Debate Winner: Obama or McCain?

I admitted when I thought Palin had lost her debate, but I think McCain won this one. McCain may have started slow, because everyone wants to blame the Republicans when something goes wrong with the economy. You know, the real government body that is able to pass regulations and make laws is Congress. Hasn’t this body been majority Democratic since 2006? Shouldn’t over 2 years be enough time to fix things? Aren’t the big players in Congress that are in charge of our financial situations Democrats?

By the end McCain had proved himself and his position. He doesn’t speak as well as Obama, but Obama couldn’t use his classy rhetoric to win it tonight.

I loved how Obama contradicted himself several times, but one major case was with Iraq and genocide. Obama criticizes McCain for supporting the attacks on Iraq. He said we should have never gone there. Later when asked what we should do with global issues of genocide and cruel leaders that didn’t affect our national security, he said we have a moral responsibility to take on these leaders and prevent another Holocaust. Now if we look back at Hussein, wasn’t he sentenced to death because of genocide? So this case was not one of those that we should have prevented apparently!

McCain is going to prevail. Obama can’t pick a position, and all of the things Biden said last week were not carried over to this debate. Does that mean Obama doesn’t have a clue, or Biden has his own agendas? I think Obama is lost and can’t find the right thing to say now…

Obama also wants to impose tax hikes on small businesses over $250,000. He tells us that is only a small percentage of small businesses, but we know 50% of small businesses are above this line. Let’s put this in perspective: If you have 3 employees who make $50,000, by the time you pay salaries, taxes, insurance (which Obama wants to enforce small business employers to provide better insurance instead of supporting their employee’s individual plans), offie expenses, rent, etc., you will have to make well over $250,000 in revenue. Now I don’t know about you, but 3 employees is a pretty small business, and for Obama to make it out like his tax hikes won’t affect many small businesses, he is wrong!

As I have stated before, the treasury department has shown through several analyses that tax cuts on everyone, including those over $250,000 has resulted in more taxes paid by the top 1% and then top 10%, and the government collected $780 Billion more dollars in tax revenue after our last series of tax cuts. Taxing the rich, as Obama wants to do, is only going to hurt middle America. Do you think someone who makes millions and millions is going to suffer from a $200,000 tax increase? NO!!! But placing tax increases on small businesses over $250,000, which are 50% of all small businesses, will destroy our economy!

Obama’s Staff Part Of Economic Problems!

I apologize for the format of this post, but this information was sent to me in an email, and I wanted to forward this everyone.

