money down with 1 percent interest for three years, as far as I am concerned they are not victims, they are freeloaders, and the finance executives who lent to them should go to jail
Every elected official who supports the Bush/Chris Dodd/Barack Obama/Democrats bailout plans should be impeached, AND I mean it.
If you want to impeach everyone who supports the mortgage bailout send a blank email to firstname.lastname@example.org
Then go to these sites and tell your elected officials that you “OPPOSE THE BAILOUT”