FreedomAtStake's Blog

Barney Frank Tries Again

By FreedomAtStake | View all Posts
Posted Friday, September 12, 2008 09:01 AM   53 comments
MarketWatch yesterday reported that Barney Frank has announced his Payments System Protection Act of 2008.

According to the article, this Act "would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to create a formal process to define what types of online gambling are unlawful to make it possible for the U.S. financial services industry to comply with the current ban on Internet gambling, as required by the Internet Gambling Enforcement Act of 2006, or UIGEA."

Interesting.

It seems that Frank has learned from his last attempt, and is becoming more pragmatic.

I think anybody, even Republicans, would agree that the UIGEA is a flawed law that needs reworking so that it doesn't bog the banking industry down by asking them to monitor their transactions according to rules that don't exist. In these harsh economic times, banks need to concentrate on staying afloat, rather than being Internet cops.

Frank's last bill failed because, much like the UIGEA, it was too vague and broad. Therefore it was easy for opponents to gang up and fight it with equally vague and broad arguments.

This bill will be hard to ignore.

Not only is this discussion necessary, but it forces a dialogue regarding exactly what types of online gambling will be considered illegal, and which might be considered legal.

This is a conversation Republicans don't want to have.

It will force the debaters to draw lines between online horse betting and why it is supposedly good and proper, and online sports betting, which is apparently pure concentrated evil. And let's not forget online poker, which falls somewhere in the middle.

Either way it is a discussion that, due to the UIGEA's vagueness, will be very hard to ignore. And yet it will force many of online gambling's opponents to openly reveal their hypocrisies as well.

Sounds like fun. I can't wait.

53 comments
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KOAJ says:
09/12/08 09:12AM

This is a conversation Republicans don't want to have.
------------
Ron Paul R-Texas co-sponsored the initial bill with Barney Frank
cd329 says:
09/12/08 09:13AM
Once again a democrat sticking up for our freedoms. The republicans  just dont get this and am really surprised that anybody on this site would vote republican considering the republicans are the ones who have been taking away our rights, like being able to gamble.

Keep putting the republicans into office, when all your rights and freedoms are gone dont cry about it.

KOAJ says:
09/12/08 09:16AM
cd -

please click on the link. R - Ron Paul co sponsored the bill



and if you think any online legalized gambling is going to pass  the senate with D - Harry Reid - NV running the show you're mistaken
cd329 says:
09/12/08 09:33AM

 

KOAJ,

 Please dont insult me with that.  We all know Ron Paul is a completely differnt type of republican if you even want to call him a republican.  Lets get the facts straight, it was the republicans who created the bill, it was Bill Frist that attached the bill to the ports security bill in the middle of the night, it was the republicans who would not let the democrats remove this bill from the port security bill and it was the republicans who passed this bill in a landslide. So if you want to dance around that, go right ahead, but the facts are the facts.  Listen keep voting for these republican jerks that want to control every aspect of your life all because you believe that they will put a few more coins in your pocket. Down the road when all your freedoms have been trampled on, am sure you will be asking yourself was those extra dollars worth it and my guess is deep down you will know it to. Like i keep telling you, money isnt everything, sometimes you have to give up a few dollars to be free.

As far as Reid goes, your out of touch with that idea. In fact the vegas casinos which want to go online, will tell reid what to do. Face it, if the damn republicans werent the thorns of this bill, you would see legalized online gambling.  So we have nobody to blame for this but your republican buddies. Any way you to try to spin, still comes out the same, the republicans took this right away from us.  In fact think about this, why didnt the republicans just leave things alone and not create a bill to ban or legalize it?  Thats because they want to control each and every one of us, thats why they went out of their way to create the damn bill and add it to another bill at 2:00 a.m. that the democrats had to vote for. Talk about slimy moves, thats about as low a sit goes.

So vote keep voting republican

Lippsman says:
09/12/08 09:41AM

Even though I do enjoy gambling, there are much more important issues than gambling in this election.

I don't recall Obama mentioning gambling at all in his speeches

Oh wait......The democrats haven't mentioned gambling on thier platform either.

