Watched "Too big to Fail"-a-HBO film about the financial crisis in 2008 which will remind people how bad things were then
Remember in 2008 the country's financial system was on the brink of collapse with financial panic all around. I remember that at one point the government guaranteed all the deposits in every money market fund; billions of dollars, maybe over a trillion, in order to keep financial markets stable. I think people posting here either weren't alive or in grade school then, so they don't remember how bad things were when Obama took office on January of 2009. 500,000 or so jobs a month being lost month after month. I recommed the film. Very well acted by recognized actors in every role. It explains how the crisis was brought about by the greed and fraud of banks, mortgage companies and investment banks which happened after the abolishment of the regulation of the commercial banks which prohibited them from investing in and trading equities for there own account. The regulation was put in effect in the 1930s as a result of the Great Depression. I think of the recent panic when I read that regulations are being abolished wholesale. It's a over used saying, but "those who don't remember history are bound to repeat it". In my bones I think the unintended consequences of the recent tax changes are going to do more damage than good. The tax changes might work as intended if things remain as they are, but already people both in the States and overseas are making adjustments. It remains to be seen of course, but in the mean time watch "Too Big to Fail"; it's an engrossing exciting film.
Woke up and decided you weren't miserable enough? Love being lectured by a liberal on how important history is. Tear any statues down lately? The regulation you are talking about (banking) was repealed in 1999.
Chocura750 wrote:
Remember in 2008 the country's financial system was on the brink of collapse with financial panic all around. I remember that at one point the government guaranteed all the deposits in every money market fund; billions of dollars, maybe over a trillion, in order to keep financial markets stable. I think people posting here either weren't alive or in grade school then, so they don't remember how bad things were when Obama took office on January of 2009. 500,000 or so jobs a month being lost month after month. I recommed the film. Very well acted by recognized actors in every role. It explains how the crisis was brought about by the greed and fraud of banks, mortgage companies and investment banks which happened after the abolishment of the regulation of the commercial banks which prohibited them from investing in and trading equities for there own account. The regulation was put in effect in the 1930s as a result of the Great Depression. I think of the recent panic when I read that regulations are being abolished wholesale. It's a over used saying, but "those who don't remember history are bound to repeat it". In my bones I think the unintended consequences of the recent tax changes are going to do more damage than good. The tax changes might work as intended if things remain as they are, but already people both in the States and overseas are making adjustments. It remains to be seen of course, but in the mean time watch "Too Big to Fail"; it's an engrossing exciting film.
Remember in 2008 the country's financial system wa... (
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Actually it was a law,the Glass-Steagall Act, the repeal of which was signed into law in a moment of weakness in 1999 by that profile in courage, President Bill Clinton. It takes a while for the negative effects of legislation to work their way through the system. In this example if took right years. The recent tax heist may not take as long to do its damage.
You lemmings on the left have never seen a regulation you don't like. Yes the repeal of the Glass Stegall act was a huge mistake.They were actually replacing one set of rules with another. This tax plan does help many, me for one. Not that I won't owe at the end of next year, I won't owe as much. I consider that a good thing. By the way, many of the things I dislike about the plan, Trump disliked also. Mitch the b***h McConnell and Ryan kept things in there for the fat cats. There are always "bribes" in legislation. Most of the fat cats on Wall Street are liberals and play you lemmings like fools. They should have gotten rid of carry over interest and the alternative minimum tax.
Chocura750 wrote:
Actually it was a law, the Glass-Steagall Act, the repeal of which was signed into law in a moment of weakness in 1999 by that profile in courage, President Bill Clinton. It takes a while for the negative effects of legislation to work their way through the system. In this example if took right years. The recent tax heist may not take as long to do its damage.
JFlorio wrote:
You lemmings on the left have never seen a regulation you don't like. Yes the repeal of the Glass Stegall act was a huge mistake.They were actually replacing one set of rules with another. This tax plan does help many, me for one. Not that I won't owe at the end of next year, I won't owe as much. I consider that a good thing. By the way, many of the things I dislike about the plan, Trump disliked also. Mitch the b***h McConnell and Ryan kept things in there for the fat cats. There are always "bribes" in legislation. Most of the fat cats on Wall Street are liberals and play you lemmings like fools. They should have gotten rid of carry over interest and the alternative minimum tax.
You lemmings on the left have never seen a regulat... (
show quote)
Yes I agree it was the republicans in Congress that approved repeal of glass steagal and Clinton just happened to agree.
You lost state and local deductions. 62% of low and Middle class actually see tax increases. I can almost bet you never read that tax plan and are just going by what the right tells you. It’s all going to the people who don’t need it
Airforceone wrote:
Yes I agree it was the republicans in Congress that approved repeal of glass steagal and Clinton just happened to agree.
You lost state and local deductions. 62% of low and Middle class actually see tax increases. I can almost bet you never read that tax plan and are just going by what the right tells you. It’s all going to the people who don’t need it
No. I’m going by my CPA who is much brighter than you. I save at least $3000 next year compared to this year. 62? You’re a fool. But then again we all know that.
