Hannity last night asked the question if what we are seeing in the stock market is from the “Obama Effect” and he was laughed at by Colmes. I don’t think this is that far out there. If the stock market is based on consumer confidence then wouldn’t it be reasonable to assume that people are not confident in the upcoming administration’s ability?
If you knew today that your money is going to be worth 10 to 15% less tomorrow, wouldn’t you sell? Why is this such a hard concept to understand? Did all you people who have assets in the market not believe that your money was going to be worth less under Obama? I guess you were hoping that $500 tax break was going to offset the trillions lost in the market.
Well America, you asked for it. Say goodbye to all your money in the market. Three cheers for Obama!
Politics Stock Market
I know that the all the experts are saying that the numbers from ADP, Unemployment, and the fact that the American car industry is begging for more money are the reasons for the market tanking but I offer another explanation.
What if all the people in this country with any wealth and success are terrified that Obama and his regime are going to take everything they can get their hands on. Maybe all those people are selling off to stash their money elsewhere. Maybe consumer confidence is at an all time low because Obama’s economic plan is weak and will do nothing but drive this country further down a hole.
And before any of you idiots mention how this is Bush’s fault, take a VERY short ride back through history. If you look at where the market was after 9/11, it dropped to a low of about 7500 in late 2002 and has been on a steady incline ever since to an all time high of about 14000 in late 2007. It’s since been on a steady decline and who has been in control of Congress? You gotcha. Democrats. So quit parroting EXACTLY what the mainstream media feeds you, have an ounce of a brain, and start thinking for yourself.
As a side note, you can’t blame Bush for when the market crashes and at the same time not praise him when it has been as great as it has been. I haven’t heard one person on the news praise him at all. Wake up America and start thinking.
Politics Stock Market
I am still dumbfounded. How in the world could anyone with any measure of success and education vote for Obama? I really don’t know but what I do know is that there were plenty of people that fit that description who voted for him. Let’s look at a specifc issue. The number one issue this country faces is the economy. The McCain camp and the Obama camp would both agree. So let me break this down for you.
McCain’s idea was to keep the taxes where they were. He wasn’t planning on giving any individual a tax cut. His plan was to keep the existing lower taxes in place. I’m sure most of you don’t know how the brackets break down so I’ll lay it out for you.
10% : 0-65k | 28% : 65k-131k | 33% : 131k-357k | 35% : 357k+
So the majority of Americans would have been taxed at 10%. Keep in mind that 40% of that bracket pay zero taxes to begin with. My feeling is that these tax brackets are too steep anyway but why change this? Why put an even heavier burden on the disproportionate burden the upper two brackets already carry?
One thing McCain was promoting was cutting taxes on companies by about 10% for large companies to possibly 20% for smaller ones. This isn’t because he wants to give the rich more and give less to the poor. To understand how this affects everyone, especially the poor, you need to understand how the market works. When a company is faced with increased costs (including taxes) they have a few options. They do one or more of the following:
- Raise prices
- Reduce quantity
- Stop Hiring
- Layoffs
- No Raises
- No Bonuses
- Reduce Benefits
It doesn’t take a genius to figure out how this is going to affect the consumer, especially the poor. We are already seeing the affects of a struggling economy on prices of everyday goods. Look at the price of dairy. In the last year prices have seen an increase of about 5% up to 11%. So guess what. When Obama starts taxing them higher what do you think is going to happen? That’s right, prices are going to increase even further. So instead of people paying $3 for a half gallon of milk we will pay $4 or $5. Now this isn’t going to impact my family at all but it will certainly impact poorer Americans.
Let’s take a look at some other items. Have you noticed that most ice cream packages are now about 30% smaller? Guess what, Pepsi and Coke are going to be coming in 8 packs and 18 packs instead of 12 and 24 packs. The best part is they will mostly likely be more expensive as well. We are already seeing these changes. I ask anyone, how is raising taxes on all of these companies going to help the middle and lower classes? How? A $500 check in the mail will be spent quickly but these high prices are here to stay. What a joke. How all you educated people missed this is totally beyond me.
Politics Auto Industry, Obama, Taxes
I feel like this election was more about a referendum on the rich than anything else. I feel like there are millions of people out there that somehow feel entitled to my success. This is exactly the type of mentality that is destroying this country. What ever happened to hard work will pay off? What ever happened to the American dream? I guess the liberals in this country are just changing what that dream is. Come to America and we will take care of you.
Taxation is becoming oppressive. 10.25% sales tax. 8.25% local tax. 39.5% Federal tax. Toll roads. Ridiculous property taxes. Use taxes on vehicles. etc, etc, etc. The list goes on and on. I am sick to my stomach. I have never felt more un-American in my life as I do now.
So I am doing something about it. My family is preparing. We are cutting all our spending. I just cut my cable last weekend. I lease my cars because I drive so much. I have leased 4 BMWs since 2001. I am up for a new car in January but I won’t be getting another BMW. I will either rent a car or buy a cheap used car. My family usually vacations twice a year. Not anymore. I love gadgets. Always have the latest phones. Latest computers. Latest tech. No more. I’m done buying it. I got rid of my phone and now use Skype. I’ve never clipped coupons but I do now. If there isn’t a coupon, I don’t buy it. Basically, I am cutting back everything. My suggestion is that you do this as well.
Politics Liberals, Savings, Taxes
Have you seen this woman Peggy the Moocher? She is the exact type of person that really pisses me off. She won’t have to worry about putting gas in her car or paying her mortgage? Huh? What? Really? Who exactly is going to pay those things you think?
That’s right. Us. The top 5. In fact, the 60% of Americans that actually pay taxes are going to pay. Way to go Peggy! So sad.
Politics Liberals, Quotes, Welfare