The Liberal Lie, The Conservative Truth

Exposing the Liberal Lie through current events and history. “Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15.” ****** "We will always remember. We will always be proud. We will always be prepared, so we may always be free." RONALD REAGAN

My Photo
Name:
Location: Myrtle Beach, South Carolina, United States

Two Reagan conservatives who believe that the left has it wrong and just doesn't get it!

Photobucket
Google
HISTORICAL QUOTE OF THE WEEK - "Always bear in mind that your own resolution to succeed is more important than any other." ABRAHAM LINCOLN

Sunday, September 21, 2008

BARACK OBAMA AN ECONOMIC JOKE - THE SUNDAY COMMENTARY

Throughout the past week Barack Obama has successfully portrayed himself as the ultimate economic expert and the great fixer of all of the economic woes that face our Nation. Using the crash of Wall Street giants and their involvement in the mortgage debacle as the catalyst of his economic scare tactics, Obama has managed to pull off one of his greatest deceptions during his Presidential campaign. Portraying himself as an economic genius, blaming all of the collapses of the past few weeks on the GOP, President Bush and John McCain.

Never once did this , "economic genius," mention that the sub prime loan debacle was begun under the Clinton administration as evidenced from this quote in the New York Times from 1999, " ... Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits ... "

Never once did he mention that three of his top economic advisers two of which are on his payroll were among the major architects of the sub prime loan mess. Penny Pritzer his campaign finance chair partnered with Earnst and Young working through Merrill Lynch to create the sub prime loan situation patterned after a Chicago bank that Pritzer was involved with that went belly up seven years ago.

James Johnson former Fannie Mae CEO during the Clinton Administration when this debacle began was the Chairman of Obama's VP search committee. Franklin Raines though not on the Obama payroll has been a key advisor who while CEO of Fannie Mae milked Fannie for over 90 million dollars while cooking the books to force on paper reaching profit goals which his bonus and pay scale was based upon.

All the while in the last three years the , "economic genius, " Barack Obama became the second leading recipient of PAC donations from both Fannie Mae and Freddie Mac taking only three year out of nine years of PAC donations to make it into the top two behind Christopher Dodd.

Now he is meeting with these same advisers to scheme a ,"plan," that he will introduce during the week to solve this mortgage debacle. Meeting with the very same people who started it in the first place to find a solution to the problem. Not only stupid but also extremely hypocritical!

Of course this is only one aspect of the Obama economic idea that shows his, "economic genius." For times sake I will only discuss his tax idea as an example of the, "genius," behind the Obama economic plan. Obama claims that he will provide a tax cut for 95% of American tax payers.

Yet one of the first aspects of the Obama tax plan is to reverse the Bush tax cuts which gave, on average, a $1200.00 tax reduction to a family of four. So by reversing the Bush tax cuts Obama will first raise the taxes of every tax payer who received a reduction from President Bush. The Bush tax cuts reduced taxes in ALL income groups across the board. So even if Obama, "reduces," taxes for ,"95%," of taxpayers their net bottom line will be a tax increase because of the reversal of the Bush tax cuts.

Now let us move on to Capitol Gain taxes. Obama's plan is to increase the Capitol Gains tax by 5% from its current 15% to 20%. This one tax increase alone will affect Americans across the board as Capitol Gains come from several sources including stocks, bonds and real estate. Also it is proven that when Capitol Gain tax rates are lowered revenues are up. A question about revenues that has been posed to Obama several times and avoided in his usual stumbling way every time it was asked.

Now for the big kahuna of the Obama tax plan. Raising taxes on income earners who make $250,000 a year or more. Obama refuses to acknowledge though asked time and again, that this one tax increase does not just affect individuals but thousands of small businesses. Many small business people do not separate their personal income from that of their business and as such every aspect of their small company will receive a sizable tax increase under the Obama plan causing many to go belly up as the tax burden will destroy their small company.

The Obama penalizing success plan will take the top marginal tax rate up to 55% while phasing out personal exemptions which will revert many back to the old practice of disguising personal income as a Capitol Gain and begin the migration of capitol to overseas sources where the tax rate would be lower.

