The Best Investment Citigroup Ever Made
......was making over 25 million dollars in corporate contributions to both Democrat and Republican parties in the last two decades. This made them the 15th largest corporate contributor.
Politicians in both parties took the calls when Citigroup wanted to dip deep into your pockets and mine for a 300 billion dollar bailout. Now THAT's a great return on investment, and it does not even count the fact that Congress let credit card companies like Citigroup re-write the bankruptcy laws in their own interest. Remember that when you roll your lazy hindquarters out of bed tomorrow that you are going to work in order to pay taxes to bail out corporations like Citigroup.
Both parties seem wholly corrupt and completely untrustworthy. We desperately need new ones.
Corporations are not real persons, and it should be illegal for them to make contributions as if they were. Our government was supposed to be by, of, and for the people. Real flesh and blood people, not legal fictions of "persons" called corporations.
Politicians in both parties took the calls when Citigroup wanted to dip deep into your pockets and mine for a 300 billion dollar bailout. Now THAT's a great return on investment, and it does not even count the fact that Congress let credit card companies like Citigroup re-write the bankruptcy laws in their own interest. Remember that when you roll your lazy hindquarters out of bed tomorrow that you are going to work in order to pay taxes to bail out corporations like Citigroup.
Both parties seem wholly corrupt and completely untrustworthy. We desperately need new ones.
Corporations are not real persons, and it should be illegal for them to make contributions as if they were. Our government was supposed to be by, of, and for the people. Real flesh and blood people, not legal fictions of "persons" called corporations.
posted by Mark Moore (Moderator) at Tuesday, November 25, 2008
15 Comments:
And it will not stop until our entire financial house of cards collapse...which may be soon.
I say bring on the collapse.
It won't collapse because when the new loan rates go "public" people will be jumping at them hand over foot. The bailout is causing lenders to practically give away money. You would be surprised at how much cheap and in some cases "free" money is going around out there, you just have to know where to look.
Bailouts for Everyone
Then what will collapse will not be the banking system that loans dollars, but the dollar itself.
"Then what will collapse will not be the banking system that loans dollars, but the dollar itself."
Our USD has been fiat money since
1972. It's a game of trust. Underneath it is workers who must produce more and more and corporations who must produce more each year. Without that USD would have already collapsed.
The Current Account Balance is the issue to watch. You will note of the 4 current nations at the top, 3 are our largest creditors. Warning: be prepared for a real shock before going to the above hyper-link.
It should tell you in global terms we are consuming more than we are producing and spending more than we are earning. In family or business terms this is called bankruptcy.
Since this cannot be turned around in a decade the dollar clock is ticking. Gold is good
store of wealth.
.
"The bailout is causing lenders to practically give away money."
"Give away" money? I don't think so. If you meant let people borrow for (nearly) free, that's a different matter.
This is the sad last stage of debtor nation. The peoples' borrowing power has diminished so badly, that the interest rates have to be lowered to near zero to make the transaction possible on both ends. To pull this off, the producer class has to be robbed to directly subside the borrower class and the bankers. Indeed, now they're even being forced to back unsecured credit card debts.
Fasten your seatbelts.
So what happens when the house of cards collapses? Are we all then to go back to living on farms, producing food for ourselves & our families only, i.e. learning to be self-sufficent or starve? Or will all the debt be wiped out (as happens in a bankruptcy) and everyone starts over with a clean slate and things go back to normal? Or will people be rioting & shooting each other in the streets over morsels of food?
I'd say at least one wing of the house, maybe more, has already collapsed. The question now is whether what remains will remain standing. If Obama raises the capital gains tax, as he has said he would, watch for more collapses, as investors take their money and find better havens.
What needs to happen is for the U.S. to start making things again. Many manufacturers have moved elsewhere for various reasons: cheap labor, less regulatory & tax burdens, cheaper production costs, lower health care costs, etc. Until the govt. removes some of those burdens, expect more manufacturers to either close or move. We are in the final stages of moving from a manufacturing society to a services-based society, and what we are experiencing now is the pain of the transition. How long it will last is anyone's guess, and a pain pill won't help. Massive reconstructive surgery is about the only thing that will help.
Mark,
I would like to get opinions from another standpoint. What do people invested in the stock market do with their money? Pull it out and pay the 30% in penalty and taxes or ride it out and hope we don't lose it all?
Mark,
I would like to get opinions from another standpoint. What do people invested in the stock market do with their money? Pull it out and pay the 30% in penalty and taxes or ride it out and hope we don't lose it all?
I interpret that question to be, "Will the dollar lose significantly more than 30% of it's purchasing power in the near future?"
You may want to 'diversify' and put at least some of your eggs in another basket, because I think we all know the answer to that question.
Rick,
Are you talking 401K here, or pension? It makes a difference.
Some things are going to happen long (maybe even near) term....
1) The dollar is going to lose value.
2) Taxes are going to go up.
If you have a pension with defined benefits, I'd say take the hit and pull it out. Arkansas Teacher Retirement is an example. It is "adjusted for inflation" with a max increase of 3% a year. There is no way that 3% is going to keep up, and by the time we can get it, the taxes on the income will be higher (and the value of the dollars lower). Get it now, I say.
If you have a 401K and it is in the stock market and Bond mix then the answer is more complicated. A portfolio heavy on things like utilities and food producers like ADM (I mean on the farm end, not the processors) will hold its value. When inflation explodes the value of these stocks will go up right along with inflation.
If you are moderately well off or better, your main problem then becomes how to avoid the rapacious maw of the tax monster when it is time to retire. Since we can't know what the rules will be then we can't guess what to do with a reasonable chance of success- but at least you will have some assets of value to attempt to minimize taxes with!
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