> > Here is a quick look into 3 former Fannie
> > Mae executives who have brought down Wall Street.
> >
> > Franklin Raines was a Chairman and Chief
> > Executive Officer at Fannie Mae. Raines was forced to retire
> > from his position with Fannie Mae when auditing discovered
> > severe irregularities in Fannie Mae’s accounting
> > activities. At the time of his departure The Wall Street
> > Journal noted, ” Raines, who long defended the
> > company’s accounting despite mounting evidence that it
> > wasn’t proper, issued a statement late Tuesday conceding
> > that “mistakes were made” and saying he would
> > assume responsibility as he had earlier promised. News
> > reports indicate the company was under growing pressure from
> > regulators to shake up its management in the wake of
> > findings that the company’s books ran afoul of generally
> > accepted accounting principles for four years.” Fannie
> > Mae had to reduce its surplus by $9 billion.
> >
> > Raines left with a “golden parachute
> > valued at $240 Million in benefits. The Government filed
> > suit against Raines when the depth of the accounting scandal
> > became clear.
> > (
> > http://housingdoom.com/2006/12/18/fannie-charges/ )
> >
> >
> >
> > The Government noted, “The 101 charges
> > reveal how the individuals improperly manipulated earnings
> > to maximize their bonuses, while knowingly neglecting
> > accounting systems and internal controls, misapplying over
> > twenty accounting principles and misleading the regulator
> > and the public. The Notice explains how they submitted six
> > years of misleading and inaccurate accounting statements and
> > inaccurate capital reports that enabled them to grow Fannie
> > Mae in an unsafe and unsound manner.” These charges
> > were made in 2006. The Court ordered Raines to return $50
> > Million Dollars he received in bonuses based on the
> > miss-stated Fannie Mae profits.
> >
> > Tim Howard was the Chief Financial Officer
> > of Fannie Mae. Howard “was a strong internal proponent
> > of using accounting strategies that would ensure a
> > “stable pattern of earnings” at Fannie. In
> > everyday English – he was cooking the books. The Government
> > Investigation determined that, “Chief Financial
> > Officer, Tim Howard, failed to provide adequate oversight to
> > key control and reporting functions within Fannie Mae,”
> >
> >
> > On June 16, 2006, Rep. Rich ard Baker,
> > R-La., asked the Justice Department to investigate his
> > allegations that two former Fannie Mae executives lied to
> > Congress in October 2004 when they denied manipulating the
> > mortgage-finance giant’s income statement to achieve
> > management pay bonuses. Investigations by federal regulators
> > and the company’s board of directors since concluded
> > that management did manipulate 1998 earnings to trigger
> > bonuses. Raines and Howard resigned under pressure in late
> > 2004.
> >
> > Howard’s Golden Parachute was
> > estimated at $20 Million!
> >
> > Jim Johnson is a former executive at
> > Lehman Brothers who was later forced from his position as
> > Fannie Mae CEO. A look at the Office of Federal Housing
> > Enterprise Oversight’s May 2006 report on mismanagement
> > and corruption inside Fannie Mae, and you’ll see some
> > interesting things about Johnson. Investigators found that
> > Fannie Mae had hidden a substantial amount of Johnson’s
> > 1998 compensation from the public, reporting that it was
> > between $6 million and $7 million when it fact it was $21
> > million.” Johnson is currently under investigation for
> > taking illegal loans from Countrywide while serving as CEO
> > of Fannie Mae.
> >
> > Johnson’s Golden Parachute was
> > estimated at $28 Million.
> >
> >
> >
> > WHERE ARE THEY NOW?
> >
> > FRANKLIN RAINES? Raines works for the
> > Obama Campaign as Chief Economic Advisor
> >
> > TIM HOWARD? Howard is also a Chief
> > Economic Advisor to Obama
> >
> > JIM JOHNSON? Johnson hired as a Senior
> > Obama Finance Advisor and was selected to run Obama’s
> > Vice Presidential Search Committee
> >
> >
> >
> > IF OBAMA PLANS ON CLEANING UP THE MESS,
> > HIS ADVISORS HAVE THE EXPERTISE…THEY MADE THE MESS IN THE
> > FIRST PLACE! Would you trust the men who tore Wall Street
> > down to build the New Wall Street ?

Biden vs. Palin: Who is the victor?

As the debate started, I was rooting for Palin. I want to see her succeed, her and McCain to win, and the world to be a better place. I have watched Palin stumble through questions, especially from Katie Couric, so I was hoping for a better performance.

She did better. In fact, she got better as the debate went on. She did look nervous early, and she tried to address questions out of place, but she gradually found a groove. She did the best she could with her experience. She was fighting an extremely difficult battle with a seasoned politician. I say politician because is just that. He doesn’t belong on the Obama ticket. Obama is talking about change, and here is a guy talking about how he has always done it.

I think that if a winner is declared, it would have to be Biden. He was better spoken, addressed the points better, and stayed on task a little better. He had more concrete responses. I hate to even type this, but I think he did a better job.

Does that mean Obama and Biden should win? Absolutely not. Obama screams change, when Biden is nothing but old politics. Obama can’t tell you how is going to feel today, much less a stance on any issue. Any stance we hear from their ticket comes strictly from Biden. Obama is just a front man. The Democrats knew they needed someone that looked nothing like Bush or McCain, and that is what they got in Obama. They couldn’t have put Hillary out there, because she is too similar. Unfortunately, Obama has no substance, so they had to put Mr. Politician, Biden, on the ticket. This is such a game…

The Republicans will win this election. McCain and Palin will convey their beliefs to the American public, and America will understand that their positive livelihood rides on a Republican win.

Another proposal: interesting and miscalculated but nice!

