Thread: Economy Connoisseurs: is the US going to default?

Originally Posted by hpnfreak

do you think that matters anything at all?

it doesn`t change anything

It does actually. The US may now be viewed as an unsafe place to invest, which could have a bad effect on its economy and the world's financial markets. China is apparently now saying that the global reserve currency should now be changed from the US Dollar to a more stable currency.

Originally Posted by Heavy Sleeper

It does actually. The US may now be viewed as an unsafe place to invest, which could have a bad effect on its economy and the world's financial markets. China is apparently now saying that the global reserve currency should now be changed from the US Dollar to a more stable currency.

it`s not up to you to care about such things, you are only scared because you have a job and your parents only thought you one thing, to work for others

take care of yourself, that`s more than enough




and by the way, we haven`t reached the bottom ... yet

http://www.dowgoldzoom.com/images/dow_gold_zoom.pdf

another drop is inevitable before 2012

Erm, what the hell are you even talking about? You're making no sense.

Originally Posted by Heavy Sleeper

Erm, what the hell are you even talking about? You're making no sense.

you are 18 according to your profile

so you should be chasing girls and partying instead worrying about stuff, you can`t change and have no power over and meditating on the decision high ranked people do the way they do, for their own selfish reasons

aaaand of course they don`t care about you, never did, never will, so why you care about them?

you don`t care about others dying of hunger

if you did, you would be there helping them

it`s not what you say it`s what you do that counts


worry about stuff you can change and do something with your life

if that video I linked in my previous post is in chinese for you, then you got a serious problem

when you`ll be 40, you`ll be mopping the floors and still worrying about the economy and that`s it, regardless of your iq, which is high


me personally?

I like to mock campigns based on naivite

That is very stupid. Just because I'm 18, it doesn't mean I should be out "chasing girls and partying".

And you shouldn't imply that I care about any of this, because I don't. For some reason, you seem to think I'm scared of what's happening. I'm not. I actually find it quite funny. You said this doesn't change anything and I was simply pointing out that it does. It's not my country, why should I care?

Originally Posted by Heavy Sleeper

That is very stupid. Just because I'm 18, it doesn't mean I should be out "chasing girls and partying".

A special story:

The ant worked his ass off in the summer and the grasshopper only played music and went to partys.

Winter came and they both froze to death. End of story.

Originally Posted by Heavy Sleeper

And you shouldn't imply that I care about any of this, because I don't. For some reason, you seem to think I'm scared of what's happening. I'm not. I actually find it quite funny. You said this doesn't change anything and I was simply pointing out that it does. It's not my country, why should I care?

previously

Originally Posted by hpnfreak

do you think that matters anything at all?

it doesn`t change anything

Originally Posted by Heavy Sleeper

It does actually. The US may now be viewed as an unsafe place to invest, which could have a bad effect on its economy and the world's financial markets. China is apparently now saying that the global reserve currency should now be changed from the US Dollar to a more stable currency.

Have you or your parents invested 10 million $US in American companies?

yes / no

case dismissed


watch the video I posted previously, that`s the only thing standing between you and getting ahead

or you like to work for others in a job you hate, getting fat and miserable?

then keep worrying about the economy and do everything like everybody else does and never ever wonder about other options


oooops sorry

I forgot to mock Obama

look this doggie is running on Stimulus Package

So that sentence that you put in bold proves that I'm actually scared of what's happening? Like I said in my previous post, I was simply pointing out to you that it does change things.

You're a troll and I'm not going to waste any more of my time on you.

Originally Posted by Heavy Sleeper

So that sentence that you put in bold proves that I'm actually scared of what's happening? Like I said in my previous post, I was simply pointing out to you that it does change things.

You're a troll and I'm not going to waste any more of my time on you.

you watch the video, you`ll understand money

you don`t watch, you won`t

I got degrees, they don`t teach it in college and business school

that`s it

this is you lucky brake, you don`t take it, nothing happens, nobody will care, only you will at 40

Stop coddling the super-rich: Buffett


On Monday August 15, 2011, 9:05 am EDT
BANGALORE (Reuters) - Billionaire Warren Buffett urged U.S. lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.

"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.

Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.

"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.

Buffett said higher taxes for the rich will not discourage investment.

"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said

"People invest to make money, and potential taxes have never scared them off."

(Reporting by Santosh Nadgir; Editing by David Holmes)

Stop coddling the super-rich: Buffett - Yahoo! Canada Finance

Originally Posted by Spartiate

Stop coddling the super-rich: Buffett - Yahoo! Canada Finance

The IRS does take donations. If he feels like he isn't giving enough then he can donate it to them.

Originally Posted by Laughing Man

The IRS does take donations. If he feels like he isn't giving enough then he can donate it to them.

Indeed. I don't understand why he wants to force everyone else to pay more. He can take a trip to pay.gov if he's so desperate to give away his money.

Do either of you have jobs?

Relevancy?

Would explain why you:

A) Don't feel a sense of injustice when a dude with 1000 times your salary pays half the taxes you do.

B) Propose economic ideas that are on a different planet than what is practicable in the next few centuries.

