Inflation rate is worst in 17 years

[Hitman]

All of my investments are long term, so these bumps in the road won't affect them too much in 30 years from now when they mature. I am not worried about being rich, but I also don't plan on working past the age of 62. I figure 2 retirement checks and a decent retirement savings should accomplish that goal.

[screwballl]

looking at all the polls combined (both biased and unbiased), there is a greater dislike of all Dems than there is with the GOP... this will show on voting day... Christians still outnumber any other group in this nation and they vote republican a good majority of the time... with Obama and Billarys voting record and support for things that piss off true christians, I suspect it would be Huckabee or McCain. Although my personal preference is Thompson, I know that he will not get the nomination for the final election. Also most of the republicans running have distanced themselves far enough from GW so that will help the end result as well.

I just wish someone would kick the system and allow 2 people from each party run... of course then the Electoral College system would get tossed out the window which is a good thing... who the hell says that the 2 or 3 from SD is equal to CA or FL or NY?? Have each state have 2 points that is based entirely on popular vote and DC, and voting territories 1 each. If the vote comes out less less then 60/40 then 1 point each (for the states). Have a requirement of 65 points to get the vote. Or if they have 4 choices then a minimum 45 points would be required, and if more than one gets over the minimum or in case of a tie, look entirely at popular vote between those 2.

Just some ideas that I know will never happen (about the electoral college and such) and some that will happen (a republican will get the office again)...

what better way to help increase consumer spending than to give them some money to spend, a portion of which would go right back to taxes... too bad this president sees tax cuts as the way to fix the economy rather than tax increases like the Dems

FOXNews.com - President Bush Pitches Income Tax Relief, Business Incentives to Boost Economy

[Capper]

Theres just way too much information out there to think this is a "bump in the road". I think the real problem with our country is the super rich get richer, and the rest of us get much poorer. I think its gotten so bad that theres really no recovering from it......most are way over extended on credit, people have lost their retirement and investments....I'm just waiting for the big collapse.

Financial sector downturn seen continuing through 2009

President Bush Pitches Income Tax Relief, Business Incentives to Boost Economy

Rough Seas on Wall Street; Four Days in the Red

Toll Brothers says oversupply of new homes causing slump

Is economy headed for depression?

NPR : Bush Proposes $145 Billion Stimulus Package

[Panda Man]

If the depressions of the 20s/30s and 80s didn't kill us, this probably won't either. Hell we still have the strongest economy in the world, even despite the value of a dollar dropping so low.

EDIT - The middle/lower class would benefit from a tax relief as well. A drop in tax rates gives people more of an incentive to work and also has been proven to actually boost tax revenue as well.

[PTRMAN]

I'm sure there are some honest people out there who are hurt, but a LOT of this is due to 1) speculators (how many "buy it and flip it and get rich" seminars and radio ads did you hear over the past 12 months?), 2) people stretching to buy houses they really shouldn't have (a lot of overlap between 1 and 2), 3) greedy and fraudulent appraisers, mortgage brokers, and investment bankers, 4) rating agencies and insurers who only saw their fees and not the actual risk, 5) the idiots managing other people's money who only said "If it's rated AAA, I'll buy it - I don't need to know anything about the underlying assets".

I don't have a lot of sympathy for most of the above. I didn't buy a second or third house to flip, take out a huge ARM mortgage with the idea of selling or refinancing in a few years, or stretch to keep up with the Jones's because you could just see it coming.

That's what happens in a bubble - a lot of people lose perspective and a lot of others succumb to what they thing of as "easy (albeit fraudulent) money".

And yes, lower tax rates WILL spur the economy and result in overall larger Treasury receipts. It's been proven time and time again. A rebate is just a stupid, one-time shot in the arm. Why not lower rates and not take all that money from me in the first place?

[Panda Man]

Originally Posted by PTRMAN

I'm sure there are some honest people out there who are hurt, but a LOT of this is due to 1) speculators (how many "buy it and flip it and get rich" seminars and radio ads did you hear over the past 12 months?), 2) people stretching to buy houses they really shouldn't have (a lot of overlap between 1 and 2), 3) greedy and fraudulent appraisers, mortgage brokers, and investment bankers, 4) rating agencies and insurers who only saw their fees and not the actual risk, 5) the idiots managing other people's money who only said "If it's rated AAA, I'll buy it - I don't need to know anything about the underlying assets".

I don't have a lot of sympathy for most of the above. I didn't buy a second or third house to flip, take out a huge ARM mortgage with the idea of selling or refinancing in a few years, or stretch to keep up with the Jones's because you could just see it coming.

That's what happens in a bubble - a lot of people lose perspective and a lot of others succumb to what they thing of as "easy (albeit fraudulent) money".

*DING DING DING* We have a winner! Couldn't agree with that any more

[PTRMAN]

Thanks Panda Man.

[Capper]

Originally Posted by Panda Man

If the depressions of the 20s/30s and 80s didn't kill us, this probably won't either. Hell we still have the strongest economy in the world, even despite the value of a dollar dropping so low.

EDIT - The middle/lower class would benefit from a tax relief as well. A drop in tax rates gives people more of an incentive to work and also has been proven to actually boost tax revenue as well.

So you cut taxes and cut taxes to give people relief.....where does the country get money from? do we just go further into debt and write it off?

We have so much labor outsourced, so many US companies playing the shell game to avoid taxes and regulation, and credit companies and banks fleecing people at every turn.....its that "We'll be ok...lets just stick our heads back in the sand and put it on credit" philosophy thats put us where we are.....and by the time anyone wakes up, it may be too late for most of us.

[Reloadron]

Originally Posted by Capper

Theres just way too much information out there to think this is a "bump in the road". I think the real problem with our country is the super rich get richer, and the rest of us get much poorer. I think its gotten so bad that theres really no recovering from it......most are way over extended on credit, people have lost their retirement and investments....I'm just waiting for the big collapse.

Financial sector downturn seen continuing through 2009

President Bush Pitches Income Tax Relief, Business Incentives to Boost Economy

Rough Seas on Wall Street; Four Days in the Red

Toll Brothers says oversupply of new homes causing slump

Is economy headed for depression?

NPR : Bush Proposes $145 Billion Stimulus Package

I don't know. I sure as hell don't see a 145 Billion Stimulus as a solution (Long Term). I do see the old cliche of the rich getting richer and the poor growing poorer to some extent.

The credit card thing and more so the default rate increasing on credit cards comes as little or no surprise to me. I don't know if I should fault deadbeats or financial institutions for lending money to stupid people?

I bought my first house in 1973 here in Cleveland. I was a single Marine Corps Recruiter at age 23. Way back then. Long before the computers of today. The loan took about a month or two to go through. They researched the living shit out of me. My mortgage payments of a now paultry $230 could not exceed 1/4 of my disposable monthly income. They reviewed every credit card balance.

Today I see people with no down payment, already in debt, buying a $150,000 home in a week earning $35,000 annually. Go figure. The system is driven by greed.

Now as the bottom begins to fall out, those responsible are smug and warm. Somehow all this has become my problem? Yeah Capper, the wealthy will indeed survive unscathed as we pick up the tab.

Ron

[PTRMAN]

The other side of cutting taxes is cutting government. There's already way too much porkbarrel spending going on.