This proposal was sent to me. I like the concept, although the math is wrong. It would take 85,000,000,000,000 to accomplish this large figure to every person. We could trim the number to say $100,000, take away the people that are living off of the government, they don’t deserve any more assistance, and we may have a number close to the $700 Billion they were originally talking about.

Bottom line, if there is going to be a bail out, it should be focused at putting money in the public’s hands to increase free capitalism, not taking our money and giving it to some rich, stupid bank. That is socialism.

Here is the miscalculated proposal.

I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.

So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free.

So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam, but it means that every adult 18+ has $297,500.00 in their pocket; a husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.
00 in your family?
Pay off your mortgage – housing crisis solved.

Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else

Remember this is for every adult U S Citizen 18+, including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 (“vote buy”) economic incentive that is being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG – liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t. Sure it’s a crazy idea that can “never work.
” But can you imagine the Coast-To-Coast Block Party!? How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC. And remember, The Birk plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam.

Proposed Bailout Plan: The Common Sense Fix

Dave Ramsey has offered this common sense fix to the bailout problem our wonderful congress is talking about.

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.

2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.

Bush’s bailout plan is costing us again!

President Bush just addressed the nation about his adminstration’s bailout plan. I am pissed! Why do I have to pay for some fat-cat executive to earn millions (in some cases 100’s of millions) in bonuses and then crawl to Washington and beg for the TAXPAYERS to pay for their F*ck ups?

I understand Bush’s point about the delicate nature of our economic situation, but do we really need to pay for it? Why is the FBI investigating Freddie and Fannie execs? Everyone knows they did things wrong, if not legally, morally, so why should the American public pay for it?

I own a small business. If I have a bad month, can I cry to the government and ask for them to bail me out? If I tell the mortgage company to get my payment from the government they will laugh. First, because they may be the ones being bailed out, and two, nobody cares about the little guy! Senators don’t have stock in my company, so who am I?

This bailout is going to cost us twice. First, we have to suffer through a housing crisis because of stupid mistakes made, but the market is recovering. People are buying houses again. Banks and credit unions are able to loosen up a little bit, and the American public is having to fix their own mistakes. But now, we have to pay for this huge $700 Billion debt that Bush is putting us in! Just as I think he might be a good guy, he screws up again! Thanks F*cker!

I feel like I am in a bad Democrat dream. The American public didn’t pay attention to how much their house payments were going to be along with the $100,000 worth of credit card debit they had to pay each month, so now the government is creating programs to bail these “stupid” people out. I worked for a mortgage company for a very short time (because of the stupid loans we got approved, I couldn’t do it), so I know how the process works. When you tell someone how much their payment will be, they should know if they can pay for it! Instead of letting them pay for their mistakes, the government bails them out!

Also, the government is pulling a Democrat move and bailing out these stupid banks. I think Lehman Brothers should be pissed off right now, since they couldn’t get help, but since AIG probably has quite a few political investors in their pocket, they get the money! What is that all about?

Mick Huckabee suggested removing capital gains taxes and all taxes on savings and dividends. Basically, Huckabee is pushing for the Fair Tax, and I firmly believe he is right. This would be the solution to our problems not a rediculous bailout!

Let me make this one clear, also. Republicans need to get their balls out of their stomach and start acting like Republicans. You are starting to look like Democrats! You might as well vote for Obama you stupid, waste of spaces!

Huckabee’s response to Bush’s bailout plan

I supported Mike Huckabee as a presidential candidate. I think he is one of the most honest and sincere politicians this country has seen in years. If there is anyone from Arkansas that thinks differently, please respond, because I don’t want to have false hopes that there is a real politician for the people.

I just received an email from Mike Huckabee and he responded to Bush’ plan to bailout stupidly large, incapable, and greedy banks and their executives. I don’t think I could write a response any better.

Frankly, I’m disappointed and disgusted with my own Republican party as I watch them attempt to strong-arm a bailout of some of America’s biggest corporations by asking the taxpayers to suck up the staggering results of the hubris, greed, and arrogance of those who sought to make a quick buck by throwing the dice. They lost, but want the rest of us to cover their bets so they won’t be effected in their lavish lifestyles as they figure out how to spend their tens of millions and in some cases, hundreds of millions in bonuses and compensation which was their reward for not only sinking their companies, but basically doing the same to the entire American economy.

