Analysis: Obama could risk going over 'cliff'

It may be just a bluff or a bargaining ploy, but the White House is signaling that President Barack Obama is willing to let the country go over the "fiscal cliff," a hard-line negotiating strategy aimed at winning concessions from Republicans on taxes.
Associated Press
Dec 5, 2012

 

If Washington really does fail to avert the looming series of tax hikes and spending cuts, the White House will portray Republicans as the culprits for insisting on protecting tax cuts for the wealthy, an effort the administration is laying the groundwork for now.

"This is a choice of the Republican Party," said Dan Pfeiffer, White House communications director. "If they are willing to do higher rates on the wealthy, there's a lot we can talk about. And if they are not, then they'll push us over the cliff."

But going over the cliff also would be full of risk for a president fresh off re-election and facing at least two more years of divided government.

Ending the year without a deal could roil financial markets and dent consumer confidence just as the economy is strengthening. It could make it harder for Obama to get Republican help on his second-term priorities like overhauling the immigration system and the nation's tax code, or in getting potential Cabinet replacements confirmed.

And it would signal to the country that the president's campaign prediction that the GOP "fever" would break following his re-election was a pipe dream.

House Speaker John Boehner says Obama is playing a risky game. "If the president really wants to avoid sending the economy over the fiscal cliff, he has done nothing to demonstrate it," the speaker said.

White House advisers say the president wants to avoid going into next year without a tax and spending deal, a scenario they say would hurt the economy. Obama, addressing business leaders Wednesday, said the White House and Republicans could reach an agreement "in about a week" if the GOP drops its opposition to raising taxes on families making more than $250,000 a year.

"If we can get the leadership on the Republican side to take that framework, to acknowledge that reality, than the numbers actually aren't that far apart," Obama said.

But with few public signs that Republicans are close to taking that step, administration officials are hardening their warning that Obama willing to risk going over the cliff.

Of course, the White House warning could be a bluff, offered in the belief that Republicans are unlikely to back down on taxes unless they believe Obama is willing to go over the cliff.

The White House says Obama's firm stand on tax rate increases for the wealthiest 2 percent of Americans is driven by economics. The debt-saddled country can't afford to continue with the George W. Bush-era tax cuts, the president and his advisers argue.

Obama has made that case to Republicans before only to back down in the final stages of negotiations. But this time around, the president and his team believe they hold the political leverage.

There is some evidence to bolster that notion. Taxes were a centerpiece of the presidential campaign, with Obama running on a pledge to end the Bush tax cuts for the wealthiest Americans and return their rates to where they were in the 1990s, when the economy was thriving.

Exit polls showed that 60 percent of voters supported that position, an even higher percentage than backed Obama's re-election.

A new poll also suggests a majority of Americans would blame Republicans if the government goes over the fiscal cliff. Just 27 percent of those surveyed said they would blame Obama, compared with 53 percent who said they would point the finger at the GOP, according to the Washington Post-Pew Research Center Poll.

Seeking to cement those impressions, the White House is casting Republicans as willing to forgo tax cuts for the middle class in order to protect lower rates for wealthier Americans. Rates for all income earners will go up at the end of the year if both sides can't reach a deal.

In turn, Republicans say Obama is acting like a stubborn partisan who will put the economy in peril in order to get his way.

"My sense is the White House wants to go over the cliff," said Tony Fratto, a former Treasury and White House official under President George W. Bush. "That may be the only way they get rates they want."

Going over the cliff could mark a new low in the relationship between the president and congressional Republicans. While the contentious debates earlier in Obama's first term over funding the government and raising the nation's borrowing limit went right up to the edge, both sides were always able to reach a deal.

As Obama ran for re-election, he sought to assure voters weary of Washington's bickering that things would be better if he won a second term.

Speaking to supporters in June, he said, "I believe that if we're successful in this election — when we're successful in this election — that the fever may break."

"My hope, my expectation, is that after the election, now that it turns out that the goal of beating Obama doesn't make much sense because I'm not running again, that we can start getting some cooperation again," he added optimistically.

(This is an AP News analysis.)

