Market in tank AGAIN - Can the US AFFORD OBAMA???

[CGSTL]

Oh, come on... He only up by 14 points because they are now polling places that are mostly democrats... Let's do a poll in all inner cities around the country and call it a national poll.

Originally Posted by LeMansX5

The worst in economy is yet to come.
Obama is leading by 14 points and it keeps on increasing. McCain needs to step up his efforts.
Lets see how the debate goes tonight.

[The Cleaner]

I want to know when the President started to be able to promise ANYTHING. Since when does the President have the authority to make any policy or Law?

Artical 2 Section 2 addresses Presidential powers.

The President shall, at stated times, receive for his services, a compensation, which shall neither be increased nor diminished during the period for which he shall have been elected, and he shall not receive within that period any other emolument from the United States, or any of them.

Before he enter on the execution of his office, he shall take the following oath or affirmation:--"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."

Section 2. The President shall be commander in chief of the Army and Navy of the United States, and of the militia of the several states, when called into the actual service of the United States; he may require the opinion, in writing, of the principal officer in each of the executive departments, upon any subject relating to the duties of their respective offices, and he shall have power to grant reprieves and pardons for offenses against the United States, except in cases of impeachment.

He shall have power, by and with the advice and consent of the Senate, to make treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the advice and consent of the Senate, shall appoint ambassadors, other public ministers and consuls, judges of the Supreme Court, and all other officers of the United States, whose appointments are not herein otherwise provided for, and which shall be established by law: but the Congress may by law vest the appointment of such inferior officers, as they think proper, in the President alone, in the courts of law, or in the heads of departments.

The President shall have power to fill up all vacancies that may happen during the recess of the Senate, by granting commissions which shall expire at the end of their next session.

Section 3. He shall from time to time give to the Congress information of the state of the union, and recommend to their consideration such measures as he shall judge necessary and expedient; he may, on extraordinary occasions, convene both Houses, or either of them, and in case of disagreement between them, with respect to the time of adjournment, he may adjourn them to such time as he shall think proper; he shall receive ambassadors and other public ministers; he shall take care that the laws be faithfully executed, and shall commission all the officers of the United States.

Section 4. The President, Vice President and all civil officers of the United States, shall be removed from office on impeachment for, and conviction of, treason, bribery, or other high crimes and misdemeanors.

[Quicksilver]

The Real Deal

So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.
The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding.

In finality.....Don't get emotional about it. Do something about it.

[Wagner]

Well over the long term real estate does always go up, so that part is true. That isn't to say valleys don't come with the peaks. It was using a home to create equity and financial solvency that was the problem IMO

[ncx]

From Yahoo news:

Five Things You Might Not Know About Obama's Small Business Tax Hikes Wed Oct 15, 11:50 AM ET

***Record Tax Hike on Small Businesses Will Kill Last Job-Creating Sector***


WASHINGTON, Oct. 15 /PRNewswire-USNewswire/ -- Americans for Tax Reform today released the following "top five" facts related to the Obama tax hike on small businesses:

1. Two-thirds of small business profits are earned in households
making more than $250,000 per year -- the very households Obama is
shouting from the rooftops that he will raise taxes on (Source:
IRS Statistics of Income Bulletin*). Small business profits are
used to create jobs and invest in America. This is the answer to
the Obama campaign's irrelevant claim that the number of small
businesses affected will be small -- the fact is that the bulk of
profits will face a tax hike.

2. Small businesses pay income taxes at the household level. This
means that the Obama plan to raise tax rates is a direct tax hike
on small businesses -- sole proprietorships, partnerships,
S-corporations, and family farms

3. The tax rate on the lion's share of small business income could
reach 54.9 percent under a President Obama(the individual top rate
will climb from 35 percent to 39.6 percent and the Social
Security/Medicare tax rate could climb from 2.9 percent to 15.3
percent. Put those together, and you get 54.9 percent)
(Source:barackobama.com)

4. This 54.9 percent tax rate would be the highest since the Carter
Administration, when America suffered through double-digit
inflation and unemployment (Source: Congressional Budget Office)

5. America's 26 million small businesses employers give a paycheck to
116 million employees (Source: Census Bureau). When small business
taxes go up, millions of these employees will be at risk of being
laid off.


