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#1 class warfare. How do they expect to collect when the "wealthy" simply move their money elsewhere, and refuse to cooperate - basically "go Galt" in a minor way by not creating jobs, not investing, and not spending - avoiding things that generate tax loads.
The liberal cargo-cult "magic" thinking is going to destroy the economy.
Posted by OldSpook 2012-12-02 02:09||
#2 The Champ is very concerned about the lack of progress on reaching an agreement. Able butt-boy and tax cheat Tim Geithner is the go-to person for the next three weeks while the Champ is away in Hawaii golfing and body surfing.
Remember everyone, the Champ seeks a "balanced approach" and will be "moving to the center" during his second term.
Posted by Besoeker 2012-12-02 02:36||
#3 The only way out of this is hyperinflation.
You can thank China and the Internet that it hasn't happened yet.
Posted by phil_b 2012-12-02 05:19||
#4 Yes, hyperinflation appears inevitable. The two key areas or indicators that I am watching closely are the bond market and crude oil prices.
A possible third indicator would be a scheme to make gov't bond investment of a portion of 401k's mandatory. Boomers have a lot of dough socked away in 401k's. I believe a plan to seize these funds may be just around the corner.
Posted by Besoeker 2012-12-02 07:46||
#5 Ditto that Mr. B.
"a classic bait and switch."
I am glad they are using these words to describe this administration. -Con men- in action. That would make a good TV show. The problem is most people would fall for it even if it were a show. The liars believe their own lies.
Posted by Dale 2012-12-02 08:08||
#6 Mr. B, as one of those boomers with a 401k that could be attacked, do you have a recommendation as to where that money should be to safe guard it?
Posted by AlanC 2012-12-02 09:10||
#7 No matter what happens the Republicans will be blamed. I think Obama is more interested in destroying the Republican Party than anything else.
Posted by Deacon Blues 2012-12-02 10:24||
#8 "The two key areas or indicators that I am watching closely are the bond market and crude oil prices. "
Not a bad idea. The Fed is controlling and namipulating rates on long-term US debt through the QE program. The price of oil is very difficult for anyone to manipulate over the long term - so that's a good indicator. IMO, China will move to dump US Treasuries when they are ready - but they follow a patient stratgey. When China does move away from holding US bons, and severs its peg to the dollar, then we are screwed. That is the time when hyperinflation is a real risk.
Posted by Raider 2012-12-02 10:41||
#9 Alan C,
I have been trying to answer that very question concerning my IRA.
Posted by bman 2012-12-02 11:39||
#10 #6 Mr. B, as one of those boomers with a 401k that could be attacked, do you have a recommendation as to where that money should be to safe guard it?
Posted by: AlanC 2012-12-02 09:10
I cannot advise AlanC. If I had a clue, I'd be doing it myself.
When I was a younger man back in flyover, we'd read about an old man passing away and the relatives finding Mason jars stuffed with money in the barn. We laughed and shook our heads. I no longer laugh, or shake my head.
Posted by Besoeker 2012-12-02 12:32||
#11 If Australia was wise they would create a new city along some uncharted coastline and name it Gault. Make it easy for foreigners to invest and build businesses there, or to shift assets, or simply to move. They might find a lot of Americans/British/French millionaires welcoming the home.
Posted by rjschwarz 2012-12-02 12:37||
#12 Well B, thanks for the answer but it's not really helpful.
I worked my ass off after finally getting a job in IT and for 30+ years socked away as much as we could and put two kids through college with no debt.
Given everything I've got almost a mill in assets including the house but I feel that it will probably all be gone all too soon.
Politicians AND bankers AND unions suck. 8^(
If I could I'd pull it all out and start buying those mason jars.
Posted by AlanC 2012-12-02 13:04||
#13 A blinding flash of the obvious, but debt reduction is always a prudent course of action. Replacement or redundancy of household durable goods which could skyrocket in price (or not be available) might be another. If you use what happened, or is happening to folks along the east coast due to Hurricane Sandy, it might be helpful. FEMA blankets and MRE's only go so far.
