Bailout for Dummies – Part I

[CA renter]

flu,

Agree with you 100% on the Obama administration screwing things up in more ways than I can count. (BTW, I believe even The Breeze admitted to being disappointed about Obama’s picks for economic/financial posts.)

Also, agree that the guilty culprits have, in many cases, already made off with the cash, and the people trying to fix the mess now are not the ones who deserve the public shaming and punishment.

Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.

[an]

[quote=CA renter]
Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.
[/quote]
Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money. Of course, some are lucky and made a break through in term of accumulating wealth, however, it does take some brain to not lose it all. Just look at Michael Jackson as a prime example. The dude is now broke. At one point, he had more money that most can dream of.

[an]

[quote=CA renter]
Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.
[/quote]
Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money. Of course, some are lucky and made a break through in term of accumulating wealth, however, it does take some brain to not lose it all. Just look at Michael Jackson as a prime example. The dude is now broke. At one point, he had more money that most can dream of.

[an]

[quote=CA renter]
Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.
[/quote]
Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money. Of course, some are lucky and made a break through in term of accumulating wealth, however, it does take some brain to not lose it all. Just look at Michael Jackson as a prime example. The dude is now broke. At one point, he had more money that most can dream of.

[an]

[quote=CA renter]
Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.
[/quote]
Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money. Of course, some are lucky and made a break through in term of accumulating wealth, however, it does take some brain to not lose it all. Just look at Michael Jackson as a prime example. The dude is now broke. At one point, he had more money that most can dream of.

[an]

[quote=CA renter]
Where we probably disagree is that you believe most (?) of the wealthiest people **earned** their money, whereas I believe many simply have access to more power, and have the ability to direct where money goes (to them). Please note that I am **NOT** talking about doctors and engineers, etc.
[/quote]
Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money. Of course, some are lucky and made a break through in term of accumulating wealth, however, it does take some brain to not lose it all. Just look at Michael Jackson as a prime example. The dude is now broke. At one point, he had more money that most can dream of.

[paramount]

Here’s the bottom line on the bailout’s IMO: where in the Constitution does it give permission for the US Government to take tax payers money and give it to corporations – even if it is a loan (which I doubt many will ever get fully paid back)?

We are all investors in GM and AIG whether you like it or not! That is just wrong and unconstitutional!

**6 No’s – No on Prop’s 1A-1F – they are tax increases**

[paramount]

Here’s the bottom line on the bailout’s IMO: where in the Constitution does it give permission for the US Government to take tax payers money and give it to corporations – even if it is a loan (which I doubt many will ever get fully paid back)?

We are all investors in GM and AIG whether you like it or not! That is just wrong and unconstitutional!

**6 No’s – No on Prop’s 1A-1F – they are tax increases**

[paramount]

Here’s the bottom line on the bailout’s IMO: where in the Constitution does it give permission for the US Government to take tax payers money and give it to corporations – even if it is a loan (which I doubt many will ever get fully paid back)?

We are all investors in GM and AIG whether you like it or not! That is just wrong and unconstitutional!

**6 No’s – No on Prop’s 1A-1F – they are tax increases**

[paramount]

Here’s the bottom line on the bailout’s IMO: where in the Constitution does it give permission for the US Government to take tax payers money and give it to corporations – even if it is a loan (which I doubt many will ever get fully paid back)?

We are all investors in GM and AIG whether you like it or not! That is just wrong and unconstitutional!

**6 No’s – No on Prop’s 1A-1F – they are tax increases**

[paramount]

Here’s the bottom line on the bailout’s IMO: where in the Constitution does it give permission for the US Government to take tax payers money and give it to corporations – even if it is a loan (which I doubt many will ever get fully paid back)?

We are all investors in GM and AIG whether you like it or not! That is just wrong and unconstitutional!

**6 No’s – No on Prop’s 1A-1F – they are tax increases**

[CA renter]

AN wrote:

Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money.
——————

Same story here…mom was a dirt-broke immigrant (grew up VERY poor during WWII in Austria) who worked her way up. Dad worked his way up after growing up on a chicken farm in Arkansas during the Great Depression. Can’t get much more broke than that! 😉 They both worked their way through college and lived exceedingly frugal lives so that their kids could have better lives than they did.

I am adamantly opposed to inheritance tax because that money was already taxed when it was originally earned. There is no new transaction when money is kept within the family.