KOAJ says:
09/12/08 09:47AM
cd - i have a local and he works just fine and has all the options i need

there are much bigger issues and lipps is right, neither candidate has mentioned online gambling in their platform or speeches
KOAJ says:
09/12/08 09:49AM
Like i keep telling you, money isnt everything, sometimes you have to give up a few dollars to be free.
----------
if you think socialism is freedom you're mistaken

a few dollars?

more like an extra 15% of your income...dont think it will be any less. as a business owner you will be bent over by big government
cd329 says:
09/12/08 09:49AM

Of course there is way more important issues in this country I agree 100 percent.  Point here is, its the damn republicans who are always creating these type of bills to control us.  Let us all lead are lifes and stop interfering with our freedoms, thats not to hard to ask for.  The grip around what people cant do in this country is getting tighter and tighter due to the republicans creating these crazy type of laws.

Your right bigger issues right now, the war, healthcare,jobs, taxes, energy, social security and the list goes on.

These were all big issuses facing the country when the republicans went out of their way to create this stupid ass bill, instead of working on those problems.

cd329 says:
09/12/08 09:52AM

 

Now thats the typical republican response  I have got my own way to gamble, so i dont care what happens anywhere else.

very selfish my friend and i really hope someday you overcome that selfish type of lifestyle, because it will come back to bit you in the ass at some point with lots of bad karma.

 

cd329 says:
09/12/08 09:57AM

 

Sorry but your numbers dont add up that you keep talking about. I have read some of the tax plans on sites that are totally unbiased and none have the numbers your using.

Like i said before my wife owns a business and we arent worried about paying more if need be.

By the way what type of business do you own, that you believe your going to pay thru the roof in taxes if Obama is elected?  You must be living in disneyworld if you think that your not gonna have to pay for the debt McCain creates with the war continuing for years and from his tax cuts to the rich. Who do you think is going to pay for these things? You and I, thats who. So since am gonna have to pay for these things anyway no matter what, i might as well have the guy in office who isnt gonna try and take away all of my freedoms and will leave the Constitution alone.

lemonsky says:
09/12/08 09:58AM
Hey, Peter King (no, not the coffee aficionado Peter King) R-NY also seeks clarification of UIGEA, in fact, introduced an amendment to rewrite the law.

So that's 2.

2 Republicans.

Anyway, the amendment was defeated by the House Financial Services Committee back June or July. And the vote was pretty much down party lines.

Hold on, let me see how many Republicans voted for the amendment. I'll be back in a second....

Ah, 3 Republicans voted for the bill and 4 Democrats voted against it. Overall the vote was 32 to 32. Anyway, it was ultimately moot since W would've vetoed it had it passed the House and Senate.

It's funny how Republicans (most) lambast "burdensome" regulations, but want banks to implement their already strained resources to tracking the movement of money  to and from these offshore gaming institutions.




KOAJ says:
09/12/08 09:59AM
the port security bill which the "offshore funding" was outlawed per se

passed the house 421-2 and the senate 98-0

seems more or less unanimous. i dont think that it was added onto the bill as a rider and i dont support the legislation but for me...i have a local and i have matchbook.
cd329 says:
09/12/08 10:05AM

 

You cant be serious with this post can you? The gambling ban was added to the port security bill in the middle of the night, because the republicans knew that the democrats had no choice to vote for the ports security bill, with elections coming up. Had the democrats not voted for the bill, they would have gotton crushed in the last elections, due to the republicans saying the democrats dont want to secure the ports.

Am very shocked that you dont know this.

I was up watching this on t.v. the night it was passed. This was one of the dirtest tactics i ever seen done in politics.

cd329 says:
09/12/08 10:08AM

 

KOAJ,

 You gotta stop letting everything be about you. Since you have a way of gambling, you dont give a crap about others.  This is very selfish and i dont know how old you are, but am actually shocked that you would be like this.  Its like you have this one dog one bone thing going.  Iam going to change you if its the last thing i do on this planet,lolllllll

depeche2 says:
09/12/08 10:17AM


Republicans are claiming Ron Paul now?  They didn't even let him be in most of the debates.  When asked to endorse McCain, he said thanks but no thanks for that bridge to nowhere.
cd329 says:
09/12/08 10:21AM

 

yeah he was really reaching with that one.

lemonsky says:
09/12/08 10:22AM


Yeah, when Republicans talk about cutting government and taxes, they're always vague. Defense spending and the requisite interest debt on it make up nearly 50% of our federal budget.

