So how is the economy?

speechlesstx · Oct 21, 2008, 02:39 PM

McCain was lambasted, lampooned and harpooned over saying the fundamentals of the economy were strong. Looks like Barney Frank agrees with him.

Quote:

Barney Frank: 'The Fundamentals Are Better Than the Psychology'
Photo of Mark Finkelstein.
By Mark Finkelstein (Bio | Archive)
October 20, 2008 - 20:25 ET

Shades of McCain from an unlikely corner . . .

When at the beginning of the current financial mess John McCain declared that "the fundamentals of the economy are strong," he was roundly lambasted by the MSM, while the Obama campaign called his statement "an enormous mistake."

So, should we expect the liberal media and the Obama campaign to go after Barney Frank . . . now that he has said something remarkably similar? Discussing the markets with Maria Bartiromo on CNBC this afternoon, Frank declared: "I think it's clear that the fundamentals are better than the psychology."

View video here.

While he was at it, Frank echoed McCain on another important issue. Like the Republican candidate, the Dem chairman of the House Financial Services Committee indicated it would be a mistake in the current economic climate to raise taxes on the richest Americans, as Obama has proposed.

MARIA BARTIROMO: So you agree: taxes should go up, then, on the top earners, even in this slow environment.

BARNEY FRANK: No. Not right away. I want to wait a year.

BARTIROMO: Will you ask [Obama] to push the plan back then? Because he wants to raise taxes as soon as he gets in office, correct?

FRANK: Well, I do not think he has said recently he's going to do it as soon as he gets in office.

Really? When Obama told Joe the Plumber he wants to "spread the wealth around," there was nothing to indicate he meant later, not now. The official Obama website similarly suggests nothing about a delay:

Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility.

Obama might have Colin Powell, but McCain has Frank! To be sure, the Dem congressman expressed formal support for Obama, but on the big economic issues of the day, Barney was singing John's song.

Barney agrees with McCain on the economy, Biden agrees that McCain is more qualified to be president, just who is on Obama's side in his own party? And why is Newsbusters the only one reporting this? A Google News search just now yielded one hit, Newsbusters.

excon · Oct 22, 2008, 06:08 AM

Quote:

Originally Posted by tomder55

Keynes himself would not increase taxes during and economic downturn.

Hello again, tom:

Well, the good Lord Keynes hadn't witnessed the biggest rip off of the middle class like we have.......

So, I think the wealthy bazillioners, like the Wall Street wizz kids who made BILLIONS selling OTC derivatives ought to have THEIR pockets picked....

Yes, I know all about shifting bread to the Cayman Islands. I DID that for wealthy clients... Having done it, I know there's a way to STOP it... So, if the gubment WANTS its share of the bazillions, it's there for the taking.

excon

tomder55 · Oct 22, 2008, 06:24 AM

I'm shocked that a self proclaimed libertarian takes these types of positions.To take money from the most successful members of society and have a governing class redistribute it as they see fit is the antithisis of libertarianism .

If you can find some criminal activity by the "wizz kids " that enriched them then by all means frog march em outta here ,along with the bribe takers like Frank .

I'm pragmatic enough to realize that the modern nanny state is probably etched in stone ;carved on tablets forever but that doesn't prevent me from opposing it's expansion ;or the drift further towards socialism and that I intend to do .

excon · Oct 22, 2008, 06:36 AM

Quote:

Originally Posted by tomder55

I'm shocked that a self proclaimed libertarian takes these types of positions.

Hello again, tom:

Even libertarians understand that government has to be paid for. But, as long as we don't have a FLAT tax, the burden to pay is shifted around for political expediency.

So, as long as politicians can manipulate taxes, so as to reward the richest of the rich, at the expense of the poorest of the poor, I'm all for picking that rich guys pocket - YES SIR.

But, in truth, we'd be just retrieving what was plundered, and I'm ALL for that. So, I'm not talking about TAXES. I'm talking about RESTITUTION.

excon

tomder55 · Oct 22, 2008, 06:57 AM

Restitution as you state it is a broad brush that paints a whole "class" of acheivers as criminals who exploit the "poorest of the poor" . That is Marxist dialect pure and simple .

Do you think Warren Buffett and Bill Gates got rich by exploiting the poor ? Why should they be subject to "restitution " ? I was very clear that if any wrong doing happened by the neuveau Masters of the Universe then they should pay dearly for it.
That doesn't explain Obama's desires to take almost half of the inclome from a successful " plumber " ;electrician ;pizza restaurant owner ;whatever sweating out a $250,000 income to give to people who pay Zero taxes.

excon · Oct 22, 2008, 07:09 AM

Quote:

Originally Posted by tomder55

That doesn't explain Obama's desires to take almost half of the inclome from a successful " plumber " ;electrician ;pizza restaurant owner ;whatever sweating out a $250,000 income to give to people who pay Zero taxes.

Hello tom:

Well, I guess you drank some more of that right wing koolaid, dincha?

Where I come from (and I live in a VERY cosmopolitan city), people who make a quarter of a million $$$'s a year ain't sweating nothing...