Obama's tax plan will put The United States among the top tax countries in the world and when combining federal and state taxes which will exceed 60% only Hungary will have a higher top tax rate than The United States.

These countries that have such high top tax rates provide a clue as to the economic impact of the Obama tax plan. The average unemployment in these countries is 7.35 percent. Denmark shows only a 3.9 percent unemployment but spends over 5% of its GDP on unemployment programs which in actuality takes its unemployment rate up to over 7 %.

In addition to the increase in unemployment that the Obama plan will spur, investment and manipulation of income from transferring income to capitol gains in order to pay a lesser tax rate will reduce economic growth and greatly slow the economy.

Also because of the high tax rate that already exists in States like New York in addition to the moving of assets abroad to countries like France, Canada and Great Britain to take advantage of lower tax rates, many businesses will move to lower tax states like Florida and Delaware to again avoid the much higher taxation with the combined state and federal taxes.

The long term effects of the Obama plan will come as the deficit will grow because revenues will decrease and taxing the,"rich," is also not an infinite source of government revenues. When more money is needed to pay for huge entitlements already in place like Social Security and Medicare combined with the Universal Health Care that Obama promises to pass in the first 100 days along with other massive entitlements on the Obama promise list, the only source of taxation to cover these massive government spending programs will be the middle income earners which comprise the majority of the work force.

Barack Obama the, "economic genius," who surrounds himself with advisers who created and continued the woes on Wall Street, promises massive tax and spending increases thus destroying the economy and picking the pockets of Americans who only want to live their lives without the government on their backs and follow the American dream that the Obama economic plan through taxation will end.

Ken Taylor

22 Comments:

Blogger Tom said...

And what does he plan to do with the increased taxes? Fund social programs including fighting world poverty.

And we will see the US slide even further into debt...

1:17 PM, September 21, 2008  
Blogger Rob said...

This post seems misguided. We are looking at a $400 billion deficit this year. The projection for next year was $500 billion - no matter who the President is.

I say "was" because the $500 billion doesn't include the $200 billion bailout for Freddie and Fannie, the $85 billion for AIG, or the $700 billion that his being proposed to bail out Wall Street.

Bush came to office with a $236 billion budget surplus and with the U.S. paying down the national debt. He is leaving it in utter ruin and has literally ended American capitalism with his seizure of private American firms.

We will have a $1 TRILLION deficit next year - regardless of who is elected. Bush has socialized the economy by nationalizing real estate, AIG, and Wall Street and you are blaming Obama for wanting to change?

5:24 PM, September 21, 2008  
Blogger Gayle said...

This post doesn't seem misguided to me!

Don't worry, Ken. It's all going to come out. Obama will be exposed for who he is. I am so looking forward to Friday's presidential debate!

10:35 AM, September 22, 2008  
Blogger Gayle said...

This post doesn't seem misguided to me!

Don't worry, Ken. It's all going to come out. Obama will be exposed for who he is. I am so looking forward to Friday's presidential debate!

10:35 AM, September 22, 2008  
Blogger The Liberal Lie The Conservative Truth said...

Thanks Gayle I know this and you knwo this but Rob.....

Rob, where is this misguided. The facts are what they are. The sub prime schemes were begun by Pritzer and Earnst and Young through Merill Lynch based on the idea first used in Pritzers Chicago bamk that went belly up BECAUSE of the bad loans 7 years ago.

Pritzer IS on Obama's payroll. James Johnson was the CEO of Fannie when the Clinton administration started forced Fannia and other lending institutions to lend to people who had no business getting a home loan because they could not pay it back. This back in 1998 and 99. Johnson headed the VP search committee for Obama and is a key advisor on economics as well as Pritzer and Raines the architects of the sub prime debacle.

The Bush administration tried seven times to reform this mess BEFORE it collapsed including the 2005 Federal Housing Regulatory Act so=sponsored by McCain and derailed EACH time by Democrats. Obama among them.

