Friday, December 17, 2010

XMas Break

Not sitting behind my computer again until 2011. Have a nice holiday season! Rest up for the massive political and economic turmoil we'll confront in the near future, brought to us by incompetent politicians like Republican Senator Richard Burr.

North Carolina deserves better than Republican Senator Richard Burr.

Wednesday, December 15, 2010

GOP - We're the party of 5 year olds

So, all the Republicans on the Financial Crises Panel got up and walked out on the commission? They want to blame only the Federal Government for this financial crises that wrecked our economy? They think it's all about Fannie Mae and Freddie Mac? Wall Street running wild with unregulated derivative securities had nothing to do with the crises?

Please. These Republicans are like 5 year old children. When they don't get their way, no matter how unrealistic their demands, they cross their arms, pout, and storm out of the room. What a bunch of immature infants.

Fannie Mae and Freddie Mac helped support a $2 Trillion sub-prime housing debt market. But Republican failure to instill adult oversight on to this market allowed Wall Street to create $25 Trillion in bets against only $2 Trillion in securities. When those bets went bad, taxpayers had to bail out AIG and the Banks. The cascading fear surrounding this central issue drove simultaneous selling that caused massive losses across all markets and all economies. But Republicans want to pin all the blame on the base $2 Trillion and ignore the $25 Trillion Wall Street betting parlor that started this mess?

I guess I was wrong. I guess this crises had absolutely nothing to do with Wall Street and it's Laissez-Faire Republican Party supporters (among them, Senator Richard Burr) who failed to instill adult oversight. Pardon me. It turns out that five year olds are much more capable of running our nation after all.

NOT.

North Carolina deserves better than Republican Senator Richard Burr.

Richard Burr doesn't see the wreck coming


My dream last night was a real doozie. I'm driving on a narrow, two lane, country road. It's night and pouring rain. My windows are fogging up inside my car. But I have abnormally strong headlights. It's weird because I can see miles down the road but have a very narrow window through which I can see ahead. I'm scared, and sweating profusely. My heart is pounding. A dread is coming over me that something really bad is about to happen.

It gets worse. A massive 18 wheeler is coming over a hill ahead. It's swerving like a drunk driver is behind the wheel. Rubber is flying off the tires. The truck bed is tilting side and side. There's no way that I am going to pass this out of control truck without it plowing right over me. I'm madly making an attempt to use my brake and steering wheel to retreat to the side of the road. Nothing is responding. My death is within view.

Then I wake up.

This morning I flipped on my trading screens and starting the normal routine of catching up on the Asian and European trading activity. All I see is violence breaking out across the world. Massive street protests in the UK and Greece. People are mad as hell at their irresponsible governments that have spent them into bankruptcy.

The truck. I see it coming. Do you?

Senator Richard Burr doesn't see that truck coming. Senator Richard Burr doesn't see the danger ahead. Senator Richard Burr just voted for one hell of a massively irresponsible bill that increases our nation's debt by over $1.1 Trillion. This irresponsible bill is so crammed full of crap that we're spending money on a myriad of stupid stuff - 6,488 earmarks. It's a bill that rewards the super rich in our nation, although we suffer from the greatest income disparity in our nation's history. It's a 1,924 page bill that spends over $500 million per page. It's a symbol of the total break down and failure of our nation's government.

This bill is the epitome of insanity. It cuts taxes and spends a massive amount of money at a time when our nation is already over $14 Trillion in debt and running $1+ Trillion annual deficits. It's more of the same old crap used by our Republican party during the Bush administration that wound up destroying our nation's economy. We can't solve our problems by repeating all the same actions that delivered these problems to our doorstep. If cutting taxes and spending money delivers a painful economic outcome, North Carolinian common sense says that it's now time for bills that increase taxes and make deep spending cuts. But we can't expect common sense out of our state's Republican Senator Richard Burr.

Senator Richard Burr is an embarrassment to the State of North Carolina. There's a reason Richard doesn't see the truck coming. He's the drunk driver behind the wheel. Richard Burr is determined to bring an end to life as we know it. Richard Burr is determined to kill off America with his irresponsible tax cuts and ridiculous spending.

North Carolina deserves better than Republican Senator Richard Burr.