I stay in pretty close contact with my financial advisor. We've developed a go-to-hell plan, but there are absolutely no guarantees we'd have the necessary time to execute it. The market is amazingly resilient, but if you're not prepared to kiss it goodbye, you may wish to re-look your investments. This shi* is not just going to go away.
Posted by Besoeker 2012-12-02 13:31||
#14 Fine horses and dawgs, whiskey, antibiotics, fishhooks and salt.
Posted by Shipman 2012-12-02 14:45||
#15 How do they expect to collect when the "wealthy" simply move their money elsewhere
Because the target is not just the $250K-plus group. It's not where the money really is. Say the Republicans roll over and agree to everything the White House wants. The tax cuts are extended one year, for all but the $250K-plus group.
Toward the end of the expiration a year later, the White House message is "We're still in a hole - we all need to share the pain. Those in the sub $250K-$100K bracket need to give up their cuts, plus we'll raise the tax rates on the $250K-plus".
Posted by Pappy 2012-12-02 14:54||
#16 No matter what happens the Republicans will be blamed. I think Obama is more interested in destroying the Republican Party than anything else
Posted by CrazyFool 2012-12-02 15:48||
#17 Interesting site with many trade indicators: One indicator is loans to the private sector. The "loans to the private sector are low in the U.S. compared to many other countries." The CPI is an indicator of inflation. The Donks are not to be trusted. You had better count your fingers after making a deal with them and then shaking hands.
Posted by JohnQC 2012-12-02 18:21||
#18 The caveat should be stated that not all countries report accurate data and it may be difficult to compare countries. Oh well, some of the data and trends are interesting nonetheless.
Posted by JohnQC 2012-12-02 18:52||
#19 ION IIRC FREEREPUBLIC > PELOSI: GIVE OBAMA THE POWER TO RAISE DEBT LIMIT/CEILING TO INFINITY.
"To Infinity, and Beeeyyyoooooooonnnddddd"!
D *** NG IT, IFF RISING CHINA CAN FEAR USSR-STYLE NATIONAL IMPLOSION, + "ARAB/ISLAMIC SPRING" PROTESTSAND REVOLTS OCCURRING WIDIN THEIR OWN COUNTRY, SO CAN AMERIKKA!
* CHINA DAILY FORM > WARREN BUFFET WANTS 30 PERCENT [30-35.0%] MINIMAL TAX ON WEALTHY.
> 30.0% = all those Amers making US$1.0 - 10.0Milyuhn per annum.
> 35.0% = ... ... making greater than US10.0Milyuhn per annum.
IIUC, BUFFET = arguing that applicable IRS tax brackets must change for any + all Americans = Amerikkans making US$250,000 or higher per year.
Posted by JosephMendiola 2012-12-02 19:10||
#20 Once taxes are raised on folks making 200k the Obama admin will make the minimum wage $100/hour.
As for the 401k I would suggest pulling back to the company match only and parking 1/2 in cash and the rest in energy (Canadian dividend payers) Once the GIvernment decides to seize or force into certain investments borrow as much as you can from your 401k and pay interest to yourself.
Posted by Airandee 2012-12-02 21:12||
#21 NEWS KERALA > US CONGRESS CONSIDERING DOING AWAY WID ONE-DOLLAR BILL TO SAVE MONEY, in replace wid one-dollar coins.
Getting rid of the one-dollar green back = getting rid of the penny coin = INDIRECT/
ROUNDABOUT ASSAULT ON ACCURATE OR RELIABLE ACCOUNTING METHODS IN FAVOR OF HYPER-MASSIVE-N-GREATER DEFICIT SPENDING ["spend spend spend"] WID CORRESPONDING SOVIET-STYLE, SELECTIVE BUDGET "WRITE-OFFS".
Iff OWG Mighty USSA = OWG Weak USRoA Global SSR pretends it has no Deficits, Debt, or other Liabilities, THEN BY GOD + LENIN IT DOESN'T!
[BISMARCK: IRON AND BLOOD = SGT. SCHULTZ:
VAMPIRE GLOBALIST/ "E" IS FOR ESCARGOTS here].
Posted by JosephMendiola 2012-12-02 23:09||