Robert Scheer: Obama Hires a Hustler

It is refreshing to see HONEST APPRAISAL . In my previous posts about potential Presidential Candidates I wonder how many of the 6 million affected will be changing votes based on this MAJOR piece of the economic puzzle. Remember the political phrase "Its the Economy, Stupid! " ???? I hope that people will not be so willing to vote charisma and appearances and get into the issues this next election. Thanks HUFFINGTON for a great piece.

Robert Scheer: Obama Hires a Hustler: "Paulson's admission in his memoir that he, at the time he was advising the president, still did not know that home mortgages were at the heart of those troubling securities that his former company had marketed to others with such wild abandon.

Were President Barack Obama to ask that question about the origins of this crisis of Tom Donilon, one of his closest aides whom he recently appointed to the critical job of national security adviser, Donilon would find it even more awkward to invoke the defense of ignorance. As the chief lobbyist for Fannie Mae from 1999 to 2005, he was far more intimately involved than Paulson in the manufacturing of this crisis. He successfully pressured Congress to give Fannie Mae the green light to speed past any sound regulation. Indeed, had Congress endorsed the barest semblance of regulation of the Fannie Mae-led housing scam, it would have been stillborn instead of being a very much alive Frankenstein creation.

Fannie Mae paid Donilon, a longtime Democratic Party operative, $15 million to lobby Congress to gut the power of government regulators to check the scandalous behavior in what would have been judged a crime until a majority of pro-Wall Street Republicans and Democrats in Congress rewrote the laws. He was also a top executive at Fannie">>>>>KEEP READING

Debate and TAXES

Two things they say are inevitable. Death and TAXES. I don't mind realistic taxes but Obama just doesn't seem to get it. He will be causes hardship on many Americans who are working hard to succeed, while incurring debt to do so, and planning on not only paying of that debt but enriching others by spending our hard earned income on luxuries like HELP. In other words I am not $227,000 today but ext year I might be. And next year the government will take 1/2 of that if Obama has his way.

As he said he wants to spread the wealth around. WELL when was the last time that ANY government agency did a better job of managing stuff than Joe Blow American.

The glibness of which he brushed off Joe the Plumber (shame on you Biden) is astounding. Has he just been in a bubble of wealth for too long to realize that small business makes JOBS not government and that it takes positive cash flow not taxes to do that????

Lets put it this way. You are a plumbeer and work really hard and exceed the 125,000-160,00 mark with your business. You hire your kid as apprentice and he is working his butt off too and now you are able to work a little harder and make it to the 185,000 - 190,000 mark after paying the kid. Meanwhile the spouse had to get a job to make ends meet and is earning 40,000 on the job plus 12,000 selling online. You are now magically (choke - try work butt off) in the range for 55-60% taxes depending on which model Obama finally settles on out of his vast array of models.

THIS BOTHERS me on so many levels I can't even figure out why my democratic friends haven't figure out the Robin- hood mentality that is being spoken out loud by OBAMA. Listen to the words. I don't' want to be indentured to the government.

Joe the Plumber is no laughing matter and the fact that Obama and Biden can't relate to him without the sneer is a sign of what we might be in for.

I think McCain did okay until the end. I don't' think he sold himself as well in closing as O did... but then do I want a used car salesman selling me the presidency or do I want to go by actions and plans. ?

Can you afford 50% tax?

Hey I'm still new at blogging so scroll to bottom and click ontaxman to listen to song while reading. :)

Well lets see; Obama says he will not increase taxes on families under 250,000, but some of his proponents have said it is 227,000 . Okay so which is it?

This week he wants to cut taxes TEMPORARILY, for Small Biz. Just a 5 months ago, he wanted to raise taxes up to 50.3% on businesses that are sole proprietorship. Of course this week he wants to be like Bill Clinton. One can only hope.

I'm kind of confused on where he stands but mostly it will be a 40% tax rate for sure. I guess in his mind that is a CUT because although it is higher than it is now, it is less than what he originally wanted? who know?

He further confuses me by saying this on his website
"Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the taxes they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s."
One can only hope because in the 90's I was so broke and actually only paid 10%. 4 kids etc well this would be great..... I'll work my butt off make a million and only get taxed at my 90's rate? And since when did I receive taxes?????? his plan doesn't sound "fair" to me.