Obama IS the second largets recipient of Fannie Mae and Freddie Mac PAC dollars and he did it in nly three years. Chris Dodd the top recipient took nine years to acguire his PAC money. Obama is also in the top recipients of Lehman Brothers PAC donations. Both Obama and Dodd have been a part of the shoring up of these institutions as they have fought to prevent reform BEFORE the collapse and now hypocritically pass all of the blame and try and look like angels who were trying to save us all along.

There are Republicans who were involved in the shoring up by helping the Dems defeat reforms but it began with the Dems and as a whole was allowed to continue by the Dems as they tied up ALL attempts to prevent it.

Additionally IF the Dems, Obama included were so anxious to pass reform to prevent thsi collapse then WHY IN TOW YEARS OF BEING THE MAJORITY DID THEY NOT ONCE GET REFORM PASSED WHEN THEY ALONE HAD THE NUMBERS TO PUSH IT THROUGH.

WHY ALSO DID THEY BLOCK ALL BUSH ADMINISTRATION ATTEMPTS EVEN WHILE IN THE MAJORITY!

No my friend it is not I who am misguided but your liberal friends on Capitol Hill who hypocritically try to lie their way out of the mess they created and helped to continue! Including Barack Obama!

3:47 PM, September 22, 2008  
Blogger The Liberal Lie The Conservative Truth said...

Also Rob the fiures on the Obama tax plan are from his own website. And they too are backed up by not only European countries who have tried this form of taxation and failed but by the majority of economists who see disaster in the making if the Obama plan happens.

His 95% tax cut is a joke when it starts with ending the Bush tax cuts which will be a $1200 tax INCREASE for an aberage family. This will still make a net tax increase even after Obama , "cuts,"taxes to the middle class.

Also raising the rate to 55% for 250,000 and above will destroy thousand of small businesses who do not seperate personal and business income.

Then the, "rich ," will also stem investment, hiring and start laying off workers. Look at the unemployment rate of the European countries whose top rate though high will still be lower than the US under Obama. MORE THAN 7.5%. That my friend is a considerable amount more than the 5% average under the Bush adminsitration which equates to thousands of workers facinf unemployment under Obama!

3:53 PM, September 22, 2008  
Blogger Rob said...

Ken, you can go on believing what you want to believe. There is very little point in debating with you if you are so willing to accept the obviously flawed trickle down economic philosophy.

Under Clinton we had higher taxes, but we also had a budget SURPLUS, lower unemployment, lower inflation, and we were actually paying down the national debt.

Obama's economic advisors are basically Clinton's economic advisors and his plan largely puts tax policies back in line with what they were in the 1990s.

Bush's economic policies have been a disaster. I know it is always Clinton's fault and Bush is absolved of all responsibility, but did Clinton socialize risk on Wall Street?

Would you not agree that it is Bush who is pushing for the complete socialization of the housing market, and major financial institutions?

4:48 PM, September 22, 2008  
Blogger Rob said...

FYI, this economic crisis is not surprising to people who actually study and can see what is as plain as day. Back in March, I posted that the Dow would fall to 10,800.

On Friday, I posted that there are 4 things people should do if you want to make money right now. 1. Buy gold. 2. Convert U.S. dollars into foreign currencies (euro and Canadian dollars is what I would recommend). 3. Buy foreign stocks. And 4. Buy oil futures if you can stomach the volatility.

The last item has nothing to do with oil supply. It has everything to do with a falling U.S. dollar. The reason oil rose by a record amount today was because investors know that if the $700 billion bailout actually happens, the dollar will collapse in value. Oil is priced in dollars around the world so oil producers want more dollars to hedge against the falling dollar.

This whole crisis did not just come out of nowhere. It was inevitable because of the disasterous economic policies of this President. Now, he is trying to end American capitalism as we know it - literally overnight. He wants to push through a government bailout to save his Wall Street friends. It is an utter joke.

I have no problem if you want to go with McCain. If you like the way the economy is going and you think Bush has been right then go with McCain. If you don't, then Obama represents a major change in economic policy.