"Obama's tax increases will only affect you if you have a 401(k), have any savings, buy things from small businesses or are looking for a job," said Grover Norquist, president of Americans for Tax Reform. "If you fall into one of these categories, his policies will screw you. Otherwise, you're fine."

* "Small business profits" is equal to the net profits less net losses of sole proprietors, S-corporation shareholders, and partners. According to the IRS, two-thirds of these small business profits are earned in households with adjusted gross income (AGI) equal to or greater than $200,000. In 2006, $473 billion of the $706 billion (two-thirds) of small business profits was earned in households Obama has said he would raise tax rates on.

http://news.yahoo.com/s/usnw/2008101...ness_tax_hikes

[Quicksilver]

My guess is your voting McCain.
If so than i submit that he like
Mr. Obama will only be able to
act within the confines of the
limitations placed upon them
by others. It's a gamble you
must take with your choice based
on the variables of the process.

If the variables of the process
are to remain the same as they
always have been then it's fair
to expect more of the same no
matter who gets elected.

Hence, getting excited by either
candidate or upset by anothers
proposed thinking or retoric is
nothing more than a remedy
for heartburn. Seriously who need
the irritation.........

Originally Posted by CGSTL

How can we possibly afford to elect the most liberal senator in the US Senate as President - to partner with a San Francisco liberal as Speaker and a dim-wit liberal as Senate Majority Leader?

[NIGHTMAREuki]

IMO its been a long time since people had to say no the the BS we were fed starting from early 1900's. the 2 candidates that we are given are practically the same, neither know whats wrong with the economy and how to fix it, neither want to put "country first"..... neither will stop spending money overseas and use it here.
hopefully it will not take full collapse of this country, once the greatest, to realize that we need to be stop managing the whole world and take care of our own asses at least for now, b/c near future looks grim.

http://www.youtube.com/watch?v=-cF62QpvDok

[CGSTL]

Oh, but you're neglecting the small detail that the fox will now be guarding the hen house. With three of the most liberal/socialist/marxist (take your pick) leaders making AND signing the laws they will financially enslave the few to work for the benefit of the masses. This the worst possible of storms. At least a Republican in the white house can rein in out-of-control spending. Something W did not do very well .

And I actually have two purposes for voting:
1. Voting against the socialist Obama.
2. Voting for McCain in hopes that conservative principles will prevail.

Originally Posted by Quicksilver

My guess is your voting McCain.
If so than i submit that he like
Mr. Obama will only be able to
act within the confines of the
limitations placed upon them
by others. It's a gamble you
must take with your choice based
on the variables of the process.

If the variables of the process
are to remain the same as they
always have been then it's fair
to expect more of the same no
matter who gets elected.

Hence, getting excited by either
candidate or upset by anothers
proposed thinking or retoric is
nothing more than a remedy
for heartburn. Seriously who need
the irritation.........

[LeMansX5]

Originally Posted by Wagner

The debate will go like crap...McCain just is not a good speaker and his expressions/emotion sucks. He should have Bob Barr and Ron Paul stand in for him

He needs to be creative in his responses instead of starting each of his response with "what senator Obama does not understand".

[Quicksilver]

Your joking right?.........

liberal/socialist/marxist leaders? If that's what you believe then i feel bad for you. No one but no one should feel as persecuted as you do right now.

I don't suppose a re-read of chicken little would help but i hardly believe the liberal/socialist/marxist leaders will sign any laws that will financially enslave the few to work for the benefit of the masses.

If you believe in this so called "Perfect storm" then i fail to see how one Republican in the white house can rein in out-of-control spending. No one but no one can stop a perfect storm. You and i both know that.....

Originally Posted by CGSTL

Oh, but you're neglecting the small detail that the fox will now be guarding the hen house. With three of the most liberal/socialist/marxist (take your pick) leaders making AND signing the laws they will financially enslave the few to work for the benefit of the masses. This the worst possible of storms. At least a Republican in the white house can rein in out-of-control spending. Something W did not do very well .

And I actually have two purposes for voting:
1. Voting against the socialist Obama.
2. Voting for McCain in hopes that conservative principles will prevail.