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The Looters Are in Control

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[And now it’s time for Mr. Obama to start paying for all those votes by reaching deep into our pockets. If you intend to avoid paying your “fair share,” however, please take note: There will be  few places to hide. For a gimlet-eyed view of what may lie in store for taxpayers and citizens of all political persuasions during the next four years, ponder the guest commentary below, from Wayne Siggard, a regular in the Rick’s Picks forum. RA]

The election was all about new math:  47 = 51. The foresight and genius of the Founders knew no bounds.  Ben Franklin said, “Once the people find they can vote themselves money, that will herald the end of the republic.”  The trumpets have sounded.  The heralds have announced the awakening of the masses to that reality.  The greatest and most free nation the world has ever known has just sold its birthright for a mess of pottage; or, at least, the promise of an Obama phone. The takers have voted to take control over the producers.

Everyone will now get a fair shot — except that those who work in government and those who take government welfare will get a fairer shot.  Obama knows that you didn’t build that company.  You didn’t live frugally and save more money than your neighbor while they spent theirs on drugs or riotous living.  He knows this because he didn’t get anything without government assistance — affirmative action put him ahead of more qualified people who earned a spot that he took, just like Elizabeth Warren. You couldn’t possibly have gotten anything on your own merit or hard work.

A claim for material position can be met only by a government with totalitarian powers. Friedrich von Hayek

Von Mises said that full government control of all activities of the individual is virtually the goal of both national parties.  Have you ever tried to drill an oil or gas well?  Have you ever tried to build a house or commercial building?  Have you ever tried to manufacture and sell a product?  The International Building Code (IBC) increases in size, restrictions and requirements every year. Why? Because a bureaucracy needs to expand to justify its existence.

Power tends to corrupt, and absolute power corrupts absolutely.Lord Acton

Have you ever experienced the disdain and contempt of a bureaucrat whose permission you sought?  It used to be that their power to grant a license or permit was retribution for their pay being less than that of the private sector.  Now, you get to pay them 50% more than you would get for the same job, and the disdain has not decreased.  Firemen, police officers, and military personnel can retire as young as 38, many making over $100,000 per year if they work until 50, and many can take another job and collect another pension on top of the first.  Meanwhile, according to the Census Bureau, the average middle class family’s income has decreased $4,019 during the Obama years, to $50,964.  More than half of the lifeguards in Newport Beach, CA, make over $150,000 per year and can collect more than $100,000 in pension benefits starting under 50 years of age.

So, What’s Coming?

That paradigm of preternatural  prestidigitation, the Federal Reserve Bank, will continue its policy of zero percent interest.  The big banks will mask their insolvency with free money from the Feds.  Greedy speculators and fools who overspent on housing will have their mistakes paid for by those taxpayers who had the foresight to save and invest wisely.  Obama bundlers and other insiders will continue to get billion dollar investments from the government, sucking valuable capital from the private sector. The official inflation rates will miraculously stay low while you are paying 100% more for gasoline and food.

History is largely a history of inflation, usually inflations engineered by governments for the gain of governments.Friedrich von Hayek

Foreign nations are no longer purchasing U.S. government bonds. The largest purchaser is the Federal Reserve Bank.  In other words, the government is printing money from thin air. In 1970, you could go to Las Vegas and buy a silver dollar for one paper dollar. It now costs around $35. A mansion behind the Beverly Hills Hotel sold for $200,000. It resold in 2004 for $16 million. A house in Flintridge, CA, sold for $115,000.  Its current value is $4.5 million. The base price for a Corvette was $5192.  It is now $49,600, a comparative bargain.  What you could buy for $1 million in 1970 now takes $36 million.  Senator Everett Dirksen in the 1960s is reputed to have remarked,” a billion here, a billion there, and pretty soon we’re talking real money.”  You can now add three zeros.  The bottom line is that if you are collecting 0.15% interest on your CD, you are losing real purchasing value of at least 10%, and that rate will be accelerating in the next four years.  Carlo Ponzi was a hopeless naïf compared to our elected officials.

Harry Reid Has a Plan

Harry Reid already has a bill on his desk which requires that all pension plans (except for the unions, of course), 401Ks, and IRAs be converted to annuities from the government.  This pile of cash represents the largest pile of readily available cash in the world right now.  The money will be gone as soon as it hits the government’s account, and you will be left with empty promises.  There is no money, only a printing press.

Capital export controls will be enacted.  You will not be able to get your money out of the country.  Already you can no longer open a bank account in Switzerland unless you have over $30 million because the reporting requirements are too onerous for a smaller account.  All requests to Switzerland for visas from Americans will be suspended. History will be repeated (shocking, I know), and all gold in private hands will be confiscated.  The Republicans will cave, the tax rates will rise, and anyone making more than the insider politicians and government employees will encounter ever-increasing marginal tax rates.

Payoffs for votes will be made.  Affirmative action requirements will be increased in every field of endeavor.  Women’s abortions and contraceptives will be free. Regulations will stop the advent of fracking and the boom in oil and natural gas will come to an abrupt halt.  Payments to environmental groups for lawyer’s fees will expand exponentially.  Government-controlled lands with oil and gas potential will be declared wilderness or national monuments, just like Grand Staircase-Escalante in Utah.  I could go on for another ten pages, but , in a nutshell, the message from Mr. Obama is, “You lost.”

And finally, Israel has recognized that Mr. Obama will offer no succor.  Before the end of January, they will raid Iran.  Gasoline will reach $7 per gallon, and voila, solar and wind energy will be competitive.  No matter that your thermostat is set at 40 degrees, if you can get fuel or power.

The looters are in control.  Set your alarms.

***

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  • farang November 23, 2012, 2:51 am

    Although you may not like hearing it Mr. Rick, the fact remains it is traditional, conventional (and more importantly correct) knowledge the greater the insurance pool, the more the risk is spread and the lower the costs of the insurance premiums.

    And this wailing and whining about Obama supporters (I am not, I oppose vehemently his Neocon foreign policies) being “takers” from “producers” is childish gibberish. Benjamin Franklin was not addressing keeping “temporary tax cuts for the top 5% income earners” while running up deficits harmful to the republic. These cuts were alleged to be “stimulus” of job creation and the economy: they are demonstrably neither. Over 90% of the cuts were funneled to the very top income earners, while Bush ran up $6.2 trillion in additional debt. Obama is now at $2.9 trillion.

    So let’s knock off the nonsense if you wish to be considered a serious economic blog. You actually try to humiliate serious commenters you don’t like? Wow.

    &&&&&&

    Did that clown Krugman put you up to this? C’mon, you can tell me if it was him.
    RA

  • Robert November 21, 2012, 12:17 am

    What many great discussions this thread has spawned over the past couple days….!

    I only have the following brief nugget of intellectual summation:

    Quem deus vult perdere, dementat prius

    I’m sure you’ve all heard it before: “They whom the gods would destroy, they first make mad”

    But, Have you ever ACCURATELY comprehended this little pearl of wisdom?

