The biggest borrower in the history of the known universe lectures college students not to live on credit. Of course, to be fair, they can’t print their own money.
15 thoughts on “The Audacity Of Audacity”
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The biggest borrower in the history of the known universe lectures college students not to live on credit. Of course, to be fair, they can’t print their own money.
Comments are closed.
Well, he’s right. If they start competing with him to borrow money, then his interest rates will rise. That wouldn’t be nice. That would set back the cause of Needed Reform that will, by and by, bring us all three free lunches a day.
Obama needs people to Buy War Bonds, you betcha. No more borrowing for you and me, unless it’s from the Federal Government, which will promise to pay us back in greenbacks, Confederate scrip, or unicorn scat, whichever seems most reasonable at the time.
I want unicorn scat. Just think what I can get for it on ebay?
Unicorn scat is best for growing money trees too. That’s what I use on mine. Although it seems to be turning all the $3 and $7 bills orange.
Obama is a moron, plain and simple.
“We started living on credit, instead of building up savings.”
Sounds like he’s criticizing the last 28 years.
A valid criticism.
Americans now save 6-8% of household income, that’s a bit low, but still
significantly better then the Bush Era where household savings collapsed.
“Americans now save 6-8% of household income, that’s a bit low, but still
significantly better then the Bush Era where household savings collapsed.”
That started 2Q LAST YEAR. Who was President? 401k investments had a lot to do with the drop in savings. Since the market started to drop, people shifted from one to the other.
How do you get through the day without accidently killing yourself?
What was the average Household Savings rate during the Bush 8 year period?
http://4.bp.blogspot.com/_pMscxxELHEg/SghkMj7_XNI/AAAAAAAAFOE/8r1iqveqYyU/s320/PersonalSavingLong.jpg
looks like about 3%, and it’s a total downward trend until one day americans just said “Let’s change how we live, lets change how we vote.”
What was the average Household Savings rate during the Bush 8 year period?
And those of us who did save were suckers. I got a 401(k) statement the other day, and while it did go up in value a bit during the last month, it’s still lower than it was back in Dec 2004. I guess “under water” only qualifies for bailouts when you take out bad gov’t sponsored mortgages.
And anyone who believes that people are saving now because Our Teleprompter Messiah (pbuh) in now president is right… because they are saving against the disaster He has already shown that He intends to make of our economy.
“one day americans just said “Let’s change how we live, lets change how we vote.””
I think I just vomited in my mouth a little *burp*. Carl’s Scat o’ da Unicorn has more proximity to reality then this garbage. A lot of people just thought they were gonna get bailed out and their mortgage payments and utilities bills would just, poof, disappear. Then, a basket full of fluffy kittens would appear on their door step courtesy the big O.
“And those of us who did save were suckers.”
For 40 years the tax code has disincentivized svings in favor of consumption,
and the tax code has put tremendous power in the hands of the moneylenders. That it expanded exponentially the last few years was inevitable.
And while it has always felt bad to get 2-3% on a savings account, I always like having enough cash on hand that I could buy a car if i wanted to.
It’s proved handy when i’ve had faced emergencies.
The Voracity of Hope. It hungers.
“For 40 years the tax code has disincentivized svings in favor of consumption,
and the tax code has put tremendous power in the hands of the moneylenders. That it expanded exponentially the last few years was inevitable.”
And how are Mr. Obama’s and Ms Pelosi’s proposed “taxes on the rich” (largely on investment income) supposed to restore incentives to savings?
The knock on Mr. Bush on these pages is that he was a government spendthrift and the knock on Mr. Obama is that whatever Mr. Bush did, Mr. Obama will do fourfold. And we hear time and time and time again from the house trolls “Ohhh, you conservatives are complaining about the deficit, what about Boosshh’s deficits?”
To talk now about the tax code offering disincentives to savings takes the prize. If your social program is to have more equitable distribution of wealth, you are going to offer even more disincentives to savings because how else are you going to equalize wealth? The reason wealth is unequal is that some people are able to consume less than whatever it is that they earn, and if there are positive returns on savings, whoever is able to save is going to become wealthy and whoever is not able to save is going to stay poor.
Raoul and Paul have an excellent point.
What’s another name for “people who diligently save a lot of their money?” Wealthy. What are Team Obama’s plans for wealthy people?
I have little doubt The One’s speech was yet another layer of his marvelous Big Lie theory of misdirection. The truth is, if you’re a natural saver you’re going to be screwed by this Administration. Your savings are going to be expropriated for the use of natural borrowers, the people who can never seem to keep ahead of the bills. If you are aware of those facts and have a brain, you will be worried. If you get worried and angry, you may start going to Tea Parties, maybe even reconsider your vote next year.
That’s why Mr. Unicorn gives you a nice, soothing speechful of Jedi mind tricks. These are not the droids you’re looking for. Pay no attention to what I’ve been doing, that’s just some weird pile of coincidences, painted in the worst possible light by wreckers and malcontents. I may have to nibble around the edges at your built up life’s savings, but it’s small potatoes, really, and you’ll get many benefits back, like sticking it to those nasty Republican bankers who wouldn’t refinance your house, making you feel part of a great Saving Mother Earth movement — oh, and did I mention a Free Lunch? Healthcare for all? Anyway, just trust me, because, really, I share your values.
Obama’s savings incentive plan:
Don’t save for health care. Cheap, efficient, good health care will be universal and paid for by the old, fat, rich white Wall Street types.
Don’t save for college. State colleges will be cheap, efficient, and good. Entrance is by merit – meaning the poorer you are, the more likely you’ll get in and have the state pay for it.
Don’t save for retirement. Social Security and Medicare are solvent – no crisis in sight – and we’re going to (naturally) make sure they continue to provide for our elderly.
Don’t save for posterity. We’ll tax you if you do. And we’re adding a new tax on charitable contributions (even as death bequests). The rich don’t need their names on more buildings. And the church cuts into far too much of government’s sphere of influence.
Don’t put your savings into housing – we’re thinking of removing the mortgage interest tax deduction. That oversight clearly overwhelmed the market’s sanity. Being poor will be even more of an advantage here in the future.
Don’t put your savings into stocks. The Bush Tax Cuts on Capital Gains are an affront to humanity and are first up for the ax. But, since that right-wing extremist didn’t have the votes (even with 55 Republicans!) to make it a permanent reduction, it will be expiring in 2010 anyway. So we’ll take credit for it while -also- casting blame for exactly the same thing.
Don’t put your savings into Bonds. At least, not of any company within reach of the White House. Because we’ve managed to change Washington by having the stones to lean on secured creditors. This plan has worked so well throughout history.
Don’t use your savings to buy a business. We’re leaning on auto dealership franchises this week, who knows what’s next. Profitable dealerships getting canned – can’t have anything to do with, say, donorship rolls.
Don’t buy land. We’ve already changed water access rights to cause drought in California, and will similarly do whatever we can to inhibit your rape of Gaia.
“What’s another name for “people who diligently save a lot of their money?” Wealthy”
What is the difference between Rich and Wealthy?
Shaq is Rich, but, the guy who signs his paycheck is Wealthy.
“Shaq is Rich, but, the guy who signs his paycheck is Wealthy.”
Read Shaq’s biographical pages, then decide if that’s really true. He certainly appears to be spending a lot more money than Robert Sarver, but the net worths seem to be in the same ballpark.
Another way of saying this:
Shaq’s net worth appears to be higher than twelve of the NBA owners.
And that is -with- a lifestyle blowing a million-a-month.