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Old 01-21-2013, 12:10 PM
 
9,243 posts, read 7,343,728 times
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Eventually the bills will come due.

What is it with the old rich wealthy people? Bloomberg is another one.

1st buffet shuns gold when in reality he made a large purchase of silver over a decade ago, he then later ask to tax the wealthy but everyones payroll tax went up along with the Obamacare tax.

Go figure.
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Old 01-21-2013, 12:28 PM
 
5,574 posts, read 3,642,639 times
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Quote:
Originally Posted by All American NYC View Post
Eventually the bills will come due.

What is it with the old rich wealthy people? Bloomberg is another one.

1st buffet shuns gold when in reality he made a large purchase of silver over a decade ago, he then later ask to tax the wealthy but everyones payroll tax went up along with the Obamacare tax.

Go figure.
You don't understand how the United States debt, essentially works.
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Old 01-21-2013, 01:07 PM
 
Location: Long Island
32,700 posts, read 13,820,479 times
Reputation: 6930
Quote:
Originally Posted by All American NYC View Post
Eventually the bills will come due.

What is it with the old rich wealthy people? Bloomberg is another one.

1st buffet shuns gold when in reality he made a large purchase of silver over a decade ago, he then later ask to tax the wealthy but everyones payroll tax went up along with the Obamacare tax.

Go figure.
You should listen when billionaires and millionares tell you they are not taxed heavily enough, especially someone as bright as Warren Buffett. You don't ask to be taxed at a higher rate for personal gain, the only conclusions you can come to is that they are either crazy or telling the truth.
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Old 01-21-2013, 01:36 PM
 
Location: Long Island, NY
19,715 posts, read 11,525,405 times
Reputation: 5606
Quote:
Originally Posted by All American NYC View Post
Eventually the bills will come due.

What is it with the old rich wealthy people? Bloomberg is another one.

1st buffet shuns gold when in reality he made a large purchase of silver over a decade ago, he then later ask to tax the wealthy but everyones payroll tax went up along with the Obamacare tax.

Go figure.
Warren Buffett is on the record of wanting higher taxes on the rich.
http://www.nytimes.com/2011/08/15/op...rich.html?_r=0

He is saying that today's debt really isn't a problem. It's the same message some Nobel Economists have.

The Dwindling Deficit

Quote:
Originally Posted by Goodnight View Post
You should listen when billionaires and millionares tell you they are not taxed heavily enough, especially someone as bright as Warren Buffett. You don't ask to be taxed at a higher rate for personal gain, the only conclusions you can come to is that they are either crazy or telling the truth.
That's right. Buffett understands that it is his personal interest to reduce income inequality.
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Old 01-21-2013, 01:52 PM
 
Location: Va. Beach
6,396 posts, read 4,395,193 times
Reputation: 2278
Quote:
Originally Posted by LordSquidworth View Post
You don't understand how the United States debt, essentially works.
I understand completely how it works, Debt is Debt, and is required to be paid back.

Debt requires interest to be paid, this is a cost, in addition to all other costs. Therefore if you have debt, and the interest on that debt, along with the rest of your bills is greater than your income, you are required to increase your debt, to pay for your bills, and the interest on your current debt, instead of being able to pay it down, because the money you are earning, or your incoming funds are greater your expenses with interest.

Economics 101.

The bottom line, is your debt load keeps increasing, without a cost benefit.
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Old 01-21-2013, 01:55 PM
 
5,574 posts, read 3,642,639 times
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Quote:
Originally Posted by Darkatt View Post
I understand completely how it works, Debt is Debt, and is required to be paid back.

Debt requires interest to be paid, this is a cost, in addition to all other costs. Therefore if you have debt, and the interest on that debt, along with the rest of your bills is greater than your income, you are required to increase your debt, to pay for your bills, and the interest on your current debt, instead of being able to pay it down, because the money you are earning, or your incoming funds are greater your expenses with interest.

Economics 101.

The bottom line, is your debt load keeps increasing, without a cost benefit.
Only part of it.
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Old 01-21-2013, 01:58 PM
 
Location: US
3,092 posts, read 3,443,993 times
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If the above is true, and we should really not be worried, then why did Obama say this:

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a Sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. ...Increasing America’s debt weakens us domestically and internationally. Leadership means that 'the buck stops here'. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and Grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."

SENATOR BARACK HUSSEIN OBAMA, MARCH 2006

and then this:

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents -- number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back -- $30,000 for every man, woman and child,” Obama said on July 3, 2008, at a campaign event in Fargo, N.D.


If $50K per person is not such a big deal, why was $30K so horrible

Did he say that because of lack of experience or political posturing, both of which are understandable. But what has changed his mind? Because the huge debt increase occurred on his watch?
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Old 01-21-2013, 02:06 PM
 
9,243 posts, read 7,343,728 times
Reputation: 2200
Quote:
Originally Posted by Goodnight View Post
You should listen when billionaires and millionares tell you they are not taxed heavily enough, especially someone as bright as Warren Buffett. You don't ask to be taxed at a higher rate for personal gain, the only conclusions you can come to is that they are either crazy or telling the truth.
Why don't they call it what it truly is with the Robin hood theory.
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Old 01-21-2013, 02:07 PM
 
9,243 posts, read 7,343,728 times
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Quote:
Originally Posted by LordSquidworth View Post
You don't understand how the United States debt, essentially works.
I actually do.

Its not complicated.
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Old 01-21-2013, 02:09 PM
 
9,243 posts, read 7,343,728 times
Reputation: 2200
Quote:
Originally Posted by MTAtech View Post
Warren Buffett is on the record of wanting higher taxes on the rich.
http://www.nytimes.com/2011/08/15/op...rich.html?_r=0

He is saying that today's debt really isn't a problem. It's the same message some Nobel Economists have.

The Dwindling Deficit

That's right. Buffett understands that it is his personal interest to reduce income inequality.
In other words he favors of raising the debt ceiling n a max out credit card.
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