    “dementat” does not translate as “angry”. It translates as “irrational”, “demented”,”insane”,”whacko”,”nuts”,”crazy”,”psychologically unbalanced”, etc…

    Get it?

    “They whom the gods would destroy, they first drive insane”

    Obama’s actions can not harm the stoic mind.

    “They” can not take your freedom- they can only compel you to surrender it via forced duress, or threat of death.

    From what I read in many of these comments, and from what I perceive to be the underlying frame of mind beneath these comments, the general level of duress here suggests that many of you are simply too willing to surrender, (or may have possibly already surrendered) too many of your freedoms.

    Take them back. What do you have to lose?

    Obama can do nothing but order you to be imprisoned or killed for it…

    But, the odds on that bet should make it worth taking…. yes?

    Peace of mind is a wonderful counter-factual to emotional duress (and potential insanity); but don’t take my word for it.

    You have to be brave enough to try it out for yourself.

    Life is good in the real world.

  • redwilldanaher November 20, 2012, 5:17 pm

    Another earnings season, another hole in Gary’s swiss cheese. How are those HP earnings looking Gary? Right, there’s no such thing as earnings fraud or accounting irregularities. Oh right and the regulators will catch it if companies try it right? And if they don’t then we’ll just hire more regulators because more always = better, right? And if they miss it while porn surfing we’ll just create a new agency to catch it, or we’ll work with trustworthy institutions like S&P, Moody’s and the NYSE. One things for sure, those earnings are as real as it gets and that’s all that matters, right Gary?

  • Fatcats November 20, 2012, 4:03 pm

    Martin makes some excellent points. A closed mind is an empty one. We may all have things to learn by hearing and listening.

  • redwilldanaher November 20, 2012, 6:03 am

    Hey Jill, hows about you take a break from sprinkling non sequiturs and actually answer a question or two?

    Seems like your knee-jerk is to essentially turn everything over to the benevolent government.

    Please take a few minutes and explain why we should trust them? What have they done to earn and keep our trust? What have they properly handled over the past 50 years? I’d love to read your answers given the precipitous slide and where things stand right about now…

    &&&&&&

    I’ve trashed the post to which you’ve alluded, rwd, because it was indeed another sprinkling of tiresome, knee-jerk non sequiturs. RA

    • gary leibowitz November 20, 2012, 10:12 pm

      I’ll give it a go.
      Technology advances and government “intervention” extended life expectancy, lowered medical costs for individuals, even as the health care costs are rising at a fast pace. Created a safer work environment, placed restrictions on un-competitive big corporations, created rules and restrictions that curtail abusive corporate practices. Allowed free trade between nations that lowered product costs at the same time it policed unfair government subsidies to undermine the competitive advantages. It also created massive government social programs that have propped up the middle class over that time span. As disgusted you may be over this fact, without it the giveaways to corporations and top tier would have already allowed the system to crumble.

      Take away pension rules to sustain liquidity, union rights, unemployment insurance, and Medicare and prescription program, along with student loans, and the like, and we would already be in a deep depression. The sad truth is that while these expenses skyrocketed, so did the graft and loopholes providing huge expansion of wealth at the top. You can’t have both going on at the same time and expect this to be resolved.

      I can only agree with the assessment from this board on the eventual outcome. It will not be pretty. While a good number of financial news stations praise the business practice of Wal-Mart, and see this as a model for all companies, it should be obvious that this model is destructive. There is always the possibility that we end up like India did, with a finely divided caste system.

      People have no idea just how much government subsidies they rely on, on a daily basis. They also can’t seem to focus on the fact that the system has shifted its weight to benefit the top and in so doing has created a gaping financial hole that will only further their own demise. Fighting against Unions, demanding less government, along with less government jobs, blaming illegal workers, demanding an absurdly bloated military expenditures, reducing social programs, and reducing taxes and corporate restrictions is the wrong choice. In fact it is the choice if you want to expedite the demise of America.

      If my thesis is wrong than someone has to explain why the top tier has exploded in wealth at the exact time the rest of us are hanging on, thanks to the excess spending this government provides as a safety net. Government welfare is here and is holding up the middle class. Make no mistake. When it goes so will everything. Corporate taxes and profits have never been as favorable as it is today. Anyone wonder why that is?

      • Robert November 21, 2012, 12:23 am

        ” While a good number of financial news stations praise the business practice of Wal-Mart, and see this as a model for all companies, it should be obvious that this model is destructive. ”

        – Can you expand upon WHY you see this as an obvious point of view…?

        BTW- I fully agree with you on this point, but I want to see if it is for the same reason… 🙂

      • Rick Ackerman November 21, 2012, 1:25 am

        A powerful documentary by Robert Greenwald shows exactly how Walmart has devastated America’s retail landscape while grossly underpaying its employees. The most damning material comes from former Walmart employees, store managers and management trainers. Here’s a link to “Wal-Mart: The High Cost of Low Prices” that can be purchased, but it airs occasionally on cable and may also be available free on YouTube:

        http://www.walmartmovie.com/

      • Robert November 21, 2012, 5:28 pm

        Ok…. Here’s a brain twister for you guys:

        Did Walmart destroy Vlassic Pickles?

        The answer is no- Vlasic self-impoded due to bad decisions that were made in the interest of appeasing Walmart.

        Ceasar came unto Vlasic and and declared “Your pickles are mine to do with as I please… and in return for your pickles, I shall provide you the shelter and comfort of Empire (aka: greater market share and sales volume, albeit on thinner margins)”

        and Vlasic relented to the power of oppression. The rest is history as a 70+ year old family business collapsed into nothingness.

        Stupid Vlasic… They deserved to die. Darwin’s theory rules corporate psychology just as surely as it does the animal kingdom.

        This is why the second corporations (or empires) yield domain over people, people lose (and in extreme cases, they even begin dying).

        What is best for the empire is seldom best for ALL it’s subjects, and so Ceasar (Obama, FDR, Mao, Putin, etc) uses the power of their supreme “decision making” authority as the justification to show antipathy toward those who choose to cast off the collectivism…

        And here you guys think this is all about the military-industrial complex, when in fact, it all about the whole being nowhere near as great as the sum of all its parts…

        Efficient machine principles do not work when collectivist human psychology is necessary to make the machine go.

        Individual psychology (and personal choice) is the flawed cog that introduces the fundamental design deficiency into the whole liberal Rube Goldberg corporate society model.

        You can not achieve Utopia without destroying society.

        &&&&&&

        Vlasic is still going strong, as far as I can determine from a web search. The company, founded in 1952, is owned by Pinnacle Foods. RA

  • Cam Fitzgerald November 20, 2012, 5:21 am

    Good to see todays article got reposted on Zerohedge, Wayne. I tend to agree with your statement that gold will ultimately be confiscated. Fort Knox is not empty after all…..it has just not been “topped up” quite yet. With everyones favourite metal now headed for Tier one status per Basel III it seems to be just a matter of time before we get a sudden revaluation of the dollar. Thing is it will probably come as a complete shocker to everyone if 10 or 15% of buying power is wiped out overnight by Presidential decree. Can it be avoided now? You are likely right that history will be repeated.