Comments

goofus

And your proof is where?????

shucks

goofus

Did you ever turn your tv on to listern to the debates?

Later Goofus

goofus

Which debate did Romney say he was going to start many wars. Which one of the debates was it, c'mon I gots to know, for you sure seem to know everything. What were Romney's exact words? Please recite them for me!

the office cat

Yeah. Who cares? Who cared after 9/11 when Bush blew innocent Afghanis off the face of the Earth in retaliation and revenge? The entire country didn't fly the planes or participate in the deaths of 3,000. OH. I forgot! That was Bush. And what about all the innocent Iraquis who had nothing to do with 9/11? OH. I forgot, that was Bush.
@Contango. You have just outed yourself as a Red. As a hypocrit.

Randy_Marsh

So obama is just as bad as Bush, We know that already. Too bad you worshipers are hypocrits and should get help.

shucks

@ office cat

I also question Contango and Randy Marsh's loyalties, they both sound like they belong to a subversive political party.

Randy_Marsh

LOL! So following the constitution is now subversive? You need help as well.

shucks

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights).

Randy_Marsh

@4shizzle
I am anti terrorist, Pro rights. When the president gets to label ANYONE a terrorist and drone them without a trial that is not not pro-rights. Are you saying the ACLU is proterrorism? You need to take a step bank and take a look at what you are advocating. Did you scream about Bush killing people yet are quiet about Obama targeting his own citizens? Read up on your history, It is your type of thinking that has gotten millions killed.

shucks

@marsh

Wake up!

Earth is not Heaven.

Randy_Marsh

@4shizzle
You wake up, You are defending the government for taking away your rights promised in the constitution for the word of the government. I did not see a trial as every citizen has a right to, All i saw was a citizen getting killed from his own government and the loss of his rights. Terrorist love to kill US citizens without a trial as well, Which side are you on?

shucks

@ marsh

"All i saw was a citizen getting killed from his own government and the loss of his rights."
"All i saw .."
Pull your head out of your butt, al Qaeda chump.

Later Marsh

Randy_Marsh

@4shizzle
You honestly cannot see what you are advocating is the loss of your own rights garuanteed by the constitution? I am sure the terrorist would agree with you that the loss of rights by americans would be a good thing, Its one of the aims of their movements. The ACLU disagrees with you, Giving up your rights on the opinion of a government is a very dangerous thing.

shucks

@ marsh
I dont care what your messiah,savior, ACLU says.
They like to take away the rights of people too, like Christians and ONLY Christians.

Randy_Marsh

@4shizzle
You obviously do not care about your own rights either. Did you complain about Bush with the patriot act, But now it is being used by Obama it is OK? That my friend is hypocrisy. You are advocating ushering in the police state on the word of a government who has continually lied to you. Does not show anything besides you have jumped on the wagon giving up any thought you have for yourself or the rights of your fellow citizens.
P.S The ACLU (American Civil Liberties Union, It has civil Liberty and Union in the name so you should really like them)is not my lord and savior, It happends to be a organization put in place to hold people like you back from turning this place into a police state where no one has rights.

shucks

Talk to the hand.

Randy_Marsh

@4shizzle
Great comeback! Your Fitting in with the left perfectly, Follow whatever you are told to say and never carry on a intelligent discussion about anything.

shucks

Dont flatter yourself.
I am not carrying on an intelligent discussion with you.

Randy_Marsh

@4shizzle
Yeah i see that, Its not like i expected it from you.

shucks

you're not very intelligent

Randy_Marsh

Oh God, Namecalling, Now i expected that from you (Sorta predictable) LOL!

shucks

Yeah,I came right out and said it instead of insinuating it---like you did.