It’s especially disconcerting to see the very people who pilloried me during the Presidential campaign for being a “populist” and not “understanding Wall Street” to now line up like thirsty dogs at the Washington, D. C. water dish, otherwise known as Congress, and plead for help. I thought these guys were the smartest people in America! I thought that taxpayers like you and I were similar to the people at the U. N. who have no translator speaking into their headset – that we just needed to trust those that I called the power bunch in the “Wall Street to Washington axis of power.”

The idea of a government bailout in which we’d entrust $700 billion to one man without Congressional oversight or accountability is absurd. My party or not, that is insanity and I believe unconstitutional.

Will there be far-reaching consequences without some intervention? Probably, but we honestly don’t know since we’ve really never seen this level of greed and stupidity all rolled into one massive move. But may I suggest that letting “Uncle Sugar” step in and bail out the billionaires who made the mess will be far worse and will start a long line of companies and individuals who will demand the same of the government—which last time I checked means that they will be demanding it out of YOU and ME. This is not money that Congress is risking from THEIR pockets or future, but ours. Many if not most of us have already experienced lost value on our homes, retirement accounts, and pensions. Now they’d like for us to assume some further risks so they won’t have to.

What happened to the “free market” idea? Is that only our view when we WIN and when we LOSE, we ask the government to come in and take away the pain?

If you are a small business owner, is this the way it works at your place? When you have a bad month, a bad year, or face having to close, can you go up to Congress and get them to write YOU a fat check to take away your risk?

Some of what contributed to this disaster is too much government in the form of Sarbanes/Oxley. Some is due to the tax structure that created the hunger for companies to “game” the system. Some is the common sense that was ignored like loaning money to people who can’t pay it back.

Wall Street has become Las Vegas east, but at least in Vegas, people KNOW they are gambling and they don’t expect the government to cover their losses at the tables. In Wall Street, they do. And the American taxpayer burdens the responsibility.

If Congress wants to do something, here are some suggestions:

1. Eliminate ALL capital gains taxes and taxes on savings and dividends right now. Free up the capital and encourage investment. This is the kind of economic stimulus the Fair Tax would bring and if Congress is going to lose money, let them lose it with lower taxes, not with public dollar bailouts of private market mistakes.

2. Repeal Sarbanes/Oxley. It has failed. It was supposed  to prevent this. It didn’t. Kill it.

3.  Demand that the executives who steered their ships      into the ground be forced to pay back the losses of their companies. Of course, they can’t, so let them work and give back to the government and they can live like the people they put on the streets or kept there. It makes no sense to put them in jail—that’s just more they will cost you and me. I’d rather them go out and earn money—just not get to keep so much of it this time. I’m not talking about limiting CEO salaries—just those of the people who now are up in Washington begging for help because they ruined their companies.

Attempts by Democrats and Republicans to blame each other is nonsense. They are both guilty and ought to own up and admit it. They all lived off big campaign contributions and the swill of the lobbyists who strong armed them into permission to steal. Enough of blame. Fix it!

This would be a start. If we don’t hold these guys responsible, we are all finished.

Thank you Mike Huckabee for really caring about the people and not the lobbyists!

Ahmadinejad challenges presidential candidates to debate

Iran’s President Mahmoud Ahmadinejad challenged the U.S. presidential candidates to a debate when he is in New York for the U.N. General Assembly next week. I think this would be interesting!

I know McCain has criticized Obama for wanting to be more diplomatic with countries that the U.S. has strained relations with, but this could be interesting.

Ahmadinejad had agreed to meet with Bush, but now feels there is no point since Bush is at the end of his term. I believe this guy is really just looking for publicity. It would give him an ego boost if the candidates did decide to debate with him.

I think it would be a good idea, especially for John McCain, in the view of the rest of the world. Everyone I have debated with from other countries are pulling for Obama only because he said he would be more diplomatic and try to talk things out. They feel McCain would just go to war every time there was a conflict.