    • BMac November 20, 2012, 9:16 am

      Eric Sprott today says the Central Banks do not have the Gold they say they have!
      Ok, he is the respected one and he says “no have”….

      Money manager Eric Sprott says, “The central banks’ gold is likely gone with no realistic chance of getting it back.”

      Many of you have seen this already, I think. But if not a great, short video of Sprott talking to Greg Hunter is posted at JSMineset.
      http://www.jsmineset.com/

    • Cam Fitzgerald November 20, 2012, 10:57 am

      If the government is prepared to indulge in your 401ks and pension plans as a means of accessing real capital and savings to prop of this debt ridden economy then there is absolutely no doubt in my mind gold will also be a target. All in good time. The gold bugs would be wise to stop publicly harping on about how much metal they have aqcuired and accumulated in physical. Nothing is secret on the web despite the use of annonymous names attached to weird avatars. Confiscation meanwhile will be timed to gain the maximum effect which means it will come near the peak of a wave five when values are near their maximum and the biggest bang for the buck can be achieved through a surprise dollar devaluation.

    • Cam Fitzgerald November 23, 2012, 12:33 pm

      Just noticed my post on confiscation does not make sense. Must have been having a blond moment because I screwed up the comment completely……there is always tomorrow I suppose…..need to turn brain back on first.

  • gary leibowitz November 20, 2012, 4:25 am

    Andrew, Maddog, Jill, and Martin are not synonyms. There is no conspiracy here. These are actual real individual people. I had nothing to do with it.

    Just imagine the fight being fought and let me know if it is a fight worth fighting. GOP demanding that the 4 fold increase in the elites wealth remain against real reform to cut government social programs. Now imagine the Democratic party realizing there needs reform and is guaranteeing a 10 to 1 spending cut for every dollar earned on the poor backs of the 2 percent. Got the picture. Now imagine the old white man’s ideology stubbornly refusing to cooperate becuase they know total obstructionist actions will result in a mass outcry to dump the Democrats come election. Hmm. Got to wonder if they are reincarnated land owners of the 1800’s. Out of touch? Maybe just a little bit?

    How else can you explain rejecting such a compromise. It would have been a big win for the Republican platform and party. They could have dmanded the 10 to 1 formula to be up front and delivered immediately. They could have dictated the terms. This was of course way before this election. I believe they finally, finally got the message. Thier new policy is to cover over their mean spirited tone and project an inclusive party for all. They will now mask their real intent by giving non-committal and confusing answers, but still pass the same old policies. Smart move, if it works.

    No cliff this New Year. No EU default. No crash seen yet. SP500 1600 or bust. Just kidding.

  • -1987-dejavu November 20, 2012, 12:04 am

    in case you have the guts, to post MY prior post to you today

    &&&&&

    Nothing to to with “guts,” dorkwad. I said your posts will continue to go in the trash until such time as I have a valid e-mail address from you. Even then, if you forget to tiptoe, or if you go “mental,” your efforts will never see print in here. Is it worth it? Plenty of blogs would welcome your kind with outstretched pincers and tentacles.
    RA

  • TahoeBilly November 19, 2012, 10:57 pm

    Obamites are sickly gang. For one, there are many forms of “health care” outside the standard AMA “allopathic” form of health care offered by “big pharma” USA. I started doing power yoga and feel 20 years younger. Is yoga part of Obamacare? That might actually have a cost/benefit ratio to the general public, though it would be UnConstitutional. No, my college educated ” lefties” are seriously demented, propagandized and HuffPosted beyond what a decent socialist should even smell like. I am embarrassed for them, they make no sense and are collectively “out fascisting” the Republicons.

  • SB November 19, 2012, 9:31 pm

    Here’s the news about the government’s plan for everyone’s retirement:

    http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89%3Aobama-begins-push-for-new-national-retirement-system&catid=34%3Asocial-security&Itemid=62

    With the trillions of dollars in these plans, I imagine Fedgov looks at these plans with the same salivating desire as when I say to my dog, “do you want a treat?” Of course, with these deficits, that money would last probably 2 or 3 years in fedgov’s hands. Money that would have been sufficient to carry millions of people through their retirement years. What’s the old saying, something like “a government big enough to give you everything you need will be big enough to take away everything you have.”

    As far as the tax arguments go…I really have a hard time understanding why people point at others and want them taxed more. I would rather everyone be taxed less, for the government is simply an entity that takes from one set of people and gives to another, while paying themselves a hefty administration fee. Everyone understands this at a basic level, regardless of political affiliation.

    All in all though, it will be tough times ahead. We all know what the government’s current annual deficit is ($1.1 trillion for 2012), given the “fiscal cliff” show we’re having to endure. What MSM does not report however, is what that deficit is on a GAAP basis…yes, that’s the basis that every private business uses in the US. It is currently over $5 trillion per year. So, anybody that’s promoting that we need to raise taxes for some groups, please tell me what the tax rate would need to be to close this deficit and who exactly will need to be taxed? I really urge you to research this on your own. There are places that do discuss this economic data without the emotional partisan yelling and screaming. It’s really just about the math. So, to me, the government has only one option, and that is to attempt to inflate away our debt, while reporting low inflation…what is happening right now. All of this other stuff going on right now is just total distraction. They will do this until one day when the majority of people finally figure it out and then things will get out of hand quickly.

    The way to protect oneself is to trade in your share certificates of USA, aka FRN’s, for the people’s money, aka gold/silver. I suppose that they could try and confiscate those items but I doubt it’s feasible. At worst, I see them making trade in gold and silver illegal…not sure how effective they would be at that though.

  • Oregon November 19, 2012, 8:03 pm

    I have 2 recent experiences to relate.
    I started building an off grid home a few years ago. When I applied for the county building permits (to avoid eventual gov’t confiscation otherwise) I was charged over 10% of the cost to build my house. I was horrified and asked how it could cost this much. The now snippy county worker showed me the screen and how they have values for square footage, number of beds, number of baths, etc.. that should equal what it will cost to have a house built, and the permit fees are based on this total. I told her I understood, but explained that over half the cost to have a house built is labor and since I am building the house myself the total cost will be much less and therefore the permit fees should be much less. She responded, “Yes, but this is what your house should cost to be built, and we can’t penalize other people who can’t build their own house.” Of course, my meaningless reply was, “So you are going to penalize me because I can.” So imagine paying over 10% of building costs, which is of course almost $20,000 so these pampered gov’t workers can come out a dozen times for 10 minutes at a stretch to say, “Looks good, this is a neat project.”

    Second recent experience is talking to my sister in law who is Obama supporter. She asked why I din’t care for him. I didn’t really want to engage, cause it’s like having a rational conversation with Jill. I simply said he hadn’t kept his original promises of change, transparency, etc. and he is just doing the same as his predecessors and growing gov’t. She shot back, “Well at least that’s creating some good jobs. A lot of people are out of work, so at least he’s creating some jobs.” I don’t think I need to say more on the subject.