Republicans enjoy gurgling blood and fantasizing about subjugation of others too much to mull cutting "defense".

I think they're looking at the 25% spent on "social services". So what to cut from that? I want a specific list of what they want to eliminate.

Alas, I don't think Republicans would ever be happy. Viscerally, they blame the government for why they're not richer. If only the tax burden were 25% lower they'd be rolling around in cash like pigs in their own mess.

But my parents, who run a hauling business in the right-wing haven of Dawsonville, Georgia, are voting Obama and voted for Clinton in the 90s. I can list why, but it's a little protracted and well, it's 7:30 in LA and I need to get ready for work (for my evil, family-undermining entertainment company) I'll say this: business was a hell of alot better from 1993 to 2001 than from 2001 to now.


lemonsky says:
09/12/08 10:28AM


Read this article by the (reasonably) conservative David Brooks in today's NYT. It shows how we're all interconnected whether we like it or not.

The Social Animal

Near the start of his book, “The

Conscience of a Conservative,” Barry Goldwater wrote: “Every man, for

his individual good and for the good of his society, is responsible for

his own development. The choices that govern his life are choices that he

must make; they cannot be made by any other human being.” The political

implications of this are clear, Goldwater continued: “Conservatism’s

first concern will always be: Are we maximizing freedom?”

Goldwater’s vision was highly individualistic and celebrated a

certain sort of person — the stout pioneer crossing the West, the

risk-taking entrepreneur with a vision, the stalwart hero fighting the

collectivist foe.

The problem is, this individualist description of human nature

seems to be wrong. Over the past 30 years, there has been a tide of

research in many fields, all underlining one old truth — that we are

intensely social creatures, deeply interconnected with one another and

the idea of the lone individual rationally and willfully steering his

own life course is often an illusion.

Cognitive scientists have shown that our decision-making is

powerfully influenced by social context — by the frames, biases and

filters that are shared subconsciously by those around. Neuroscientists

have shown that we have permeable minds. When we watch somebody do

something, we recreate their mental processes in our own brains as if

we were performing the action ourselves, and it is through this process

of deep imitation that we learn, empathize and share culture.

Geneticists have shown that our behavior is influenced by our

ancestors and the exigencies of the past. Behavioral economists have

shown the limits of the classical economic model, which assumes that

individuals are efficient, rational, utility-maximizing creatures.

Psychologists have shown that we are organized by our attachments.

Sociologists have shown the power of social networks to affect

individual behavior.

What emerges is not a picture of self-creating individuals

gloriously free from one another, but of autonomous creatures deeply

interconnected with one another. Recent Republican Party doctrine has

emphasized the power of the individual, but underestimates the

importance of connections, relationships, institutions and social

filaments that organize personal choices and make individuals what they

are.

This may seem like an airy-fairy thing. But it is the main

impediment to Republican modernization. Over the past few weeks,

Republicans have talked a lot about change, modernization and reform.

Despite the talk, many of the old policy pillars are the same. We’re

living in an age of fast-changing economic, information and social

networks, but Republicans are still impeded by Goldwater’s mental

guard-rails.

If there’s a thread running through the gravest current concerns,

it is that people lack a secure environment in which they can lead

their lives. Wild swings in global capital and energy markets buffet

family budgets. Nobody is sure the health care system will be there

when they need it. National productivity gains don’t seem to alleviate

economic anxiety. Inequality strains national cohesion. In many

communities, social norms do not encourage academic achievement, decent

values or family stability. These problems straining the social fabric

aren’t directly addressed by maximizing individual freedom.

And yet locked in the old framework, the Republican Party’s

knee-jerk response to many problems is: “Throw a voucher at it.”

Schools are bad. Throw a voucher. Health care system’s a mess. Replace

it with federally funded individual choice. Economic anxiety? Lower

some tax rate.

The latest example of the mismatch between ideology and reality is

the housing crisis. The party’s individualist model cannot explain the

social contagion that caused hundreds of thousands of individuals to

make bad decisions in the same direction at the same time. A Republican

administration intervened gigantically in the market to handle the Bear

Stearns, Freddie and Fannie debacles. But it has no conservative

rationale to explain its action, no language about the importance of

social equilibrium it might use to justify itself.