LOL

shucks

@marsh

Later, waste of time

Centauri

About the Cleveland IMC
The cleveland independent media center is part of the worldwide network of collectively run media outlets creating radical, accurate, and passionate tellings of truth. We work out of love and inspiration for the people who continue to work for a better world, despite corporate media's distortions and unwillingness to cover the efforts to free humanity.

http://cleveland.indymedia.org/

the office cat

And you are funded by whom?

mikel

way to funny! prez odufus invites al sharpton to the wh on tuesday to discuss his plan on robbing the rich. what makes it funny is that: sharpton owes the irs $2.6 million in back taxes as well as $900,000 in back taxes to the state of new york and approximately $880,000 in back payroll tax to the feds!!!!

i am just wondering why the prez didn't ask his boy to pay up? if the prez went through his rank and file dumbocrap supporters he could probably muster up a couple $hundred million$ in back taxes owed!!!!

the office cat

1. Again you didn't cite sources.
2. From this point forward, anytime you degrade the President with one of your ridiculous Mikassims, I will report it and call you on it.
3. I think we should start with collecting any back taxes you owe.

goofus

A good liberal whine,cry, and report people like good little nerds

mikel

well, the last time i put something in here the moderators decided to delete it because i was posting items from another news source. don't ask me ask them. apparently, posting items that are against the sr's theory is prohibited? but, i did find it in the ny post under "Taxes are for the little people". do something constructive with your time and google it.

i will call him whatever i want. thankfully, i have served in the armed forces, to fight for the freedom of speech. when did you serve? when did he serve? he is unworthy, imo, to be called president.

i pay my taxes, over $50,000 per year. how about you? living off of the system are you?

Sitting In The ...

Bash the President all you want but is it really to much to ask for the super rich to pay a little more in taxes?. Then when he presents a plan the Republicans shoot it down and give us some lame excuse about home schooling and The United Nations. That probably different then what you heard from Fox News right ?

Contango

@ Sitting In The ...:

The projected revenue gained from raising the marginal taxes on the "rich" will operate the govt. for 8.5 days. It's totally symbolic and political pandering.

http://www.politisite.com/2012/1...

Question: What spending cuts has Mr. Obama proposed?

BTW: Go back to tax rates under Clinton?

Remember when Bill Clinton said that he raised taxes too much?

http://www.americanthinker.com/v...

the office cat

Point?

mikel

the united nations is raping the american taxpayer and has been for a long time. it is time that the gov't kicks the united nations out of america and cuts their funding!

the office cat

The 2% get the same cut on the first $250,000....

mikel

the problem is that for every $1 in cuts that the libs have presented there is also an additional $4 in increased spending! the gop wants to see that reduced. how can we ever close the deficit gap with that kind of spending? the libs own math that they have presented to increase taxes shows that there is no way the additional revenue will come come close to closing that gap. apparently, many people have no problem with this country never ever being a financially balanced country. it is sad.

KURTje

Once again facts spoken. Just as Chaney is a non-veterean. So someone hates the truth. They even stated their past.Typical of many Americans, hide from facts. That's ok, my Marine Corps affords you the right to speak freely. Again S.R. this is why you weren't granted an interview.

Contango

"The Bernank" has been practicing a never before done experiment on loading up the Fed Reserve balance sheet with mortgage backed securities and U.S. Treasuries (quantitative easing).

However, this practice is about the only thing that has been keeping the U.S. economy on life support.

Now, the problem comes in on how at some future date to sell all of those securities without crashing the economy. This also has never been done.

http://www.bloomberg.com/news/20...

The fools in DC have been playing fast and loose with the national till for far too many decades. A gold standard is not out of the question.

No country in the history of the world has ever used debt and spent it's way to prosperity - the U.S. will not be the first.

Contango

There are 66 million people receiving food stamps and/or Medicaid and 21 million govt. employees, all supported by 109 million private sector workers.

87 million supported by 109 million? Unsustainable.

http://www.foxnews.com/on-air/or...

mikel

how dare you suggest that some of these people get jobs! (sarcasim) don't you know that the dems agenda is to reverse those numbers? they want ALL people to be totally dependant upon the gov't so the masses can be controlled.