    We are screwed. I tend to agree with Mava that it may be best to just lay low for a while and let the system collapse under it’s own weight.

    Barter!

  • ter November 19, 2012, 7:46 pm

    Red, “1984” is a splendid rendering of Orwell’s fictive masterpiece. Soviet citizens experienced such grim reality for 65 years. We’ve been in it for only ten.

  • ter November 19, 2012, 7:40 pm

    Al the ill effects of Obamacare, just begun to be felt, were INTENDED, EXPECTED, and DESIRED.
    “Unintended consequences” is a convenient political, media-promoted myth. The staffers who wrote the law, and the traitors who voted for it, knew what they were doing, and knew what the results would be. Many in the House lost their seats in the 2010 election; most didn’t, and were re-elected on Obama’s cloaktails this month.

  • BigTom November 19, 2012, 7:24 pm

    Mava – yep, I am paper poor….Just looking at my harley parked for the winter outside my kitchen window . It is already prepped for a spring 10,000 mi. 6 week camping trip to the south east coast and back again. Do a lot of zig-zagging on two laners! Getting in and out of a small 2 man tent every night keeps anyone limber, no matter the age…..Wayne Siggard-excellent article today, thanks. Agree with most everything you say, personally experienced some of it, and would have to venture a guess you live in, near or have living experience in americas rural hinterland…..thanks again.

  • Anon Y. Mouse November 19, 2012, 7:24 pm
  • Bam_Man November 19, 2012, 7:22 pm

    Hey Wayne, you left out one thing that is obvious:

    Marijuana will be legalized, only lightly regulated and heavily taxed. Huge fortunes will be accumulated by sellers and distributors. Within five years of legalization, users will begin to experience a myriad of “mysterious” symptoms including emphysema, COPD, lung cancer and pre-mature dementia. At this point, tort lawyers will begin organizing class action lawsuits. Huge judgments will be awarded to plaintiffs (and their lawyers) and the fortunes accumulated by sellers and distributors will be gone.

  • Mercurious November 19, 2012, 7:01 pm

    As we collectively (!) bask in the warm afterglow of the election, surveying the laundry list of executive orders the Maximum Leader has signed off on, his insistence that one man –he alone–has the right to determine guilt or innocence and mete out punishment, his enchantment with the idea that individuals are nothing and the village everything, we can begin to see more clearly shapes looming out of the fog of spin, misdirection and deception. While we are the objects of taunts as “conspiracy minded” or “fat old white racists”, this is just the beginning, not the end.

    If you want to see how this all will end eventually, with visceral emotion and in less than two hours, just watch the John Hurt/Richard Burton version of 1984 available online at Amazon and I’m sure elsewhere. I like to use it to conveniently remind myself of what we’re up against when I’m pressed for time: the raw truth of the reality of the totalitarian mind.

    While the “boot stamping on a human face–forever” is usually held up as the defining statement in the novel, I think not. That is the symptom, not the disease which is stated much more distinctly elsewhere in O’Brien’s words to Winston. It is chilling in its undeniable truth and logic. We’d all better decide what we mean to do about it before it comes full flower:

    “We know that no one ever seizes power with the intention of relinquishing it. Power is not a means; it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship. The object of persecution is persecution. The object of torture is torture. The object of power is power. Now you begin to understand me.”

    • redwilldanaher November 19, 2012, 7:33 pm

      That film was received poorly by the so called critics but that was probably due to their politics influencing their written propaganda. I thought that Hurt and Burton delivered solid performances.

  • maddog November 19, 2012, 5:40 pm

    you welcome reddog. Any time you have a tax question, look me up, cause I’d “love” to help you out.

    • Steven George Fair November 19, 2012, 6:14 pm

      maddog, the accountant is a simple task master of the corporate whore designing ways to make a sucker think an accounting degree saves the sucking sound of treasonous designs via illegal legislative action. It is sort of like saying I worked at the concentration camp, but; I didn’t do anything wrong.

    • redwilldanaher November 19, 2012, 6:44 pm

      Exactly Steve. I’m sure that the Universal Intelligence couldn’t be happier with foamy than he/she/it is at this moment. Is there a higher calling, a better reason to “blow breath into” a being than for them to eventually game an immoral tax code?

    • VegasBob November 19, 2012, 8:01 pm

      Steven and redwill,

      How many of us have jobs that actually create real wealth? I suspect the answer is “very few of us.”

      Isn’t the American economy now designed to enable the clever folks among us to slice off a percentage of someone else’s wealth, rather than creating new wealth?

      Look at some of our biggest industries. Government, insurance, gambling, banking and finance, law, accounting, real estate agency. All of those enterprises are designed to slice off a piece of someone else’s wealth, while creating no new wealth.

      At least illegal industries such as drugs and prostitution provide goods and services that are demanded by their customers, without any of the transparently phony justifications for their existence.

    • redwilldanaher November 19, 2012, 8:57 pm

      I agree with you Vegas. The difference is that I haven’t any pretense about what I do and have done as an options trader. It is what it is. In fact, I got into it as a direct response to seeing what it is like in corporate Amerika. The pathetic politics and shameless self promotion and back stabbing were too much for me to stomach. It sickened me to watch it day in day out and I knew that I’d never succeed in such an environment. Thus I sought out something that would remove me to degrees from that type of stuff. I just try to make $ legally and ethically the best I can with the resources that I have. My goal has never been to do this and do this alone but I’ve yet to really get to where I hope to so that I can do what I really want to do. All in all I’d rather do this and not mistake myself for anything other than what I am rather than thump my chest as a CPA or spend my days knifing my colleagues so that I can advance things for myself.

      I have plenty of inventions etc. that actually would help to save time and create wealth but I will not act on them until I can self-finance. I’m sure that Rick will echo something similar to this, but my time spent on and off floor in the markets convinced me that almost no one can be trusted.

    • Steven George Fair November 20, 2012, 1:08 am

      Don’t know ! I take clay and make patterns. Some guys take ore and makes metal. Together we make sculptures. Is that real gain from the earth ?

  • Cam Fitzgerald November 19, 2012, 5:34 pm

    “The Dollar Index is sneaking up on two ‘external’ peaks that, if easily surpassed, would provide strong evidence of a major rally in the offing”. RA
    —-
    You know…..I have been watching the dollar too. The thing is that if Israel launches a major ground offensive in Gaza during the Thanksgiving period (when pretty much everyone is full of turkey and away from their trading desks) then oil will spike.

