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Taxes, “Socialism” & Political Reality
November 3rd, 2008
We’ve seen a lot of desperation as the world (and US) economy tanks in the wake of the mortgage-loss pyramid scheme crash. We’ve heard a lot of hyperbole and rhetoric from the candidates who want to replace Bush-Cheney as President and Vice-President of the United States. This is The Week That Was, votes will be counted tomorrow night, and we should know sometime in the wee hours of Wednesday which of the contestants gets the erstwhile “prize.”
As Wall Street began its precipitous fall, Republican candidate John McCain was busy informing the nation that the ‘fundamentals’ of our economy are strong. No, they aren’t strong, they’re utter failures after years of massive tax cuts to the wealthy, heavy borrowing to support two wars, and the “Unfettered Free Market” [TM] frenzy allowed by blanket de-regulation of the banking and investment sectors.
To get an idea of just how outrageous things had gotten, consider the so-called “Mortgage Meltdown” that took so many once-staid capitalist houses into ruin. We all know that housing prices had ballooned in most urban areas of the country, a ‘bubble’ sustained by the practice of lending to workers whose incomes haven’t seen even a minimal rise in more than 30 years, for houses that cost easily twice as much as they could hope to afford and three times what they were actually worth. Many of these loans were made with specific criminal intent to skim fees off the top, and saddled with adjustable interest rates that worked just like time bombs to force people into bankruptcy.
Filed under Bankruptcy, Economic Depression, Economic Recession, Education, Elitism, Government Bailouts, Housing, Income Inequality, Politics, Taxes | Comment (0)Oh, For Heaven’s Sake!
August 21st, 2008
Does this guy really need OUR house?
Mere days after causing a regular knee-slapping laugh riot with his claim that the average middle class American probably brings home something around $2.5 million a year (by way of being “rich” if you make $5 million a year), Republican Presidential Candidate John McCain told Politico that he’s not sure how many houses he owns. “I’ll have my staff get to you,” he said, since some of those houses are condos, and all condos look alike apparently. The correct answer, by the way, is at least seven, maybe ten.
By the way, if you’re feeling a little low because of that foreclosure notice you just got in the mail, here’s a slide show of McCain’s home (the one pictured above) from Architectural Digest, 2005. They may have sold it by now, but I don’t think it’s because they couldn’t afford the payments plus jet fuel for ‘getting around Arizona’ at the same time.
Filed under Bulk Buying, Elitism, Housing, Humor, Politics, Transportation | Comment (1)
