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  • From: "Lynda" <lurine AT com-pair.net>
  • To: <cayadopi AT yahoo.com>, <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] a financial article
  • Date: Sat, 31 Jan 2009 10:51:36 -0800

I think a number of things got us into this current mess and that it will only get worse but not for the reason state "When half the people get the idea that they do not have to work . . ."

I was listening to some nut financial wizzard that was on one of the yapping news programs DH watches each morning. Blah, blah, blah about how the folks commonly known as the working poor don't pay income taxes. All they pay is payroll taxes.

That is just plain scary that some supposed financial wizzard, some economist doesn't know or understand what payroll taxes include. That he either doesn't know or understand that the working poor pay taxes. They may not pay much but they do pay income taxes. This guy went on and on about how they never pay any money in and all they do is take money out.

Per capita, based on relative income, the working poor put more money into the economy than the working class and the middle class. What they don't do is keep the banks running by stashing money in savings accounts or play the stock market.

Lynda
----- Original Message ----- From: "Leslie" <cayadopi AT yahoo.com>

One more thing...skip if not interested in what is going on economically.

http://financialsense.com/fsu/editorials/andros/2009/0130.html


highlights: Pinnochio Bush increased Fed budget by 60% in 8 years,,, Obama is increasing it an additional 25% in his first 3 months.

US citizens are financially illiterate, and basing their decisions on phoney numbers/statistics produced by a government who knows the citizens are financially illiterate.

Chinese & other foreign investors - purchases of US Treasuries dropping off the cliff. Only buying 1-3 year maturity dates. (FYI - this is potentially a financial nuclear bomb for the US - as all they have to do is not rollover at maturity.)

A quote from Ayn Rand in the article:

""You cannot legislate the poor into freedom by legislating the wealthy out of freedom.
What one person receives without working for, another person must work for without receiving.
The government cannot give to anybody anything that the government does not first take from somebody else.

When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
John Gault/Ayn Rand"

UK on its way to follow Iceland.

And just how bad things are getting at the banking level,, how close to collapse.

Stuff like that.





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