    Remember the Yom Kippur attack and what Israel itself learned about being struck during a holiday period? The war of October 73 was came as a huge surprise to almost everyone. My analogy here is imperfect of course but I am only suggesting that if an agreement were to be broken then it is most likely to happen while we are on a break on these shores. The idea is a good fit with Israeli strategic thinking. So there may be a deal to withhold an invasion with the Washington on Wednesday but all bets could be off 11/22. By default that suggests the dollar is about to go through another devaluative process and gold and silver will begin marching higher, perhaps sharply. We have already seen how past actions in Afghanistan, Iraq and Libya have seen the dollar plummet relative to gold since 2001. More of a decline seems fairly predictable right now especially as dollar devaluation is the unstated policy of government anyway and the lingering threat of war hangs thick in the air. I think it is in the cards to be frank and that a subsequent conflict involving Iran in 2013 becomes a higher probability as an indirect consequence of Gaza which would draw in the US . War leads to devaluation and even the threat of war can have a dramatic short term effect. One never knows the future of course but now is a good time to place your bets if you feel confident about all hell breaking loose in the Mid East while the rest of us are just trying to digest dinner and have a happy holiday. Just saying….I think now is a good time to buy precious metals.

    And oil.

    • Steven George Fair November 19, 2012, 6:12 pm

      Cam, are you speaking about federal reserve notes, or Dollars?

    • Cam Fitzgerald November 19, 2012, 6:54 pm

      What I originally began writing (but nelected to complete before hitting send) is that this particular Thanksgiving on 11/22 may be a key turning point along the road to partial debt salvation through another long devaluation of the dollar. There is some strange symbolism at play here too as we give thanks for harvest during a drought year while a new war begins on foreign shores.

      What is interesting to me is how corn might actually play a starring role in the inflation (devaluation) that may be coming. This years poor crop is but a harbinger of a whole new set of troubles that lie ahead. Does anyone else think that we are just on the cusp of a new drought cycle that could run for several years?

      It is worth noting that stocks to use ratios are at multi decade lows already. Global dependancy on US corn for both livestock feed and human consumption cannot be understated. The convergence of rising oil prices due to Middle Eastern conflict combined with growing grain and corn shortages down the road thus spell steep food inflation over the coming few years. I cannot help but think oilseeds like canola could again be headed higher (much higher) if farm decisions are made to plant food grains instead of oilseeds in response to current prices.

      As it is, inflationary price hikes are already in the pipe due to the action this year on the grain front. If anyone has not already begun to notice this then just hold onto your hats because a lot more is coming. Beef, poultry, pork, cooking oil and eggs are all headed much higher in 2013 and there is absolutely no way around it. My belief is that a global food shock is around the corner and this may become acute if oil sticks above 100 dollars and the coming corn crop is again poor.

  • maddog November 19, 2012, 5:21 pm

    oh red, it is so easy to push your buttons. I hope you’re not anybody’s boss.

    You don’t have snowball chance in hell of getting rid of the tax system. In fact, Hillary Clinton, who will be the next president, stated on 11/1/2009, in Pakistan, “We tax everything that moves & doesn’t move.” Politicians love to tax. Get use to it, da.

    • redwilldanaher November 19, 2012, 5:32 pm

      Thanks foamy, you’ve enlightened us all in more way than you know…

    • Steven George Fair November 19, 2012, 6:11 pm

      MD – anyone who intentionally pushes buttons is unworthy of O2. Watch what happens as the unstainable mobocracy emplodes.

  • gary leibowitz November 19, 2012, 5:11 pm

    Rick, am I watching a revolution unfold on your site?
    “This blog’s article will live on in infamy”. The amount of rational discussion is unheard of.

    The simple reason for these problems and the eventual outcome has been foretold in past historical evaluations.
    The overreach of the rich has shifted the tax burden from the elite and corporate world to the middle class. Had the social movement not occured to compensate for the massive imbalance we would have been in a deep depression decades ago. An over simplified cause but one that should hold up to scrutiny. As for the outcome of all this, that too is known. We will eventually clean house so to speak and let the process rebuild where corporations and the rich will be stripped of their influence. Unfortunately the process will proceed on the “Big Bang” theory. This too is inevitable. When people become complacent after decades of strong middle class rule, corruption and extreme power shifts result. This causes an implosion of the financial system and the rebuilding process starts all over.

    I believe this cycle will be even more dramatic than the 30’s. It should also take decades to recover from.

    One thing I am pretty darn confident of is that we have not seen the stock market “TOP” yet. The current corrective phase can last till end of year, but make no mistake, betting that we are already in the bear cycle goes against most preceding patterns. Market participation, hitting new highs, and stretched valuations have not been seen.

  • maddog November 19, 2012, 4:53 pm

    there are tax laws that take inflation into account. But Carol, when it comes to capital gains, it does not apply. Sorry, I don’t what else to tell you. It’s like monopoly and candyland, you got to play by the rules.

    Yes, I am a CPA. I help the rich pay the least amount of tax possible and on the other hand, I help the poor get Earned Income Tax Credit. I am an equal opportunity tax accountant. You just got to know the rules.

    • redwilldanaher November 19, 2012, 5:04 pm

      Nice try on estate taxes. They are there not to clarify things as you suggest but to confiscate even more from people posthumously. Fatcats, white guys? Your style of writing isn’t the clearest I’ve ever come across.

      You can’t tell as much as you think you can from reading comments left in forums.

      Some people don’t let their own economic situation compromise their principles.

      I’d have put you out of business 25 years ago. I’m opposed to the income tax and tax loopholes and all the sordid crap associated with them. Speculators put time and money at risk in the markets. You spend time deciphering BS to submit it to the IRS. Want to argue about a waste of productive resources? I’d abolish the income tax and your cottage industry along with it.

    • Steven George Fair November 19, 2012, 6:08 pm

      Right on Red, excises taxes on individuals only came with 14th amendment legislative corporate residency. (not quite 100 years ago) The 16th created no new power of taxation. Income tax is an excise tax, and excises only exist on corporate activity. Article I, sec. 8, cls. 1 applies only to one of the several States, and against legislatively created corporate persons of the federal union of states. All works because a jury is not of one’s peers, but; stacked by corporate enfranchisees who ‘gain’ by sticking it to Freedom.

      P.S. voluntary use of fiat FRN notes establishes corporate nature and federal residency as a distinction to a Sovereign in Common on one of the several States.

    • DK November 20, 2012, 9:17 am

      WooHoo, RWD, high-5! On it again!

  • Maddog November 19, 2012, 4:35 pm

    Hi red. You must be one of those “fatcats” who makes $250,000 plus. Your inability to recognize what I was saying was that the government is playing the poor against the rich and the rich against the poor. Bank robbers who want to rob a bank on 1st Ave, set up a distraction on 10th Ave. This way all the police are at 10th Ave while the bank is being robbed on 1st Ave. Your ability to comprehend this concept is equivalent to the Palestinians and the Arabs blaming the Israelis for defending themselves.

    Please read my explanation about stepped up basis where estate taxes are concerned. The reason they have stepped up basis is because nobody remembers how much grandma paid for the IBM stock.

    And in 2011 and 2012, the wealthy could transfer $5,000,000 to anyone and not pay a dime tax. However, those who rec’d $5,000,000 of IBM stock from grandma, got a cost basis of $1 per share. So when they sell it for $187, they have to pay capital gains tax on the $186 profit. If this is too hard to understand, then just give it to your accountant. They will know what to do with it.

