Higher Taxes or Unemployment (pick one)

Discussion in 'Economy' started by sealybobo, Feb 27, 2009.

  1. sealybobo
    Offline

    sealybobo Diamond Member

    Joined:
    Jun 5, 2008
    Messages:
    54,181
    Thanks Received:
    3,435
    Trophy Points:
    1,845
    Location:
    Michigan
    Ratings:
    +11,209
    A single piece of paper may just be one of the most surprising and illuminating documents of the whole banking crisis.

    It's a one-page research note from an economist at Deutsche Bank, and it outlines in the clearest terms the kind of solution many bankers are looking for. The basic message: We should forget trying to get a good deal for taxpayers because even trying will hurt.

    "Ultimately, the taxpayer will be on the hook one way or another, either through greatly diminished job prospects and/or significantly higher taxes down the line," the document says.

    In other words, the paper says, if the government tries to save taxpayers money, many people will los their jobs and the whole economy will suffer.



    Taxpayer Beware: Bank Bailout Will Hurt : NPR
     
  2. driveby
    Offline

    driveby Gold Member

    Joined:
    Sep 6, 2008
    Messages:
    8,840
    Thanks Received:
    2,305
    Trophy Points:
    183
    Ratings:
    +2,328
    Neither, cut spending .....
     
  3. michiganFats
    Offline

    michiganFats BANNED

    Joined:
    Jan 8, 2009
    Messages:
    1,055
    Thanks Received:
    171
    Trophy Points:
    98
    Location:
    SE Michigan
    Ratings:
    +171
    funny how letting failing businesses fail and looking into criminal prosecution of people who deserve it weren't mentioned as options.
     
    • Thank You! Thank You! x 1
  4. sealybobo
    Offline

    sealybobo Diamond Member

    Joined:
    Jun 5, 2008
    Messages:
    54,181
    Thanks Received:
    3,435
    Trophy Points:
    1,845
    Location:
    Michigan
    Ratings:
    +11,209
    Wrong answer! Can't be solved with spending cuts alone.

    If we don't raise taxes, people will lose their jobs. Either that or we go further into debt to avoid 20% unemployment.

    I say we raise taxes....on the rich. And by the way, Obama's already doing that.

    And don't let the Republicans cry that the worst thing to do is raise taxes during a recession, because those tax breaks don't expire until 2011. We should be out of this recession by then, right?

    Remember, we are all in this together.

    And maybe next time we won't vote for people who only represent the top 10% wealthiest of us.

    Do not forget that in the last 8 years, the rich got richer. This is a new Guilded Age. The Robber Baron's are back.

    I say we Nationalize the banks now and then later sell them to people who are responsible and not greedy pricks.
     
  5. michiganFats
    Offline

    michiganFats BANNED

    Joined:
    Jan 8, 2009
    Messages:
    1,055
    Thanks Received:
    171
    Trophy Points:
    98
    Location:
    SE Michigan
    Ratings:
    +171
    Why wait? Why bother nationalizing any banks? Why not let the healthy banks pick from the remains of the un-healthy banks right now?
     
  6. driveby
    Offline

    driveby Gold Member

    Joined:
    Sep 6, 2008
    Messages:
    8,840
    Thanks Received:
    2,305
    Trophy Points:
    183
    Ratings:
    +2,328
    Sure, then the politicians steal it instead of the CEO's, allsome !
     
  7. sealybobo
    Offline

    sealybobo Diamond Member

    Joined:
    Jun 5, 2008
    Messages:
    54,181
    Thanks Received:
    3,435
    Trophy Points:
    1,845
    Location:
    Michigan
    Ratings:
    +11,209
    Letting failing business' fail falls into higher unemployment. Thank you for participating.

    And I'm always up for prosecuting criminals that looted us for billions.

    PS. On another note MichFats, what about that F22

    Lockheed lobbies for F-22 production on job grounds

    The Dems want to cut this very expensive and unused plane from the budget. The GOP says the plane is what makes the US bad ass, plus thousands of jobs would be lost if the gov stopped funding this project.

    I say those are tax payer funded jobs, so I don't like them. And if the plane hasn't been used since the 80's, scrap it.

    But I'm not sure. But I am sure that there are thousands of programs like this that some think are important, and some don't. And we will have to debate each of them as they come along.

    I say this F22 thing sounds like a big waste of money. Don't we have a lot of F22's already? We've been building them since the 80's.

    And the jobs that will be lost are false jobs. They aren't making a product that the "free market" pays for. This is a product that only the government buys. So companies that rely 100% on the government for their sales need to realize that eventually the well is going to dry up.

    Lockheed lobbies for F-22 production on job grounds - Los Angeles Times
     
  8. sealybobo
    Offline

    sealybobo Diamond Member

    Joined:
    Jun 5, 2008
    Messages:
    54,181
    Thanks Received:
    3,435
    Trophy Points:
    1,845
    Location:
    Michigan
    Ratings:
    +11,209
    What's the difference?
     
  9. driveby
    Offline

    driveby Gold Member

    Joined:
    Sep 6, 2008
    Messages:
    8,840
    Thanks Received:
    2,305
    Trophy Points:
    183
    Ratings:
    +2,328
    The government would do a better job hiding it......
     
  10. michiganFats
    Offline

    michiganFats BANNED

    Joined:
    Jan 8, 2009
    Messages:
    1,055
    Thanks Received:
    171
    Trophy Points:
    98
    Location:
    SE Michigan
    Ratings:
    +171
    So? In this case I don't really care if incompetent financial professionals are unemployed. My point is that a bank which actually knows it's stuff will be in charge, and the losers and failures will be out of a job, as it should be. If we bail out failures, why should we believe that they will all of a sudden be responsible? The article in your OP says that people who had nothing to do with our current predicament will be on the hook. I find that to be an unacceptable option. Thanks for playing.
     

Share This Page