Addendum - It's likely that I am confusing a $1.1 Trillion omnibus spending bill with a $900 Billion tax cut and spending bill. Two different animals. Same irresponsible crap that always goes on in Washington DC. Same irresponsible crap that our Republican Senator Richard Burr has been a party to for 15+ years.

Tuesday, December 14, 2010

What Richard Burr has done to our country



We're going to be $18 Trillion in debt within the next few years. But you can count on Republicans and Richard Burr to be fighting tooth and nail to increase those tax cuts on the super wealthy in our country.

North Carolina deserves better than Republican Senator Richard Burr.

Monday, December 13, 2010

Richard Burr is a Liar


In his recent campaign, Richard Burr pointed fingers everywhere but in the mirror for our nation's fiscal irresponsibility:

"we must not under-estimate the long term effects of continuing to add to our federal deficit" ... Mr. Burr says in one of his E-Newsletters.

Mr. Burr runs commercials complaining about "more government spending" and "more federal debt".

In the NC Senate Debate on June 27, 2010, Mr. Burr cries "We're $13 trillion in debt. The answer is to stop spending. Americans are saying 'enough'. The answer is, let's stop spending."

In April 2010 in a WRAL radio interview the first words out of Richard's mouth were "My first priority is to address our enormous debt. "

and I could go on and on and on ... time and again Mr. Burr speaks out about our debt and spending, like he's not responsible. Others in Washington DC have created this problem, according to Richard.

Today, Richard Burr will vote to borrow an additional $900 Billion from China. Mr. Burr will willingly pile another $900 Billion on top of the $14 Trillion in debt we already suffer from. And this $900 Billion over the next 2 years is in addition to another $2 - $3 Trillion in debt we are already going to incur. By the time its all said and done, our nation will be in debt by $17 - $18 Trillion within 2 years. Mr. Burr will be voting to spend this $900 Billion because he thinks its critical that we give our nation's super wealthy yet another Republican income tax break.

If you're reading this, and you voted for this loser, I sure hope you're waking up to what I knew months and years ago. Mr. Richard Burr is a LIAR. The man is a typical politician. He'll say whatever is convenient in order to be elected. He takes no responsibility for his own actions. This man has been in Congress for 15+ years, and Richard Burr is one of the primary reasons our economy is suffering and our debt has gone through the roof. If you voted for this loser, you failed North Carolina, you failed our nation, and I hope like hell you learned a lesson - our Republican Party exists to simply protect the super wealthy.

North Carolina deserves better than Republican Richard Burr.

Friday, December 10, 2010

Republicans like Congressman Paul Ryan really SUCK

Congressman Paul Ryan was interviewed by the Wall Street Journal today. I deplore the stupidity of politicians like Paul Ryan. They are morons who don't have a CLUE how our income tax code REALLY works. And they prove it time and time again.

Paul Ryan had the nerve to warn that "Class Warfare" will hurt tax reform. Paul - it doesn't have a damn thing to do with Class Warfare. It's all about fairness. The income tax structure you have devised taxes Warren Buffett at a FULL 10% lower than most middle class Americans. Warren's LT Capital Gains get taxed at 15%. Most of middle class America gets trapped (by AMT) paying 25% on their capital gains.

I'm paying 25% on my LT Capital Gains, to Warren's 15%. My net worth? It's only .000075 that of Warren's. My total income? Likely only a gnat on an elephant's ass in comparing me to Warren. But my tax rate is substantially more than that of a Billionaire? Just how in the hell is that fair?

Paul, in his infinite wisdom, has the gall to insist that people like me are just pounding the "Class Warfare" drum. Wake the F*CK up PAUL. It's about fairness.

Our country deserves better than idiots like Paul Ryan and Richard Burr. These mental midgets need to spend a little time and learn just how our tax system really works. Middle class America gets screwed, to the benefit of the super wealthy.

North Carolina deserves better than Republican Senator Richard Burr.

Our future - 2

In a couple years, this will be a common sight in the streets of America:



BUT NOT TO WORRY. ALTHOUGH WE'LL BE $18 TRILLION IN DEBT BY THEN, OUR REPUBLICAN PARTY WILL STILL BE PUSHING HARD FOR INCOME TAX CUTS FOR THE MOST WEALTHY AMONG US.