But, like all good Republicans who are seeing their grip on power slip away, probably not to return in your lifetime, you're fudging the truth. You make it sound like Obama is gonna take the entire $250,000, and give it to the poor and undeserving....

But, the fact is, the guy who makes a quarter of a million dollars a year will see his taxes go up to where they were BEFORE the dufus lowered them. I don't recall that he was destitute at that time.

What I DO recall about that time, is that WE, that's YOU & ME, had a balanced national budget.... But, that ain't no good, huh?

excon

tomder55 · Oct 22, 2008, 07:56 AM

and where I live a skilled worker ;plumber ,electrician ,mechanic ,who is putting in the time ....
let alone a small business owner doing double time to keep their business operating can easily earn $250 M .

No I don't think they should be punished for their efforts. I guess we fundamentally disagree. I never saw a successful business owner who did not bust their a** .

But those people who employ millions of people around the country should bear the burden to balance a budget full of entitlement givaways .

edit :

Thomas J. Stanley and William D. Danko ;authors of 'The Millionaire Next Door 'describe most of them as ordinary people who live modest lives .What distinguishes them are frugality, disciplined investment habits, and entrepreneurial risk-taking. "Self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires."

http://www.amazon.com/Millionaire-Ne.../dp/1563523302
But Obama is targetting even people who aren't millionaires . Obama targets these and people who aspire to be at that level like Joe the Plumber . So although he has carefully targetted a small percent of the population ;if you add up all those who aspire towards that goal you are actually targetting a pretty large voting block that includes many Democrats who may be looking at Obama in a different light after he exposed his true intentions of redistribution .

speechlesstx · Oct 22, 2008, 08:28 AM

Most plumbers are not just guys clearing your drains, nor are most electricians guys installing a new light switch. Their bread and butter is in jobs, contracted work on new construction and renovations. Sure, we install security systems for individuals, inspect extinguishers for home based day cares and sell smoke detectors, but our money is in new construction. How much do you think it costs to install a new fire alarm system in a hospital addition? How much do you think it costs to install a fire suppression system in a university computer room? How much to plumb or wire a new Wal-Mart?

Obama is being deceptive here and wants us all to think he's just talking about that guy that clears your drains and installs a new switch but that isn't the case. Joe the Plumber wants to buy a business that I'm sure wants to get the contract for the new Wal-Mart, the hospital wing and the new college dorm and put some people to work. In this economic climate why should we make it harder for him to do just that?

BABRAM · Oct 22, 2008, 10:06 AM

The economy is very poor. Besides John McCain and Barney Frank, several other politicians have claimed that the our economy has a strong foundation. Remember folks that senators make out pretty good on payday so judge for yourself by the family next door, not in the senator's neighborhood. We have layoffs happening in Vegas right now, second only to the day after 9/11. As of last week Nevada led the nation in unemployment.

Just a note on "Joe the plumber." Joe owes back taxes, and according to some sources he doesn't even have a plumber licence. John McCain is so out of sorts in this campaign that he spent the better part of the last debate focusing on someone that's not even a model citizen.

Joe Biden has gone on record saying that McCain has had plenty of experience of not getting things done. What Biden has suggested, using that measuring stick, is that George Bush has had more experience than Barack Obama, that is more experienced tearing down our nation. That he (Biden) was honored to become the VP candidate and to work with Barack Obama. In my analysis the more honest politician between John McCain and Joe Biden, is JOE BIDEN. He admits being a Washington insider.

My father and his wife just finished up their visit. There's one thing about living in Las Vegas that you come to expect, and that's being the unofficial tour guide. Anyway I've got a list of things to do, besides my regular upcoming work schedule. Everybody have a great day and I'll try to check in when possible.

tomder55 · Oct 22, 2008, 10:24 AM

Quote:

Just a note on "Joe the plumber." Joe owes back taxes, and according to some sources he doesn't even have a plumber licence. John McCain is so out of sorts in this campaign that he spent the better part of the last debate focusing on someone that's not even a model citizen.

lol he has a lein on his home for a little over $1000 in back taxes . He does not need his license until if and when he owns his business. He did not say he was going to buy the business tomorrow. He said one day he would like to.

Just wish the MSM vetted Obama so thoroughly

BABRAM · Oct 22, 2008, 01:31 PM

Quote:

Originally Posted by tomder55

lol he has a lein on his home for a little over $1000 in back taxes . He does not need his license until if and when he owns his business. He did not say he was going to buy the business tomorrow. He said one day he would like to.

Just wish the MSM vetted Obama so thoroughly

You blame the MSM for McCain ignorantly shooting his mouth off?! Tom your point to defend a character "Joe the plumber," (on behalf of McCain) when he owes $1,182 in personal incomes taxes is a bit asinine. I said he owes taxes and you don't deny that fact. What makes it worse is the guy is a shade tree plumber that wants to own a business. Whoop-tee-do! Personally I'd rather have a professional plumber, or I'll just do it myself. In fact, according to how John McCain stressed "Joe the plumber" as example in the debate, I'm a plumber desiring entrepreneurship using those same standards. I've got to go. Peace out!