Forums-> Off-Topic-> Just When You Thought Bush Couldn't screw up anymore (very serious):
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Optimusv2

Optimusv2
Since 1109 Days

2008-11-10 07:32:30 Just When You Thought Bush Couldn't screw up anymore (very serious)

http://www.washingtonpost.com/wp-dyn/content/artic...

With all the attention focused on the major financial bailout of the various banks that were in trouble, it appears that the Bush Administration, in concert with the Treasury, quietly -- and most of all illegally made a change to Section 382 of the tax code -- which was put in place to limit companies from escaping payment of their taxes when they bought or merged with other companies.

There was a reason for the increase in all the various bank buyouts and mergers that we were seeing. The banks were/are getting billions from taxpayers with zero strings attached. This is starting the war in Iraq levels of big.

$140 billion gone just like that.

Just read that story. I don't even know which part of it to quote. It's all bad.

I guess this part is important...

Attorneys representing banks celebrated the notice. The week after it was issued, former Treasury officials now in private practice met with Solomon, the department's top tax policy official. They asked him to relax the limitations on banks even further, so that foreign banks could benefit from the tax break, too.
Members of congress even know about it, but are afraid to mention it for fear that it would force the economy into more dire straits -- forcing us into a depression.

This whole thing just makes Obama's tax plan make even more sense than it already did.

The middle class is going to need all the help they can get. Henry Paulson is going to have to answer for this. Better yet, a whole host of people are going to have to answer for this. Wells Fargo made a killing on this. Was this suppose to be some sort of secret surprise that would end up blowing up during an Obama Presidency -- totally screwing him over as if it had happened under his watch?

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Hironobu Sakaguchi is coming back to reclaim the throne :)

Seeing it in motion on your HDTV, will blow your mind!!

Don't ask any questions just shut up and buy Halo : Ghosts of the Onyx one of the greatest books ever.

pssh! more like electronic g
ManicMonkey

ManicMonkey
Since 513 Days

2008-11-14 18:05:05

I think it makes more sense to post this here then in another thread:

http://money.cnn.com/2008/11/14/news/economy/g20_p...

I really don't see how anyone can STILL be for "cowboy capitalism" given the bust we're experienceing right now. This entire bust was done during a relatively good economy.

FTA, the EU seems to want more oversight, transparency, increased bank reserve rates & executive pay limits. Who can argue against that with AIG sucking down BILLIONS of tax payer dollars while STILL going on needless retreats and bonuses. Look at what the Canadian banks. That's basically what they have in place (sans the ex pay i think) and they are doing awesome compared to the US banks.

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Currently playing: Too Human
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GrimThorne

GrimThorne
Since 1089 Days

2008-11-19 02:59:53 In reply to ManicMonkey (2008-11-14 18:05:05)

Posted by ManicMonkey
I really don't see how anyone can STILL be for "cowboy capitalism" given the bust we're experienceing right now. This entire bust was done during a relatively good economy.
Meh, historically capitalism has always needed social economics to save it from itself.

Most of us Americans know that our economy doesn't center around one model. We practice a bit of capitalism when it's convenient, a little socialism when it's necessary, a little corporatism when we want to plunder and a little nationalism when we want to protect industries from collapse.

Now as for Pauslon, Optimus is right. I've read the $700 Billion dollar bailout legislation. There isn't anything in that document that Paulson could have interpreted as legal authority to alter our nation's tax policy. It should have taken an act of Congress to make those changes.

The entire $700 billion will be gone before Obama is sworn into office, so I'm not exactly sure what we do with Paulson who already says he'll be leaving with Bush. The current lame duck congress isn't going to do anything for the Auto Industry (3.5 million industry and 6 million supply side jobs) or home owners on the brink of forclosure.

The only good news is that history has shown that you can run deficits and spend/innovate your way out of a deep recession. That's probably Obama's only option for the first two years of his term, but he can stimulate the economy that way.

FireWire

IEEE 1394 FireWire - IEEE 1394
Since 1217 Days

2008-12-15 15:26:35

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"Though I walk through the valley of death I will fear no evil, for I am the evilest motherf*cker in the valley"
blmbox

blmbox
Since 548 Days

2008-12-15 17:07:35

Go, Thickachu!
Forums-> Off-Topic-> Just When You Thought Bush Couldn't screw up anymore (very serious):
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