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Archive for October, 2008

Obama is the better presidential candidate — and the end of debate

Posted by TopOfTheThread on October 31, 2008

Obama is the better presidential candidate but we simply cannot afford to ignore checks and balances.

We are in a critical time in the world – not just the USA.

We cannot afford to have a Democratic Congress AND Democratic President.  It is not the time to start pushing through legislation.  We need to seriously contemplate next moves and all signs are there that legislation is already being teed-up to slide through…

Even before Obama is elected, the talk is that Obama and Congress are already cutting the defense budget by 25%. The cut may be the right move but it needs to be discussed and debated.

If Obama wins it may be the end of debate on important issues.
For background and more info, click here.
(photo congressforkids.net)

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Interesting Obama-related business letter being forwarded

Posted by TopOfTheThread on October 30, 2008

Here is an email that has been floating around the country…

**************************

Dear Fellow Business Owners

As a Business owner who employs 30 people, I have  resigned myself to the fact that Barack Obama,
wll be our next President, and that my Taxes and Fees, will go up in a BIG way.

To compensate for these increases, I figure, that the Customer, will have to see an increase in my
fees to them of about, 8%. I will also have to lay off 6 of my employees. This really bothered me as
I believe we are family,here and did’nt know how to choose who will have to go. So, this is what I did.

I strolled thru the parking lot and found, 8 Obama bumper stickers on my employees cars.

I have decided these folks will be the first to be laid off.

I can’t think of another fair way to approach this problem. If you have a better idea, let me know.
I am sending this letter to all Business owners that I know.

Sincerely
xxxxxx
yyyyyy Corp.

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Trust? Trust? Are you kidding me? (Obama, McCain, CEOs,…)

Posted by TopOfTheThread on October 7, 2008

Republicans, Democrats, George W. Bush, Weapons Of Mass Destruction,  pork barrel earmarks, Congress,  Public Company CEOs, Banks, lobbyists, Stock Brokers, Investment Banks, SEC, The Fed, honesty trust governmentFTC, FDIC, Treasury, …

Who can we trust?
I don’t feel comfortable with any of these people or entities.  As time goes by we are finding it is harder and harder to trust.

We have shown that people cannot be left to do the right thing.  Look at what Wall Street, and the CEOs have done to the United States and World markets.  How honest was our government regarding our entrances into Iraq and Afghanistan?

We need moderation and regulation
We have shown the need for SEC to get stricter. We need the FDIC and Fed taking more control. We obviously cannot trust the greed and excesses of Banking and Wall Street.

  1. We cannot trust the executive branch to do the right thing without the legislative branch monitoring them.
  2. We cannot count on the legislative branch doing the right thing without the executive branch monitoring them.

Who do we trust?
I do not trust Obama or McCain. I do not trust Congress (Look at page 263 of the bailout bill.) Congress maneuvers and adds irrelevant items and earmarks.  They had to add it to the bailout bill!  One of the most critical bills in recent history.

  • If McCain wins the election, there will be a Republican president and Democratic Congress.
  • If Obama wins the election, there will be a Democratic president and Democratic Congress.

If McCain wins the election, Congress will keep him in line.  If Obama wins the election, I hope the democrats don’t run rampant making changes without thinking them through. Do you trust them?

(photo photos.igougo.com)

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$700 Billion Bailout — Senators and Reps Earmarks

Posted by TopOfTheThread on October 5, 2008

The Bailout Bill passed! The Bailout Bill passed! us capitol congress

Hopefully market liquidity will increase and we can move onto address other financial issues.

As with all legislation, senators and representatives included irrelevant earmarks in the bill to buy the necessary votes. I guess it was naive on my part to believe this was a critical, internationally affecting event, and they would directly address the problem at hand. Yes, I was naive to believe there would NOT be earmarks. But at least it passed…

I had started going through the 451 page bill on CNN.com and noticed on page 263 some interesting ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS.

I then found a great article on SFGate.com that cited some of the earmarks and the responsible parties.

Wooden arrows: This tax break, backed by Oregon’s two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.

Are the two responsible Oregon senators (from above) Gordon Smith (R) and Ron Wyden (D) ? (Please let me know.)

Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.

Who is responsible for this incentive?

Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.


Who is responsible for this incentive?

Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.

Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.

American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.

Who is responsible for this incentive?

Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles.

So now we know some of the congress people whose votes were bought.

If anyone knows who are responsible for the (a) Racetrack, (b) Rum, and (c) American Samoa incentives, please let us know.

We realize this bill is not the total cure for our problems. Hopefully we are now headed in the right direction…

(photo ocw.mit.edu)

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