North Carolina deserves better than Republican Senator Richard Burr.

Our future

In a couple years, you'll hear this from a large number of Americans:

Thursday, December 9, 2010

The face of ultra right-wing Republicans

Look directly into the face of ultra right-wing Republican America. This is the base who voted the Richard Burrs into office. Is it any wonder we send idiots to represent us in Washington DC?

Flow of Funds Report = Richard Burr's failure

The Fed just released it's quarterly Flow of Funds report. It's a snapshot of the net worth of American Households (meat of it is on report page 104, PDF page 111). It adds up the assets, subtracts the debts, and tells us what we're worth. Americans are $10 Trillion poorer since we first sent our idiot Republican Senator Richard Burr to the US Senate. Nice job there Senator Burr.

Where have we lost our wealth? A rough look at where we have been hurt:

$5 Trillion up in smoke in housing
$1 Trillion gone from our stocks and mutual funds
$1 Trillion down the drain in our retirement assets
$2 Trillion went poof from the value of our private businesses
and another $1 Trillion here and there.

And the real kicker, this accounting doesn't even consider what we're piling on our shoulders in the way of national debt! Since Richard Burr's been in the US Senate, we've added about $7 Trillion to our national debt. $10 Trillion here, $7 Trillion there ... pretty soon you begin to wonder how it is that we tolerate Richard Burr's incompetence.

If there was ever a report card sent home with our politicians, it's the net worth of America. Our Senator Richard Burr has overseen the destruction of many Trillions in American wealth. I don't know about you, but I'd rate his effort one hell of an "F". Our Republican Senator is a failure.

North Carolina deserves better than Republican Senator Richard Burr.

You watching the violence in the UK?


I'm absolutely amazed at what's happening in the UK today. Students there are getting violent in massive street protests. That's not the amazing thing to me though. What amazes me is how the commentators on CNBC call these protests ridiculous. These CNBC commentators are blind to the real problem here.

What's happening in the UK is a massive injustice. Just a few years ago, college tuition there was free. Then it got bumped up to about $3 to $5 K a year. And now, because of UK financial problems, it's getting bumped up to around $15 K annually. From free to $15 K a year in short order. Do I think students in the UK should pay $15 K annually in tuition? Yes I do. But that's not the issue here.

The issue is how the UK government really screwed these students by not giving their families time to plan. If you told a family that a newly born child would have to pay a pretty penny for tuition when they reached college age, that's fair. That gives the family time to plan, sacrifice, save. But when you allow a crises to build, and then just drop a massive financial obligation on the doorstep of a family, then it's an outrage.

Prepare yourself. Our elected representatives in America, like our worthless Senator Richard Burr, have so ignorantly mismanaged our country's finances, that in a few short years we're going to be royally screwed, just like the university students in the UK. Watch, and learn. And when it happens, you'll be asking how in the living hell we could have been stupid enough to have elected idiots like Richard Burr.

We don't need tax cuts. We do, though, need spending cuts, deep spending cuts, now. And we need for the super wealthy in our country to pay more income taxes. Most of all, we need for our Republican Party to start applying common sense. And we really don't need idiots like Richard Burr, blind followers who only do what the party leaders tell them to do.

North Carolina deserves better than Republican Senator Richard Burr.

Once again, David Stockman sounds the alarm

David Stockman, former President Ronald Regan's budget director, won't stop punching at the insanity going on in Washington DC. And his latest article on the Bush Tax cut preliminary agreement has him livid.

Key points David makes now:
  • ... it's useful to recall the classic traits of banana republic finance. These include massive and chronic government debt issuance; reckless monetary expansion to absorb it; and pervasive economic distortions that cause an uphill flow of income and wealth to the top of the economic ladder. The Obama White House’s latest act of fiscal desperation accomplishes all three.
  • ... the Fed is stimulating not loans to Main Street, but global commodity prices and the short-term trading values of equities, corporate credit, and all manner of derivative risks.
  • ... two-year extension of the 15% capital gains tax rates, for example, will shield the winnings of speculators in risk assets like copper futures and Netflix (NFLX) call options, but won’t do much to incentivize real supply-side inventors and entrepreneurs.
  • ... the artificially bloated levels of income and consumer spending that resulted from eight years of Republican deficit finance and money printing have evaporated, and can’t be recreated by more of the same.
  • ... income and wealth is being driven to the top of the economic ladder, while Main Street is being punished with soaring living costs and anemic returns on bank account savings.
Well, it appears David and me are long lost twins. His are points I've made here time and again, long ago. It's likely that we also both see the same outcome. Republicans are going to absolutely destroy our country. We're all going to eventually live in the woods and hunt our supper from the creeks and trees in our back yards. It's only a question of whether it happens within the next 5 years, or 10. And I wouldn't count on our worthless Republican Senator Richard Burr doing a damn thing to right our economic ship.

