Skip O'Neill – Liberty for All

Ron Paul for A New Direction

Posts Tagged ‘mortgage bailout

Prepping for Doomsday -Interesting new TV Show

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There is a new TV is a new show on National Geographic called “Doomsday Preppers.” If you haven’t see it, it is “on-demand” and pretty interesting. If you think back a few year, this type of show would have been some show on a obscure youtube channel put on by a guy in a tin foil hat as far as the view from the greater portion of the population. Just the fact that this show is on prime time on a popular channel and the possibilities are being discussed, gives us hope that people are waking up and that real change will be demanded from those who can make a difference. If we are going to have a mobocracy, we might as well have it work for the greater good of America. Be prepared

Real Estate Market

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Imagine a world where people of all ages could purchase homes for a fair price. A world where prices were set between a willing buyer and seller. If the buyer needed a loan, the buyer would go to a bank or lender of choice and negotiate their terms, the number of years, interest rate, and down payment needed. This world is called the free market, where sellers are restrained from raising prices too much because of a finite pool of buyers and buyers who have a finite amount of money. If a free market was once again adopted by the people of the United States, we might actually be able to return to an ownership society where people value other people’s private property in all places of the economy, not just housing. Unfortunately, that is not the world we live in.

Government Debt – out of control

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This week the fed is set to auction off a mere $124 billion…No biggie! What’s another $124 bill in debt?  These auctions will probably do well as Europe’s economy continues to swirl down the toilet bowl. We still somehow represent a “flight to safety”. The way I see it, Europeans sending their money over here for safety is like sending your daughter to the casino with Joran Van Der Sloot for cocktails. Let’s face it:  This Ponzi game of finance cannot continue at this pace. It’s mathematically impossible. What’s scary is we now have to peddle these auctions at a time where Europe appears to be heading straight into a debt deflation death spiral. I say this because extreme austerity will be the only exit strategy that Europe has as long as the euro is alive because none of these countries can devalue their currency.

As a result of extreme austerity measures: Wages will get crushed as these countries pay off their immense debts. Lower wages will then crater the housing market which then craters the banks and so on and so on. What will be left will not be pretty. Moving forward, the European governments will have a lot less money in their coffers to spend on things like Treasuries because their tax revenues will also crater as a result of austerity measures. They will also be forced to spend more money at home as unemployment soars. The impact of such conditions will increase the costs of social programs that will be necessary in order to avoid civil unrest. The Bottom Line sometime soon, one of our debt  auctions will fail. It’s a matter of WHEN not IF. There simply isn’t enough money in the world to continue such irresponsible spending without printing. My fear is when that day arrives the Treasury will have no choice but to turn our currency into a piece of toilet paper.  Let’s all hope this house of cards doesn’t tip over next week.

American Rich…

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I read an interesting article by Bill Frezza, titled, What Do We Do if the Rich Start to Leave? 

The numbers are small. A modern record, to be sure, and an embarrassment to some. But nothing to be alarmed about. Better to just curse their greed, slap an exit tax on their assets, and move on. There are plenty more where they came from. But what if more of them start to leave?

500 American citizens and green card holders in the last quarter of 2009 said goodbye to America forever. Not many, but double the number of expatriations in all of 2008. Good riddance, other millionaires will take their place.

But what if more of them start to leave?

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Taxes and David Wu

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I have an idea for Obama to increase tax receipts in 2010.  He should lower the minimum age that a person can begin to withdraw money from their 401K or IRA accounts.  The current age is 59.5 and if he lowered that age to say 52 or 55 he would increase tax receipts to the U.S. Treasury.  Here is my thought process.  Typically people begin to withdraw from their IRA when they retire and the withdrawn funds are treated as “income”.  When people retire they typically are not earning the kind of money they earned during their peak earning years (age 50-55), so withdrawing from the IRA “post” retirement, the tax impact is small.  By allowing people to withdraw at an earlier age, those funds would be subject to a higher tax rate because person is typically earning more income.

Of couse, Obama will not go for this because the smart people would totally cash in their IRA, pay the taxes and buy gold.  No, he wants the money tied up in the banking system so he can regulate it.  So much for liberty and freedom Mr. Wu.

U.S. Debt and David Wu

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Many of the politician, David Wu of Oregon included, point out that our debt levels are not a concern. They that  after World War II, 1946, due to military spending for the war, that our public debt as a percentage of GDP was 122 percent – which is even higher than the  near 100 we have today.  These politicians who think that spending the answer fail to mention that debt levels are not sustainable without cuts to spending.   Between 1945 to 1949, federal spending dropped by 58% and taxes fell by 12%. Meanwhile, the budget deficit fell by 66% in 1946 and was in surplus from 1947 to 1949.  In other words, although we did not pay down our nominal debt in the decade after the war, we did succeed in massively shrinking government and the burden that it places on society.  We cut taxes and spending and had a growing economy.  Without the spending cuts, we will have a dramatically different outcome, Mr. Wu.  Please wake up.

David Wu – Socialist?

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The Obamacare vote has stirred up a lot of comments.  One reoccurring question is here in Oregon around David Wu.  He is the congressperson from the 1st district and many of the comments are around his political beliefs.  Is he a socialist or a progressive?  We will devote our resources to help his opponents in the next election to expose his leanings.  Was your vote worth it Mr. Wu?