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Tax the super-rich or riots will rage in 2012

edited August 2011 in Off-Topic
http://www.marketwatch.com/story/tax-the-super-rich-or-revolution-will-rage-in-2012-2011-08-16?link=MW_popular

Paul B. Farrell:
"There’s enormous “political pressure not to reverse” inequality till it “explodes in our faces.” We deny the inequality between rich and the other 99%.” ...They thrive on greed, blind to the needs of others. Worse, they have no commitment to America as a nation. From Forbes billionaires and signers of “no new taxes” pledges, to Mitch McConnell’s un-American willingness to sabotage the economy to deliver on his main promise to make Obama a one-term president."

Should be a hell of a market ride in 2012. I'm leaning towards being an even more conservative investor. I share Farrell's view that, well intentioned (I'll give then the benefit of a doubt) but very ignorant tea partiers and politicians who sell their soul to these groups - just for a place on the political stage, will cause havoc in election year 2012.

I'm not as grim as rono and scott, but it's scary.


Comments

  • Hi Mike,

    I hope that you're correct and that PF is wrong and chances are this will prove to be the case. However, a prudent investor must adopt a risk management strategy in order to guard against adverse futures.

    Rioting? or Financial Meltdown? Chances of either are very slim BUT the consequences of either are so severe and dire that to a greater or lesser degree, you simply must guard against the outside chance they'll come to pass. For me, this doesn't mean becoming a survivalist, but simply being very careful.

    peace,

    rono
  • Reply to @rono:

    Hi rono. Hope your retirement is everything you wanted it to be. I miss your daily reports on Asia and the Metals.

    I've totally changed my view on the stability of this country. Riots or even inbred terrorist actions? I think they are very possible in some segments. I think our polarized political system where I can't tell the difference from a right wing politician or a right wing talk show host has led us to "no compromise syndrome". Heck, how do you have a democracy when sides can't take the good in all ideas and "compromise".

    I'm kind of nervous for what's in store for these markets through the next year or so. PRPFX has definitely become my favorite fund .
  • If it takes riots to throw out the socialists that have spent this nation into deep debt, so be it.
    It is time folks learn personal responsibility and stop looking to The Great Community Organizer for handouts. Apparently some have been listening to the DNC party line and not paying attention to the numbers.
  • Reply to @Anonymous:

    I hear you are talking about Reagan, Bush-1, Bush-2 among others.

    http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms
  • edited August 2011
    Reply to @Anonymous: And what "party line", exactly, are you parroting?

    Speaking of parrots, I suggest that you might check out Skeeter's link in the OT forum for a non-partisan perspective... Beware of the Wall Street Parrot
  • Reply to @Anonymous:

    I kind of agree with you anonymous Ralph. We have to stop the special hand-outs given to the Warren Buffet's of the world and start taxing at a fair rate. So, we are both on the same page. Heck, Warren himself says it's preposterous the hand outs this country gives him... Though not all the rich and mighty corporations complain. I never heard a peep from General Electric when they paid only 3% fed taxes in 2010.

    If you listen to either party line, you will not get the whole picture. That's obvious from your statement. Turn off the hate radio and listen to both sides.
  • Howdy,

    I'm sort of in a tough spot. As an economist, I'm very conservative and philosophically in the Austrian sound money/Ron Paul camp. I'm also a tree-huggin', dirt-munchin' druid of a liberal with civil libertarian leanings. teehehe;-)
    I can agree with Perry that Uncle Ben is a treasonous cur and the Fed should be disbanded and its governors jailed. Their only purpose has always been to look out for the super rich and wall street and screw the average citizen.

    Ah, but be very careful what you wish for.

    Hey, the tea party are mostly racist illiterate dogs. BUT, they have some very good ideas regarding the what the fiscal and monetary policies should be.

    Oh, and BTW, both parties are swine and well over 90% of all elected officials over the past few decades are corrupt scumbags that I wouldn't trust with my grandkids.

    peace,

    rono
  • Reply to @rono: Or even somebody else's grandkids!
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