JFlorio wrote:
No. I’m going by my CPA who is much brighter than you. I save at least $3000 next year compared to this year. 62? You’re a fool. But then again we all know that.
You can’t see the forest thru the trees you’re CPA is flat out wrong and you will never realize it. I have a son that’s a CPA and I showed this to him and he just laughed at it and just passed it off as right wing foolishness. He told me certain people in the middle class will see a tax cut but 63% will actually see a tax increase. And don’t forget you’re tax cut is only temporary while the ultra rich is permenant. ( DID YOU FACTOR THAT IN) (DID YOU FACTOR IN INCREASES IN HEALTH INSURACE WITH THE ELIMINATION OF THE MANDATE) Also he told me the right is not done yet wait till you see what they do to SS, and Medicare. So if you’re CPA told you that well maybe he is right but that CPA is an i***t because he left out the complete story. I would change my CPA.
It’s so sad that people like you just want to look at one aspect of that tax bill.
Retirement benefits need to be cut to prevent the tax bill from exceeding the $1.5 trillion deficit. There’s no way around it because the right wing factored that in.
Bet you have no idea what chained CPI is and republicans want to use it. But why explain it to you I am sure you’re CPA already has.
Republicans are changing the inflation index this has always been one of there dirty little tricks they did it to justify Bush tax cuts and it never saved anything. But the right wing leads you to believe it will raise $125 billionover a decade and it comes directly out of the pockets of middle-and working class. Did you’re CPA explain that.
See real CPA’s know the real t***h is obscured by facts that several tax breaks like personal exemptions and property tax write offs are tax cuts. But real CPA understand you will see you’re great tax cut for the first year to convince there i***t base while we get thru the mid term e******n.
It’s unbelievable how Trump supporters avoid facts. It all goes away gradually after next years mid term.
What you’re CPA forgot unless he is as stupid as most Trump supporters if you make less than $75,000 from next year to 2027 you’re taxes over each year go up.
How about Graduate students and families paying off college debt there tax breaks vanish. It’s a dammdisgrace that Trump supporters lack the ability to understand anything in that tax bill just the little gain they get for the first two years to get re-elected.
Damm Trump supporters are stupid.
You are simply a buffoon. How could you or your son know if my CPA is right or wrong?Yes the tax cut is temporary because of budget rules. More expensive? That’s too funny. I can’t wait for the ACA to implode. Try living with a fourteen thousands out of pocket. I know exactly what chain CPI is. Guess what? The way they figure inflation now is also BS. I think overall the tax bill is
Very flawed. I still pay less. I’ll take it. You are one of the most uninformed posters about every subject on OPP. You parrot your left wing talking points like your spoon fed pablum, then talk like you are an expert. You are the perfect example of the chess and pigeon analogy.
quote=Airforceone]You can’t see the fore
st thru the trees you’re CPA is flat out wrong and you will never realize it. I have a son that’s a CPA and I showed this to him and he just laughed at it and just passed it off as right wing foolishness. He told me certain people in the middle class will see a tax cut but 63% will actually see a tax increase. And don’t forget you’re tax cut is only temporary while the ultra rich is permenant. ( DID YOU FACTOR THAT IN) (DID YOU FACTOR IN INCREASES IN HEALTH INSURACE WITH THE ELIMINATION OF THE MANDATE) Also he told me the right is not done yet wait till you see what they do to SS, and Medicare. So if you’re CPA told you that well maybe he is right but that CPA is an i***t because he left out the complete story. I would change my CPA.
It’s so sad that people like you just want to look at one aspect of that tax bill.
Retirement benefits need to be cut to prevent the tax bill from exceeding the $1.5 trillion deficit. There’s no way around it because the right wing factored that in.
Bet you have no idea what chained CPI is and republicans want to use it. But why explain it to you I am sure you’re CPA already has.
Republicans are changing the inflation index this has always been one of there dirty little tricks they did it to justify Bush tax cuts and it never saved anything. But the right wing leads you to believe it will raise $125 billionover a decade and it comes directly out of the pockets of middle-and working class. Did you’re CPA explain that.
See real CPA’s know the real t***h is obscured by facts that several tax breaks like personal exemptions and property tax write offs are tax cuts. But real CPA understand you will see you’re great tax cut for the first year to convince there i***t base while we get thru the mid term e******n.
It’s unbelievable how Trump supporters avoid facts. It all goes away gradually after next years mid term.
What you’re CPA forgot unless he is as stupid as most Trump supporters if you make less than $75,000 from next year to 2027 you’re taxes over each year go up.
How about Graduate students and families paying off college debt there tax breaks vanish. It’s a dammdisgrace that Trump supporters lack the ability to understand anything in that tax bill just the little gain they get for the first two years to get re-elected.
Damm Trump supporters are stupid.[/quote]
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