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Obama ran on the rich being people who made $250K a year. Republicans fought it because they know it would hurt the economy and included small business owners who run flow throughs (layoffs). At this income level it included Doctors, dentist, other high income "wage earners",... people who work for a living. They are not the big bankers.
According to Obama and the Democrats even if you work for a living you are rich. There are actually people who actually believed these people had private jets, drink my ai Tai's on the beach all day.
Cyprus is just another example of how government goes after responsible people and uses them as a piggy bank.
This is so much bigger than just this. It goes back to the idea that when the good times are rolling and problems could be addressed the route we take instead is to just let the good times roll.
The banking system in Cypress was unbalanced. It was a system set up to allow people to hide their money and avoid paying taxes on it. It was a system that allowed the laundering of money. It was a corrupt banking system. Much like ours is and was.
Do I feel bad for those who used the system to their advantage for years now having to pay up? No, but the ramifications are going to be far reaching here when it could have been addressed years ago and none of this would have ever happened.
Now it's going to hurt families who tried to simply save for their old age. For college for their kids. And probably more important it's another blow to the trust everyone, everywhere has in the system overall.
It was asked earlier whether or not this is affecting others elsewhere. It has me. I have a bit of money I wanted to pull out of the banks making something like .001 percent or something. I was going to open an account with a friend in the business but I've rethought that. I want my money where I can get it as quickly as possible and know it's not there based upon the whims of politicians and the markets.
This hurts my friend as it's how he makes a living. It hurts his company, again, it's how they make a living. It keeps my money, even if it's insignificant on the sidelines. I doubt I am alone though.
That's not the only point. Most Europeans will want back their financial independence.
And the so called "global economy" is s*** because the firewalls that once protected individual economies were removed. Any random fire can spread to the whole world over night.
It is not all fundamentals, fear factor matters and saying that it is a template and knowing Obama has it out for the rich and he did not get his tax increase.
Failure to get at people's money this time will not change Obama. He still sees Americans as a piggy bank he will not give up. And now that the masses know that the template dictates that less than $130K and they won't be touched Obama can once again appeal to the masses to take wealth from producers. Then again, it is only a template and the numbers can change so Obama can move down the wealth ladder. For it to happen may be pretty slim but never say never. The rich can hear, they know they are targets and they will not sit there like sitting ducks again.
The U.S. dollar will most likely get stronger just in time for Obama and his administration to take credit.
A strong dollar is exactly what the administration has been fighting for the last 4 years. Might they benefit from this despite their own stupidity? Maybe.
A strong dollar is exactly what the administration has been fighting for the last 4 years.
Yes, it could go that way too. Money can flow into the US dollar and stock market. I said that inflows will strengthen the dollar "just in time for Obama and the Democrats will blow their horns and take credit for the rising dollar.
Now it's going to hurt families who tried to simply save for their old age. For college for their kids. And probably more important it's another blow to the trust everyone, everywhere has in the system overall.
It was asked earlier whether or not this is affecting others elsewhere. It has me. I have a bit of money I wanted to pull out of the banks making something like .001 percent or something. I was going to open an account with a friend in the business but I've rethought that. I want my money where I can get it as quickly as possible and know it's not there based upon the whims of politicians and the markets.
This hurts my friend as it's how he makes a living. It hurts his company, again, it's how they make a living. It keeps my money, even if it's insignificant on the sidelines. I doubt I am alone though.
Yep, as I said, hurting the responsible people caught into the mess. I agree, you are not alone. If we keep spending like this and deficits, it may be impossible for us to pay our debt with low or slow growth. Once there is question of the sanctity of the dollar... This will catch up to us.
Something is going to change, when they don't trust us to pay our debt... what if they go to German currency instead.
Yep, as I said, hurting the responsible people caught into the mess. I agree, you are not alone. If we keep spending like this and deficits, it may be impossible for us to pay our debt with low or slow growth. Once there is question of the sanctity of the dollar... This will catch up to us.
Something is going to change, when they don't trust us to pay our debt... what if they go to German currency instead.
I think if the Germans decided to be sane and rational with their dollar it might be a good thing.
I think if the Germans decided to be sane and rational with their dollar it might be a good thing.
We are pretty insulated but it is a threat hanging out there for the U.S economy. It will impact other economies... a domino effect that could effect us.
Who knows where our government will draw the line. I would not want government coming in and freezing and confiscating my savings. We need to get stronger, less debt and a stronger economy so we can handle any domino effect thrown our way.
We are pretty insulated but it is a threat hanging out there for the U.S economy. It will impact other economies... a domino effect that could effect us.
Who knows where our government will draw the line. I would not want government coming in and freezing and confiscating my savings. We need to get stronger, less debt and a stronger economy so we can handle any domino effect thrown our way.
As I note earlier in this thread, they are confiscating your savings so you can't really argue you don't want something to happen that already is. They just take a different route in confiscating it.
As I note earlier in this thread, they are confiscating your savings so you can't really argue you don't want something to happen that already is. They just take a different route in confiscating it.
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