OSUBuckeye59

O'Reilly is correct in his numbers. But let's look at some other information and numbers:
The gap between the richest and poorest Americans continues to grow, as it has every year. Weekly earnings gains have been much stronger at the 90th percentile than at the 10th. At the very top, the chiefs of S&P 500 companies have seen bigger percentage pay gains (20 percent) than workers earning the minimum wage (11 percent). Example #1: David Simon of Simon Property Group saw his income rise from $5.4 million in '08 to $137.2 million in '11. Example #2: Leslie Moonves of CBS saw his income rise from $20.8 million in '08 to $68.4 million in '11. By contrast, the last minimum wage increase passed by Congress was $7.25 in '07, and it went into effect in '09. Corporate profits are at record highs. The stock market is up 61% since President Obama took office and is within 6% of its all time record high. The federal tax burden as a percentage of GDP is at a 60 year low. Pretty odd results for a supposedly socialist President, yes? If corporate profits are at an all-time high, and the average compensation of S&P 500 execs has increased from $9.9 million in '08 to $11.9 million in '11, why has job growth pretty much remained static? Simply put, our federally-elected officials in both parties are merely the puppets of corporate lobbyists. Congress & the President are financially immune to the effects of their lack of domestic economic stimulus and job growth. If anything, Congress & the POTUS are being rewarded for not raising personal income taxes. We do need to provide incentives to businesses in the way of lower biz taxes, but do so with a carrot and stick approach: tax their cash assets until they start reinvesting those assets with actual jobs creation, then delete those taxes + reduce their corporate biz tax.

Contango

@ OSUBuckeye59:

Go ahead, steal the cash from stockholders and watch capital flee the U.S.

Corp. taxes are a pass-through anyway. The proper marginal corp. tax rate is 0%.

OSUBuckeye59

@Contango,

The marginal corporate tax rate in the U.S. for at least the last 7 years has been 40%. Where did you find it to be 0%?

Where else do you propose capital will be spent other than the U.S.?

Contango

@ OSUBuckeye59:

Read my two sentences again: I wrote that it "should" be 0%, since all corp. taxes are ultimately a pass-through to the end user.

The unnecessary complexity of the U.S. tax code costs several hundred billions annually in lost productivity (economic growth).

No other country in the world taxes their multi-nationals when they repatriate their overseas profits.

Cos. need to be closer to their customers, we can't export everything. Production and labor costs would be prohibitive.

As part of a diversified investment portfolio, one needs to include foreign stocks.

Approx. 55% of the world market is outside the U.S. and growing.

https://personal.vanguard.com/us...

the office cat

Contango. Since you're such a whiz at figures... what is the current rate of taxpayer-supported Congressional pensions being paid? And since the Republicans controlled both houses 12 years... how much ARE we paying? Add to that, please, that any member of Congress who serves five years is vested... and tell us how much of that we will be sustaining into the future?

goofus

Point, since the dems enjoy the protection also! Seriously lame!!!

CAST THE FIRST STONE

raising taxes on everyone has always been the plan. Only the public union people are going to be suprised. obama wants to make the government rich so he can be an employer. Union people welcome to our world

shucks

nonsense

goofus

Nonsense!!!!!

goofus

Obozo will raise everybody's taxes, so the Republicans should just walk away and let the bellyaching begin LOL

goofus

A little off topic, but how ya doing Big Dog since Michigan voted to be a right to work state today!!!!! I thought re-electing Obozo was going to solve all your problems. I'm truly sorry for your loss porch puppy!!!!!!

The Big Dog's back

I can't wait for the new filibuster rules to take effect. The next election in Michigan Repubs will go the way of the Dinosaurs.

goofus

It's good to see you are still active LOL

The Big Dog's back

I was wondering where you were.

The Big Dog's back

You doing alright?

goofus

Yeah, not too bad, golfing alot here in Florida, just warming in the sun!!! And how are you up in the cold north

The Big Dog's back

The "inheritance babies" must be shaking in their boots at the thought of their taxes going up. Ahahaahahahaha.

Contango

"Inheritance babies"?

Yep! Would love to see the Pelosis, the Reids, the Kennedys, the Rockefellers, the Kerrys, the Soroses, the Buffetts, the Gores and many other rich liberal snots taxed out of their estates.

------------------

Guess what? One of the architects of ObamaCare is heading for the Wall St.-Washington revolving door and goin' to J&J:

http://www.zerohedge.com/news/20...

Gotta love the hypocrisy of the American Ruling Class.