4:58 PM, September 22, 2008  
Anonymous kaskudoo said...

The “DEMS” know they’re in big trouble since Sarah Palin and I’ve heard, from other sources, this is what they are planning to do about it. J.M.

…from excellent sources within the DNC:
On or about October 5th, Biden will excuse himself from the ticket, citing health problems, and he will be replaced by Hillary. This is timed to occur after the VP debate on 10/2.

I have already seen a few short blurbs about this - the “health problem” cited in those articles was aneurysm. probably many of you have heard the same rumblings. However, at this point, wit h this inside info from the DNC, it looks like this Obama strategy will be a go. Therefore, it seems that the best strategy is to get out in front of this obama maneuver, spell it out in detail, and thereby expose it for the grand manipulation that it is.

So, let’s start mixing this one up and cut the obamites off at the pass - send this info out to as many people as you can - post about it on websites and blogs - etc etc

9:50 PM, September 22, 2008  
Blogger Rob said...

Please spare me of this nonsense.

Make up a lie and then when it doesn't come true claim that you prevented it. I've heard more coherent and well thought out plans by my 5 year old son and his friends.

12:01 AM, September 23, 2008  
Anonymous Anonymous said...

The indisputable fact is that the conservative economic philosophy is imploding all around us this week. Yet one more piece of evidence of the utter failure of conservative "governance" (see also: Katrina, 9/11, wiretapping, Iraq).

12:38 PM, September 23, 2008  
Anonymous Anonymous said...

A funny youtube ad about Obama. Let's spread this.

http://www.youtube.com/watch?v=7r5NUNQWbKQ

6:10 AM, September 25, 2008  
Anonymous Anonymous said...

Hi !.
might , probably very interested to know how one can make real money .
There is no need to invest much at first. You may start to receive yields with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
The firm represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with affiliates everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your choice That`s what you really need!

I`m happy and lucky, I started to take up real money with the help of this company,
and I invite you to do the same. It`s all about how to select a correct partner utilizes your money in a right way - that`s it!.
I make 2G daily, and my first deposit was 1 grand only!
It`s easy to join , just click this link http://dumybucuv.mindnmagick.com/nemymif.html
and go! Let`s take this option together to get rid of nastiness of the life

5:22 AM, December 04, 2009  
Anonymous Anonymous said...

Hello !.
You re, I guess , probably curious to know how one can collect a huge starting capital .
There is no need to invest much at first. You may begin to receive yields with as small sum of money as 20-100 dollars.

AimTrust is what you haven`t ever dreamt of such a chance to become rich
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with affiliates around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!

I`m happy and lucky, I began to take up real money with the help of this company,
and I invite you to do the same. It`s all about how to select a correct partner utilizes your money in a right way - that`s the AimTrust!.
I make 2G daily, and what I started with was a funny sum of 500 bucks!
It`s easy to start , just click this link http://yferifywik.bigheadhosting.net/ogerax.html
and go! Let`s take this option together to become rich

11:43 PM, December 17, 2009  
Anonymous Anonymous said...

Good day, sun shines!
There have were times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright pessimistic person.
I have never thought that there weren't any need in big starting capital.
Nowadays, I feel good, I started to get real money.
It gets down to choose a correct companion who utilizes your funds in a right way - that is incorporate it in real deals, and shares the income with me.

You can get interested, if there are such firms? I'm obliged to answer the truth, YES, there are. Please be informed of one of them:
http://theblogmoney.com

5:23 PM, January 12, 2010  
Anonymous Anonymous said...

Hello!
You may probably be very interested to know how one can manage to receive high yields on investments.
There is no initial capital needed.
You may begin to get income with a money that usually goes
on daily food, that's 20-100 dollars.
I have been participating in one company's work for several years,
and I'll be glad to let you know my secrets at my blog.

Please visit blog and send me private message to get the info.

P.S. I earn 1000-2000 per daily now.

[url=http://theinvestblog.com] Online investment blog[/url]

7:57 PM, January 24, 2010  
Anonymous Anonymous said...

