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Parties Finally Working To Avert Debt Default

Efforts accelerated, but still no agreement to end shutdown

October 12, 2013

WASHINGTON — With time running short, President Barack Obama and House Speaker John Boehner accelerated efforts Friday to prevent the U.S....

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Oct-27-13 12:39 AM

tollsayer knows,, jus ask it..

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Oct-13-13 9:48 PM

Kudos for being bold with the truth Beaverhausen. Is that the IRS/NSA knocking at your door? LOL

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Oct-13-13 9:47 PM

Did somebody far t? Oh... nevermind. Hi Fleagle.

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Oct-13-13 7:24 PM

boring crap, kids..Boring..heh-hah.heh.

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Oct-13-13 12:12 PM

rocky, You just don't know what your advocating for!

"About half of households hold stock, directly or through vehicles such as pension accounts. But the richest 10 percent of households own about 90 percent of the stock, expanding both their net worth and their incomes when they cash out or receive dividends."

"The top 10 percent of earners took more than half of the country’s total income in 2012, the highest level recorded since the government began collecting such data a century ago, according to an updated study by prominent economists Emmanuel Saez and Thomas Piketty."

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Oct-13-13 11:21 AM

"Sen. Joe Manchin, D-W.Va., is among 24 senators who have given bipartisan support to a proposal put forth by Maine GOP Sen. Susan Collins that Majority Leader Harry Reid rejected Sunday.

Manchin told Fox News he had “NO IDEA” WHAT SENATE LEADERSHIP NOW WANTS or where negotiations will go next."

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Oct-13-13 9:21 AM

As to the middle class, the current admin has seen median income decrease since the the recovery while the wealthy has prospered. From the Huffington Post, "This data point is one of many that illustrates that in Obama’s America the rich are gaining while the rest of us are struggling to get by. The wealthy took home a greater share of the nation’s income during the years following the recession, under Obama, than between 2002 and 2007, under Bush, according to a 2012 analysis from Emmanuel Saez, a professor at the University of California, Berkeley." So while this administration pays lip service (and a few scraps) to the middle class and poor, it's apparent that his fiscal policies (like QE) are benefiting Wall St, not Main St! Obama is great for common stock, the common man, not so much!!

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Oct-13-13 9:17 AM

Rocke, The positivity is that taxpayers got to keep more of their own money!! CPBB statistics not withstanding, tax revenues after 2003 increased w/ the wealthy paying a larger share of the tax burden.

From CNN Money Watch, The rich pay majority of U.S. income taxes By Steve Hargreaves March 12, 2013 "The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a think tank that advocates for lower taxes. That's up from 55% in 1986. The remaining 90% bore just under 30% of the tax burden."

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Oct-13-13 5:45 AM

'rocke, Not sure where you're getting your information.'d rather raise taxes on ALL Americans..'

I get my info from sources declaring that in 2010 the Bush tax cuts raised after-tax income of those making over $1 million by 7.3%+ and increased the after-tax income for middle America households by 2.8% its your job to explain the positivity of that.

..and when a party is willing to de-ransom payroll tax cuts to the REAL economic movers and shakers (the middle class) BUT only in exchange for a Keystone pipedream?

..that's like EMT's arriving to treat your family member who's in cardiac arrest but first engaging in preliminary negotiations with you over how much you're willing to spend.

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Oct-12-13 4:22 PM

So the DEMOCRAT-controlled SENATE failed to pass a bill to fund the government.

Uhhhhhh thought they had the majority. But they have no proposal.

Wonder who the obstructionists are.....

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Oct-12-13 4:20 PM

Since individuals are taxed on worldwide earnings, it would only be fair to do the same for US corporations.

Give all US companies one year to repatriate earnings. If they can't, due to excessive foreign taxes, have them borrow the funds and then use their overseas assets to pay off the loan, as they do with dividends.

Tell all US corporations that repatriated earnings can be brought back free of interest and penalties if they arrive within a given time and if the companies agree to pay a 20% tax rate on the money.

This would raise hundreds of billions in tax revenue and put corporations and individuals on equal footing, per income taxes.

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Oct-12-13 4:17 PM

People complain about corporations sitting on "record profits". We can argue about that all day (ie. what measure to use). The reality is this:

If you are a corporation with $10 billion in overseas profits, and you want to pay a dividend (like Apple), do you repatriate the $10 billion and pay $4 billion in taxes or do you borrow $10 billion at 4%, using the $10 billion as collateral? The $10 billion is then liquidated and used to pay back the loan, which has been transferred to an overseas branch of the lending bank.

$10 billion or $6 billion? Which would you prefer?

Another issue is that people represent an investment and an ongoing expense. Borrowing at low rates can be very profitable. The money is not taxable and, if invested properly, can provide a net return or a return on investment that far exceeds the interest rate on the loan.

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Oct-12-13 1:24 PM

NO one should be "too big to fail" (reference to the auto industry) and that includes our government. It obviously isn't working and hasn't for years. Time to get rid of the federal government and give power to states. It worked in the past, and it can work in the future. All we need is a good revolution of disgusted Americans.

