Dow Tanks On Obama Plan
Feb 11, 2009 Political
On Monday night Barack Obama preempted regular programming in order to get on the air and scare people into supporting the future generation bankruptcy plan. After he told us of the dire consequences of inaction he took some questions. Some of those questions dealt with the second half of the TARP money and what was going to be done to ensure that it worked and there was accountability. Obama said that his Treasury Secretary Tim [Geithner] would be speaking at a press conference tomorrow [Tuesday] and would explain it all. Obama did not want to steal Geithner’s thunder.
Well, Geithner spoke and all I can say is if this is the brightest guy and the only one who could handle the problem then we are in real trouble. This specific plan that Obama said would be revealed was a very general plan with NO specifics. There was no meat to the thing. He did manage to say that access to government resources is a privilege and not a right. I want to point out that they are not government’s assets because government has none. The assets belong to the taxpayers who have them confiscated.
In any event, Geithner and the rest of the government would do well to remember his words. Access to our money is not a right. It might be legal but that does not make it right.
This plan had no substance but we were assured that they would tell it to us once they got it straight. If it takes as long for him to come up with a plan as it did for him to pay his taxes we will all be dead of old age before it is published. This is the guy who was told he had to pay taxes and was given money to do so but decided not to anyway. If he was told to and said he would (signed a paper indicating) and then did not then it must have been intentional.
Obama promised a plan and he promised Geithner would deliver it. The guy comes out today and he has no plan. He is lacking substance and the genius who was going to fix it all because he had the answers brought so little out today that he wasted our time.
Wall Street reacted unkindly. The Dow dropped around 400 points today after he “detailed” the plan.
This is the plan Obama made us wait for?
Related:
Politico
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Democrats Have A Taxing Problem
Jan 31, 2009 Political
The Democrats are always ready and willing to raise taxes or to eliminate any tax cut that has been put in place. Even though they readily admit that tax cuts help the economy (like when they say we need to hold off on increasing taxes during this economic downturn) they still fail to recognize the benefits once things are better. Democrats always want taxes increased except to the bottom wage earners. They will always cut your taxes because you pay none to begin with.
The funny thing though, is that Democrats don’t like to pay their fair share. Sure, they talk a great game. Bill Clinton once said he should pay more in taxes but he never sent more money into the Treasury to help with the debt. Anyone can do that at any time. John Kerry talked tough about paying taxes but he checked the box allowing him to pay the lower state rate in Massachusetts and his wife made 2.54 million dollars in nontaxable income. The wealthy know where to invest to avoid taxes even as they tell you to pay more.
Look at the number of problems we have had with Democrats recently. Charlie Rangel, the slick talking huckster from New York and Congressman who writes tax policies, failed to pay taxes on one of his properties and he has been gaming the system with regard to homesteading.
Tim Geithner, Obama’s new Treasury Secretary, deliberately did not pay his taxes from 2001-2004. I know they said it was a hiccup or an oversight but he received money to pay them and he signed a form saying he would so he knew about them and chose not to pay them. This is the guy who is so smart he is the only one who can guide us through these economic perils. He was not bright enough to pay his taxes nor was he bright enough to get away with it. How comfortable does anyone feel with his ability to work with money on a much larger scale?
Now it appears as if team Obama has another problem with a tax cheat. Tom Daschle, former Senate Majority Leader and Obama’s choice to lead Health and Human Services failed to pay his taxes and has sent the IRS around 100,000 dollars for the taxes and penalties. This stems from Daschle’s use of a company car and driver which were provided free of charge. He did not report them as income. When Daschle was the Senate Majority Leader he had a car at taxpayer expense and probably figured he was entitled to this…
It appears that Obama did not have such a good vetting program after all. He handed out a questionnaire and asked people to fill it out. He is learning that the people will only provide information they want released but he should have known this all along. He has not released his birth certificate because he does not want the information made public.
Unlike the birth certificate (which, ironically, is under lock and key for the guy who claims transparency in government), the forms Obama uses will eventually be checked and the public will be aware. By then it will have caused embarrassment to the sainted one though there are indications that he knew of the problems and proceeded anyway. And the left skewered Bush for loyalty…
It is funny that the same government that could not get Al Capone for any of his illegal activities such as bootlegging liquor (like the Kennedy’s did) ended up putting him in jail for failing to pay taxes on his ill gotten gains. It is even more ironic that the very government that put him in jail for not paying taxes is now full of people who did not pay their taxes.
But this is the way it is with the do as I say and not as I do Democratic party. Taxes and all the other rules are for the peons. Obama said we can’t have our thermostats set at 72 and expect the world to take us seriously but he has his thermostat so high the Oval Office feels like a greenhouse. Obama said he would be transparent and he has been anything but. Obama promised no lobbyists but he has them and he promised ethics but it looks like some of his nominees are ethically challenged.
All politicians are hypocrites. Democrats are particularly good at it though because they practice it all the time. These people are filthy rich and they do not pay their taxes and at the same time they call for more taxes on the wealthy. Obama chastised Wall Street executives for their greed and irresponsibility and he has nominated people who meet the very definition of greed and irresponsibility to be in his administration.
Not to worry though, Obama said it was a bump in the road and he and Chuck Schumer (a mega idiot) still support Tom for the job. I guess this putz is the smartest man around who can handle health and human services.
Obama has been in office about 10 days and he already has a number of issues that deal with ethics and judgment. He fails on both counts though you won’t hear about most of it in the MSM.
But after all this I have a better understanding as to why Democrats like to increase taxes. Most of their constituency is in the group that does not earn enough to pay taxes and the rest are in the group that just fails to pay their taxes.
Either way, it is the rest of us left to pick up the slack.
I imagine Obama is up to a pack a day after all this.
To Republicans in the Senate; vote no on Daschle.
Sources:
ABC Political Punch
Bloomberg
Politico
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Treasury Selection Fails To Pay Taxes
Jan 14, 2009 Political
The man Barack Obama selected to head Treasury failed to pay about $34,000 in taxes. Timothy Geithner was selected to run the Treasury and he is unable to do what he will expect the rest of us to do. I guess he got his training from Charlie Rangel.
What is it about Democrats that makes them want to tax the hell out of us but not to want to pay their own taxes?
Barack Obama must be slightly embarrassed by this little event given his multi-page vetting form that should have picked this up right away. But incoming White House spokesman Robert Gibbs explained it all away:
“He’s dedicated his career to our country and served with honor, intelligence and distinction,” incoming White House spokesman Robert Gibbs said. “That service should not be tarnished by honest mistakes, which, upon learning of them, he quickly addressed.” My Way News
You see, this is a lie. He paid the taxes a few days before his nomination was announced but that was not “upon learning of them” as indicated. Geithner was informed by the IRS that he owed money in 2006 which was two years ago. Additionally, he failed to pay his taxes on more than one occasion. The truth is that he went for years owing taxes to the government.
If he has such blatant disregard for the law as a citizen how will he act when he is in charge of Treasury?
Geithner also employed an illegal, or as the spokesman calls her, a person without documents.
Geithner also didn’t realize a housekeeper he paid in 2004 and 2005 did not have current employment documentation as an immigrant for the final three months she worked for him, the transition official said.
Boy, the Obama team really missed two big issues with this guy. I hope they pay a bit more attention when they are running the country.
Related:
Wall Street Journal
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Tags: geithner, illegal immigrants, Obama, tax evasion, treasury