Posted on 01/03/2009 7:15:36 AM PST by stylin_geek
Whew. Now that 2008 is in the history books, $8.5 trillion in federal bailout money is in the pipeline, and bold leadership is set to take command, Americans can all breathe a little easier, right?
Uh, no. The unhappy fact is that 2009 is almost certain to feature more economic hardship than the year that preceded it. President-elect Barack Obama may think he has steeled himself and his administration for this outcome, but three major factors argue against Obama truly being prepared for what's to come.
Insane expectations. It was no mistake that Vice President-elect Joe Biden was dispatched to try to dampen surging overseas expectations that the Obama presidency will quickly reverse American actions around the globe. But a similar threat lurks domestically, where the federal government under Obama will be expected to correct every dislocation from the confused Bush years—all while providing free health care and full employment.
(Excerpt) Read more at reason.com ...
I look for martial law sometime in the next four years at some level of government.
Yeah wait and see what change and hope really mean when it comes to actually having to run things.
Obambi to the ruin!
He does end on a high note though.
"In 2009, market forces will punish the human hubris that peaked in 2008, setting the stage for a brighter tomorrow.
Invest in Lead.
The economic enema is on the horizon. We just have constipation right now.
1) Consider the possibility of scrapping our current income tax system in favor of a low-percentage no-deductions flat tax or a true consumption tax on new-production goods like FairTax. This would save Americans hundreds of billions of dollars per year in compliance costs and if we implement something like FairTax the savings rate will rocket through the roof because there will be NO tax consequences to saving and investing your assets.
2) The implementation of various forms of excise taxation to discourage the consumption of certain goods. For example, buying a new car could have excise tax rates anywhere from 0% (if you buy an all-electric car) to as high as 25% (if you buy a high-end gas-guzzling luxury car). I mean, would you buy a new Rolls-Royce Phantom limousine costing US$400,000 if you have to pay an excise tax of US$100,000 in addition to the sticker price? The lobbyists will be fighting over excise taxation instead of over income tax breaks.
3) Considering the idea to eventually tie the US dollar back to a mix of precious metals again, given the problems with fiat money.
4) We may see the merger of the US dollar, Canadian dollar and Mexican peso by 2020 in an organized fashion to create a stronger, more stable currency that can compete against the Euro. I would not be surprised that Asian countries may be considering something similar, too.
5) There will be MASSIVE reforms to stabilize the financial markets. Expect minimum margin requirements to start at 20% and be as high as 35% for trading in strategic materials and financial companies. Much of the onerous Sarbanes-Oxley Act will be repealed in favor of the higher requirements I mentioned earlier. We may see a return to many provisions of the Glass-Steagall Act, which means brokerage companies can't have holdings in banks and vice versa (but there will be provisions for fast money transfers between banks and brokerage companies).
And enforced by the Obamafuehrer’s “Civilian Defense Force.”
Obama cannot begin to live up to the hype about his election. The people were sold on his fuzzy promises of change and every special interest group expects him to deliver on the promises he made. With the economy already tanking Obama’s spend your way out with massive bailouts and government make work jobs will only extend the misery. He also cannot live up to bugging out of Iraq or begging the UN for help. The MSM will of course blame Bush for creating this mess, but that won’ t hold up long when Obama fails to deliver.
Agree, I look for same. I look for a setup and excuse to remove guns from honest citizens, then martial law to enforce the compliance of millions turned into criminals by mangling the 2nd amendment and whatever else is convenient for the tyrants now in power.
And be quick before it is “outlawed.” Shortages of such a commodity are now common.
AMMUNITION......the new Gold
Not to mention Hollywood finally being even more entrenched in the White House beyond their wildest dreams. I saw in a tabloid mag (yes I am pathetic) that people like Jamie Foxx and various others have invested heavily into the Inaguration Balls and bought dozens of tickets.
As of late I’ve been in a state of solid shock over this whole thing. I didn’t think something this hideous would happen.
I didn’t think I would see the day when Hollywood would be so increasingly entrenched in our political life. I thought McCain would win and we would have a dignified, gracious President and First Lady like Cindy McCain. Continue the tradition of class and decency.
I remember how sensibly the country voted for Bush over Kerry and I felt the country would do the same with McCain, choose someone substantial.
This whole thing is like Alice in Wonderland.
There are several effective ways to fix the economy but all will result in government cutting back just like the serfs. Cut capital gains to zero, tax on dividends to 5%, and cut income tax rates by 3% at all levels and make those who pay no tax, pay a very marginal low rate or else, institute a 15% flat income tax across the board for all citizens with a job—everybody pays a share, including the freeloaders (aka, Hussein voters).
Yeah, I’ve long thought the same about Obama. He’s never had to take a stand or take responsibility. Although, I’ve said that I thought he’d be found in a corner, curled up in the fetal position, sucking his thumb.
You’re a bit more circumspect than I am.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.