One note here: Our biz is sole proprietorship and makes far less than 250,000 (but we are growing) and have been working hard so that we can be successful... when we do, we have tons of debt to repay. That means, not only will we be paying interest, BUT we will be taxed on the debt incurred earlier.

and if you die its even more expensive ...... Here are some highlights.

• Restore 36 and 39.6 percent income tax rates.
• Restore personal exemption and Pease phaseouts for households making more then $250,000 and increase the threshold.
• Make permanent the estate tax with $3.5 million exemption ( that won't last) at 45 percent rate.
• Impose additional tax of 2-4 percent on families making $250,000 for social security/payroll.

He also has a couple good thing: invest in company up to 50K results in 20% tax credit. Right now we have that in the form of depreciating assets. I'll let the number crunchers figure it out but I always thought depreciating a laptop over years and years was stupid!

Of course coming up with 50K (like is that his fav number?)for investment can be difficult without credit. He wants to make sure that all have access to private health insurance regardless of preexisting conditions= good idea.

to recap:
40% for us work at homers and then another 2-4% for soc. sec .Further many dem's want a 50.3% tax rate heck that so only another 10% and heck if people vote in both democratic congress and democratic president - they just might get their way!

I want to mention here that in most families I know of sole proprietors, BOTH PEOPLE are working and sometimes the kids too are chipping in. Most are working long long hours. And could be making more working separately at jobs with benefits matching 401 contributions, partial health insurance payments and best of all paid days off .


Be careful what you wish for when you wish for change - I think these are some changes that will kill the economy. What do you think?


WANT TO SEE Some of the Changes?

One thing straight from Obama's site.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of health care and to reward investments in innovation. UH DUH small biz does NOT pay capital gains now

Now if you want to judge for yourself just click the title and it will take you to an article that outlines both tax plans and what they mean..

Resources
http://www.biztimes.com/news/2008/10/3/which-one-has-the-best-economic-plan
http://taxprof.typepad.com/taxprof_blog/2008/10/marginal-tax-ra.html

No time today - but HANG IN THERE

WElll my time is tight today but the main thought that occurs to me is this one thing!

ONE THING: AMERICANS got us into this (with congressional help) and AMERICANS can get us out.

You see, there is no loss unless you take a loss. We can wait it out. Last crisis after Sept. 11 terrorist attack the economy tanked for a couple of weeks.

I remember friends on the ebay.com question and answer forum saying they were spending all the money they could to get economy rolling. They were flying instead of caving into fear. WHAT WISDOM.

Today we need to not panic and keep on buying. It isn't that the stock market is tanking because of government, it is tanking because of FEAR. The stock market is all about perception.

I'll admit is hard not to be afraid when the news media hypes it all up.

I'll tell you this you have to be careful in your vote. It may sound good to have Obama saying he'll do it different but look at actions. I may lose a couple popularity points here but his charitable projects weren't all that successful and his foreign policies scare the heck out of me. I don't think we need to sell ourselves down the tubes for the economic crisis.

I think if Congress (and maxine waters I'll bet you are biting your tongue now) had dealt with the mess 2 years ago despite THEIR fears we would not have this financial meltdown now. Think about that while you are deciding your vote. research and look for information on it. Don't just take anyone's (not even my) word for it.

WELL NOW ACTUALLY MAKE THAT TWO THINGS:
And all Democratic friends and family please don't get me wrong.
The media sold my family who are democrats down the tube by not vetting Obama the same way they have vetted Hillary or other candidates. THIS ACORN THING is about voter fraud and deciet and they have vested interest in Obama attaining presidency. They are tied to corruption. Obama was their LAWYER for crying out loud. Voter registration this big and hidden is not good. I don't want to offend my family and friends but research it out for yourselves- don't just listen to words.

Right now today people are panicked at news, but get this a lot of this is the OIL Companies and Insurance Companies taking a hit.. WEll duh, who want AIG, and with the economic crisis oil prices tanked (gas about3.05- 3.15 here) and so stockholders are out for profit!

POLL: Should the stock market have been closed for 2 days and an emergency congressional meeting convened? Before the automatic circuit breaker kicks in