Consumer Debt Declines $610 Billion, But $588 Billion of It Is From Defaults

[JackBondLove]

I think that confiscatory tax rates on the wealthy to fund a robust welfare state is the answer.

[WhatMoney]

I think that confiscatory tax rates on the wealthy to fund a robust welfare state is the answer.

Confiscatory tax rates? You have to be kidding.

Here's the historical tax rate chart on the richest. Their tax burden has been DECREASING since 1945, when the top tax rate was 94% on any income over $200,000. The top tax bracket has been declining ever since, to only 35% today. And this doesn't show the cut in taxes on dividends from the top income bracket rate to only 15% today for the richest. The US prospered when upper bracket tax rates were 91% for 14 years in the 1950's-60's. These are the "good ol' days" for the tea baggers - so let's return to the good ol' tax rates of the 50's and 60's too.

In fact, the result of allowing the richest to keep more of their income was to send more US manufacturing jobs overseas, so they could make even higher profits. If ever there was a chart that explains why the rich are getting richer while the government debt keeps increasing, just look at US tax policy over the years.



The poorest taxpayers have not fared quite so well:

[AngelinaCatHub]

I think that confiscatory tax rates on the wealthy to fund a robust welfare state is the answer.

LOL. By the fact that you are here, you are too intelligent to be serious with your remark. Confiscatory defined confiscate. Take away, steal. Robust defined, healthy, large, strong. Welfare defined, takers, moochers, leaches. State defined, big boss, inhibitors, controllers, freedom stealers, thieves.

I believe (or wish to) that you said this in jest. Every bit of this sentence declares Rome became a success once bread and circuses became free to all by taxing those who worked (who were at the circus during working hours). 'Hub

[keepinitreal]

These are the "good ol' days" for the tea baggers

Anybody know how I can block looking at posts from gross people who use terms like "tea baggers" on this site?

[WhatMoney]

Anybody know how I can block looking at posts from gross people who use terms like "tea baggers" on this site?

The tea party named themselves tea baggers. The term is widely used in the media to describe a member of the tea party. Remember those hats they wore to their rallies of misspelled signs, with little tea bags hanging from a fishing hat? It's not my problem they didn't know there was another meaning. They are old and not up on urban youth culture. I suppose you will complain if I call my kitty a pussy? It's all where your mind is. When I think of a tea-bagger I think of those over-40 angry white men carrying misspelled signs telling Obama "to go back to Kenya where he was born", and call our President a communist, socialist, nazi, muslim, terrrorist - you name it. Tea-baggers get no respect from me. They are the "gross people", because that is how they speak and act.

Now here's an article written today, from a well respected website. Why don't you complain to CBS Marketwatch about the writer, who refers to the "tea-baggers" at least three times in his article?

America on the brink of a Second Revolution
Commentary: 2010 elections guarantee gridlock, anti-capitalist class war

Sept. 28, 2010, 12:01 a.m. EDT

ARROYO GRANDE, Calif. (MarketWatch) -- “What’s distinctive about the Tea Party is its anarchist streak -- its antagonism toward any authority, its belligerent self-expression, and its lack of any coherent program or alternative to the policies it condemns,” warns Jacob Weisberg in Newsweek. But why not three cheers for the Tea Party Express?

Admit it, something historic is brewing. And yes, it’s good for America, even the anarchy. Revolution is renewal. Tea-baggers want to take on both parties, “restore honor” and “take back the country.” Bring it on, the feeling’s mutual.

Obama: GOP pledge a disastrous plan

President Barack Obama used his weekly radio address Saturday to accuse Republicans of overlooking the middle class by creating policies that would benefit only the rich while making a pledge of his own to continue supporting the national economy.

OK, maybe most Americans just silently mimic the words, “we’re mad as hell, won’t take it any more.” But watch out: After November the campaign’s shrill rhetoric explodes into action.