OTOH, capital gains earned on this money should be taxed at a higher rate, or at least taxed at the same rate as labor. I personally favor a progressive tax because it is too easy to funnel money to the wealthiest people when they have tremendous, income-earning wealth. This creates imbalances in our economy that are NOT healthy for society at large.

Additionally, I’m opposed to “steeping-up” the cost basis of inherited assets. We need to pick one or the other: higher inheritance taxes OR keep the true cost basis.

Basically, the “wealth” that I rail against is the type gained via the mingling of politicians and corporatists. It is this kind of greed/wealth/power-seeking that is driving this country into the ground, IMHO.

[CA renter]

AN wrote:

Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money.
——————

Same story here…mom was a dirt-broke immigrant (grew up VERY poor during WWII in Austria) who worked her way up. Dad worked his way up after growing up on a chicken farm in Arkansas during the Great Depression. Can’t get much more broke than that! 😉 They both worked their way through college and lived exceedingly frugal lives so that their kids could have better lives than they did.

I am adamantly opposed to inheritance tax because that money was already taxed when it was originally earned. There is no new transaction when money is kept within the family.

OTOH, capital gains earned on this money should be taxed at a higher rate, or at least taxed at the same rate as labor. I personally favor a progressive tax because it is too easy to funnel money to the wealthiest people when they have tremendous, income-earning wealth. This creates imbalances in our economy that are NOT healthy for society at large.

Additionally, I’m opposed to “steeping-up” the cost basis of inherited assets. We need to pick one or the other: higher inheritance taxes OR keep the true cost basis.

Basically, the “wealth” that I rail against is the type gained via the mingling of politicians and corporatists. It is this kind of greed/wealth/power-seeking that is driving this country into the ground, IMHO.

[CA renter]

AN wrote:

Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money.
——————

Same story here…mom was a dirt-broke immigrant (grew up VERY poor during WWII in Austria) who worked her way up. Dad worked his way up after growing up on a chicken farm in Arkansas during the Great Depression. Can’t get much more broke than that! 😉 They both worked their way through college and lived exceedingly frugal lives so that their kids could have better lives than they did.

I am adamantly opposed to inheritance tax because that money was already taxed when it was originally earned. There is no new transaction when money is kept within the family.

OTOH, capital gains earned on this money should be taxed at a higher rate, or at least taxed at the same rate as labor. I personally favor a progressive tax because it is too easy to funnel money to the wealthiest people when they have tremendous, income-earning wealth. This creates imbalances in our economy that are NOT healthy for society at large.

Additionally, I’m opposed to “steeping-up” the cost basis of inherited assets. We need to pick one or the other: higher inheritance taxes OR keep the true cost basis.

Basically, the “wealth” that I rail against is the type gained via the mingling of politicians and corporatists. It is this kind of greed/wealth/power-seeking that is driving this country into the ground, IMHO.

[CA renter]

AN wrote:

Although life is not fair and not everyone start out poor, that doesn’t meant they don’t deserve their money. My parents came to this country with nothing more than clothes on their back. They worked hard, save a lot, to give me the opportunities that they did have. I then in turn work hard to build on my family’s wealth to give my children the opportunities I never had. Although my children didn’t directly earned the money they got to start out with, their parents and grand parents earned that money. So I think they’re entitled to that money.
——————

Same story here…mom was a dirt-broke immigrant (grew up VERY poor during WWII in Austria) who worked her way up. Dad worked his way up after growing up on a chicken farm in Arkansas during the Great Depression. Can’t get much more broke than that! 😉 They both worked their way through college and lived exceedingly frugal lives so that their kids could have better lives than they did.

I am adamantly opposed to inheritance tax because that money was already taxed when it was originally earned. There is no new transaction when money is kept within the family.

OTOH, capital gains earned on this money should be taxed at a higher rate, or at least taxed at the same rate as labor. I personally favor a progressive tax because it is too easy to funnel money to the wealthiest people when they have tremendous, income-earning wealth. This creates imbalances in our economy that are NOT healthy for society at large.

Additionally, I’m opposed to “steeping-up” the cost basis of inherited assets. We need to pick one or the other: higher inheritance taxes OR keep the true cost basis.

Basically, the “wealth” that I rail against is the type gained via the mingling of politicians and corporatists. It is this kind of greed/wealth/power-seeking that is driving this country into the ground, IMHO.

[Author]

Posts