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Old 08-03-2009, 12:39 PM
 
Location: Portland, OR
9,855 posts, read 11,899,903 times
Reputation: 10027

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Back in 1998 I owed $3K on a 1099. After penalties and interest and years of garnishes I am done with IRS hell to the tune of $15K. A friend of a friend who is an MD that had an orchid business that failed owed millions but made a deal in the hundreds of thousands. That too will likely be forgiven as he is now ill with cancer. The IRS could get 10's of millions more than they do if they would go after the big owers with the same zeal and tenacity that they go after the small fish with a part time job on the side.

H
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Old 08-03-2009, 01:42 PM
 
Location: Chicagoland
41,325 posts, read 44,874,903 times
Reputation: 7118
We know what this means, don't we?

We now know why obama didn't want to release his peeka-boo into his deficit numbers/budget revision in July - he was hoping to slam through health care before people got a chance to look at those drastically revised numbers that will be coming out in August.

Most likely, his deficit will be well over $2 trillion for 2009.

http://hotair.cachefly.net/images/2009-07/ap-taxes.jpg (broken link)

Take note of the soaring revenues during the Bush administration.

Last edited by sanrene; 08-03-2009 at 02:55 PM..
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Old 08-03-2009, 02:52 PM
 
1,179 posts, read 973,793 times
Reputation: 390
Quote:
Originally Posted by Tank1906 View Post
Nobody said anybody has already fixed everything. That's your fabrication. The markets are improving, like it or not. Recessions don't magically end in one day. It took Bush and friends 8 years to completely destroy the economy.
Indicators are up all over. Purchasing Directors Index is up, Manufacturing is improving, market is up, TARP is being paid back, what are the right wing freaks going to do now?
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Old 08-03-2009, 02:54 PM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,836,416 times
Reputation: 2519
Don't forget unemployment....it has gone WAY up under your President.
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Old 08-03-2009, 03:01 PM
 
2,908 posts, read 3,864,325 times
Reputation: 3166
Quote:
Originally Posted by Feel The Love View Post
Indicators are up all over. Purchasing Directors Index is up, Manufacturing is improving, market is up, TARP is being paid back, what are the right wing freaks going to do now?

Don't get your hopes up too soon. The market will make a short term recovery before crashing hard.
You'll remember this post when it happens, but won't have the guts to come back and admit your ignorance.
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Old 08-03-2009, 09:24 PM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,836,416 times
Reputation: 2519
Amazing how people are ignoring this....

A few quotes from some optimists...

The Great Depression 1929-1932 Headlines:

September 1929
“There is no cause to worry. The high tide of prosperity will continue.”
- Andrew W. Mellon, Secretary of the Treasury.

October 14, 1929
“Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board.”
– New York Times

October 29 1929

Stock market crash


December 5, 1929
“The Government’s business is in sound condition.”
– Andrew W. Mellon, Secretary of the Treasury

December 28, 1929
“Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as an indication that American industry had reached a point where a break in New York stock prices does not necessarily mean a national depression.”
– Associated Press dispatch.

January 13, 1930
“Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today.”
– News item.

January 21, 1930
“Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction.”
– News dispatch from Washington.

January 24, 1930
“Trade recovery now complete President told. Business survey conference reports industry has progressed by own power. No Stimulants Needed! Progress in all lines by the early spring forecast.”
– New York Herald Tribune.

March 8, 1930
“President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days.”
– Washington dispatch.

May 1, 1930
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States – that is, prosperity.”
– President Hoover

June 29, 1930
“The worst is over without a doubt.”
– James J. Davis, Secretary of Labor.

August 29, 1930
“American labor may now look to the future with confidence.”
– James J. Davis, Secretary of Labor.

September 12, 1930
“We have hit bottom and are on the upswing.”
– James J. Davis, Secretary of Labor.

October 16, 1930
“Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment.”
– Charles M. Schwab.

October 20, 1930
“President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President’s special committee on unemployment.”
– Washington dispatch.

October 21, 1930
“President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter.”
– Washington dispatch.

November 1930
“I see no reason why 1931 should not be an extremely good year.”
– Alfred P. Sloan, Jr., General Motors Co.

January 20, 1931
“The country is not in good condition.”
– Calvin Coolidge.

June 9, 1931
“The depression has ended.”
– Dr. Julius Klein, Assistant Secretary of Commerce.

August 12, 1931
“Henry Ford has shut down his Detroit automobile factories almost completely. At least 75,000 men have been thrown out of work.”
– The Nation.

July 21, 1932
“I believe July 8, 1932 was the end of the great bear market.”
– Dow Theorist, Robert Rhea.
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Old 08-03-2009, 09:30 PM
 
Location: Great State of Texas
86,052 posts, read 84,321,515 times
Reputation: 27718
Quote:
Originally Posted by oz in SC View Post
Amazing how people are ignoring this....
Actually it's not too amazing. People will grab onto the "hope".
Consensus moves the herd.

It's just that some of us are a little feisty and break from the herd.
But we still live in a free country and we do not need to fear "bucking the trend" and voicing our opinions.

I think there's more people than not who are starting to have an inkling on what's really going on.
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Old 08-03-2009, 11:11 PM
 
18,074 posts, read 25,173,988 times
Reputation: 16795
Quote:
Originally Posted by motoracer51 View Post
Other figures underscore the recession's impact:

Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
HOLY S...
Are republican that f........ stupid??????

If you give tax cuts (George Bush) = Government gets less money in taxes


Are you seriously telling me that republicans have a hard time understanding that?
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Old 08-04-2009, 03:35 AM
 
48,505 posts, read 96,675,147 times
Reputation: 18304
Recessi0n salways do that when the biggest tax payers like corporation and investors loase meny;no great satrtling news there. that is why we should not have spent the money we have especailly borrowing it with interest from foreign sources.Companies in a fallign market can make profits by cutting cost which is what they have doen;which is what the governamnt can not learn. It needs to cut cost by getting rid of entitlement programs while do more to stimullate the economy. Even the cash for clunkers instantly stimulated the economy by having several layers invest and providing jobs while avoiding several layers of government.If it invloved more governamnt instead of privte sector they would still be trying to make it work ;creat a agency and callig it shovel ready still.
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Old 08-04-2009, 05:14 AM
 
Location: Western, Colorado
1,599 posts, read 3,111,705 times
Reputation: 958
Quote:
Originally Posted by Dopo View Post
HOLY S...
Are republican that f........ stupid??????

If you give tax cuts (George Bush) = Government gets less money in taxes


Are you seriously telling me that republicans have a hard time understanding that?
Bush's tax RATE cut increased REVENUE. FACT.

Sounds like someone needs a refresher in economics and accounting 101.

His reckless spending was something else, but Obama's continuation and expansion if the spending is downright criminal.
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