The irony, of course, is that, in pre-Goldwater days, conservatives

were incredibly sophisticated about the value of networks, institutions

and invisible social bonds. You don’t have to go back to Edmund Burke

and Adam Smith (though it helps) to find conservatives who understood

that people are socially embedded creatures and that government has a

role (though not a dominant one) in nurturing the institutions in which

they are embedded.

That language of community, institutions and social fabric has been

lost, and now we hear only distant echoes — when social conservatives

talk about family bonds or when John McCain talks at a forum about

national service.

If Republicans are going to fully modernize, they’re probably going

to have to follow the route the British Conservatives have already trod

and project a conservatism that emphasizes society as well as

individuals, security as well as freedom, a social revival and not just

an economic one and the community as opposed to the state.


KOAJ says:
09/12/08 10:57AM
good piece

i have no problem putting more emphasis on society however i would rather not be stuck with society's bill through government mandate. i have enough bills on my own. not being selfish, being real. <Heritage foundation examines Obamanomics>

i dont know how the author can assume that conservatism is too blame for the housing crisis. greed and fear dominate most people's economic decisions. people were very greedy and banks were there to lend.

at some point someone has to pay the piper and that day will be here soon. no bailouts for banks, no bailouts for lenders, no bailouts for people...none. make risky decisions and lose? there's no backstop or else there's no stopping everyone else from making risky decisions with no consequences
----
conversely when the current left talks about change, they refer to redistribution of wealth, cradle to the grave type government service with no plans to pay for any of it other than taxing the rich and taxing business.

these policies are bankrupting europe and have been run on and failed in this country in alomst every presidential election since 1972. mcgovern, dukakis, mondale, gore, kerry = FAIL. same policies, same message, obama just gives a better speech
markku says:
09/14/08 10:17AM
Ron Paul is not a Republican. He is a Libertarian. Read his bio.
cd329 says:
09/13/08 09:59AM

 

your so brain washed by the republican party for some reason{which by the way i was a member for like 20 years}. Its been the republicans who have created all the deficits thruout history, buts it the republicans who are masters at telling people it was the democrats.

In the long run Obama as President will be better even for you and your business.  When you have less business when McCain is elected, because nobody has jobs to come buy stuff from you, then you will realize that it would have been better to give the tax breaks to the middle class, the ones who actually spend their money. Someday you will understand that it was the middle class that built this country and are the ones who spend the money.

cd329 says:
09/12/08 11:41PM

 

That may be, but we know exactly what it means.

cd329 says:
09/12/08 11:45PM

 

This really is a very stupid post.  You think that am an alias for somebody else, thats friggin comical.  I have been her since 2001 even thou my date says 2004. I lost 3 years and a bunch of posts off my id somehow awhile back, but that besides the point. I have never used an alias on this site to post my thoughts. Unlike you, i dont need another one. Have the mods check my ip.

You really are reaching with this post and has given me a huge laugh today.

cd329 says:
09/12/08 09:00PM
KOAJ,

 Your starting to sound like Amazing met with your answers. When he said hes gonna cut taxes for 95 precent of Americans, he means hes gonna cut them for 95 percent of the people actually paying taxes.  Not 95 percent of the population.

When i was reading your post, all i kept saying to myself was KOAJ is kidding with this last post

cd

put the glass of kool aid down.

cd329 says:
09/13/08 12:44AM
Heres the thing if giving the tax breaks to the corporations created jobs, then i would be all for it.  The truth is they never create jobs with the tax breaks and instead pocket the money, then turn around and still send the jobs overseas for slave labor wages. These companies thta do this need to be punished and cut off the tax breaks.

Okay why do i feel giving the middle and lower class people the tax breaks is the best thing for the economy, because these 2 classes of people are going to be out spending whatever extra money they should get, which in turn will create jobs.  Giving it to the rich guys, they just go shock it away under their mattress and dont really spend it.  The middle class and lowe class cant do that, they need to spend spend spend. Think about this, if what am saying about who to give the tax breaks wasnt correct, then why did our govt go thru the trouble of doing the stimulus package this year, if they didnt believe these groups of people wouldnt be out spending the money? The middle class built this country and everybody seems to be forgotting that.  You give them more money and they will spend more money. So its a win win for business and the tax payers.  Give it to the rich guy and hes just gonna flop it down in some ira, trust fund or type of savings plan, they will not spend it like the other 2 classes will.  Even if it costs businesses a little more, they will make up for it with all the extra money coming in from sales, that wouldnt have been there had the middle class not been given the tax break.

