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McCain says he believes U.S. is in a recession (Gives into MSM Doom and Gloom - DOLT alert!)
The Hill ^
| 4/14/08
| Klaus Marre
Posted on 04/14/2008 1:02:48 PM PDT by NYC Republican
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To: HappyinAZ
"be careful...you just never know whom youre speaking to. Lots of people in self directed IRAs and 401ks held bank lots of bank stocks...and if they are in their late 50s or early 60s they are very concerned that they may never recover." If they are that old then they should not have their 401Ks full of stocks. They should have been gradually moving them over to bonds.
81
posted on
04/14/2008 2:17:28 PM PDT
by
avacado
To: avacado
To: avacado
Exactly! It’s a RISK. Plain and simple... If they don’t want the risk, go into bonds, or better yet, money market funds... Jeez, next thing, they’ll expect a handout or government bailout...
83
posted on
04/14/2008 2:20:39 PM PDT
by
NYC Republican
(John McCain- Snatching Defeat from the Jaws of Victory...)
To: avacado
The Bush tax cuts of 2003 caused federal revenue to grow from $1.7 trillion per year to $2.5 trillion in 2006. That's 47% growth. How much did the government grow during that time? The revenue increases were largely due to government spending, and industries where there were bubbles.
84
posted on
04/14/2008 2:20:46 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: HappyinAZ
Hind-sight=50/50" It's not hind-sight, it's wise investment strategy. Enron should have taught everyone that lesson by now. The stock market is volatile, everyone knows that, and people nearing retirement age have no business having their 401Ks stuffed full of stocks.
85
posted on
04/14/2008 2:21:54 PM PDT
by
avacado
To: Moonman62
"How much did the government grow during that time? The revenue increases were largely due to government spending, and industries where there were bubbles. " Revenues grew 47% in that time (2003-2006). Federal revenue is from 1) income taxes, 2) corporate taxxes, 3) custom duties. All three combined grew by 47% in 3 years.
86
posted on
04/14/2008 2:24:30 PM PDT
by
avacado
To: RightWhale
No recession until the neighbors have to sell the snowmachines, four-wheelers, and dirt bikes they bought their darling sons so that they may put food on the table.The recession starts tomorrow. A large number of tax returns that I've prepared this spring have more AMT, and substantially more capital gains taxes from capital gains distributions in mutual funds.
That means a larger tax bite than was expected by these folks. Money that may have been set aside for a summer trip is now going to Uncle Sam and state and local governments.
OTOH, I could be full of BS. At least I'm willing to admit it, unlike our Senators in the House of Lords.
87
posted on
04/14/2008 2:28:26 PM PDT
by
Night Hides Not
(Forget it...I'll never be able to pull the lever for McCain!)
To: avacado
You are correct - and we can all thank the Federal Reserve Board and it’s ludicrous monetary policies..
88
posted on
04/14/2008 2:32:47 PM PDT
by
Apercu
("A man's character is his fate" - Heraclitus)
To: Moonman62
I don’t know if it is any of W’s fault, but there is most certainly a significant economic slowdown. Inflation, albeit not registering as I see it first hand, is out there as well. Forget the gas prices as a part of the economy and there is little if no growth.
89
posted on
04/14/2008 2:34:24 PM PDT
by
commonguymd
(Let the socialists duke it out.)
To: avacado
How much did the government grow during that time?
To clarify, when the government spends money that ends up being someone's income and taxes are paid on that. Combine that with taxes paid in the bubble industries and that accounts for a lot of revenue.
90
posted on
04/14/2008 2:34:46 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: Moonman62
" To clarify, when the government spends money that ends up being someone's income and taxes are paid on that." The government let us keep more of our money. I personally have $4K more of my salary per year under the Bush tax cuts becuase the entire federal income tax rate was reduced twice. When people have money, the economy grows as does the federal revenue.
91
posted on
04/14/2008 2:37:44 PM PDT
by
avacado
To: NYC Republican
Simple semantics by definition of recession as far as I am concerned, because of the way they adjust for inflation and the rising cost of fuel. Inflated home prices with worthless credit did a lot of good to prop certain things up, but the bills come due. There is a definitely a slowdown and easing up on credit is a band-aid. The clouds are there, but denying that a slowdown and recession is here or imminent because it is bad news is being blind to what is going on.
92
posted on
04/14/2008 2:38:57 PM PDT
by
commonguymd
(Let the socialists duke it out.)
To: avacado
In the words of W, which he repeated hundreds of times, his tax cuts were designed to put money in the hands of consumers. That’s demand side economics. Combine that with outsized government growth, and you’ll always end up in a situation with higher prices, shortages, and economic growth that can’t be sustained.
93
posted on
04/14/2008 2:42:24 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: Moonman62
Not sure what you are arguing at this point? Do you want to raise the federal income tax rates on individuals?
94
posted on
04/14/2008 2:45:39 PM PDT
by
avacado
To: avacado
Agreed....but everyone does not have the same level of investment expertise.......bank stocks seemed safe to them.
Again...don’t be so quick to judge; people of different educational/skill/experience levels make different decisions and MANY have been hit hard in this downturn. McCain is simply identifying with them.
To: avacado
Do you want to raise the federal income tax rates on individuals? Of course not. My point is W is a big government demand sider.
How's W's record on regulations?
96
posted on
04/14/2008 3:18:05 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: NYC Republican
actually, you are proving how ignorant you really are... show me where I said we were in a recession?
i said we were heading into a recession, which is *certainly* true.
97
posted on
04/14/2008 3:28:57 PM PDT
by
chilepepper
(The map is not the territory -- Alfred Korzybski)
To: Moonman62
“How’s W’s record on regulations?”
In regards to what?
To: Moonman62
was adamantly opposed to capital gains tax cuts? You seem quite confused. Pres. Bush pushed for and got a cap gains tax cut.
This is one of the main factors that has caused the economy to perform strongly.
To: chilepepper
Prove it. You can predict the future?
100
posted on
04/14/2008 4:28:07 PM PDT
by
NYC Republican
(John McCain- Snatching Defeat from the Jaws of Victory...)
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