This is your must read and forward on to all in your address book:
He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.
That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.
A late burst of selling sealed a dismal finish for the stock market, which hit a fresh 12-year low on Friday as Citigroup sold a bigger chunk of itself to the government and General Electric slashed its dividend, spooking investors who were already jittery.
The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end at 7062.93. The blue-chip benchmark ended down 937.93 points, or 11.72% on the month — the worst percentage drop for February since 1933, when it fell 15.62%. The Dow industrials have fallen six months in a row and are now more than 50% off their record highs hit in October of 2007.
Obama's charity tax limits upset Democrats and Republicans...
Still, the charitable giving deduction reduction, which would limit deductions for couples making $250,000 or individuals making $200,000, provoked the most heat Thursday. Mr. Obama is counting on that provision to raise $179.8 billion over 10 years.
“Some of the reforms and offsets contained or referenced in the budget, such as the limitation on itemized deductions, raise concerns and will require more study as we determine the best policies for getting America back on track,” said Finance Committee Chairman Max Baucus, Montana Democrat.
Roberton Williams, senior fellow at the Tax Policy Center, said it’s impossible to calculate the exact effects of all the tax changes, but said the overall result is clear – less philanthropic giving.
The US government-controlled Fannie Mae reported a loss of 25.2 billion dollars in the fourth quarter driven mainly by the effects of a prolonged housing slump and a global financial crisis. It had a third-quarter loss of 29.0 billion dollars.
For the full year of 2008, the company posted a loss of 58.7 billion dollars, almost 27 times higher than the 2007 loss of 2.1 billion dollars.
Fannie Mae said it submitted a request Wednesday for 15.2 billion dollars from the Treasury “in order to eliminate our net worth deficit as of December 31, 2008.”“We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth,” the company said in a statement.
The fourth-quarter loss was driven mainly by 12.3 billion dollars in credit losses due to declining housing market conditions, 12.3 billion dollars in losses on derivatives and 4.6 billion dollars in writedowns of the value of its mortgage-backed securities, the statement said.
Don’t fret though, the press is on this:
CNN INVESTIGATES: How to get First Lady's toned arms...
TIME MAG INVESTIGATES: The Obama Team's Drink of Choice? Coke, Not Pepsi...
Trackposted to Buck Ofama, The Virtuous Republic, Blog @ MoreWhat.com, third world county, Woman Honor Thyself, The World According to Carl, Walls of the City, The Pink Flamingo, Leaning Straight Up, , and Stageleft, thanks to Linkfest Haven Deluxe.
We all said before the election we hope it won’t be the kind of change we feared it would be. It is turning out to be what we all feared.
All you fools that wanted change, change you could believe in: Bend over, and prepare yourself! The sad thing is those of us who could see it all along and were not fooled will suffer right along with you klowns.
http://www.mishmashzone.com/2009/03/01/obamas-new-war-on-us/
Obama is a liar and a fraud. Michelle is tacky, its winter sleeveless is stupidity For the first time in my life I am not proud of my country. Can’t believe the morons that bought into their B.S.
FDR came out with THE NEW DEAL and now BARCK OBAMA comes out with THE BIG DEAL its a absolute nothing
Give the Demoncraps time, there will be no private or corporate owned businesses. The comrades will have everything government owned. Shades of USSR, and Nazism.
Eileen
Mush-Hell can’t take time to think about fashions. Her mind (What there is of it) is much too busy thinking about how much she hates White Americans and the USA.
She alone makes >$250k/yr. Anyone think she/they will be paying those high taxes they want to levy?
Robert
Don’t hold yer breath waiting for her, or any of the Obamacrats to pay up.
Oh I know they won’t. They are the elitists, the special people. Like the old Soviet Socialist model where the part members had the cars and champagne and caviar and parties, but the common rubes had nothing but the cold and vodka.
party members…