    • Carol November 19, 2012, 4:42 pm

      maddog

      again WHY should anyone have to be penalized (pay an additional tax) because of the fact that they LOST purchasing power through inflation? Anyone rich or poor why?

    • Steven George Fair November 19, 2012, 6:03 pm

      Maddog – operate with no Immutable Law, and md will change the rules and change the rules until all shall be lost – partly stolen from Chief Justice John Marshall.

  • mava November 19, 2012, 4:33 pm

    Sounds like a perfect time to stop earning money for a little while. Let someone else to pay for all that stuff Obama will be able to pay for. Eventually, this will collapse. There is no way around that. This is when you’d go back to work.

    But for now, while Obama is in office, – don’t fight him (he gets stronger when you resist as does any evil), just do what he wants – stop working. Go on a trip and enjoy the world for a while.

  • ken horn November 19, 2012, 4:33 pm

    Great commentary, Wayne. There was a time when the posts of Jill & Martin would have made me shake my head in amazement, but since the election, I look at things differently. This election is what I call presidential nullification. Obama has lied, cheated, covered up, flouted the Constitution, interfered with states’ rights & done all this with the backdrop of failed domestic & foreign policies. A large majority of the electorate (students, gays, single women, & minorities) have reacted with a collective yawn. THEY DON’T CARE!! We could have a youtube of Obama robbing the local 7-11, THEY DON’T CARE!! The $9/month birth control is much more important than $16T in debt & an accommodative Fed to kick the can down the road. We are definitely at the tipping point & may be past the point of no return.

  • Wayne Siggard November 19, 2012, 3:30 pm

    To Martin and Jill from Thomas Sowell – “It is amazing that people who think we cannot afford to pay for doctors, hospitals and medication somehow think we can afford to pay for doctors, hospitals, medication, and a government bureaucracy to administer it.
    Re Harry Reid: I am 100% sure that such legislation is on his desk. I don’t think it could currently pass in its current form. However, given the spinelessness of Republicans, and Obama’s proclivity to legislate via Executive Orders, I do think it likely that regulations will be handed down ordering that a small percentage (10-25%) of all tax deferred investments be invested in government bonds.
    Re the military: Romney was wrong. There any foreign bases beyond Guam (not technically foreign) and Diego Garcia need to be eliminated or be paid for the people whose soil it is on. Military pay has to be cut and retirement benefits need to be changed so that collections cannot start until 65 – this should also apply to all government pensions. Procurement procedures need to be revised.
    Re my Hayek quote: It should have read,”A claim for EQUALITY OF POSITION can only be met by a government with totalitarian powers.”
    Regarding a list of prognostications: I will later submit such a list if Rick can stomach the resultant comments.

    &&&&&

    Post away, my friend. I’ll just have to hold my nose. RA

    • Steven George Fair November 19, 2012, 6:00 pm

      Will you suffer the fate for falsehood – as required by the Mosaic Law?

    • Hucklebuck November 20, 2012, 2:49 am

      Got an SB number for that bill?

  • Carol November 19, 2012, 3:29 pm

    Martin,

    I am no religious freak (or religious at all for that matter) BUT your analogy doesn’t hole water. Jesus did NOT have to steal anything from anyone else FIRST before he could provide that “free healthcare” or “free food”. That is the big difference.

  • Andrew Gutterman November 19, 2012, 3:21 pm

    I found it very interesting that many of Romney’s 47% are Republicans. Of the 10 states with the highest percentage of people who pay no income tax, nine are red states. He was blasting his own people. No wonder he lost. I’ve never seen someone running for office who was so out of touch with reality.

    I also do not see why people who trade securities to make money should not pay tax on their capital gains at the same rates as the rest of up pay on our “ordinary” income. We actually DO SOMETHING for our income.

    I could understand a zero cap gains rate on actual investment that goes directly to the company involved, but not on pure speculation where its just money changing hands between speculators. Why should someone who buys a painting in 1980 for $2000 who then sells it for $20 million 30 years later escape income tax at an ordinary rate?

    Speculating on gold creates a market, but none of the investment in that market ever actually is real investment, in the economic sense of the word.

    If you buy an IPO where your funds go directly to the company then I can see where there should be no capital gains tax on your initial investment, but if you buy more shares in the open market from someone other than the company then you should pay taxes on any gain from those shares. That includes shares from selling stockholders in the IPO.

    I notice that cap gains were cut drastically over the last 30 years, all I can see from this is a greater concentration of wealth at the top. This is going to be our downfall just like it was in the 30’s. When us lower beings cannot support our debts and stop spending….

    The economy didn’t benefit from the cuts. I know some economic idiots out there will show me a chart of rising GDP vs falling cap gains rates, but they will conveniently leave out the chart that shows the incredible increase of debt over that same period in the private sector. Its the debt that produced the imaginary growth, all that reducing cap gains rates did was make the rich richer.

    You can try and blame Obama for all of this but I place the blame squarely on Reagan and the tax cutters that followed. They all wanted something for nothing, that something being BIG government that they didn’t have to pay for.

    We got the BIG government, now who is going to pay for it today?

    Andy

    &&&&&&


    The distinction between long- and short-term capital gains takes care of the non-issue you’ve raised.
    RA

    • Carol November 19, 2012, 3:32 pm

      Capital gains tax is DOUBLE TAXATION! What are you paying the tax on? The “appreciation” of some asset. What is “appreciation” (most of the time) but the LOSS OF PURCHASING POWER because your money is now worth LESS. So any tax on any “capital gains” is just screwing you more after you have been screwed to the wall.

    • redwilldanaher November 19, 2012, 3:35 pm

      I hope someone else spends the time necessary to crush your arguments that attempt to defend government confiscation, I just want to focus on one clear point:

      If you think the problem in DC is too little revenue, you are out of your fracking mind. Yet another poster that proves that we need to part company.

    • Benjamin November 19, 2012, 5:15 pm

      Exactly, Carol! And that can be said of any and all taxes used against us today. They’re all on top of the hidden tax of inflation, which itself explains the existence of the many different taxes and why they always “need” to go up (when it’s really the Federal Reserve that needs to go).

    • Steven George Fair November 19, 2012, 5:58 pm

      Go Carol!

    • sal.vvv November 20, 2012, 1:47 am

      The money belongs to the people not the government. It really PMO that collectivists always ask “who’s going to pay for the tax cuts?” like untaxed money is an expenditure for the government. I’m going “Twinkie”. I’m closing my business and let you support me. NO Joke. I’m tired of every damn element of life, from cell phones to internet access, being an entitlement for some unskilled, lazy slug who cries foul at every turn. I’ve worked and paid taxes for more than 40 years. ENOUGH! I quit.

  • martin schnell November 19, 2012, 2:19 pm

    I am sure there are many so called Christians amongst the commentators who seemed to have totally missed the lessons of the religions.

