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Originally posted by Gateway
reply to post by SPC_D
I agree, I despise all taxes...
Originally posted by Gateway
reply to post by Montana
You mean the turmoil caused by the Fed, and government regulations known as Community reinvestment act?
I don't think the private sector sent interest rates down to 1% causing the housing boom and the private sector also didn't force itself to loan out ARMS to unqualified people either. Nope, if you want to blame someone for the mess we are in, you need to look no further than to your elected officials.
www.abovetopsecret.com...
The best protection is a working regulatory institution.
While bush was in office, he installed more than 100 top officials who were once lobbyists, attorneys or spokespeople for the industries they oversee, which is a bit like assigning the fox to guard the hen house.
To add fuel to the fire, the SEC was filled with men of such unfathomable incompetence, they did not notice Bernard Madoff's Ponzi scheme after receiving detailed reports for nearly 10 years outlining ever detail of illegal activity.
Describing them thusly:
a group of 3,500 chickens tasked to chase down and catch foxes which are faster, stronger and smarter than they are…As currently staffed, the SEC would have trouble finding first base at Fenway Park if seated in the Red Sox dugout and given an afternoon to find it.
Then, Bush decided to remove the Uptick Rule, which made it possible for speculators and the arbitrageurs (remember them?) to literally send a company into bankruptcy using the open market, or at the very least, scare the hell out of everyone by causing the stock price to drop just a few pennies above zero.
Starting to get the picture of what's going on here?
Wait, there's more:
In 1999, Bill Clinton Signed into law the Gramm-Leach-Bliley Act, allowing mega corporations, wielding ungodly sums of money, to merge together and begin speculating in the derivatives and OTC market. It also made the now famous credit default swaps legally impossible to regulate.
Adding to the volatility of the market, oil prices were soaring to never before imagined heights, due mostly to the speculative activities of institutions fomenting higher prices with their 10s of billions of capital and low margin requirements:
world consumption of oil at 87 million bpd was far exceeded by the "paper market" for oil, which equals about 1.36 billion bpd, or more than 15 times the actual market demand.
www.reuters.com...
A study of the oil market by Masters Capital Management was released which claimed that speculation did significantly impact the market. The study stated that over $60 billion was invested in oil during the first 6 months of 2008, helping drive the price per barrel from $95 to $147 per barrel, and that by the beginning of September, $39 billion had been withdrawn by speculators, causing prices to fall.
www.thetimesonline.com...
And that's not even the half of it, but the rest, as they say, is history.
Here we are, slumped over, bailing out the very institutions that caused this mess
Originally posted by badmedia
I thought the exact same thing when I was in the military. In fact, I was almost dumbfounded the first time I found out they took taxes out of my pay. It seems like they would just pay you less since it's basically going right back where it came from.
If you think about it, it's kind of like paying yourself to work.
When I was in the military, I made roughly $1000 a month. Of that, I actually got about $700 of it after taxes.
This is one reason I get so annoyed with the "support the troops" stuff. They aren't supporting the troops, they are just supporting the war and claiming it's about the troops. If it was actually about the troops, then they wouldn't treat them like crap.
During basic training, I figured it up once and I was making less than $1 per hour. After basic it went up due to not working so many hours in the day, but it was still below minimum wage. The excuse of course is due to barracks and the mess hall etc, but you actually still have to pay for the mess hall, it's just a little cheaper than most meals(like $1.25 if I remember right). Out in the field it's free though. And I usually kept a few #4 MRE's around if I got hungry.
I think they should put congresses pay on the military pay grade. Start them out at E1 pay, and then maybe they will start paying people what they are worth.
I think the reason they take taxes out is because they can quote the number before taxes and it makes it seem like they are paying you more than they really are.
[edit on 6/29/2009 by badmedia]
Originally posted by Gateway
reply to post by SPC_D
I agree, I despise all taxes...
Originally posted by MoonChild02
Originally posted by Gateway
reply to post by SPC_D
I agree, I despise all taxes...
Your tax dollars go to help those in need, like those on welfare or social security; go to help hospitals that need funding when generous donors are nowhere to be found so that you may recieve emergency medical care; go to the public school system so that your children may recieve a better education - despite the bureaucrats in the school system taking more than their share - because not everyone can afford private school; go to pay military, police, fire fighters, EMTs, ambulances, and others who are there to ensure your health and safety; and they go to pay judges and court systems so that you may get justice for wrongs against you.
If there were no taxes, there would be none of these public services. Your house would burn down in a fire; your kids would not get a decent education; there would be no hospital for you to go to in an emergency; no one would care at all about your safety from those seeking to hurt you and your loved ones; and if you lost your job there would be nothing to help you get back on your feet.
Therefore, taxes serve a purpose.
What is wrong with the system is that the bureaucrats need to take a pay cut, stop voting themselves raises, and stop taking more than their share. I loathe seeing school district officials driving around in their limos, while knowing teachers who aren't payed enough to even feed their families. I also loathe knowing that the officials in the state government have fancy cars and mansions, but the rest of the state is so bankrupt that the governer has cut welfare and college grants! Those are the kind of things that I loathe about taxes. It's not the taxes themselves that upset me, but those who abuse the system.
Originally posted by SPC_D
My kids don not go to public schools nore do they use public hospitals or any public anything so why should I pay for you when I can barley pay for mine? and why is the goverment taxing taxes?
Originally posted by MoonChild02
Furthmore, if your house was broken into, wouldn't you want the police to investigate? If there were a fire in the area, wouldn't you want the fire fighters to get to it before it reached your house?