Just look around at the last 8 years, have the bush tax breaks helped our economy?  Hell no.

All McCain is gonna do is give the rich the cuts, let the corportaions keep moving jobs overseas and in the process put tons of middle class people out of work? So what is this going to accomplish, except destroy the middle class which the republicans have been wanting to do forever. They love nothing better then to just have a lower income class amd their rich ass class. I"ll take my chances with the guy who will try to make these actions happen and if in 4 years he doesnt do a good job, then i will help to vote him out. Bottomline is no way he can do any worse then the last 8 years, just isnt possible no matter what anybody says.  McCain wins, we get another 4 years of the same policies.  Only people that should vote for that is people who have prospered from the last 8 years.  Obama gets my vote.

cd

KOAJ says:
09/12/08 11:59AM

As for taxes. I'm not a fan (and believe me, as a Canadian I know

taxes) but Obama's plan seems to be affecting the top % of the people,

while the rest should remain pretty much unaffected.
-----------
obama says he will cut for 95% of americans. currently 40% approx of americans pay no taxes so his 95% is off base. also the cuts he talks of are mostly credits. tax credit is election friendly word for spending

i'm not sure what dollar amount or rate he is cutting for the middle class but if business has less money and middle class has more, business will push prices onto the middle class. there's no denying that effect

neither candidate has the wherewithal to deal with the financial mess but the most important thing either can do is cut spending and cut it a lot. obama is a big government guy, mccain is not

KOAJ says:
09/13/08 06:44AM


this means that obamanomics is a failure and will destroy our economy if implemented now

imagine in a period where capital is precious and we need investment and liquidity, obama will punish said capital
KOAJ says:
09/13/08 06:46AM


actually i took it literally just like i took the

-iran is a small country
-we need to take the russia/georgia situation to the UN
-i will cut tens of billions of dollars from the military
-i will speak with rogue leaders without preconditions

and everything else he says literally

shouldnt i? if not then we have issues because no one knows what he is talking about

cd - google charles krauthammer, wpost colmunist. he had a great piece on obama's fading star this week
KOAJ says:
09/15/08 07:22AM


AIG, WM, WB coming soon


KOAJ says:
09/15/08 07:25AM
DWN -

i know very little about the government but i would think that any Senate action in 1999 would have to be signed into law by BILL CLINTON
KOAJ says:
09/12/08 09:32PM
cd - he says 95% of americans, not of taxpaying americans

ive heard it many times
claycourtlesson says:
09/14/08 08:04AM
The major deal in this election is the economy, cause let me be "frank," guys and gals, the global economy is on the verge of collapse. I am not joking one bit.

Yes, I love to gamble as much as anyone, but I am much more concerned about the economy than getting down on football.

Sadly, for the economy:

Obama=100% horrible

McCain=99.999% horrible

Am choosing McCain, cause he is slightly "less horrible" than Obama, as far as the economy goes.

