Quick tax question

[BBCAmerica]

Manufacturing jobs are way down in the US. Which means production is down. We're not making anything any more.

The recession started back int eh 90s under clinton. It just took another 14 years for everyone to catch up to what was happening...except those that saw it coming int he early 2000s.

That is a half truth. The manufacturing jobs that have gone over seas are gon for good. However the companies that are still here are back up to the same production levels but with less employees.

You're full of shit.

U.S. manufacturing shrank for third month in August, report says - Los Angeles Times

U.S. manufacturing shrank for third month in August, report says
September 04, 2012

........Manufacturing has slumped as American businesses have scaled back demand for machinery, equipment and other investments. It's also contracting in just about every major economy overseas, including the 17 countries that use the euro, plus Britain, China, Japan and Brazil. In China, factory activity fell last month to its lowest level in more than three years.

A report by the Commerce Department showed that construction spending tumbled 0.9% in July after four straight months of gains, though outlays for new single-family homes improved.

The value of building projects nationwide slipped to a seasonally adjusted annual rate of $834.4 billion last month — half of what experts consider healthy and a reversal of June's 0.4% boost.

Compared with July 2011, however, the gauge is up 9.3%.

The weak economic reports may help persuade the Federal Reserve to announce some new action after its meeting next week to try to boost growth.

"The manufacturing recovery is at least temporarily out of steam," said Nigel Gault, chief U.S. economist at IHS Global Insight.

A reading below 50 indicates contraction in the sector. But the index typically must fall to about 43 to indicate that the overall economy is in recession, according to the Institute for Supply Management.

Paul Dales, senior U.S. economist at Capital Economics, said the latest survey suggests that the economy is growing at an annual rate between 1.5% and 2% in the July-September quarter. Growth at or below 2% isn't enough to significantly lower the unemployment rate, which was 8.3% in July.

OK so are we talk a .4% difference. heavens to murgatroid how could I have been so far off.

 

[BBCAmerica]

Says who, moron?


LOL

Well, says you moron. That part of your post insinuates that because the capital gains tax was cut the rich took risks and now they don't. I'm simply asking why would they stop taking when they pay even lower capital gains taxes along with every other tax. Or is that not what you were insinuating? Because after all I am a moron and I have been known to screw things when I quote exactly what someone said.

What part of a record 52 consecutive months of job growth under Bush are you having trouble understanding, Libtard?

LOL

I think the part I'm having trouble understanding is the part where a 2007 recession had nothing to do with Bush

 

[SniperFire]

Well, says you moron. That part of your post insinuates that because the capital gains tax was cut the rich took risks and now they don't. I'm simply asking why would they stop taking when they pay even lower capital gains taxes along with every other tax. Or is that not what you were insinuating? Because after all I am a moron and I have been known to screw things when I quote exactly what someone said.

What part of a record 52 consecutive months of job growth under Bush are you having trouble understanding, Libtard?

LOL

I think the part I'm having trouble understanding is the part where a 2007 recession had nothing to do with Bush

You are getting eviscerated and are trying to change the subject, eh?

LOL

 

[g5000]

During the Clinton years, money, jobs any the economy was great BUT!!! Taxes were high. Bush gave rich folks 2 count em 2 tax cuts. So if tax cuts are the way to fix the economy then what the fuck?

During the Clinton years everything was great because the economy was driven by massive debt as the crazy housing bubble grew. Taxes? Who cared? Money was made and taxes were paid. It all came from growing debt that finally exploded in 2008. Bush didn't blame Clinton and Obama walked into the mess that Clinton created.

The housing bubble did not grow during the Clinton years. Jesus, I've heard crazy people try to retroactively blame the recession on Obama, but I have never heard anyone make the insane assertion that the housing bubble was going on during Clinton's presidency.

The housing bubble didn't get going until about 2003. In large part due to two pieces of legislation created by the GOP Congress and signed by Clinton at the end of his presidency; the CFMA and the FSMA.

As for Bush, he grew the size of government considerably, even creating a whole new department and Cabinet position.

But he did shrink two regulatory agencies. Guess which ones?

The EPA and the SEC.

And it was Bush's SEC which granted a waiver to the top five broker dealers capital reserve requirements. Three of those five then blew themselves up, and the other two had to be rescued by the taxpayers.

It was also on Bush's watch that interest rates were lowered to fuel the derivatives bubble.