North Carolina deserves better than Republican Senator Richard Burr.

Bush Tax Cut ignorance makes me laugh


This whole debate and discussion about the extension of the Bush Income Tax Cuts make me laugh. Down deep though, I'm really enraged, but have resigned myself to the fact that there's nothing I can do about the inequity I'm about to point out. So, I just try to laugh about it.

First, understand that I make a living trading securities, from a home office, using only my own capital. I fell into this career after a number of years plying a trade as a CPA, and then CFO of a number of different companies. As a numbers jockey early on, I learned my way around the income tax code. And to this day, I'm probably more knowledgeable than most, and certainly most traders, about how the tax code extracts money out of the pockets of Americans.

Time and again, you'll hear a big deal made of the fact that LT Capital gains, and qualified equity dividends are taxed at only 15%. You read it in news article after news article. You hear it out of the mouths of politicians. It's nothing but pure T bullshit. It's lies told by ignorant people who don't have a forking clue how the income tax monster really works.

The vast majority of capital gains and qualified dividends in our country are earned and reported by upper middle class Americans who fall within the $200 K to $1 Million in annual taxable income range. In that range, it's next to impossible to avoid being subject to the AMT tax monster. When you trigger AMT, you wind up paying a flat 26% tax on your earned income, and 25% on your capital gains and dividends. And no amount of planning can help you avoid getting screwed by these higher tax rates. There is no 15% income tax for these unfortunate Americans. It's a full 10% higher because of AMT.

What enrages me though is how the ubber wealthy wind up avoiding these higher AMT income tax rates. Hedge funds, private equity shops, I-Banks, are chalked full of multi-millionaires whose income propels them far above the AMT. These lucky few pay tax at the 15% rate. We're talking about maybe a couple hundred thousand out of 143 million taxpayers.

It's even worse. These fortunate few generally are able to structure their income in offshore partnerships and/or get it classified as "carried interest", which is a protected pet of the Republican party and only gets taxed at 15%. These financial engineers make 10s and 100s of millions, and some even billions, and pay a pittance in income tax compared to upper middle class America. These filthy rich are the protected citizens in our country. These are the taxpayers sheltered by the Republican Party. But if you're slaving away to only earn between $200 K to about $1 million a year, you get screwed royally.

What I should really laugh at though is the gullibility of upper middle class Americans. Most of them are Republicans. And most of them are too stupid to understand how they get screwed relative to the super rich.

Bottom line though, here's the reality of what's going on in America. Despite what you read about the 15% tax rate on capital gains and qualified dividends. Despite the big deal you hear about an AMT "fix". Despite what Republican politicians will tell you. This is the hard, cold truth:
  • Most upper middle class Americans pay tax on their income at around 25%.
  • Extremely wealthy Americans pay tax on their income at only 15%.
And that's why I think Republican Politicians are so full of shit. To the one, they whine and cry about how it is that the super wealthy pay more of the income tax. In raw dollars, yes. But as a percentage of their income - it's not even close.

See why I'm enraged? For every $100 extra he earns, Warren Buffet keeps $10 more in his pocket than me. Does that much of a disparity really make common sense? According to Republicans, yes it does. But it should be an insult to middle class America - if they only understood just how much it is that they're really getting screwed by the Republican Party.

Republicans should stop protecting the super rich. Republicans should put a halt to "carried interest" being taxed at 15%. Republicans should ensure that the super wealthy pay taxes at the same incremental rate as middle class America. But no, Republicans protect the super wealthy in our country and hand them income tax candy with ease.

North Carolina deserves better than Republican Senator Richard Burr.

Wednesday, December 8, 2010

Where's Richard Burr's Tea Party?