Randy_Marsh

http://www.nytimes.com/2012/12/0...
For only 250,000 you to can get the million dollar package, Congrats Libs. HA!

KURTje

oldsters might know now

mikel

well, it appears that the man in the oval office has decided to take his dog and pony act on the road again. it would be nice if he actually sat down for an extended period of time with the people that will actually make the decision on the upcoming "fiscal cliff" he can go sit with as many people as he wants and talk with them but HE is wasting precious time. he then has the nads to blame the gop for not spending enough time in negoiations?

The Big Dog's back

Isn't it wonderful! 4 more years. Yes!

the office cat

The President doesn't have to DO anything - except veto anything that doesn't meet the demands of the voting public. And YES, be it 4% or 3% or 500,000 votes - the margin was a victory. The Constitution puts the responsibility for revenue and expenditure on the House. So suck it up, load up your gold and head to the Caymans.

Randy_Marsh

The president has not did anything for the last 4 years so you really cant expect him to do anything besides circumvent congress to destroy whats left of our rights and dodge responsibility for anything.

the office cat

Are you losers still debating the election and the aftermath? The President has no responsibility to negotiate or send plans or do anything... except veto the bill if Congress doesn't get its shot together. What yall don't understand is that this is Congress' destiny. And the new Congress has three weeks before Inauguration to 'fix' whatever the lame ducks screw up. Gotta love it... Happy days are gettin' even better.

Randy_Marsh

Happy days are getting better? 14.6% unemployment and endless wars. If thats happy for you you might want to consider therapy.

the office cat

While C and M and RM etc. are busy ranting on here, the rest of us are out making a difference in the world. You automatically assume you are the only ones with wealth and investments and knowledge. It's so much fun playing all of you so you expose your inner souls and outer facades. Primarily you are insecure haters who need to ee cummings' 'The Machine Stops' to see yourselves as you will be.

shucks

@the office cat
I agree with your observations.

mikel

you know what happens when you assume right? probably fits the bill for you.

the knowledge that i have is that this country can not be sustained financially at this pace. when the mantra today is "the gov't HAS to provide me with everything", it's a bad thing!

my wealth? ha. my wife wishes we had the wealth so she wouldn't have to work. my contributions are many from financial donations to volunteering my time to many, many worthy causes. the fisher house foundation is what i am most proud of.

it is simple cat. there is not one business in the world that would be going today if it used the u.s. gov't as a business model!

OSUBuckeye59

@mikel,

You are correct in writing there's "not one business in the world that would be going today if it used the u.s. gov't as a business model". Then again, what business can print their own currency like the U.S. government?

Despite years of warnings about the dangers of deficits and debt, our government can borrow at incredibly low interest rates — interest rates on inflation-protected U.S. bonds are actually negative, so investors are paying our government to make use of their money. And like I wrote above, our government can’t run out of cash since it prints the stuff, so the worst that could happen would be a fall in the dollar, which wouldn’t be a terrible thing and might actually help the economy.

Contango

@ OSUBuckeye59:

"Currency" and "money" are not necessarily synonymous.

"Fall of the dollar"? Better check the CPI; as an example, the value of a USD in 1952 is now worth 11 cents.

Democracies tend to inflate their way out of debt, to the detriment of savers and investors.

http://146.142.4.24/cgi-bin/cpic...

OSUBuckeye59

@Contango,

Agree that "currency" and "money" are not necessarily synonymous, but I'm hoping you still understand the message I was trying to state/write.

I did select the link you provided and used the calculator, which calculated $1.00 in 1952 had the same buying power as $8.73 today. My apologies, but I'm not understanding the point you are making with the $0.11 reference. Maybe it's because it's still morning here on the West Coast and I haven't yet had enough coffee on a Monday morning. :-)

I do see the problem with inflating our way out of debt, and agree we shouldn't be doing this. Right now I still advocate our government needing to set or continue with monetary policy that will act to stimulate our economy. Those that believe right now spending cuts and tax hikes would destroy jobs, well, I don't believe they can make that claim while denying that temporary spending increases and tax cuts would create jobs. I argue our still-depressed economy needs more fiscal stimulus. Given we have ultralow borrowing costs, plus the damage unemployment is doing to our economy and hence to the tax base, I argue that spending more to create jobs now would actually improve our long-run fiscal position.

