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Old 09-22-2011, 02:13 PM
 
2,311 posts, read 2,877,291 times
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The 'Buffett Rule' hasn't worked in California - latimes.com
http://www.latimes.com/media/alternatethumbnails/photo/2011-09/64943538-22120941.jpg (broken link)

Recession fears grip global stocks
Dow dives more than 500 as traders flee market
Dow falls more than 500 points - latimes.com (http://www.latimes.com/business/la-fiw-markets-20110922,0,6254504.story - broken link)

Nothing like that sweet smell of billions in state tax revenue being evaporated in the morning ...
http://cdn1.knowyourmeme.com/i/000/107/432/original/i_hug_that_feel.png (broken link)
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Old 09-22-2011, 02:16 PM
 
Location: South Korea
5,242 posts, read 11,414,204 times
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Meanwhile the Bush tax cuts have created billions of jobs in the last 10 years.
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Old 09-22-2011, 02:26 PM
 
2,311 posts, read 2,877,291 times
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Quote:
Originally Posted by mayorhaggar View Post
Meanwhile the Bush tax cuts have created billions of jobs in the last 10 years.
Meanwhile, depending on very volatile sources of income is volatile... and you still have a problem (deficit) if you don't know how to stop spending more than you have whether you get $80 billion in revenue or $100 billion in revenue. And the true source of the job problem is cheap international labor :
http://latimesblogs.latimes.com/mone...ince-2001.html
(Trade deficit with China cost nearly 2.8 million U.S. jobs since 2001)

Nice failure to see the true causes of issues .. Really helps makes matters better.
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Old 09-22-2011, 02:43 PM
 
Location: South Korea
5,242 posts, read 11,414,204 times
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You're right, we should lower the very volatile sales and income tax rates and raise property taxes and repeal prop 13. You're a genius!
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Old 09-22-2011, 03:05 PM
 
2,311 posts, read 2,877,291 times
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Quote:
Originally Posted by mayorhaggar View Post
You're right, we should lower the very volatile sales and income tax rates and raise property taxes and repeal prop 13. You're a genius!
Go for it .. I never intended to buy an insanely valued home here anyway... IMO that's the ultimate 'trap' move regarding this state.
Repeal prop13 and you'd see home prices plummet even more.

Still, this state is plagued w/ spending problems..
You can shuffle all the chairs you want. The core issue is spending. Until you get that under control, playing revenue games isn't going to really help you much. (guess Washington is taking a page from Calif's book.. much to the detriment of the broad based country)

Paradise lost.
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Old 09-22-2011, 03:14 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,210 posts, read 54,879,120 times
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Quote:
Originally Posted by mayorhaggar View Post
Meanwhile the Bush tax cuts have created billions of jobs in the last 10 years.
Exactly.

Those Bush tax cuts for the rich have really 'trickled' down to gazillions of new jobs.

Just as they promised.

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Old 09-22-2011, 03:22 PM
 
Location: San Leandro
4,576 posts, read 7,845,074 times
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cat fight
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Old 09-22-2011, 03:27 PM
 
7,150 posts, read 8,757,895 times
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Ah, another thread about the value of money begatting money ... because, as we all know, nothing is more important than money money money ...

Reminds me of the famous advice for catching monkeys in the jungle:
fill a small-mouth jar with a handful of peanuts ... no lid ... place under a monkey tree ... wait (momentarily) ... monkey will hop down and reach in the jar to grab all the peanuts ... fist-full will not come back out of the jar mouth ... while monkey obsessess over not being able to hog all the nuts (hopping, screeching mad all the while), the hunter walks up and throws net over monkey (or beans him with a stick).

The core issue is, always, obsession with more than one needs -- and the obsession with taking it all in one big grab.
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Old 09-22-2011, 03:32 PM
 
2,093 posts, read 3,919,093 times
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Quote:
Originally Posted by norcal dude View Post
cat fight
rofl
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Old 09-22-2011, 03:58 PM
 
2,311 posts, read 2,877,291 times
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Quote:
Originally Posted by nullgeo View Post
Ah, another thread about the value of money begatting money ... because, as we all know, nothing is more important than money money money ...

Reminds me of the famous advice for catching monkeys in the jungle:
fill a small-mouth jar with a handful of peanuts ... no lid ... place under a monkey tree ... wait (momentarily) ... monkey will hop down and reach in the jar to grab all the peanuts ... fist-full will not come back out of the jar mouth ... while monkey obsessess over not being able to hog all the nuts (hopping, screeching mad all the while), the hunter walks up and throws net over monkey (or beans him with a stick).

The core issue is, always, obsession with more than one needs -- and the obsession with taking it all in one big grab.


Those who say money doesn't matter either never had any or have so much that it doesn't simply matter.. In the case of this thread, good luck paying for education/municipalities w/ no money.. OFC, you probably think the tooth fairy will make everything awwwwwllll bewwwtter.



Money is evil and I guess you magically pay your bills/buy food w/ thin air.
California is on the(easily predicted) road of having to slash budgets severely in the later part of the year when the revenue it assumed (beyond reason) would be there is in fact not there...
Further, Calpers, which magically made a 'turn around' by re-levering into the dip which has dipped further is going to see almost 2x the losses it had before recovering the fund to par.
And so the decline continues.. Just giving an update on one of the drivers that will cause this future result (writedowns/loses from investment income) <- which California's tax revenue is heavily dependent on...

The investors (composed of poor/middle class/rich) are all evil while they are making money... Now when they are loosing it and writing off losses and tax revenue suffers as a result, lets see how evil they are.
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