july4433 says:
09/15/08 12:06AM
The Unlawful Internet Gambling Enforcement Act was added on to the Port Security Bill by the Republicans in Congress because that was the only way the Republicans could clamp down on Internet Gambling. By itself the Unlawful Internet Gambling Enforcement Act would not have received enough support (just over 50 percent needed to pass the bill). The Republicans already tried to pass the UIGEA, or some version of it, several times and failed every time. Once the UIGEA was attached to the anti-terrorism Port Security Bill (ironically enough the Republican Bush Jr. was in favor of selling some of our ports and security to the United Arab Emirates of Dubia after passage of the Port Security Bill) and the Republicans, having over 50 percent of the votes in both the House and the Senate at the time, and having a pre-count of the votes in Congress before the actual vote showing that there was no possible way that the Dems, having a minority of elected officials in both the House and Senate at the time, could block the passage of the UIGEA attached to the anti-terrorism Port Security Bill, only then, after the Republicans were assured certain passage of the UIGEA because of the Republican majorities in both the House and Senate, did the Dems vote for the passage of the Port Security Bill because the Dems didn't want to look bad and weak on terrorism almost assuring a Republican funded 10 second media election sound bite campaign that would have been used against any of the Dems voting against the Port Security Bill saying the Dems were weak on terror and voted against the anti-terrorism Port Security Bill.
july4433 says:
09/15/08 12:38AM
For those who are concerned about the US economy, rising unemployment, falling property values, rising federal deficits, a weakening dollar, rising food, gasoline and energy costs, a declining standard of living, ect... throughout history, those countries who had the highest manufacturing output per capita enjoyed the highest standard of living, most prosperity, rising property values, ect... Bush Jr. was given a rubber stamp by the Republican majorities in Congress at the time to create expanded trade agreements with India, Communist China, Communist Russia, ect... thus greatly declining the manufacturing output in the USA. Thank You Republicans. Clintons' NAFTA was not good for the USA, but Bush Jr. and the Republicans may have caused the demise of the USA. For what? The USA was #1 in the world. When you're already #1 IN THE WORLD why change so many things, you can only go down. Why change the tax system to create more billionares at the expense of the hard working middle class and all of the rest, why change trade with the Communists? Thank you Republicans. Thank you for taking America down. Selfish Republican, CEO loving, no border security illegal alien loving, anti-manufacturing, global warming (climate change), Communist loving BASTARDS.
SecondAgain says:
09/15/08 02:31AM
Lehmans and Merrills on the same weekend
noaccountguy says:
09/15/08 11:25AM
KOAJ: if you think socialism is freedom you're mistaken

How do you understand socialism?

bankhog says:
09/12/08 08:42PM
Cd329 - you really are drinking the kool Aid.
heywud34 says:
09/13/08 12:12AM

These questions went unanswered by all the liberals on a thread a few days ago.  So I am asking specifically Hugo, cd329, cashin, secondagain, kujayhawks or any other of the liberals who are in favor of Obama's tax plans.  All I want is your opinion or theory on how this plan helps the middle class.  Thanks in advance for your participation.

 

So now Obama has begun to "evolve" his position on rescinding the tax cuts.  So I ask all the liberal economists on here:  When is it good for the economy and the middle class  to raise the cost of doing business on corporations?  How many jobs will be created vs. lost by raising the cost of doing business?  Will prices go up or down to the end user if the cost of doing business goes up?  

 

One other question I would like added is: Will your investments be better or worse off if your capital gains are raised by 10%-13%?

 

 

heywud34 says:
09/13/08 02:11AM
Thanks CD and Shrimp.   I disagree with Obama's plan but  I respect your opinions and appreciate you giving your views.  I am not sure what Obama meant when he said this on the Huffington Post:  

WASHINGTON — Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.

 

Weren't these the same tax cuts that once rescinded would pay for the middle class tax cuts?   So in a recession, it is more important to give tax cuts to the wealthy than the middle class?  Does this make sense to you guys?

 

Ap1Bfreetorun says:
09/12/08 01:06PM
Well, I have been gambling illegally since 1958 and always managed to get a bet down, one way or another, since that time.  It would be nice to have legal online gambling BUT, if I have to support Mr. Obama who is soft (IMO) on National Defense (make that, does not have a clue) I will just have to struggle along with the status quo.  Not a McCain fan or Republican fan, I just vote for the lesser of the tow evils, just like every presidential election.  I do like Sarah Palin, Ms. Breath-of-fresh-air! 
waxboy says:
09/15/08 09:50PM
Does anyone actually think you can talk sense to a Republican??? Forget it.

I am a Republican where do I vote??

I am a Republican where do I vote??

I am a Republican where do I vote??

THEY ARE LEMMINGS!!!

htrain34 says:
09/13/08 11:20AM
Ron Paul is a republican but remember the republicans didn't want him at the RNC. The party I used to love has become a bunch of sellouts.
FriedShrimp says:
09/13/08 12:30AM

I'll take this question Heywud34,

Instead of giving tax breaks to people who don't need it and wait for it to "trickle down" you can immediately inject it directly into the Middle Class.

As far as our precious big business, they will benefit in the long run because of higher economic activity. 