I think a lot of the debate is really about ideology. Even Republicans, when opposing cuts in defense spending, immediately start talking about how such cuts would destroy jobs — but the assertion that government spending creates jobs, but only if it goes to the military, doesn’t make sense.

Influential people in Washington aren’t worried about losing their jobs; by and large they don’t even know anyone who’s unemployed. The plight of the unemployed simply doesn’t loom large in their minds — and, of course, the unemployed don’t hire lobbyists or make big campaign contributions.

shucks

@ OSUBuckeye59

I think it's all about greed.

Contango

@ OSUBuckeye59:

"11 cents"? Divide $1.00 by $8.73. The value of our currency is being decimated by Fed printing.

A 873% loss in value over 60 yrs? How about 1992; only twenty yrs.? A loss of 165%?

With it's ZIRP, the central bank doesn't want you to save, they want you to spend!

Not "ideology" - economics.

During the Great Depression, households and govt. didn't hold as much debt as today.

Even JM Keynes said to save during the good times. He didn't say: Spend, spend, spend.

No country in the history of the world has ever spent its way to prosperity - the U.S. will not be the first.

A recent article for your perusal:

http://seekingalpha.com/article/...

Got gold?

OSUBuckeye59

@Contango,

I still believe the mess is more about ideology than economics. The top marginal tax rate has declined dramatically in the last 65 years (http://www.ritholtz.com/blog/wp-...), yet when times were good, tax rates were increased little, if any, which was in direct contrast to Keynes' principals.

During the Great Depression, households and govt., agree households and govt. didn't hold as much debt as today, but then, the vast majority of citizens didn't own more than one automobile, if they even owned one, and not even half the citizens of the U.S. owned their own home: http://www.census.gov/hhes/www/h....

We are also looking at a serious problem in terms of retiring baby boomers moving from growth fuelers to retirement enjoyers. Baby boomers drove tremendous growth in the 70's and 80's, but are now looking to enjoy their retirement years with more focus on living off their retirement assets, selling off multiple properties, and purchasing fewer big-ticket items. And as boomers retire, the workforce paying into social security will also decline, thereby continuing to add woe and not funds into the social security system.

The value of the dollar may be or is decreasing, and I see that as a good thing considering how China continues to artificially keep their currency value low.

the office cat

Mikel and all.... you making the same mistake and missing the same obvious point of all of your ilk. Quite simply, the Government - at any level - is NOT A BUSINESS.
EVERY business (and investment is NOT a business) utilizes the same basic principal: It consumes raw materials to make a final product - car, washing machine, widget, etc. - and turns out replicas of its product for sale to buyers, a key difference. While it will have variances in material availability and cost, the business can 'level' the market. Even people who work for the business earn set income for their efforts.
Government, obversely, 'manufactures' and entirely new product every day - every hour. And it really can't control its 'raw material'. Example: Schools. Each child who walks in the door brings a variety of exclusive qualities - ethnicity, parentage, intelligence, physical ability, etc. - and thus cannot be squeezed into and assembly where nut A always goes on bolt B.
Government does not earn income by punching a time clock and drawing a salary.
Government can't keep a balance sheet - except on paper. "Sandy", "Katrina", "BP", Stock Market fluctuations, health epidemics, wars and rumors of - and those all-imortant 'raw materials' in the form of 350 million unique individuals.
I hope no business would use the US government as a business model. Anyone who would is dumber than the ass he rode in on (refering to the beast, no a person).

Contango

@ toc:

Govt. may not be a business, but govts. have and do go bankrupt.

For their financial crisis, Iceland jailed their bankers and made creditors take haircuts. The U.S. answer to the credit crisis - bail 'em out with taxpayer, borrowed and printed money.

http://www.zerohedge.com/news/20...

mikel

so, what you are saying is that the gov't should have unlimited spending power no matter it's income? i realize that it is not a "business" so to speak. but, it HAS to have check and balance! there is no reason that the gov't can't use a "business" model.

in the real world all raw materials have a monetary value. many of the "raw" materials today have absolutely no monetary values and don't really plan on ever contributing monetarily to this country. when the worker to non-worker ratio was over 3 to 1 there was no problem paying for the entitlement programs. however, when the number of workers vs non workers is less than 2 to 1 there is a huge problem!