Something really odd strikes me about this $900 Billion in additional borrowing our federal government agreed to yesterday. Where's the Tea Party?

The ubber right Tea Party came out in force to vote Republicans into office - Republicans who will stop all the spending, stop all the debt, stop all the irresponsible nonsense going on in Washington DC. And the first big thing we hear out of Washington DC after the election is that we're going to borrow an additional $900 Billion, on top of the $2.4 Trillion we're already slated to borrow over the next two years? And the Tea Party is silent?

The Tea Party is full of hypocrites? Are they simply typical ultra right wing Republicans? They bitch and moan about the deficit and debt, yet they'll vote for income tax cuts all day long and ignore the debt and deficit implications.

The definition of insanity is repeating the same thing over and over, but expecting a different outcome. What we're seeing from this latest $900 Billion action is insanity. We're trying to solve economic problems by taking the same actions we took over and over in the Republican Bush administration - cut taxes, go deeper in debt. How'd that work out last time? We're in dire need for the Tea Party to recognize this insanity and take action.

In the North Carolina Senatorial campaign, Richard Burr called the Tea Party his cavalry. And the Tea Party came out in force to support Richard Burr. Hardly a month after being elected, our Republican Senator is now going to kick the Tea Party in the teeth and vote to layer on an additional $900 Billion in debt. That should be a Tea Party wake up call.

It's time for the Tea Party to put a stop to all the insanity going on in Washington DC. It's time for the Tea Party to shame the Richard Burrs in Washington DC into putting a halt to this $900 Billion madness. Its time for the Tea Party to flood Richard Burr's office with phone calls and angry letters. It's time for the Tea Party to put up, or shut the hell up.

North Carolina deserves better than Republican Senator Richard Burr.

Jury Duty convinces me that Richard Burr is a loser


I had jury duty yesterday, waiting in a room all day long to be called and interviewed. While sitting at a table with 3 other fellow citizens, we talked. I listened. On the one hand, it was one of the most inspirational experiences of my life. On the other, it was eye opening and extremely depressing. It left me enraged with our federal government, which I'll blog about later.

Americans are hurting. I spoke with people below the poverty line, who willingly gave up a day of wages to serve our judicial system. Most of these folks live on the edge, no health insurance, relying on food stamps, family members seeking employment, children signing up to serve in the military and being sent off to war. I heard a long, long string of stories that tugged at my heart and left me fighting a deep sadness for the state of our country. Yet, to the one, these folks didn't complain. They weren't asking for more help. They just wanted opportunities to work, and weren't finding any.

It's going to take me awhile to mentally recover from my experience yesterday. One thing is for certain though. If you're reading this and you get a jury notice in the future, don't make an effort to avoid jury duty. Look forward to this experience. You'll never again find yourself with such a golden opportunity to learn what's really going on out there in America. You're put in a room with a couple hundred strangers. You sit there long enough that reading can't occupy all your time. You'll be forced to introduce yourself to others and make small talk. Forget the reading, skip directly to the small talk. Engage people with questions that will enable you to learn about their lives, their children, their employment situations. It's an enriching experience that every American should cherish.

If I was a betting man, I'd bet that Senator Richard Burr hasn't spent a day of his life serving on jury duty. I'll bet you that man hasn't spent a single day of his life sitting, all day long, with average Americans and engaging them in discussion to learn about their lives, the challenges they face, and what they think about how our federal government runs our country. Our Senator hides under his desk and in his upper class life and remains absolutely clueless as to what's really going on in America. Our Senator is a pathetic loser who does absolutely nothing to improve the lives of average Americans. Nothing.

North Carolina deserves better than Republican Senator Richard Burr.

Tuesday, December 7, 2010

Meet the new boss, same as the old boss

Republican Senator Richard Burr was a player in bringing this economic mess to our doorsteps. His support of a President who recklessly cut taxes, and spent like a drunken sailor, aided our government in racking up $14 Trillion in debt. Burr's blind adherence in laissez-faire capitalism took the referees off the playing field and allowed ignorant people and bankers to rape our economy. When we sent these irresponsible Republicans packing in the last Presidential election, I had high hopes that our nation's economic ship could be set on a better path. We put a new boss in the White House.

Meet the new boss, same as the old boss.