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Oct-12-13 12:30 PM

All Harry Reid needs is a hooded robe so he can go Halloweening as Darth Sidious!

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Oct-12-13 12:02 PM

rocke, Not sure where you're getting your information.

From CBS January 3, 2013, "President Obama signed a bill late Wednesday night boosting taxes on the wealthiest Americans, while preserving tax cuts for most American households." "The GOP-run House approved the measure by a 257-167 vote late Tuesday, nearly 24 hours after the Democratic-led Senate passed it 89-8."

A very bi-partisan vote I'd say. By the tone of your post you'd rather raise taxes on ALL Americans??

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Oct-12-13 11:31 AM

RockE, I’m sure Bush would have simply withheld death benefits for families of American servicemen and closed veterans memorials to American veterans until you patriotic Demorits cried uncle and compromised.

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Oct-12-13 11:17 AM

"Feel better now?"

no, feeling the pain from the fact my party didn't hostage-hold the Bush tax cuts during the last fiscal cliff deal so as to facilitate their expiration..

..that would have reduced our debt to 50% of remains at 70%.

..oh yeah, and that "middle class that Obama claims to champion actually bears the brunt"

..of extending those (debt-reducing by 1/5) tax breaks for the omnipotent job CREATORS.

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Oct-12-13 10:52 AM

But... but... but...... I got me a OBAMAPHOME! O-BA-MA! O-BA-MA! O-BA-MA!

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Oct-12-13 10:13 AM

And so the middle class that Obama claims to champion actually bears the brunt of both re-distribution to the bottom as well as to the top!

Feel better now?

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Oct-12-13 10:11 AM

.... Small businesses aren’t borrowing because they have no reason to expand. Retail business is down, construction is down, even manufacturing suppliers are losing ground.

That leaves large corporations. They’ll be happy to borrow more at even lower rates than now — even though they’re already sitting on mountains of money.

But this big-business borrowing won’t create new jobs. To the contrary, large corporations have been investing their cash to pare back their payrolls. They’ve been buying new factories and facilities abroad (China, Brazil, India), and new labor-replacing software at home."

And thus part of the larger problem! How can that reasoning be put into a short talking point? Low information folks can absorb a one or two sentence concept so our leaders feel comfortable in implementing a multi level pay off to their elite cronies. Safe in the knowledge their actions will never lead to significant dissent at the ballot box!

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Oct-12-13 10:06 AM

"The Fed doesn’t expand the money supply by uniformly dropping cash from helicopters over the hapless masses. Rather, it directs capital transfers to the largest banks (whether by overpaying them for their financial assets or by lending to them on the cheap), minimizes their borrowing costs, and lowers their reserve requirements. All of these actions result in immediate handouts to the financial elite first, with the hope that they will subsequently unleash this fresh capital onto the unsuspecting markets, raising demand and prices wherever they do.”

So the initial concept was a "trickle down" of sorts however other admin policies have nearly destroyed that concept. From Robert Reich, "The sad reality is that cheaper money won’t work. Individuals aren’t borrowing because they’re still under a huge debt load. And as their homes drop in value and their jobs and wages continue to disappear, they’re not in a position to borrow.

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Oct-12-13 10:00 AM

"whining on this board for 6 years about Obama 'redistributing the wealth'"

Wealth re-distribution to the elite and the poor aren't mutually exclusive occurrences. While re-distribution downward has certainly happened at historic levels (i.e. Food Stamps) an even larger re-distribution has happened at the top!

"The Fed is transferring immense wealth from the middle class to the most affluent, from the least privileged to the most privileged. This coercive redistribution has been a far more egregious source of disparity than the president’s presumption of tax unfairness". "Before we start down the path of arguing about the merits of redistributing wealth to benefit the many, why not first stop redistributing it to the most privileged?” From “How the Fed Favors The 1%”!

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Oct-12-13 9:40 AM

'Slayer, Sir Quacksalot is suffering from WDS.

Wraith Derangement Syndrome.


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Oct-12-13 9:31 AM

I smell Demorat sweat. By noon these comments will be reeking. Settle down Demorats, remember you are "winning." LOL

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Oct-12-13 9:27 AM

WASHINGTON (CBSDC) — Dr. Ben Carson slammed President Barack Obama’s signature health care during his speech at the Value Voter’s Summit Friday.

“Obamacare is really, I think, the worst thing that has happened in this nation since slavery,” Carson declared. “It is slavery in a way because it is making all of us subservient to the government.” Carson said the implementation of the Affordable Care Act was never about health care, only control.

Carson also made a comparison between Obama’s health care law to former Soviet leader Vladimir Lenin.

“Vladimir Lenin, one of the fathers of socialism and communism, said that socialized medicine is the keystone to the establishment of a socialist state,” Carson stated."

PS to Liberal Hate Mongers: Dr. Carson is an African American.

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