Contango

The Millenials and Xers are ignorant to the fact that this is and has been a generational redistribution of current and future wealth.

It's the "yoots vs. the coots."

"Poverty among people age 65 or older fell to 9% in 2011 from nearly 30% in 1966." (WSJ, Dec. 8-9, pg. B8)

See the video:

http://www.thecankicksback.org/

goofus

GOOGLE REVENUES SHELTERED IN NO-TAX BERMUDA SOAR TO $10B

Contango, thought you might enjoy this headline from the am's news. Gee, I wonder if the left uses google LOL

Contango

@ goofus:

So how much did Google contribute to help the 2012 Obama campaign?

2008: https://www.opensecrets.org/pres...

Do ya smell that stench of liberal hypocrisy?

goofus

http://www.nypost.com/p/news/loc...

Things are tought all over, even Sibellius was found out about for awarding an obozocare contract to a friend and Obozo is telemarketing to get his way in raising taxes, and oscar winner Jamie Foxx in his next movie brags about killing all white people. And we are racist!!!!!

Contango

What liberal Progressive tax, borrow and spend ideology has done for Detroit, it can certainly do for the entire U.S.

http://detroiturbex.com/

FORWARD SOVIET!

OSUBuckeye59

@Contango,

What happened in Detroit could easily be written as a Harvard Business Case novella, if it hasn't already been written. It's so incredibly sad how Detroit kept their wagon hitched to the Big Three. I may not be the brightest fellow in the world but what I learned in the school of Hard Knocks coupled with the additional knowledge gained getting my MBA makes me always shake my head in bewilderment at the numerous mis-management mistakes made by the top brass of the Big Three. And Detroit's government leaders also seemed to be in the mesmerizing trance of the Big Three. Got to give credit to Obama as well in getting the automotive union personnel and folks connected to the auto industry in the States of Ohio & Michigan to vote for him, thereby securing those two States. Both Obama and Romney had their good and bad points, but when it comes to the automakers, Romney had the right idea in '09 when he wrote how GM needed to be restructured through bankruptcy rather than be bailed out by our government. The pain would've been severe for auto union personnel as restructuring would've meant union pensions most likely be significantly reduced, but that pain would've been localized instead of all of the U.S. population suffering.

The lessons of Detroit need to be reviewed and remembered by not only other large U.S. cities but also our elected officials.

Contango

@ OSUBuckeye59:

Agree.

Ya gotta love it that the UAW fought to reinstate the Chrysler workers who were fired for drinking and druggin' on their breaks.

http://www.huffingtonpost.com/20...

Look for the union label...

http://www.youtube.com/watch?v=l...

FORWARD SOVIET!

http://www.youtube.com/watch?v=O...

shucks

Voter suppression by Republicans--FORWARD SOVIET !

goofus

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights).

Kimo

Lessons in Detroit???

What "lessons" can be "reviewed" about the sale of A. Schulman in Bellevue?

How many people went over the "fiscal cliff" in that deal?

Maybe the SR can back burner the Perkins Cop story and front burner the Schulman story.......

Contango

@ Kimo:

Isn't it better that A. Schulman was sold, than bankrupt and outa business? (Glass half-full.)

Ya gotta love it that A123 is being bought by Wanxiang Group of China.

http://www.nytimes.com/2012/12/1...

Simple: Japan and China have been givin' up on our Treasuries and are buying hard assets.

Unlike the current occupant in the WH, they have some understanding of capitalism.

The Fed will just have to continue adding to their balance sheet, producing more increasingly worthless paper in order to help the profligate spender in the WH.

Where are you gettin’ yield on your investments? The govt. wants you to spend, spend, spend. Are you doin' your part?

Best to remember and heed the words of JM Keynes:

"The market can stay irrational longer than you can stay solvent."

mikel

agreed kimo!

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