Originally Posted by Spartiate

Would explain why you:

A) Don't feel a sense of injustice when a dude with 1000 times your salary pays half the taxes you do.

If Buffet wants to pay more, he can take it upon himself to donate. I'd rather no one pay taxes, so I don't feel a sense of injustice either way.

Also:

Warren Buffett’s Fiscal Innumeracy « International Liberty

1. When Buffett receives dividends and capital gains, it is true that he pays “only” 15 percent of that money on his tax return. But dividends and capital gains are both forms of double taxation. So if he wants honest effective tax rate numbers, he needs to show the 35 percent corporate tax rate.

Moreover, as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal government seizing 45 percent of his assets. To be sure, Buffett may be engaging in clever tax planning, so it is hard to know the impact on his effective tax rate, but it will be signficant.

2. Buffett also mischaracterizes the impact of the Social Security payroll tax, which is dedicated for a specific purpose. The law only imposes that tax on income up to about $107,000 per year because the tax is designed so that people “earn” a corresponding retirement benefit (which actually is tilted in favor of low-income workers).

Imposing the tax on multi-millionaire income, however, would mean sending rich people giant checks from Social Security when they retire. But nobody thinks that’s a good idea. Or you could apply the payroll tax to all income and not pay any additional benefits. But this would turn Social Security from an “earned benefit” to a redistribution program, which also is widely rejected (though the left has been warming to the idea in recent years because their hunger for more tax revenue is greater than their support for Social Security).

B) Propose economic ideas that are on a different planet than what is practicable in the next few centuries.

Cute.

Originally Posted by BLUELINE976

If Buffet wants to pay more, he can take it upon himself to donate. I'd rather no one pay taxes, so I don't feel a sense of injustice either way.

Do you really think this is about how much Buffet wants to pay? Since the world will collapse if nobody paid taxes, try and see this from the perspective of "everybody must pay taxes". Does it suddenly make sense to put a heavier tax burden on the people worrying about which Bentley to buy over which child to feed?

Originally Posted by Spartiate

Since the world will collapse if nobody paid taxes,

lol

Originally Posted by Spartiate

Do you really think this is about how much Buffet wants to pay?

If he feels like he isn't being taxed enough, he can donate as well as attempt to persuade others to donate. Raising taxes on those who don't share his views isn't necessary. Question: does he have any plans for possible spending cuts? Talking about raising taxes before cutting spending = putting the cart before the horse.

Since the world will collapse if nobody paid taxes, try and see this from the perspective of "everybody must pay taxes". Does it suddenly make sense to put a heavier tax burden on the people worrying about which Bentley to buy over which child to feed?

I reject the premise.

Originally Posted by BLUELINE976

If he feels like he isn't being taxed enough, he can donate as well as attempt to persuade others to donate. Raising taxes on those who don't share his views isn't necessary. Question: does he have any plans for possible spending cuts? Talking about raising taxes before cutting spending = putting the cart before the horse.

Is congress not implementing massive spending cuts? The American public seems to want public services but not pay for them. Raising taxes in time of financial burden is not an unreasonable prospect.

I reject the premise.

That's the not being practical part I mentioned. In your opinion, what is the earliest that all taxes in the United States could possibly be eliminated?

Originally Posted by Spartiate

Is congress not implementing massive spending cuts? The American public seems to want public services but not pay for them. Raising taxes in time of financial burden is not an unreasonable prospect.

From RP himself: "This deal will reportedly cut spending by only slightly over $900 billion over 10 years. But we will have a $1.6 trillion deficit after this year alone, meaning those meager cuts will do nothing to solve our unsustainable spending problem."

That's the not being practical part I mentioned. In your opinion, what is the earliest that all taxes in the United States could possibly be eliminated?

I'm not sure I care about what you consider to be practical. Hence, I reject the premise.

Originally Posted by BLUELINE976

From RP himself: "This deal will reportedly cut spending by only slightly over $900 billion over 10 years. But we will have a $1.6 trillion deficit after this year alone, meaning those meager cuts will do nothing to solve our unsustainable spending problem."

All the more reason to raise taxes.

I'm not sure I care about what you consider to be practical. Hence, I reject the premise.

Have fun in la la land? There's a reason no country operates without taxes.

Originally Posted by Spartiate

All the more reason to raise taxes.

On the contrary, all the more reason to cut spending more.

Have fun in la la land? There's a reason no country operates without taxes.

Because there exists a certain way of thinking that is (currently) dominant.

Originally Posted by BLUELINE976

On the contrary, all the more reason to cut spending more.

You can only cut so much before people who depend on public services (or public workers) are too greatly affected.

Because there exists a certain way of thinking that is (currently) dominant.

You'd think that if it was workable, somebody would've tried another method in the last 5000 years.

Originally Posted by Spartiate

You can only cut so much before people who depend on public services (or public workers) are too greatly affected.

I'd like to see welfare eliminated as well as the notion of "public workers" so this doesn't bother me too much.

You'd think that if it was workable, somebody would've tried another method in the last 5000 years.

An absence in the past doesn't necessarily mean an absence in the future.