Our part in the global derivatives bubble was a fully bipartisan effort. Every western government bent over backwards to accomodate their financial institutions' mad derivatives bonanza.



.

 

[TakeAStepBack]

During the Clinton years, money, jobs any the economy was great BUT!!! Taxes were high. Bush gave rich folks 2 count em 2 tax cuts. So if tax cuts are the way to fix the economy then what the fuck?

During the Clinton years everything was great because the economy was driven by massive debt as the crazy housing bubble grew. Taxes? Who cared? Money was made and taxes were paid. It all came from growing debt that finally exploded in 2008. Bush didn't blame Clinton and Obama walked into the mess that Clinton created.

The housing bubble did not grow during the Clinton years. Jesus, I've heard crazy people try to retroactively blame the recession on Obama, but I have never heard anyone make the insane assertion that the housing bubble was going on during Clinton's presidency.

The housing bubble didn't get going until about 2003. In large part due to two pieces of legislation created by the GOP Congress and signed by Clinton; the CFMA and the FSMA.

As for Bush, he grew the size of government considerably, even creating a whole new department and Cabinet position.

He shrank only two agencies. Guess which ones?

The EPA and the SEC.



.

Wrong. The housing bubble was ramped up following moribund investment after teh DOTCOM bubble by again, lowering interest rates that fueled a massive credit expansion.

Clinton signed legislation that pushed the GSEs and banks to make lending requirements lower so everyone could buy real estate. Even with no money.

it started under Clinton. He laid the ground work.

 

[BBCAmerica]

Bush gave rich folks 2 count em 2 tax cuts. So if tax cuts are the way

I am way off top??

Confidence in DC will do more than a tax cut for the people,which is still not a bad idea.

SPENDING MUST BE CONTROLLED.

You come across as mildly retarded. It has already been pointed out to you that the Bush tax cuts were not just for the rich. EVERYONE's taxes were cut, twice, not just the rich.

And so I will ask you the same question I have asked everyone else who wants ONLY the rich to go back to the Clinton tax rate. And you will not answer it, just like no one else ever answers it.

If the Clinton tax rates were so orgasmically good for the country, why are we not letting the Bush tax cuts expire on EVERYONE?

.

Well like the saying goes "Patriotism is sometimes monetary". Simple mathematics tells us that neither Obama or Romney can enter 2013 and not raise taxes. I personally do not have a problem paying a little more IF it is for the good of the country. The partisan problem is that both Obama and Romney are right but they need to meet in the middle. Cut spending and raise taxes. Raise taxes,cut spending and THEN spend responsibly. I know this will never happen because contrary to your beliefs Republicans spend just as much as Democrats just on different shit. Republican's take from the middle class to make up for what give the rich folks. Democrats take from the middle class to make up for what they give poor folks. But it is always the middle that they take from. What will happen when we are gone?

 

[kaaazuo]

I think the part I'm having trouble understanding is the part where a 2007 recession had nothing to do with Bush

Bush had nothing to do with the recession which was a housing bubble burst. The housing bubble was started by Clinton and Barney Franks aided by Greenspan. They enticed everyone to buy a house. And when the finance industry swooped in to feast, Clinton made it easier and repealed Glass-Steagall. And so the economy grew by leaps and bounds driven by massive debt until the whole thing burst in 2007 and 2008.

Bush was hit by Clinton-caused September 11 attack and the market crash in 2008. And not once did Bush blamed Clinton.

 

[g5000]

During the Clinton years everything was great because the economy was driven by massive debt as the crazy housing bubble grew. Taxes? Who cared? Money was made and taxes were paid. It all came from growing debt that finally exploded in 2008. Bush didn't blame Clinton and Obama walked into the mess that Clinton created.

The housing bubble did not grow during the Clinton years. Jesus, I've heard crazy people try to retroactively blame the recession on Obama, but I have never heard anyone make the insane assertion that the housing bubble was going on during Clinton's presidency.

The housing bubble didn't get going until about 2003. In large part due to two pieces of legislation created by the GOP Congress and signed by Clinton; the CFMA and the FSMA.

As for Bush, he grew the size of government considerably, even creating a whole new department and Cabinet position.

He shrank only two agencies. Guess which ones?

The EPA and the SEC.



.