Just like selecting Palin as his VP, I think this would be a great chance to step out where Obama is supposed to be and make a statement. Let the world know he can talk also, but when things need to get done, he isn’t scared to do them either!

Go ahead McCain, debate this fool and tear him a new one!!!

Liberal versus Conservative

This interesting story was sent my way by my father-in-law.

I think every liberal out there who wants more government programs and OBAMA as president should read this and think about it long and hard. In fact, after reading this, I would like for all liberals to explain to me why bigger government, universal health care programs, and all the good stuff Obama is preaching is such a good idea!

_________________________

A young woman was about to finish her first year of college. Like so
many others her age, she considered herself to be a very liberal Democrat,
and among other liberal ideals, was very much in favor of higher taxes to
support more government programs, in other words redistribution of wealth.

She was deeply ashamed that her father was a rather staunch
Republican, a feeling she openly expressed. Based on the lectures that she
had participated in, and the occasional chat with a professor, she felt that
her father had for years harbored an evil, selfish desire to keep what he
thought should be his.

One day she was challenging her father on his opposition to higher
taxes on the rich and the need for more government programs. The
self-professed objectivity proclaimed by her professors had to be the truth
and she indicated so to her father. He responded by asking how she was doing
in school.

Taken aback, she answered rather haughtily that she had a 4.0 GPA,
and let him know that it was tough to maintain, insisting that she was
taking a very difficult course load and was constantly studying, which left
her no time to go out and party like other people she knew. She didn’t even
have time for a boyfriend, and didn’t really have many college friends
because she spent all her time studying.

Her father listened and then asked, ‘How is your friend Audrey
doing?’ She replied, ‘Audrey is barely getting by. All she takes are
easy classes, she never studies, and she barely has a 2.0 GPA. She is so popular
on campus; college for her is a blast. She’s always invited to all the
parties and lots of times she doesn’t even show up for classes because
she’s too hung over.’

Her wise father asked his daughter, ‘Why don’t you go to the
Dean’s office and ask him to deduct 1.0 off your GPA and give it to your friend who
only has a 2.0. That way you will both have a 3.0 GPA and certainly that
would be a fair and equal distribution of GPA.

The daughter, visibly shocked by her father’s suggestion, angrily
fired back, ‘That’s a crazy idea, and how would that be fair! I’ve
worked really hard for my grades! I’ve invested a lot of time, and a lot of hard
work! Audrey has done next to nothing toward her degree. She played while I
worked my tail off!’

The father slowly smiled, winked and said gently, ‘Welcome to the
Republican party.’

If anyone has a better explanation of the difference between
Republican and Democrat I’m all ears.

Government Takeover of Banks: Is This Socialism?

The US government just recently took over another financial institution, AIG. The media keeps calling it a bailout, but what is really going on?

I completely agree with everyone that something had to be done with IndyMac, Fannie and Freddie, and now AIG, but should the government have taken them over and acquired 79.9% of stock from each?

This is the situation: the government has used our money, taxpayer dollars, to “put” money into these companies. In exchange they get 79.9% of the stock. Doesn’t this mean that we paid for the government to take over the ownership of our mortgages, insurance policies, and other financial wealth? To me, this seems like a step towards socialism.

There is something about all of this that we should look into: the Federal Reserve was involved in the loan and takeover process. Now why are these private companies being taken over by another private company? The Federal Reserve is not a government agency. They are private just like Citibank. This worries me.

I am rambling in a lot of directions because this situation is going in a lot of directions. I am scared for the future of the world, not just the US. Something is not right about our government owning such a huge stock in our country’s financial lifeline. They can’t manage the money they already have, what makes anyone think they can manage our mortgages and insurances too? Until the government stops wasting money, they need to step aside and let a successful company handle these types of things. But I guess the government is the only organization that has the power to just walk in and said, “I’ll take that!” Kind of like imminent domain…

If anyone is a real estate investor, you probably have come across or at least know about the ability of mortgage companies to call a mortgage due. This gives the government a lot of power and money. Please, someone tell me this situation is not as bad as it sounds!!!