The Obama Stock Market Correction

'Meaningless Titles'

You might call it an '8th grade playground taunt' but these so called 'Tax Credits' are nothing more than the institution of a broad welfare system. You can't cut taxes for people that don't pay taxes in the first place. It's all an illusion. In what way can you call raising taxes on so called 'rich' people making $250,000 annually, wait make that $200,000/yr, or $175,000, no no how about $120,000/year and giving it to people who aren't working as hard. Socialism my friend. If you think a homeowner with one or two kids and a wife that stays home to take care of them is rich making 120k, 200k or even 250k you better wake up buddy. The biggest financial crisis the US has seen since the Great Depression is not the time to raise taxes, maybe you haven't picked up an economics textbook since you were on the playground in 8th grade. Raising Cap Gains Taxes when everyone is getting annihilated in the market anyway is ludicrous. This guy is better than David Copperfield in my opinion. To pull of this Tax Policy BS, after being in bed with Bill Ayers, his certifiably insane spiritual advisor Jeremiah Wright, and a spokesman of the PLO who has 'opened his mind to all of the biases' he didn't realize he had is a testament to show how this country is going down the toilet. When the first person to congratulate you is Ahmedinejad, maybe you realize you made a mockery of the country. I hope this idiot has the balls to stand up to Iran before they get their chance to press the button, or at least back the Israelis when they do what we don't have the Chutzpah to do and attack their reactors first. What a sad day in this country. The biggest Dow drop since October 1987 is the exact welcome party that Mr. President Elect Barack Hussein deserved.

Lee of NY @ Nov 07, 2008 19:13:38 PM

Issues of the Heart at the "heart" of our crisis

Naked Socialism is the result when Naked Greed runs amok in the markets...BUT KEEP READING before counting me a socialist; I am decidedly not...It seems the days of responsible CEO's, company leaders and management running business in a "steward-like" manner, protecting company assets and making conservative business decisions that both produce wealth through free-market jobs and increased opportunity for all, are over and it corresponds with a loss of values and a sense of personal responsibility in our culture. The "country-club' Republicans of wealth and the "too-wealthy to care about the rest of us" Democratic Elite, removed sensible and responsible regulation in the markets to the point that greed and irresponsible behavior have resulted in this "class warfare" response, of which the Democratic party exploits to their own advantage and now have a fearless leader in Obama. So, in the place of Godless Greed comes Sweeping Socialism, an opposite and equally devastating response to those "making millions" in the market while the rest of the country, and the middle class, America's best contribution to the world, goes bust. Each extreme market position is a form of Godlessness in regarding to personal responsibility and being productive to the good of all with what we have, being the greatest free-market on earth. I fear that our future will now only be dominated by a system which alieniates our God-given rights of freedom, including economic freedom, due in major part to the loss of God-directed values in conducting business in a way that benefits all people with the rewards of work. To quote a recemtly famous preacher, "the chicken's have come home to roost" but not in the way he stated; they are the chickens of economic revolt when we lost our soul of responsible free-markets which at one time were directed by Divine principles. Godless Greed is replaced with Godless Socialism - equal and opposite reactions! God help us all and bring us back to responsible stewardship of our nation's wealth.

William Broyles of FL @ Nov 07, 2008 15:55:55 PM

J raymond wright

Unfortunanlty we will all suffer because of the dolts and guilty white liberals who voted for this Marxist. At least those of us who voted for McCain can proudly say "don't look at me, I didn't vote for the Marxist" when s**t hits the fan.

ray of CO @ Nov 07, 2008 11:17:06 AM

It begins!

This is merely the beginning. We're scr*wed! Americans who voted for Obama, you get what you deserve.

J. Raymond Wright of IL @ Nov 07, 2008 10:41:45 AM

Jay

Free markets did not get us here, liberal policy like "affordable housing" did. Now Social Security, a liberal pyramid scheme will sink us.

Pat D. of IL @ Nov 07, 2008 09:59:56 AM

Spreading the wealth around. Marx would be proud

I'm sorry but, "...spread the wealth around", sounds a lot like "From each according to his means, to each according to his needs" said by one Karl Marx. What should we be calling people who spread the ideas of Marx? Marxists. Maybe the money guys are going to hide their wealth because they don't want it spread around to people who didn't earn it. Get ready for a wild ride. I for one will be investing in canned goods.

Thomas Schneider of NY @ Nov 07, 2008 08:42:36 AM

Unregulated Markets

there's 2 different points here, the regulation of GSE's and public/private corporations, which we both agree is necessary (and both Dem and Repub. lawmakers have avoided http://www.youtube.com/watch?v=vUJ_Qn0AHTU). The second point is whether government 'twisted' the arms of banks, it is a fact if you've done your research that subprime loans were given disproportionately to minorities who financially qualified for prime loans. The tidal wave of subprime loans that collapsed the financial system was due to a lack of due diligence and incorrect ratings assigned by rating agencies. The tidal wave of subprimes was because foolish banks, both GSE's and Lehman and Bear and others saw a profit opportunity, they weren't forced to buy up the massive number of loans underwritten. In the end it was pure unrestrained greed that has brought to our present circumstance.

Jay of CA @ Nov 07, 2008 01:19:22 AM

No, we don't have truly free markets

In free markets, you don't have government officials twisting the arms of banks to make loans to people that cannot pay them back... you don't have a government that steps in and buys these bad loans, then packages them with other loans and sells them as mortgage-backed securities. Years ago, no lenders would engage in such activity but when the government appears to be willing to take all of the risks, they go right ahead.

There's nothing wrong with regulations that try to thwart corruption, but when ham-fisted bureaucrats are involved, you get these kinds of results.

Bush, McCain and many others tried to get oversight and reforms on this activity, but the Democrat majority always resisted and accused anyone trying to avert a disaster as "wanting to deny people their getting a home".

The more the government bails out failure, the more risks others are willing to take, be they individuals or businesses. The feds have set a lousy precedent.

Watch this YouTube video, then report back to us here: http://tinyurl.com/3nkrp7

Moron of CT of CT @ Nov 07, 2008 00:14:23 AM