Our new leadership now thinks it's an intelligent move to cut taxes on everyone, thereby passing the majority of the benefits to the wealthiest among us. We're going to borrow an additional $900 Billion from China over the next two years to make this happen. Got a problem? Cut taxes. Rack up debt. Spend like crazy.

Meet the new boss, same as the old boss.

Republican Senator Richard Burr and his merry band of Republican comrades in Washington DC are bent on destroying our country. But Democratic President Barack Obama isn't any better. We live in an insane world, run by irresponsible people.

Where's it going? Our equity markets are celebrating now and will move higher. That's relief from not having to force sell by year-end in order to pay less taxes. But at some point next year, we're going down, hard. And there will be no recovery after the next fall. You'd be foolish not to own gold, silver, food, water, guns, and ammo, in mass quantity.

North Carolina deserves better than Republican Senator Richard Burr.

Friday, December 3, 2010

Republican politicians have idiot splashed all over their faces



I didn't have time to blog about it, but the most interesting thing that happened this week? Our Federal Reserve Board was forced to release the details of the Trillions in dollars in lending they did at the very peak of the recent financial crises. To most Americans, this was a snore. This disclosure went right over their heads. Probably fewer than 1 out of 10,000 Americans are even aware that this information was released. But it was earth shattering.

It turns out that our nation's Federal Reserve Board became the banker to the entire world. It lent money, in massive volume, to banks the world over. When history is written on this era, it will reflect that Ben Bernanke, that humble former South of the Border tourist trap waiter of tables, and now our current Chairman of the Federal Reserve Board, wound up saving the entire world economy. Ben Bernanke will go down in world history as a savior. Our great, great, great, great grandchildren will know this man's name, when all others from our era will be long forgotten.

And to think that not 3 or 4 weeks ago, every fucking Republican in the United States Congress wanted to hang Ben from the highest tree. To the one, Republican politicians in Washington DC have a classic case of egg on their face. Republicans look the idiots they appear. And that includes our state's Republican Senator, Richard Burr.

North Carolina deserves better than Republican Senator Richard Burr.

My Income Tax situation says that Richard Burr can go to hell


I bought TurboTax last night. Mistake. My stress level is now through the roof. I've been plugging in my 2010 tax estimates since 5 am in an effort to get a handle on my tax situation and which securities I need to sell before YE. By noon I was livid. It's coming up ugly. So ugly that I'm simply madder than hell. I had to go outside and take walks a few times to blow off steam.

Our government is FUCKED UP. And I blame my Republican Party. After 8 years of a Republican moron in the White House, and 6 years of total Republican control of the Congress, we were left with an income tax code that is so extremely difficult to understand that even I struggle to comprehend how it impacts me personally. What's the big deal you ask? I passed the CPA exam the first time I sat for it. Only 12% of people taking the exam manage that feat. I also passed the CIA (Certified Internal Auditor) and CMA (Certified Managerial Accountant) exams the first time. Bottom line - I'm a certifiable accounting nut job. Then there's that little MBA I earned from the Harvard Business School. But I can't fucking understand our income tax code without a concerted effort that makes my head hurt. If I can't look at our income tax code and adequately plan, with minimal effort, how in the world does an average American even stand a chance?

But that's not the worst of it. After working my tail off in this frustrating tax planning effort, I'm convinced my Republican Party is determined to absolutely destroy middle class America. My income tax situation? I am caught in AMT hell. Even assuming I push out a myriad of AMT preference items into the next tax year, there is nothing I can do to get out of AMT. I wind up paying both total and incremental federal income taxes at rates higher than Warren Buffet! And I'm not even in the same universe as Mr. Buffett when it comes to income. I'm just a solid, middle class American citizen. Yet I'm taxed higher than an American who has a net worth in excess of $45 Billion. Now how in the living hell can that be justified? Republican politicians hate middle class America. Republican politicians take every waking opportunity to dish out income tax candy to the ubber wealthy, and hang the vast middle of America out to dry. That's how.

Warren Buffett was on CNBC a few weeks ago. Warren looked up the income tax stats for 2008 recently published by the IRS. The top 400 earning Americans paid overall federal income taxes at a rate of 17 - 18%. Warren even looked at his personal income tax situation and admitted on national TV that his tax rate fell in that range. That's his total federal income taxes paid, divided by his total taxable income. His incremental income tax rate though was only 15%. His next dollar of reportable income would have been either a dividend or capital gain, which is only taxed at 15%.