That's the short version.  I can create an ultra long version if you like.  Can even make 50 posts with a bunch of bold type and emoticons if that would help.

 

FriedShrimp says:
09/13/08 12:35AM
Seriously though, the gap here is whether or not you believe in "trickle down" economics or not.  Some people do, some people do not.

 

I think we've experimented with that long enough.  As far as our current economic condition, I will tell you that I absolutely abhor reading the newspaper every day.  Been going on for years.

 

If you want to correlate the stock market with politics, there are plenty of brokers around here but I'll tell you for a fact that stock and asset values rise when the "smart" people are in charge.

 

Second quarter portfolio statements for 2008 were (I have been told) the largest drop since the Depression. 

 

FriedShrimp says:
09/13/08 02:31AM

Have not heard the Huffington Post quote but Obama has made it real clear that he is for the Middle Class.  Bear in mind all of this has to get approved through Congress and details have not been all worked out but in the big picture, Obama is running a "populist" position which means basically standing up for normal people like the middle class (and poor).  The poor don't really pay taxes anyway so that's a non issue.  As far as definition of middle class, right now, it's basically annual income of under $250k for a single person.  The stuff I have seen is that for a married couple taxes will not increase until hit the $600k level but again this is all preliminary.

The Republicans are freaking at "capital gains,"......... the fact is that most "ordinary" middle classers really do not have all that much.  Most of the 401k accounts are all taxed as "ordinary" income anyway.  It would highly surprise me if they messed with home owners gains on residences.  That would never fly through Congress.  Uncomfirmed but I have heard that the Obama tax "plan" is more geared toward the commercial use of capital gains and not real estate for normal people.  If we slide the tax bill from the middle class to the rich, the capital gains is the easiest way to do that because that directly affects the wealthy more than the middle class.  The more I think about his tax plan, it actually makes very good sense if the goal is to slide the bill from the middle class to the rich.

The truth is that their are so many loopholes in the tax code that "wealthy" people have lots of advantages (trusts, asset transfers, etc.) that normal working people do not have and can really get their "effective" tax rate down to 15% as it is.  Sure, they pay more but they also own everything.

I think the big target is going to be the large corporations but Obama is pro growth so that will be in lockstep with hiring and energy policies.  He will probably take away the corporate loopholes but also offer hiring credits and energy credits.

Just my two cents but in my "opinion," most people's taxes will not be affected by the proposed Obama plan.  If your knocking down couple million a year than it would affect you but most of us are not.

FriedShrimp says:
09/13/08 02:36AM

As a follow up, if anybody is going to have a "tax" discussion, you also have to have a Government Spending discussion.

They go hand in hand.

There have been many posts here regarding that but to control spending, need a strong leader to be able to say no existing spending patterns.  Also, need to lay off useless military spending.

 

 

 

FriedShrimp says:
09/13/08 02:47AM

For example,

Instead of military spending in Iraq, we could have provided everybody in America with health insurance.

As far as "spreading democracy" and buying allies.  There are easier and cheaper ways to do that.

Personally, I think it takes a dozen golf balls and some hookers but politically, if we just need an airport to borrow from time to time, we do not have to invade and then have to rebuild every little country that runs into a squabble with their current leadership.

If the military gets bored or needs a project, send them to the border.  Or crime ridden neighborhoods but wasting our time with offshore border disputes is not worth our time.

 

FriedShrimp says:
09/13/08 12:53AM
Obama has made it real clear that he wants to reward companies who create jobs and punish those who push them offshore.

 

Anybody have a problem with that?

 

In a nutshell, if we want to have a "Middle Class," need to keep the jobs here in the USA.  If you do not care about the Middle Class, then that's a whole nother ball game because it is cheaper to manufacture and outsource to Asia.  Chinese factory workers make $3,500 per year.

 

 

 

 

 

FriedShrimp says:
09/13/08 12:54AM
Meanwhile, socialist German factory line workers make $90 per hour on the Porsche manufacturing line (unconfirmed but I heard that somewhere).

 

 

FreedomAtStake says:
09/12/08 11:16AM
I would have to say that Obama is the lesser of two evils.

McCain appears to have mastered the art of politics, that being the ability to talk out of both sides of his mouth while straddling a fence.

