Comments on: The Republican 700 Billion Tax Increase of 2008 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/ PR, Web Marketing, Social Software, but mostly People! Thu, 04 Mar 2010 16:55:43 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dan Keeney, APR http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-467 Dan Keeney, APR Thu, 25 Sep 2008 05:20:42 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-467 Also, great to see The Chron pick up on your pissed offedness. You may want to rent the movie Network so you can go to your window and shout as loud as you can, "I'm mad as hell and I'm not going to take it anymore." http://www.youtube.com/watch?v=dib2-HBsF08 Also, great to see The Chron pick up on your pissed offedness. You may want to rent the movie Network so you can go to your window and shout as loud as you can, “I’m mad as hell and I’m not going to take it anymore.”

http://www.youtube.com/watch?v=dib2-HBsF08

]]> By: Dan Keeney, APR http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-468 Dan Keeney, APR Thu, 25 Sep 2008 05:07:14 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-468 I am not defending what was, I am being pragmatic and saying if you want to preserve even a modicum of a credit market in which you can borrow your .8 times (some European markets that are being used as reference points must show 200 percent collateral today, which would be a .3 times max), then we must take action. Blame whomever you like. There are plenty at fault, including the millions of Americans who borrowed more than they could afford to pay believing that the value of their property would eternally rise. But the growing political opposition to a rapid solution is not good for the economy or business or those who will be called upon to pay the "tax" as you call it. A delay will lead us into a depression in that will make every other economic downturn we've experienced in our lives seem like the good ol' days. I am not defending what was, I am being pragmatic and saying if you want to preserve even a modicum of a credit market in which you can borrow your .8 times (some European markets that are being used as reference points must show 200 percent collateral today, which would be a .3 times max), then we must take action. Blame whomever you like. There are plenty at fault, including the millions of Americans who borrowed more than they could afford to pay believing that the value of their property would eternally rise. But the growing political opposition to a rapid solution is not good for the economy or business or those who will be called upon to pay the “tax” as you call it. A delay will lead us into a depression in that will make every other economic downturn we’ve experienced in our lives seem like the good ol’ days.

]]> By: Jeremy Pierson http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-469 Jeremy Pierson Wed, 24 Sep 2008 19:04:53 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-469 Good stuff, Ed! And your commentators have some excellent contributions as well! Good stuff, Ed! And your commentators have some excellent contributions as well!

]]> By: Ed Schipul http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-470 Ed Schipul Wed, 24 Sep 2008 14:19:36 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-470 @dpkpr / Dan - I *do* understand that we have to have a credit market. But shouldn't that credit market be based on real assets and not bets-on-a-bet-on-a-bet insurance renamed "credit swaps"? If the issue is business credit, guarantee loans backed by business credit. Our biz can borrow 80% of current assets roughly. Yet Investment Banks loan 34 times assets? Baroo? Fool me once shame on you, fool me twice shame on me. And last time we supported this type of rushed regulation we got burned. So I'd like to see some REAL oversight. And like I said, whoever votes for this bail out IS INCREASING TAXES. Just not this year. So future politicians will need, and justly so, to point out that everyone in office has voted to radically increase our taxes. If this is a political death for them, well, 700B makes that a political reality. Man up. @dpkpr / Dan – I *do* understand that we have to have a credit market. But shouldn’t that credit market be based on real assets and not bets-on-a-bet-on-a-bet insurance renamed “credit swaps”?

If the issue is business credit, guarantee loans backed by business credit. Our biz can borrow 80% of current assets roughly. Yet Investment Banks loan 34 times assets? Baroo?

Fool me once shame on you, fool me twice shame on me. And last time we supported this type of rushed regulation we got burned. So I’d like to see some REAL oversight.

And like I said, whoever votes for this bail out IS INCREASING TAXES. Just not this year. So future politicians will need, and justly so, to point out that everyone in office has voted to radically increase our taxes. If this is a political death for them, well, 700B makes that a political reality. Man up.

