Bankrupting America

Discussion in 'Current Events' started by Lue C Fur, Aug 17, 2010.

  1. Lue C Fur

    Lue C Fur Evil member

  2. Baba gounj

    Baba gounj pensioner

    HILLSBOROUGHA historic stone arch bridge that received more than $150,000 in federal stimulus funds this year has fallen short of some people’s expectations — mainly because it doesn’t go anywhere.
    The bridge, which dates back to the 1860s, ends in a sheer, 8-foot drop after it crosses the Contoocook River. Traffic no longer crosses the span, which parallels a modern bridge near the intersection of Routes 202 and 149.
    According to, the government website that tracks spending through the American Recovery and Reinvestment Act, the town of Hillsborough received $150,045 in stimulus funding to repair the bridge.
    A project description on the ARRA website explains that the project was intended to preserve and resurface the bridge to “better accommodate pedestrians and bicycles.” The website also claims that the project created 1.90 jobs, including laborers and equipment operators. Given that the bridge does not connect to any existing roads, some have begun to question the span’s usefulness to bicyclists and pedestrians, and whether federal tax dollars could have gone to better use.
  3. Baba gounj

    Baba gounj pensioner

    [​IMG] [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]HOMELAND INSECURITY[/SIZE][/FONT]
    [FONT=Palatino, Georgia, Times New Roman, Times, serif]North Korea attacking U.S. with fake $100 bills

    [/FONT] [FONT=Palatino, Georgia, Times New Roman, Times, serif]State Dept. charges Asian regime with sabotaging American economy

    [/FONT]A New Jersey man was shocked when police informed him that the $100 bill he withdrew from his bank to pay taxes earlier this month was a masterfully made counterfeit.What the man may not have realized is that the State Department has confirmed a rash of these almost undetectable counterfeits, called "supernotes," have been flooding the U.S. from North Korea in a form of monetary sabotage one former FBI agent warns could constitute an act of war.
    The existence of the supernotes was exposed in 2008, when several Chinese men were convicted of smuggling tens of millions of dollars worth of the counterfeit money into the U.S.
    Originally, the supernotes fooled even state currency experts.
    "It wasn't until they took [a] bill back to Washington, D.C., and they examined it in the labs of the Secret Service … that they determined that in fact it was a supernote," author and former FBI agent Bob Hamer explained to the Christian Broadcasting Network. "It's a near-perfect replica of our $100 bill."
  4. diesel96

    diesel96 New Member

    When you sell the farm, the farm's gone.
    Is it already too late for America? I’m starting to think that the anti-tax, anti-government conservative movement that started in the mid-70s, elected Reagan and led to the terrible Bush Presidency may have effectively destroyed the country, leaving it bankrupt, corrupt,ungovernable, ruled by a wealthy elite -- and we're only now just starting to realize it. To cover tax cuts we stopped maintaining the infrastructure and started borrowing. To satisfy their hatred of government we increasingly stripped away rule of law, regulation, and belief in one-person-one-vote. We are seeing the consequences of all of that coming back to roost now.
    Reagan left us with massive debt and ever-increasing interest payments. Bush left us with $1.3 trillion deficits and a destroyed economy that would force further increases in the borrowing for years - to be blamed on Obama. The "free marketers" gave away our manufacturing base that will take decades and massive capital investment to recover. Obama can try, but it may just be too late to do anything about the borrowing. We need massive investment in jobs and infrastructure, and a national economic/industrial plan. But, with their own Reagan/Bush debt as ammunition, conservative ideologues continue to block every effort at investment to get out of the mess we are in.
    The conservatives destroyed the regulatory structure of the government. They removed the inspectors, administrators, regulators and replaced them with corrupt cronies.
  5. klein

    klein Für Meno :)

    The conservative answer : More tax cuts !
    Lets see how the lowest taxes in the industrialized world compares :

    Monthly unemployment rates adjusted to U.S. concepts, 10 countries, seasonally adjusted, January 2009–June 2010

  6. over9five

    over9five Moderator Staff Member

    And why bother to even TRY to fix it when you can continually BIOB.

