Obama's Economic Perfect Storm

Well the debates are over, the pundits and talking heads have spoken; and the winner is…… Nobody. And why is that; because we have 19 days until the election and the only vote that counts is YOURS; not the polls, not the media, not your crazy buddy at work… yours and yours alone.
But one thing you have to remember is that this election as a whole; meaning Presidential and Congressional, will have an historic impact on our country. There is a distinct possibility that we could have the ‘perfect storm’ between the executive and legislative branches of government. The Democratic party could possibly had control of both houses of Congress and the While House; giving them unlimited power to change law and even constitutional amendments; with little to no resistance, and that is scary!

And why is this scary? Well let’s first take a look at Obama’s most recent statement of ‘spreading the wealth around is good for everyone’; how is punishing accomplishment and hard work good for everyone? First, Obama’s tax-rate increases on income will fall heavily on small businesses, which create the majority of net new jobs. Here’s why: According to Internal Revenue Service data, half of all business income is taxed at individual rather than corporate tax rates, and about two-thirds of all flow-through business income is earned by small-business owners with annual incomes exceeding $200,000. The bottom line: Up to one-third of all business income is taxed at the two marginal rates Obama wants to raise.Second, history demonstrates the economic folly of raising capital-gains taxes at any time, and the economic benefit of keeping them permanently low. By influencing the incentives for people to invest, the capital-gains tax directly impacts the demand for — and value of — equities. Similarly, it influences the rate of investment, particularly in new, high-risk ventures. But Obama wants to RAISE capital-gains taxes. But the bigger question is where will it stop? So today it’s $200,000; maybe tomorrow it is $100,000; or less.

And why would I say that; very simple, Obama has outlined numerous spending increases:

A $65 billion-a-year health plan
$15 billion in green energy spending
$85 billion in tax cuts and credits
A $25 billion-a-year increase in foreign aid
$18 billion a year in education spending
$3.5 billion for a national service plan

Put it all together, and we are talking about a $200 billon plan, $800 billion over four years. And that does not even include fixing the alternative minimum tax, a $50 billion-a-year item that will assuredly get passed.

Big question… HOW IS HE GOING TO PAY FOR ALL THAT???

Taking Obama’s statement of cutting taxes on 95% of Americans; there is no way that raising taxes on only 5% of the country will pay for an ADDITIONAL $200 billion in spending; the numbers do not add up. Even if he took ALL of the income of the Forbes 500 riches Americans he could only run the government for a few months; at Today’s spending levels; not counting an additional $200 billion in spending AND a reduction in tax revenues.

It is very simple… to get to a balance budget and have a surplus you can only do two things; increase revenue and reduce spending. In these economic times increasing revenue, i.e. taxes; is not advisable; however decreasing spending is advisable and warranted.

You owe it to yourself and your family to ‘peel the onion’ back on the rhetoric preached by these candidates and really get to know them and what they stand for.

The truth behind the housing meltdown...

I think everyone should read this article


http://www.freerepublic.com/focus/news/2086850/posts
Here are the highlights
September 11, 2003

New Agency Proposed to Oversee Freddie Mac and Fannie Mae

By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

~~ snip ~~

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

So is this really the 'failed' polices of the Bush Administration?  Really?

Obama unveils new jobs ideas

My thoughts below; but here is what Obama has to say...

Sen. Barack Obama (D-Ill.) on Monday released his Economic Rescue Plan for The Middle Class, described by the campaign as "a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas."


Here is a summary of the major new ideas in the four areas of Obama’s plan:

1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.


2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.


3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.


4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.


The campaign said: "Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.



Great MORE Government, just what we need! What’s next? Where will it stop? Will the government bail out and own our infrastructure such as energy and transportation? What about our food suppliers? Isn’t this a step to communism? What is communism; see below:

Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general. Leninists have attempted to produce communist societies by setting up political parties, which in some cases have become governments. These attempts have never produced a communist society, and have frequently led to totalitarian states.
Communism is usually considered to be a branch of socialism, a broad group of social and political ideologies, which draws on the various political and intellectual movements with origins in the work of theorists.

And what is the definition of socialism: Socialists mainly share the belief that capitalism unfairly concentrates power and wealth into a small section of society who controls capital, and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly.

Or in words of NObama – ‘Spread the worth around’, wink, wink

Hi…I’m from the Government and I’m here to help….

Do NOT let this happen; stand up and fight this with everything you have!

Civil Rights Icon Compares McCain to Segregationist Gov. George Wallace, and Obama disagrees!

From FoxNews…

Georgia Rep. John Lewis, a civil rights-era icon , invoked segregationist Gov. George Wallace of Alabama in accusing John McCain and Sarah Palin of fanning the flames of hatred at Republican campaign events.

"What I am seeing reminds me of too much of another destructive period in American history," Lewis said in a statement released to FOX News. "Senator McCain and Governor Palin are sowing the seeds of hatred and division, and there is no need for this hostility in our political discourse."

"George Wallace never threw a bomb. He never fired a gun, but he created the climate and the conditions that encouraged vicious attacks against innocent Americans who were simply trying to exercise their constitutional rights," Lewis added. "Because of this atmosphere of hate, four little girls were killed on Sunday morning when a church was bombed in Birmingham, Alabama."

He then accused McCain and Palin of "playing with fire" in a way that "disregards the value of the political process and cheapens our entire democracy."

McCain immediately responded, calling on Obama to denounce Lewis' statement.
"Congressman John Lewis' comments represent a character attack against Governor Sarah Palin and me that is shocking and beyond the pale," McCain said in a written statement. "The notion that legitimate criticism of Senator Obama's record and positions could be compared to Governor George Wallace, his segregationist policies and the violence he provoked is unacceptable and has no place in this campaign."

What does Obama say...

Shortly after, Obama campaign spokesman Bill Burton released a statement on the Lewis comments.

"Sen. Obama does not believe that John McCain or his policy criticism is in any way comparable to George Wallace or his segregationist policies," Burton said. "But John Lewis was right to condemn some of the hateful rhetoric that John McCain himself personally rebuked just last night, as well as the baseless and profoundly irresponsible charges from his own running mate that the Democratic nominee for president of the United States 'pals around with terrorists.' "

Is Obama turning on his own party for a favorable view in the court of public opinion? How does he really feel behind closed doors? Thoughts..

Voter fraud... OMG can you believe that!

Well folks it’s true and all seems to be centered on the liberal group known as ACORN. Not only were their offices raided in Nevada; but now their documents in North Carolina and Indiana have been seized by federal agents. And the latest is a Federal judge has issued a TRO against the Ohio Secretary of State stating that she violated federal law by allegedly not taking adequate steps to validate the IDs of newly registered voters linked to the ACORN fraud scandal.

Check here: http://www.foxnews.com/ontherecord/index.html