    Jesus gave away free health care (curing the sick without billing them) and free food (loaves and the fishes), and threw the money lenders out of the temple. It just totally astounds me that the Christian “right” can be so totally wrong on these issues. If he were around today he would be throwing them out of the churches by the millions … and don’t get me started on the magic underwear crowd.

    Now as an atheist I guess wanting to live in a more civil society just makes sense … no weird religion required.

    &&&&&&&

    Haven’t been to an emergency room in a while, I would surmise, but you’d lose count of, for one, those who are there for a fresh bottle of cough syrup.
    RA

    • redwilldanaher November 19, 2012, 3:21 pm

      Maybe you failed to notice that Jesus wasn’t coerced into helping others out by an out of control absolute power? He seems to have done it because it is the right thing to do. Clowns like Bloomberg and Cuomo, of which I’d speculate that you approve of, have made it impossible for a citizen to feed another without first being approved by the government. Same goes with medical treatment and room.

  • maddog November 19, 2012, 11:19 am

    How about estate taxes? Why should there be any taxes on the estate when the taxes have already been paid on the assets by the deceased? Well the reason is because of stepped up basis which means that IBM stock that grandma bought for $1 and now is worth $187. So grandma’s estate can pay the tax or they could eliminate stepped up basis and you can pay the tax when you sell it.

    Yea, good question why is there cap gains? It all should be ordinary income. Do you think all the advise that provide for us comes from the stock “fairy”? You work your butt off looking at charts, checking historical information, etc. Why should you get cap gains because you held the stock for more than a year? Should you be able to get cap gains on your salary because you’ve been doing the same kind of work for more than a year?

    Oh yes, the poor guy who is working 70 hrs. per week. They won’t have to worry about the long hours anymore because the employer will reduce their hours below the Obamacare limit. The good news is that the employer will have to hire more workers to get the same amount of work done.

    As the for the double taxation, good point. It just goes to prove, the one who is getting all the gifts is the government. Leave it to the bureaucrats to make it look like we’re a bunch of leaches.

    So big guy, whether you’re a “maddog” or a “fatcat”, you going to get the shaft from your uncle sam and he’s going to make it look like you deserved it.

    Can I get an amen and hallelujah! Thank you.

    • Steven George Fair November 19, 2012, 5:57 pm

      S is as S does. ITS INFLATION designed to steal with a progressive income tax.

    • sal.vvv November 20, 2012, 1:37 am

      Yea M/D grab everybody’s property! They didn’t earn a penny of it! They cheated you and the rest of the 99% by working more, risking more, and paying more in taxes. Why recognize their right to personal property? Just grab it! Looter smooter, do what you do best and tax the rest! Way to go Boooooooy!

  • Marc Authier November 19, 2012, 10:47 am

    USA was founded by slaves owners. Looters have always been in control. Its just that the crimes today are much bigger because USA in now the Evil World Empire in charge of the globalist looting going on the 5 continents.

    • redwilldanaher November 19, 2012, 3:14 pm

      Yep, the USSA is merely their delivery vehicle…….for now……

    • Steven George Fair November 19, 2012, 5:56 pm

      Marc, and the congress still slaves via the 14th amendment legislatively created ‘subject’.

    • sal.vvv November 20, 2012, 1:30 am

      I am awarding you the most senseless post award!
      Congratulations, your ability to compare the state of civilizations separated by 300 years of evolution is truly insightful. When will you turn your attention to the barbarous countries that still allow slavery and encourage ethnic cleansing? I would encourage a “boots on the ground” investigation conducted by YOU personally. Start with Libya, and work your way up.

    • BMac November 20, 2012, 8:58 am

      “So, however this will end, this IS the beginning of the end for the brave “new” world.”
      I liked that post.
      But some people seems lost, like children getting their news from MSM…and should perhaps start their “boots on the ground investigations” closer to home.

    • Marc Authier November 21, 2012, 12:30 am

      @Sal.vvv
      I know the rhetoric used by colonialist of your sort. Brittain France Spain and Portugal and Russia used this discourse abundantly in the past. I dont believe in this propaganda today knowing the hundreds of extreme right mass murderers USA financed in the past and still helps. Like ? Saudi Arabia. Stop the BS.
      Want to know really what USA is today ? READ THE PATRIOT ACT, totally inspired by Nazi Germany with its Homeland Security, legalization of torture and executiion, indefinite detention of even US citizens ! The Patriot Act is an abomination and one fine proof that USA is not the land of the brave and the free.

  • Benjamin November 19, 2012, 8:35 am

    But the good news is that…

    http://www.infoplease.com/ipa/A0781453.html

    …the true majority still isn’t with the victorious minority. And, unlike other minority victories over the decades, the true majority won’t be able to ignore this and get by this time. There is no escape, not even for them. So, however this will end, this IS the beginning of the end for the brave “new” world.

  • Maddog November 19, 2012, 6:22 am

    Blah, blah, blah. You can almost tell who makes $250,000 by their almost certainty that Obama will single handily drive the bus off into the abyss.

    Heard so much about how Romney lost because of all the gifts Obama handed out. You know, like food stamps and unemployment. It’s a shame we have to help the “low income” people.

    No one has mentioned all the gifts handed to the the wealthy built into the tax code. Let’s start with tax-exempt interest income. I’ll bet Juan doesn’t even know what that is. And he definitely doesn’t know about qualified dividends or cap gains at 15%. How about Section 1031 exchange where you get to defer the gains into never year. Or how about the farmers who pay the minimum amount of real estate taxes. The hedge fund manager who earned $billion only pays social security taxes on the first $110,000. How about all those horse racing aficionados who claim they are active in the business taking $million in losses against earned income. Blah, blah, blah, etc. I could go on until the cows come home.

    You know you’re right, these are not gifts, these are tax laws written by some “old fat white guys” in Congress for their “old fat white guy friends” who contributed to their campaigns.

    &&&&&&

    While you’re busy impressing us with your knowledge of the tax code, how about a few words in support of double taxation of dividends. And maybe you’d care to explain why capital gains should be taxed at all. Or how the biggest tax break of them all, mortgage deductions, favors all of those ‘fat cats’ who work 70 hours a week to make $250k. [Oops. For single-income households, it is actually $200k where Obama’s soak-the-rich threshold for fat cats begins.] RA

    • redwilldanaher November 19, 2012, 3:12 pm

      While maddog is foaming @ the mouth, let’s also have him explain why there is an estate tax at all. Let’s also hear how the higher earners simply do not pay their fair share even though taxes are assessed on a percentage basis. Every post in this forum by another blind collectivist further cements the idea that separation is necessary for survival.

    • Steven George Fair November 19, 2012, 5:55 pm

      Maddog: Same path to destruction – Obama or Romney. The Republic was lost with F.D.R. and the overthrow of legitimate money. Want to blame – blame the GOP, they let “The Prince” work his ways.

    • redwilldanaher November 19, 2012, 6:39 pm

      Hi Steve, hope you’ve been well. I think it died in 1865.

    • Steven George Fair November 19, 2012, 7:55 pm

      You are correct about 1865 RedWill. But, F.D.R. engaged in treasonous designs by taking the Coin of the People to create corporate enfranchisees using fiat.