Wrong. The housing bubble was ramped up following moribund investment after teh DOTCOM bubble by again, lowering interest rates that fueled a massive credit expansion.

That was on Bush's watch, fool.

Clinton signed legislation that pushed the GSEs and banks to make lending requirements lower so everyone could buy real estate. Even with no money.

it started under Clinton. He laid the ground work.

Wow. That is some seriously ignorant shit.

Clinton did not sign legislation which "pushed" anybody. He gave the financial industry what they were asking for. The legislation he signed deregulated the financial industry. They didn't need pushing. They wanted their hands untied so they could run hog wild with derivatives trading.

And he and the GOP Congress gave it to them.

Read the CFMA and FSMA.


.

 

[TakeAStepBack]

The housing bubble did not grow during the Clinton years. Jesus, I've heard crazy people try to retroactively blame the recession on Obama, but I have never heard anyone make the insane assertion that the housing bubble was going on during Clinton's presidency.

The housing bubble didn't get going until about 2003. In large part due to two pieces of legislation created by the GOP Congress and signed by Clinton; the CFMA and the FSMA.

As for Bush, he grew the size of government considerably, even creating a whole new department and Cabinet position.

He shrank only two agencies. Guess which ones?

The EPA and the SEC.



.

Wrong. The housing bubble was ramped up following moribund investment after teh DOTCOM bubble by again, lowering interest rates that fueled a massive credit expansion.

Clinton signed legislation that pushed the GSEs and banks to make lending requirements lower so everyone could buy real estate. Even with no money.

it started under Clinton. He laid the ground work.

Wow. That is some seriously ignorant shit.

Clinton did not sign legislation which "pushed" anybody. He gave the financial industry what they were asking for. The legislation he signed deregulated the financial industry. They didn't need pushing. They wanted their hands untied so they could run hog wild with derivatives trading.

And he and the GOP Congress gave it to them.

Read the CFMA and FSMA.


.

Actually you're the seriously ignorant shit stain. No one is reffering to changing Glass-Steagull, numb nuts.

Clinton Pressure to Promote Affordable Housing Led to Mortgage Meltdown

The current mortgage crisis came about in large part because of Clinton-era government pressure on lenders to make risky loans in order to “make homeownership more affordable for lower-income Americans and those with a poor credit history,” the DC Examiner notes today. “Those steps encouraged riskier mortgage lending by minimizing the role of credit histories in lending decisions, loosening required debt-to-equity ratios to allow borrowers to make small or even no down payments at all, and encouraging lenders the use of floating or adjustable interest-rate mortgages, including those with low ‘teasers.’”

He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.” (See Wayne Barrett, “Andrew Cuomo and Fannie and Freddie: How the Youngest Housing and Urban Development Secretary in History Gave Birth to the Mortgage Crisis,” Village Voice, August 5, 2008).

Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

The Clinton-era document that Mason cites—“The National Homeownership Strategy: Partners in the American Dream”—was hiding in plain sight

on the website of the Department of Housing & Urban Development until last year, when according to Mason it was removed (probably because the housing bust made it seem embarrassing to the department). Mason credits Joshua Rosner of Graham Fisher & Co. with saving a copy of it before it was expunged.

The National Homeownership Strategy began in 1994 when Clinton directed HUD Secretary Henry Cisneros to come up with a plan, and Cisneros convened what HUD called a "historic meeting" of private and public housing-industry organizations in August 1994. The group eventually produced a plan, of which Mason sent me a PDF of Chapter 4, the one that argues for creative measures to promote homeownership.

The very worst idea in the plan, which fortunately never gained approval, was to let first-time homebuyers freely tap their IRA and 401(k) retirement-savings plans with no penalty to scrounge up a downpayment. That, HUD estimated, would have "benefited" 600,000 families in the first five years.

Plenty of other ideas in the plan did become reality, though. Knowing what we know now about the housing bust, the earnest language in the document seems faintly ridiculous. Here's an excerpt. Read it closely and you can see the seeds of disaster being planted:

For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership.

take your short sighted, ignorant ass to the back of the short bus, fella. When you do some reading, you can come back and realize how ignorant you were.

 

[TakeAStepBack]

Bubbles aren't built and popped in 3 years, you fucking no nothing, moron. This bubble was being built for a long time. Like most of them do.

"it happened on Bush watch."

So what? I didn't say he was blame free. But it didn't begin there, you reject.