Me? My incremental income tax rate, the rate applied to my very next dollar of income (which would be LT capital gain income), is a whopping 26%. I don't get to take advantage of the 15% capital gains tax rate. I'm not among America's ubber wealthy elite. I get stuck in middle class America AMT hell. And I'm going to be paying federal income taxes at an overall rate, federal income taxes divided by my total taxable income, of 23.6%.

Warren? 18 and 15%. Me? 23.6 and 26%. WTF?

Let's condense this down to a very simple example of the problem. If I was Warren Buffet, for every $100 I earn, I'd keep $5 more in my pocket. And the next $100 I earn, I'd keep $11 more. No damn wonder that Warren has more money than me. He has to give less of it to the IRS !!! Is that not one of the most fucked up situations you could ever image? The second richest man in America pays less tax on his income than us. H-O-L-Y ... S-H-I-T.

Republicans delivered this damn mess to our doorsteps. And Republicans, to the one, stand there today and tell middle class Americans that the rich and wealthy in our country need to have the Bush income tax cuts extended to them as well. When are we going to wake up and call bullshit on the damn theft perpetuated on middle class America by the Republican Party?

This is why I so deplore my Republican Senator Richard Burr. This POS, sorry assed Senator thinks we need to reward Warren Buffett with the same income tax cuts that should be delivered to middle class America. Oh really? Wake the hell up. Middle class Americans pay income taxes at rates substantially higher than the rich and wealthy in our country. We need to be kicking Republicans like Richard Burr in the damn teeth and running them the hell out of Washington DC.

Oh sheesh, it's time for one heck of a long, long walk.

North Carolina deserves better than Republican Senator Richard Burr.

Thursday, December 2, 2010

Does Richard Burr read Bill Gross?

Bill Gross? He's THE bond guru. Bill runs one of the biggest bond houses in the US - PIMCO. Bill's the KING of the bond heap in America. When Bill talks, interest rates react.

Bill's latest monthly read is pretty darn interesting. Bill explains how and why our politicians have failed us. These are the sentences that caught my attention:

"Politicians also get elected by promising to keep taxes low, even for the rich, with the argument that small business owners cannot afford the increase. The real beneficiaries however, are the mega-millionaires of Wall Street and Newport Beach."

Hello, Senator Burr? Do you know of Bill Gross? Do you even bother to read his monthly opinion pieces? He's calling you a LOSER.

And yes, Senator Richard Burr is a Class A Loser. The man is all about income tax cuts for the wealthy among us. And the wealthy are making money hand over fist. Senator Richard Burr is handing them millions in income tax cuts, while they are also banking major coin from our Federal Reserve Board's policies. While we hand money to the rich, our country goes deeper into debt and we get closer to economic hell. And when our economy crashes and burns under its massive debt burden, we'll have our idiot Senator Richard Burr to thank for it.

Richard - get off your lazy butt and read the monthly stuff from the desk of Bill Gross.

North Carolina deserves better than Republican Senator Richard Burr.

David Stockman strikes again

David Stockman is having a field day with the pathetic efforts being made to address our nation's fiscal crises. I knew back in July that Erskine Bowles would fail us, again. David Stockman is simply confirming Erskine's failure. Erskine whines that he'll be attacked for going too far. No. Erskine failed miserably by not going far enough in cutting costs, and not going far enough in raising revenues. Erskine is a loser, Class A.

Where's Richard Burr on this critical issue of addressing our nation's fiscal problems? As usual, he's nowhere to be found. Fresh off the campaign trail where he bitched and moaned about efforts to trim Medicare spending by only $500 Billion over 10 years, Richard is now busy helping chemical companies put toxic chemicals in baby bottles and sippy cups. He doesn't have time to think about the $6 Trillion in additional debt over the next 5 years that we'll have to pile on top of our existing $14 Trillion in outstanding obligations. Glad to know our US Senator is focused on the important stuff. Richard "Sippy Cup" Burr is getting the people's business done - helping chemical companies poison infants.

North Carolina deserves better than Republican Senator Richard Burr.