    When will he ever take some responsibility and be a leader?????
  7. Baba gounj

    Baba gounj pensioner

    RealtyTrac reported that the number of U.S. homes lost to foreclosure surged in July to 92,858 properties, up 9 percent from June. The pace of repossessions has been increasing and the nation is now on track to having more than 1 million homes lost to foreclosure by the end of the year. That would eclipse the more than 900,000 homes repossessed in 2009, the firm says.
    Lenders have historically taken over about 100,000 homes a year, according to RealtyTrac.
  8. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Wouldn't it make more sense for these lenders to work with the homeowners to try to keep them in their homes? I realize that in a lot of these cases the lenders had no business approving some of these mortgages but for those homeowners who did not buy more than they could afford, had been paying all along and now, for reasons beyond their control, are no longer able to pay, you would think something could be done? I'm sure they would rather have someone in the home instead of having it sit there.

    I go through the foreclosures in the local paper and some of the amounts owed amaze me, especially since I know that the house is not worth nearly what is owed. I also see foreclosures where the amount owed is relatively small, sometimes less than $25K. I would think that in cases like this the lenders could work with the homeowners.

    This is an opportune for someone looking to buy, whether for investment or occupancy.
  9. klein

    klein Für Meno :)

    Thats the end result of what happens when Wall Street creates a fake housing boom, and the government supported it.

    Would have been no different from any other merchandise, like cars or furniture (buy now, pay later).
  10. Baba gounj

    Baba gounj pensioner

    It was a false housing market created by the government , easy to sell a loan when Freddie & Fannie would always back it.
  11. moreluck

    moreluck golden ticket member

    I just can't wait to hear what BRACK means by "minor adjustments" when he refers to the economy !!!
  12. Baba gounj

    Baba gounj pensioner

    Top 10 Highest State Income Taxes All Obama Blue States

    1. Hawaii: 11% (income over $400,000 (couple), $200,000 (single))
    2. Oregon: 11% (income over $500,000 (couple), $250,000 (single))
    3. California: 10.55% (income over $1 million)
    4. Rhode Island: 9.9% (income over $373,650)
    5. Iowa: 8.98% (income over $64,261)
    6. New Jersey 8.97% (income over $500,000)
    7. New York: 8.97% (income over $500,000)
    8. Vermont: 8.95% (income over $373,650)
    9. Maine: 8.5% (income over $39,549 (couple), $19,749 (single))
    10. Washington, D.C.: 8.5% (income over $40,000)
  13. tieguy

    tieguy Banned


    I tried to tweet my congressman through your linke.
    the app told me it was having trouble finding my congressman. Imagine that, I have the same problem.:happy-very:
  14. bbsam

    bbsam Moderator Staff Member

    In return for Iowa's higher income tax, property taxes run about half what they do in Illinois. Illionois, however, is probably be going to look at having to increase it's income tax significantly.
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    This chart is from the same source (TaxProf Blog). It lists the total taxes raised and its ranking per capita:

    State Total Taxes($million) Per Capita Rank
    Alaska 49,537,092 1
    Wyoming 27,645,078 2
    Vermont 25,064,030 3
    North Dakota 24,143,732 4
    Connecticut 129,283,674 5
    Hawaii 47,133,639 6
    New York 650,303,328 7
    Minnesota 171,613,259 8
    Delaware 28,063,170 9
    New Jersey 271,873,122 10

    The first chart is somewhat deceptive in that it lists the tax rates for those with minimum incomes which most would not consider middle class or lower.
  16. moreluck

    moreluck golden ticket member

    You really need the WHOLE picture. While a state may have low income tax, they get you somewhere else. . . . whether it's property tax or licensing fees, etc.
  17. Baba gounj

    Baba gounj pensioner

    During a July 14, 2009, address in Warren, Mich., Obama said, “Now, my administration has a job to do, as well, and that job is to get this economy back on its feet. That’s my job. And it’s a job I gladly accept. I love these folks who helped get us in this mess and then suddenly say, ‘Well, this is Obama’s economy.’ That’s fine. Give it to me. My job is to solve problems, not to stand on the sidelines and carp and gripe.”
    At the time, the AP wrote, “With four simple words — ‘Give it to me’ – President Barack Obama took possession of the economy.”

    USA DEBT: $13,310,379,000,000.00

    $44,000 PER CITIZEN...
  18. moreluck

    moreluck golden ticket member

    " to stand on the sidelines and carp and gripe.”

    If that is his goal, then he's doing a damn fine job of it !!:peaceful:
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Quote out of context much?!

    The actual quote (in part) was "My job is to solve problems, not to stand on the sidelines and carp and gripe."
  20. moreluck

    moreluck golden ticket member

    I call 'em like I see 'em !!