Money & Politics...
A few days ago something a bit scary happened to me. My bank, Washington Mutual fell to the mortgage crisis. JP Morgan Chase bought them up and issued a letter stating that all customers are still covered under FDIC insurance as well as the strength of JP Morgan Chase. Washington Mutual will keep its label until next year when all files are merged. Of course I would pick the year the economy declines rapidly and dangerously near a depression to invest in my IRA. I'm sort of understanding how the investors felt just before the stock market crash of the previous depression. I'm feeling like I should withdraw all my money and stick it in a mattress so no one can touch it. That's the problem. Its history repeating itself again. Last time the government stepped in and reassured the people that everything was under control and not to worry. Investors started buying on margin (credit) and pumping the market. The economy continued to crumble and everyone pulled out at the same time. There was a selling frenzy and people got stuck. Those who bought on margin really suffered and when everyone pulled out, they exhausted the market of its resources to pay. Hence sending the country into a depression. I'm sort of out of the loop being at sea, but I've been watching the issues lately on our situation. I'm a little nervous. All these citizens are defaulting on their loans and declaring bankruptcy because employers keep cutting jobs. I don't know the main reason, but judging by what I see I think the rise in fuel price has something to do with it. Everyone's making budget cuts. I see it in my own company. I see it in the way people spend out here on vacation. No one's spending anymore to fuel the economy. If no one spends, no businesses make profits, and then they start cutting jobs. This leads to high unemployment rates and then people defaulting on their now high interest loans. All this defaulting puts the lenders in trouble and then they go bankrupt. This is what happened to my bank. I see a repeat of history if we don't stick it out for another few months to see who gets into the presidential seat and what they will do for the economy. If everyone pulls out, the banks will have no more money to pay and we'll be in a depression again. I'm a little nervous about this. Right now I have to have faith in JP Morgan Chase and hope for the best. I have a lot to lose if we hit a depression. I just paid off everything and my whole salary is in my bank as savings. I would hate to have endured this long and depressing summer in Alaska for free.
After watching some of the debate last night (I had a show and recorded it, so I've been watching it in bits) I see why we so desperately need Obama in the presidential seat next year. McCain is talking about MORE tax cuts for the wealthy & wealthy businesses. I see the Republican point of view. It seems they believe that if a tax cut is to be made, then we should all have an equal chance at the tax cut. However, this benefits the rich more than it does the middle class. The United States has always been seen as a land of opportunity from places around the globe. Immigrants come here from poorer countries to get their chance to be a part of our commercialism and capitalism. Throughout time it seems we have given these people a chance to do that and funded it through taxpayer money. It seems only fair that if a business then goes from start-up to major corporation they should give back to the United States in tax money to help its people. However businesses see the bottom line and the green of greed and they withhold that money by finding loopholes in the tax system as Obama stated last night. I really had faith in Obama last night and felt he did well especially on his financial standpoint. Yes he does plan on spending when he gets into office, but I feel his spending is justified. We are so behind on so many things compared to major economies around the globe. We especially need to fund projects to make ourselves self sufficient of fuel and stop backing these oil companies that depend on foreign oil to get us fuel. Not only does this source of fuel harm the environment, but also it destroys our stance in the global economy. We are at the mercy of our enemy right now. This use of fuel is not only draining our economy because we have to purchase it at high prices from foreign powers, but we are at war with these same people. A double blast to the economy. Obama really catered to the middleman last night. He did propose tax cuts, but only for those who can really use them. Yes major corporations and the wealthy will pay more tax next year. Why not? They can afford it. Why hoard all this money that can be used to help our country by making the educational system better, saving our environment, making us independent of foreign oil and giving us an opportunity for healthcare. So many are underinsured or uninsured. I am one of those. McCain promised a $5,000 tax cut for those people to use toward health insurance, but Obama brought up that McCain is going to tax health benefits, which in turn will make companies pull back health benefits and force people to find their own insurance. What good will that do? I can't deal with another 4 years of someone who continually gives preference to oil companies and the wealthy. I knew someone 4 years ago who stated that if we voted against Bush, we'd see a difference in our paycheck. This was someone within the bracket who probably would see a difference in his paycheck since the tax cuts would no longer benefit him if a Democrat got into office. My paycheck wouldn't change and my benefits would only get better until I crossed that threshold. If I ever did. If I were to ever to have a wealthy business or have a salary in the stratosphere, I wouldn't mind paying extra taxes like Obama has proposed since it would be going towards issues that would benefit the country. However if McCain takes the presidency, I too will still continue to find loopholes in our tax system since I wouldn't want my tax money to go toward this pointless war, oil companies, bailing out wealthy institutions to spur economic growth, and so forth. I really hope the next month will bring us not only a historical election event, but also a candidate who will do more for this country and save us from the tyranny of the last 8 years.
After watching some of the debate last night (I had a show and recorded it, so I've been watching it in bits) I see why we so desperately need Obama in the presidential seat next year. McCain is talking about MORE tax cuts for the wealthy & wealthy businesses. I see the Republican point of view. It seems they believe that if a tax cut is to be made, then we should all have an equal chance at the tax cut. However, this benefits the rich more than it does the middle class. The United States has always been seen as a land of opportunity from places around the globe. Immigrants come here from poorer countries to get their chance to be a part of our commercialism and capitalism. Throughout time it seems we have given these people a chance to do that and funded it through taxpayer money. It seems only fair that if a business then goes from start-up to major corporation they should give back to the United States in tax money to help its people. However businesses see the bottom line and the green of greed and they withhold that money by finding loopholes in the tax system as Obama stated last night. I really had faith in Obama last night and felt he did well especially on his financial standpoint. Yes he does plan on spending when he gets into office, but I feel his spending is justified. We are so behind on so many things compared to major economies around the globe. We especially need to fund projects to make ourselves self sufficient of fuel and stop backing these oil companies that depend on foreign oil to get us fuel. Not only does this source of fuel harm the environment, but also it destroys our stance in the global economy. We are at the mercy of our enemy right now. This use of fuel is not only draining our economy because we have to purchase it at high prices from foreign powers, but we are at war with these same people. A double blast to the economy. Obama really catered to the middleman last night. He did propose tax cuts, but only for those who can really use them. Yes major corporations and the wealthy will pay more tax next year. Why not? They can afford it. Why hoard all this money that can be used to help our country by making the educational system better, saving our environment, making us independent of foreign oil and giving us an opportunity for healthcare. So many are underinsured or uninsured. I am one of those. McCain promised a $5,000 tax cut for those people to use toward health insurance, but Obama brought up that McCain is going to tax health benefits, which in turn will make companies pull back health benefits and force people to find their own insurance. What good will that do? I can't deal with another 4 years of someone who continually gives preference to oil companies and the wealthy. I knew someone 4 years ago who stated that if we voted against Bush, we'd see a difference in our paycheck. This was someone within the bracket who probably would see a difference in his paycheck since the tax cuts would no longer benefit him if a Democrat got into office. My paycheck wouldn't change and my benefits would only get better until I crossed that threshold. If I ever did. If I were to ever to have a wealthy business or have a salary in the stratosphere, I wouldn't mind paying extra taxes like Obama has proposed since it would be going towards issues that would benefit the country. However if McCain takes the presidency, I too will still continue to find loopholes in our tax system since I wouldn't want my tax money to go toward this pointless war, oil companies, bailing out wealthy institutions to spur economic growth, and so forth. I really hope the next month will bring us not only a historical election event, but also a candidate who will do more for this country and save us from the tyranny of the last 8 years.
posted by Chris | 5:31 PM
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