Tea-baggers are kicking the revolution into high gear. Debt is sinking America. Both parties are to blame. So vote out incumbents. Spare no one. We need new leadership, another Reagan or Truman. Congress better get the message: Cut that budget, or they’ll dump the rest of you in the coming Great Purge of 2012.

Unfortunately they’re tone deaf. Congress cannot see past the election. All that changes in November.

So thanks Tea Party, Vegas odds must favor a Second American Revolution. Actually, the revolution is already roaring, hot, it’s about time. The GOP and the Dems had more than a decade. But America’s worse off. We need a real revolution to restore sanity … or we can kiss democracy and capitalism good-bye, permanently.
Warning: Another revolution will cost investors 20% more losses

Yes, big warning, the Second American Revolution will extract painful austerity, not the “happy days are here again” future touted by tea-baggers. For years it’ll be impossible for most of America’s 95 million investors to develop a successful investment or logical retirement strategy.

Why? Political chaos will translate into extreme volatility and a highly unpredictable stock market. Result: Wall Street will lose another 20% of the value of your retirement portfolio in the next decade, just as Wall Street did the last decade. So if you think you’re “mad as hell” now, “you ain’t seen nuthin’ yet!”

Here’s the timeline:

Stage 1: The Dems just put the nail in their coffin by confirming they are wimps, refusing to force the GOP to filibuster the Bush tax cuts for America’s richest.

Stage 2: The GOP takes over the House, expanding its war to destroy Obama with its new policy of “complete gridlock,” even “shutting down government.”

Stage 3: Obama goes lame-duck.

Stage 4: The GOP wins back the White House and Senate in 2012. Health care returns to insurers. Free market financial deregulation returns.

Stage 5: Under the new president, Wall Street’s insatiable greed triggers the catastrophic third meltdown of the 21st century Shiller predicted, with defaults on dollar-denominated debt.

Stage 6: The Second American Revolution explodes into a brutal full-scale class war rebelling against the out-of-touch, out-of-control greedy conspiracy-of-the-rich now running America.

Stage 7: Domestic class warfare is compounded by Pentagon’s prediction that by 2020 “an ancient pattern of desperate, all-out wars over food, water, and energy supplies would emerge” worldwide and “warfare is defining human life.”

What’s behind our 2010-2020 countdown? It became obvious after reading the brilliant but bleak “Decadence of Election 2010” report by Prof. Peter Morici, former chief economist at the International Trade Commission. He sees no hope from America’s political parties, just a dark scenario ahead.

...

By Paul B. Farrell, MarketWatch

http://www.marketwatch.com/story/sto...0-00212804637C

[banca rotta]

When I think of a tea-bagger I think of those over-40 angry white men carrying misspelled signs telling Obama "to go back to Kenya where he was born", and call our President a communist, socialist, nazi, muslim, terrrorist - you name it.

People really say this?

I don't think anyone has the right to say such a thing since no one really knows where he came from and since he ducks the question so many times.

[WhatMoney]

People really say this?

I don't think anyone has the right to say such a thing since no one really knows where he came from and since he ducks the question so many times.

So you are a Birther too, banca?

The Hawaiian Dept of Health and Public Records seem to know where Obama came from. They have repeatedly said they have his original birth certificate in their possession, they have looked at it, and that he was born in Honolulu, Hawaii in 1961. And of course Obama released his certified birth certificate for all to see on the Internet in June 2008. And there are living witnesses who remember Obama's birth being discussed by the Chief of Obstetrics MD at the Kapi‘olani hospital in Honululu where he was born. And Obama's birth certificate ID# is exactly in sequence where it should if he was born at the Kapi‘olani hospital, where both Obama and Obama's sister claim he was. And then there are the two separate birth announcements in the Hawaiian newspapers showing Obama's birth time and place. Announcements provided by the HI Dept. of Health directly to the newspapers 3 days after his birth.

But the tea-baggers choose to ignore all the facts and would rather believe some total BS story fabricated by nut-jobs that has not one shred of evidence to back it up. Pretty much like many of the things they are told to believe.