  • Rob P November 19, 2012, 6:05 am

    Wow, Wayne. You transition so flawlessly from unassailable facts (the majority of your piece) to future events of which you sound so very sure (starting with the Harry Reid part).

    If even 30% of your prognostications come true, the US has a bleak future indeed. Why don’t you number these 1-10 and post them before New Year’s like all the other pundits so that we can look back in a year and gauge your track record. I’ll even give you two years so that your predictions involving Congress have the longest period possible to come to fruition.

  • Jill November 19, 2012, 3:58 am

    Thanks for making some excellent points, Martin. I hope that Obamacare is just the beginning, and so we will end up later with single payer health care. How surprised the professional Obama haters on this site will be when the economy has a good recovery during Obama’s 2nd term.

    &&&&&&

    I’ll think twice before publishing another guest commentary that risks enticing Jill and Martin back into the room. Almost more than I can stomach to see Obamacare praised in here.
    RA

    • DK November 19, 2012, 5:05 am

      Jill,
      Once again, you seem lost and several previous remarks from posters across this forum have gone directly over your head, or, in one ear and out the other. Repeatedly, objectively, members here have given you indisputable evidence and reasons why this has been a terrible tenure and will continue to be so. Exactly where, in any place that Obombsaway has appointed people, have they proven to be trustworthy, effective leaders? Which of them (including those who’ve already stepped down) is not a personal agenda driven, mendacious vulture?

      Regarding Martin’s excellent points, please do not overlook the one that speaks in such incredible volumes, “The real takers these days are the 1% and the crooks raiding companies.”
      I ask you, Jill, do you honestly believe the insurance industry (the ones who WROTE the health care legislation), are an exception to that??

      Make no mistake, you will get EXACTLY what you voted for. Don’t come back here complaining about it in 4 years, that is IF Bammy lasts that long, he’s already on incredibly thin ice.

      How many states, so far, have authored petitions to secede? Not that that will ever happen.

      By the way, the deficit debate is a complete charade, stop kidding yourself and stop drinking the heavily spiked Kool-Aid. The gig is up and the Executive Orders will just keep rolling in.

    • redwilldanaher November 19, 2012, 3:03 pm

      While Martin and Jill do bring on nausea, it is worth it given how good of a read that preceded them.

    • redwilldanaher November 19, 2012, 4:13 pm

      Jill, why don’t you enlighten us as to what Obamao has accomplished in terms of “fixing” the economy and why he would deserve credit if there is a solid economy during Regime Part Deux.

    • Steven George Fair November 19, 2012, 5:52 pm

      Jill, NO !

    • Chuck November 19, 2012, 10:56 pm

      who knows….maybe Paul Krugman is right – we need to raise the rates of the 1%ers back up to 91%. Although, they then would never want to be that rich in the first place and therefore never hire another 99%er again. How would that help a second term recovery?

  • martin schnell November 19, 2012, 3:42 am

    No mention of the biggest cause of the deficit (defense spending) and the biggest thing that could be done to improve economic efficiency (single payer health care).

    If you go through the government accounts you will find that more than $1 trillion is spent per year now on defense (or about as much of the whole rest of the world spends). What country can afford to do that?

    The US with its insane health care system spends almost twice as much (as a percent of GDP) as its competitors. Companies would actually benefit from single payer (which is NOT free health care) because they would operate on a level playing filed. Employees would benefit because they would be able to change jobs for the right reasons. And entrepreneurship would flourish because people would be able to quit their jobs and start companies without having to worry about health care risks. AND by eliminating the waste from insurance company overhead the whole system would cost LESS (health care is not like most good. just because you do not have to pay does not mean you will consume more. no one wants to get and extra colonoscopy, or a heart transplant because they don’t have to pay).

    The real takers these days are the 1% and the crooks raiding companies. They have taken a good system and figured out how to rig it in their favor and are in the process of devouring the golden goose so they can get their gold faster.

  • Erin November 19, 2012, 2:40 am

    Thanks Wayne for some sobering reality. Honesty is always the best policy unless your a vile radical tyrant who is in the process of dismantling our constitution and can never spend enough of our money to buy more votes to finish the job.

    What should be incredibly disturbing too everyone in this country is the combative rhetoric that the vile radical pissant and his cronies spew on a daily basis. The latest example is the comment that went like this about Rice…“But when they go after the U.N. ambassador, apparently because they think she’s an easy target, then they’ve got a problem with me.”… This is thug, gang mentality and this is why we will continue to become more fractured and more hostile to one another and it comes right from the top. Things are becoming extremely serious within our own borders.

    Are Americans so stupid that they really cannot look back in history and see what has happened to other countries that went down this path with this type of leadership? Or is it more important for them to get free stuff from people who have money and give up their freedom and liberty? I’ve got news for you, the only thing you’re going to get is more poor and more enemies with more hostility. We all love a great illusion right?

    The Affordable care act (what a joke!) just raised my blue cross blue shield premiums 35% at my work. Not 3% and not 5%, but 35%. Not to mention all the deductibles that rose and all the other crap that was covered before, now will no longer be covered. Have any of you supporters of that vile radical or this massive tax/job killing disaster which they call the ACA even stopped to read it? You have been sold a new car with no engine and guess what? The engine is an option and it will cost you dearly in ways you can’t even imagine.

    The unintended consequences of this law and any other government controlled act on private business will do nothing but put the final nails in the coffin of this once great country. Death to America is very real.

    • redwilldanaher November 19, 2012, 3:56 am

      “Are Americans so stupid that they really cannot look back in history and see what has happened to other countries that went down this path with this type of leadership?”

      YES THEY ARE. They’ve intentionally been made that way.

      “Or is it more important for them to get free stuff from people who have money and give up their freedom and liberty?”

      YES IT IS. They’ve intentionally been made that way.

      “I got news for you, the only thing your really going to get is more poor and more enemies with more hostility.”

      Agreed. We’re going to get that and a whole lot more of stuff we don’t want. The rethuglicans are nothings. As Rick and others noted, a Romney “victory” may have slowed the demise but that’s really it. So-called conservatives aren’t and rethuglicans are demoncruds with better tailors. Anyone that looks to DC for solutions should seek treatment immediately IMO. I can’t believe that people actually believe that the “system” can be worked from within. How much more blanking evidence do you need to see?

      Splitting away from the hordes of idiots and refusing to the play the game is our only chance.

    • VegasBob November 19, 2012, 8:31 am

      Erin and redwilldanaher,

      I’m an outcast among most of my friends because I refused to vote for the Obummer a second time.

      You are correct. An economic tsunami is coming that will destroy the American economy. It’s called the Patient Protection and Affordable Care Act.

      The only “protection” we are going to get is that most of us who have assets are going to be “protected” out of everything we own.

  • bc November 19, 2012, 1:22 am

    It’s nothing personal. You have it. They want it. This stuff is in the Bible. Another book about to make a big comeback, after the inevitable collapse and reset.


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