What is it about the Obama administration?

Yet another cabinet nominee withdraws due to tax problems. Ironically performance czar Nancy Killifer withdrew her candidacy. I actually have no problem with Nancy’s withdrawal, I think she did the honorable thing, perhaps Tom Daschle can learn a thing or two. What I do have a problem with is the fact that the entire political layer is rotten to the core.

If it were not for these cabinet picks we would never know about the individual tax problems and nor would they even be addressed. Even though these nominations have the benefit of adding late tax dollars into the US coffers, the question still remains. How many politicians do NOT pay their taxes?

How can these people legislate tax laws, expect citizens to pay and fail to do what they preach? I am sure to most old timers this is a tiring question. As if the term corrupt politician is a redundancy of the highest magnitude. Yet this complacency and refusal to hold people accountable perpetuates this problem.

I am sure that both Republicans and Democrats share from corruption, but if it were not for the Democrat’s continued insistence on adding more cabinets, more layers and expanding more government it would be more forgivable. However the Democrats are in charge now and in the age of Obama’s transparency and change – I am just seeing more of the same. Even as I write, Obama continues to defend Daschle when he should be well on his way picking a new candidate.

401k Takeover Proposal. IRAs in danger?

Just read a piece that made my blood boil. The story is from Carolina Journal, but I will paste the first paragraph below. Even if you currently do not have a 401k, this is the most dangerous proposal I have ever heard. The only similar example I can think of, would be the gold seizure under FDR. If this proposal becomes legitimate, you MUST write to your local representative, congressman, senator, etc. This will be absolutely crippling to our economy as investors will stage a mass exodus out of the market.

If you want a demonstration of this in action, look at Argentina. They just did something very similar.

I will keep my eyes on the story and will add further information to demonstrate just how dangerous this is.

November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.

Read full story:
(http://www.carolinajournal.com/exclusives/display_exclusive.html?id=5081):

The bailout package

I was against this bailout from the start, despite all the smart people warning us that our life would end in an apocalyptic fashion. I would surmise that they all have something to gain, otherwise why would someone like Warren Buffet (who I greatly admire) support a flake like Obama?

In any event, I would like to point out something. Democrats are ONCE AGAIN pushing for a stimulus package. For those unfamiliar, a stimulus package is welfare. It is a circulation of funds to a lower income pool of people that is paid for by a higher income pool. Welfare, k? Now, this last stimulus package was supposed to jump start the economy. It is similar to jump starting a car that is missing a wheel, has a broken muffler and the engine is so rusted it looks like a deep sea find.

IT WILL NOT WORK.

But liberals do not give a shit about this country and if they can pander to their voting class then they will give away other people’s money until this country becomes the United Socialist Republic States.

HOWEVER, Republicans in the House (sometimes they do have a collective brain) have rejected the proposal. Instead they want to introduce a capital gains tax reduction for houses, tax incentives for companies and expedite drilling. Yet our soon to be Great Leader Obama has brainwashed his minions so thoroughly that Republicans are still considered the root of all evil.

Guys, just follow the current events. Republicans are fighting (somewhat) for this economy. Democrats are fighting for wealth distribution. This is not the solution.

Open up your eyes.

Please stop blaming Bush on the housing crisis

Folks,

The media wants you to believe that the GOP and their deregulation ruined this country. Countless of explanations are all over the web and their counter-explanations to boot. The truth is far more sinister.

A large group of the senate and congress believed that the poor have struggled way too much and implemented mechanisms of Social Engineering. They felt that the less priveleged deserved houses too. Utilizing a much neglected 1977 law (Community Reinvestment Act) and a 1995 revised bill they enabled community organizing groups like ACORN, NACA, LaRaza, MAHA etc to extract hundreds of millions from banks.

Many liberals claim that the CRA is just a right-wing scapegoat, but they are lying as they often do. They are neglecting that the groups have provided a massive number of loans through their own off-shoot housing programs. No one, including the govt can quantify how many loans were issued via CRA.

Let me tell you, every poor town in the Boston area is defaulting like crazy. Roxbury, Dorchester, Mattappan, Framingham and others have foreclosure rates that are SKYROCKETING. Guess who issued those loans? I assure you that banks are in the business of making money and providing loans to unreliable people is not smart.

Remember lastly that in 2004 Republicans called a hearing to reform Freddie Mac and Fannie Mae (the chief culprits in all of this) and Democrats pushed back violently. Lead especially by that fat disgusting windbag of a man named Barney Frank. God, why can’t the comm….i mean wonderful people of Newton vote him out??

Here is a video I made that talks about it more, check out that goofy face!!