Good day, sun shines!
There have were times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never imagined that there weren't any need in big starting capital.
Nowadays, I'm happy and lucky , I started take up real income.
It gets down to select a proper companion who uses your funds in a right way - that is incorporate it in real business, parts and divides the income with me.

You can get interested, if there are such firms? I have to tell the truth, YES, there are. Please be informed of one of them:
http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]

12:52 PM, January 29, 2010  
Anonymous Anonymous said...

Glad to greet you, ladies and gentlemen!

Sure, you’ve heard about me, because my fame is running in front of me,
my name is Nikolas.
Generally I’m a social gmabler. all my life I’m carried away by online-casino and poker.
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to read my notes.
Please visit my diary. http://allbestcasino.com I’ll be interested on your opinion..

8:04 PM, March 13, 2010  
Blogger ninest123 Ninest said...

ninest123 07.24
prada handbags, michael kors outlet, burberry, longchamp, michael kors, michael kors outlet, oakley sunglasses, burberry outlet online, nike air max, michael kors outlet, coach outlet, oakley sunglasses, jordan shoes, polo ralph lauren outlet, nike outlet, coach purses, ray ban sunglasses, coach outlet, longchamp outlet, true religion jeans, tiffany and co, chanel handbags, michael kors outlet, kate spade handbags, replica watches, gucci outlet, louboutin outlet, michael kors outlet, kate spade outlet, tory burch outlet, oakley sunglasses, polo ralph lauren outlet, ray ban sunglasses, tiffany jewelry, nike air max, coach factory outlet, prada outlet, nike free, louboutin, christian louboutin outlet, longchamp outlet, louboutin shoes

3:49 AM, July 24, 2015  
Blogger ninest123 Ninest said...

ray ban pas cher, ralph lauren uk, vanessa bruno, new balance pas cher, louboutin pas cher, hermes, timberland, vans pas cher, true religion jeans, true religion jeans, ralph lauren pas cher, abercrombie and fitch, ray ban uk, nike blazer, converse pas cher, hollister, true religion outlet, michael kors, sac guess, sac longchamp, lululemon, air max, lacoste pas cher, michael kors, nike roshe run, hollister pas cher, north face, nike free run uk, longchamp pas cher, nike air max, air force, tn pas cher, oakley pas cher, hogan, mulberry, nike air max, north face, nike air max, nike free, air jordan pas cher, michael kors, burberry

3:53 AM, July 24, 2015  
Blogger ninest123 Ninest said...

p90x workout, nike huarache, baseball bats, giuseppe zanotti, jimmy choo shoes, beats by dre, instyler, iphone 6 cases, mac cosmetics, nike roshe, vans shoes, valentino shoes, ghd, nfl jerseys, hollister, ferragamo shoes, oakley, celine handbags, longchamp, wedding dresses, nike trainers, nike air max, reebok shoes, nike roshe, asics running shoes, mont blanc, north face outlet, mcm handbags, birkin bag, bottega veneta, soccer shoes, insanity workout, timberland boots, babyliss, chi flat iron, herve leger, abercrombie and fitch, hollister, north face outlet, soccer jerseys, new balance, lululemon

3:56 AM, July 24, 2015  
Blogger ninest123 Ninest said...

ray ban, pandora charms, ugg boots, pandora charms, nike air max, swarovski, juicy couture outlet, links of london, coach outlet, pandora jewelry, karen millen, thomas sabo, ugg pas cher, ugg boots uk, montre pas cher, vans, hollister, lancel, ralph lauren, ugg,ugg australia,ugg italia, ugg boots, bottes ugg, ugg,uggs,uggs canada, ugg boots, marc jacobs, toms shoes, supra shoes, converse outlet, louboutin, uggs on sale, hollister, wedding dresses, ugg boots, gucci, juicy couture outlet, swarovski crystal, converse, replica watches
ninest123 07.24

4:00 AM, July 24, 2015  

Post a Comment

<< Home

website hit counters
Provided by website hit counters website.