I used to like McCain, and still vastly prefer him over W. But I don't like the way he has abandoned his maverick beliefs in order to court the Republican faithful.

As for taxes. I'm not a fan (and believe me, as a Canadian I know taxes) but Obama's plan seems to be affecting the top % of the people, while the rest should remain pretty much unaffected.

I'm more disturbed at McCain's non-plan for dealing with the financial mess W is leaving the country in. At least Obama has a plan - even if it doesn't work, at least it's not a W re-hash of spending good money after bad.

Finally, while I agree that online gambling is not a marquee issue, we should not overlook the revenue that could and should be generated for the American economy if online gambling were legalized and regulated.

DWN53 says:
09/15/08 02:11AM
KOAJ, I think the blame for a lot of the economic mess belongs squarely on the shoulders of the Republican Party (just like with the Savings and Loan mess years ago). Here is an example. 

McCain guru linked to subprime crisis

3/28/08 / http://tinyurl.com/2ujo9b

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.


“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech.“But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”

Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.


A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.


Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and Treasury Department about banking and mortgage issues in 2005 and 2006.


During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.


For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs. http://www.politico.com/news/stories/0308/924...


Gramm was bought off to lobby for deregulation on banking and mortgage and now look at the mess he has cost all of us while he pockets his lobbying fees, etc.

jackedward32 says:
09/13/08 06:39PM
"Instead of military spending in Iraq, we could have provided everybody in America with health insurance."

How do we pay for it? Taxes? I can assure you that in order to pay for it, the middle class will have to ante up. Plus, my research on the "Canada Experiment," - i.e., socialized healthcare shows that critical services - surgeries, oncologics, et. al. - are grossly underserved. Most who can afford it come to Detroit (where I live) and pay out of pocket, those who cannot wait for months to get the necessary care.

"As far as "spreading democracy" and buying allies. There are easier and cheaper ways to do that."

Huh? Are you referring to the Middle East war? I don't know if you realize it or not - probably not since the press sure as hell isn't reporting it - we have beaten back terrorist elements in Iraq are are in the process of giving it back to the Iraqis. Anbar is completely operated and defended by the Iraq government. Within a couple of years I expect the rest of the country to follow suit. Afghanistan will follow suit and Iran will be surrounded by unfriendly neighbors.

"Personally, I think it takes a dozen golf balls and some hookers but politically, if we just need an airport to borrow from time to time, we do not have to invade and then have to rebuild every little country that runs into a squabble with their current leadership."

Typical misunderstanding/cynicism/naivete of why we are fighting over there

"If the military gets bored or needs a project, send them to the border. Or crime ridden neighborhoods but wasting our time with offshore border disputes is not worth our time."

I'd like to hear your comments should Israel get nuked by Iran.

Listen, I disagree how the war was waged - too P.C., not enough firepower, initially - but it is successful now with a more appropriate strategy and we are starting to see light at the end of the tunnel. Hopefully we can take our resources and troops and start funneling them into Afghanistan and start to finish the job there.

Reagrding the Obama economic plan, taxing the wealthy is a risky venture. They run the small businesses and the large corporations. Take money from them and they raise prices or reduce their employees. Either way, the little person gets hurt. How about reducing taxes for everyone? When that was done over the course of the past seven years, our federal government revenues have ben the highest in our nation's history. Why? People are spending and paying taxes. By targeting just one segment of the population - middle class tax cuts - plays to election politics and class envy. Fortunately most people don't get sucked in by the "soak the rich" platitudes anymore.

One other thing because this thread mentioned liberties and freedoms being taken away and which party is more adept at doing so. The problem is that both parties are very good at it and if you aren't sure look up a California energy policy proposed by their Democratic members requesting that once a person's consumption reaches a certain level, the electric company may have the right to shut off their energy. That's almost Stalinist.

The Libertarians are your safest bet in this arena, but Bob Barr just can't pull off the election and Obama is just too damn scary. He lacks experience, he cannot think for himself without a teleprompter, and his economics would destroy our economy. I will hold my nose and vote McCain.

mondaycheese says:
09/13/08 12:37AM
bush have proven trickle down economics dont work and if you give tax cuts to the middle and lower classes they spend money and the money eventually makes it up to the rich people
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