]]> By: Dan Keeney, APR http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-471 Dan Keeney, APR Wed, 24 Sep 2008 04:08:17 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-471 I'm certainly not an apologist for the Bush administration, nor an advocate of the numerous hacks in the investment banking community who profited wildly in the early part of this decade only to plant the seeds of a doomed system. But the simple fact is that the world's credit marketplace is virtually dead in the water. The only ones able to borrow are those who don't need to borrow. Companies that depend on credit to help fill their periodic gaps in cashflow are now restricted access to those funds. These aren't companies that are irresponsible. They are just growing fast and need to spend in order to finance the costs of the growth. So literally thousands of small businesses wouldn't be able to make payroll. Rinse and repeat. Normal folks who HAVE been paying their mortgages, will be out of work selling apples on the street corner for a nickle. My 101 year old grandmother would be happy to discuss how much fun a depression is. So vilify the bankers and the politicians and anyone else that will make you feel better. But I hope people will try to understand that the action being taken is designed to prevent a downward economic vortex that would leave any American family without 6 to 12 months of cash reserves living in their own version of Grapes of Wrath. I’m certainly not an apologist for the Bush administration, nor an advocate of the numerous hacks in the investment banking community who profited wildly in the early part of this decade only to plant the seeds of a doomed system. But the simple fact is that the world’s credit marketplace is virtually dead in the water. The only ones able to borrow are those who don’t need to borrow. Companies that depend on credit to help fill their periodic gaps in cashflow are now restricted access to those funds. These aren’t companies that are irresponsible. They are just growing fast and need to spend in order to finance the costs of the growth. So literally thousands of small businesses wouldn’t be able to make payroll. Rinse and repeat. Normal folks who HAVE been paying their mortgages, will be out of work selling apples on the street corner for a nickle. My 101 year old grandmother would be happy to discuss how much fun a depression is. So vilify the bankers and the politicians and anyone else that will make you feel better. But I hope people will try to understand that the action being taken is designed to prevent a downward economic vortex that would leave any American family without 6 to 12 months of cash reserves living in their own version of Grapes of Wrath.

]]> By: Jason McElweenie http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-472 Jason McElweenie Tue, 23 Sep 2008 21:25:47 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-472 Like Son, Like Dad? http://en.wikipedia.org/wiki/Read_my_lips:_no_new_taxes#Taxes_raised Like Son, Like Dad?

http://en.wikipedia.org/wiki/Read_my_lips:_no_new_taxes#Taxes_raised

]]> By: Aaron Long http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-473 Aaron Long Tue, 23 Sep 2008 21:05:31 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-473 If you were wondering how big "700 Billion" is: It is one third of the total amount of money received by the federal government in 2007, including social security, income tax, corporate tax, and all other receipts. It is $140 billion more than has been spent on the Iraq war since the invasion. It is $120 billion more than that spent on social security benefits. per http://www.techpresident.com/blog/entry/30280/how_much_is_700_billion ) No way that kind of money gets "fast tracked" without criminal involvement. If you were wondering how big “700 Billion” is:

It is one third of the total amount of money received by the federal government in 2007, including social security, income tax, corporate tax, and all other receipts.

It is $140 billion more than has been spent on the Iraq war since the invasion.

It is $120 billion more than that spent on social security benefits.

per http://www.techpresident.com/blog/entry/30280/how_much_is_700_billion )

No way that kind of money gets “fast tracked” without criminal involvement.

]]> By: katie http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-474 katie Tue, 23 Sep 2008 20:46:26 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-474 Yet one more enormously expensive capricious stroll in the park for more less-than-model corporate citizens. How is it again that corporations get the rights, yet also get to shirk the responsibilities? How do I sign up for that???? That sounds really, uhm, nice and easy and... spineless. Just infuriating, this comes directly out of our pockets and we are supposed to think 'this is the only way'? And what will we get hit with next? Is this just softening the blog for worse to come? Yet one more enormously expensive capricious stroll in the park for more less-than-model corporate citizens. How is it again that corporations get the rights, yet also get to shirk the responsibilities? How do I sign up for that???? That sounds really, uhm, nice and easy and… spineless.

Just infuriating, this comes directly out of our pockets and we are supposed to think ‘this is the only way’? And what will we get hit with next? Is this just softening the blog for worse to come?

]]> By: Jonti http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-475 Jonti Tue, 23 Sep 2008 20:35:56 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-475 And so it is... our economy is now compared to a scene from <a href="http://paul.kedrosky.com/archives/2008/09/22/you_have_no_fra.html" target="_blank" rel="nofollow">The Big Lebowski</a>. I am terribly afraid of my inablity to comprehend all of this and know the global economy may soon turn a cold shoulder to the US Dollar. And so it is… our economy is now compared to a scene from The Big Lebowski. I am terribly afraid of my inablity to comprehend all of this and know the global economy may soon turn a cold shoulder to the US Dollar.

]]> By: Michelle Greer http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/comment-page-1/#comment-476 Michelle Greer Tue, 23 Sep 2008 19:54:50 +0000 http://eschipul.com/2008/09/the-republican-700-billion-tax-increase-of-2008/#comment-476 I'd rather bail out the people who can't pay their mortgages vs. the banks who put out the scummy loans in the first place. This brings out the escapist in me who says that I didn't support the war, I didn't advocate Bush's "ownership culture" and have never voted for him, and who appreciates that you shouldn't buy houses you can't afford. I'm good with languages, right? There's lots of good tennis to be played in France and Spain :(. I’d rather bail out the people who can’t pay their mortgages vs. the banks who put out the scummy loans in the first place.

This brings out the escapist in me who says that I didn’t support the war, I didn’t advocate Bush’s “ownership culture” and have never voted for him, and who appreciates that you shouldn’t buy houses you can’t afford. I’m good with languages, right? There’s lots of good tennis to be played in France and Spain :( .

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