Obama stepped in it yesterday in Kansas

[schnurrbart]

I haven't had time to read all of the speech but I think this paragraph pretty well sums it up as far as the economic mess we are in:

"Now, just as there was in Teddy Roosevelt’s time, there’s been a certain crowd in Washington for the last few decades who respond to this economic challenge with the same old tune. “The market will take care of everything,” they tell us. If only we cut more regulations and cut more taxes – especially for the wealthy – our economy will grow stronger. Sure, there will be winners and losers. But if the winners do really well, jobs and prosperity will eventually trickle down to everyone else. And even if prosperity doesn’t trickle down, they argue, that’s the price of liberty."

[dagwud]

"Then why didn't bush realize and not propose the TARP bailouts??"

That's a good question Bart.  My guess is that Bush like Obama and other past POTUS was suckered in by the Wall Street bankers they rely on for advice and to run their treasury dept. and federal reserve.  They bought into the claims of to big to fail and that the sky was falling if we did not act now.  I would have preferred that the banks took the hit and not the tax payers.  Let the ones conducting risky and illegal business practices go under as other banks will replace them.  Let water find its own level.

[schnurrbart]

When did the govt "force" banks to make unworthy loans?

[BA Deere]

Well, let`s say a Uncle willed a 300 acre farm to a Nephew.  And let`s say it`s valued at $5000/a X 300 acres=$1.5 million.  Now the first million is free and clear, but there would be $275,000 inheritance tax on the $500,000.  In other words the Nephew would have to decide if he could service $275,000 in tax DEBT or would the whole works have to go on the auction block.  Now I believe the republicans got this changed to a more reasonable $5million exemption, but this was NO THANKS to Obama, he was perfectly happy with "55% above $1 million". 

[schnurrbart]

Absolutely, but also one more thing.  The push was on to de-regulate the banks and the housing market and it happened under bush and we now know that was a disaster and yet, the that is exactly what every republican in this country keeps preaching--de-regulate, cut taxes and it will be just fine.  BS!!!  That is exactly WHY we are having this discussion about how bad things are.

[BA Deere]

They`re probably talking about when Clinton and Janet Reno forced banks to make sub-prime loans.  Mickey Mouse paperwork, Blue sky Schurrbart all blue sky, this present mess would be alot shallower without that gift from Clinton that keeps giving.  

[schnurrbart]

The unified credit equivalent is $1,500,000 (2004 - 2005), $2,000,000 (2006 - 2008), $3,500,000 (2009) and increases to $5,000,000 for decedents dying after December 31, 2009 and before January 1, 2013.

With the top bracket tax rates decreasing from 55 percent (in 2001) down to 35 percent (in 2010) and a periodic drop in rates in-between, the IRS has encountered situations where gift taxes paid were greater than the tax calculated using the rate in effect at the date of death.

Thanks to the generous $5 million exemption for individuals who pass away in 2011 or 2012, the assets of relatively few people in the United States will be exposed to the federal estate tax over the next few years.

Seems like much of your info is outdated.  Even so it only affects about 1-2% of the wealthiest people here.  Check out Estate taxes from the IRS.  Obama told you he was unhappy or are you again putting words into his mouth?

[johnaa]

  Here is TR's speech.  http://www.whitehouse.gov/blog/2011/12/06/archives-president-teddy-roosevelts-new-nationalism-speech

  I haven't the time to read it now, but skimming it a bit leads me to the idea people like the deacon's parrotmasters, lushmo and honest pam would tear it apart describing it as marxist(commies everywhere you know).

  However I do not believe Obbumer will actually attempt to follow TR's formula nor keep any promises.

[BA Deere]

What I`m saying is Obama wanted to keep the rate where it was and tried to use it as a barganing chip.  Without the Republicans, it would`ve stayed put.  It really isn`t that land is higher as much as the dollar is worth less, we are penalized for the government`s mismanagement of the economy. http://www.usinflationcalculator.com/

[bruce MN]

BA...I read the news rather closely every day. Are you saying that somebody finally found that proverbial farm and family that the AFBF and the rest of the righties have been talking about for years now?

You'd think that would have made the news.