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Obama's Debate Distortions

by Da King on September 29, 2008

in Uncategorized

run barack run

Warning: This post is really long. It's the only way I could lay out all the information.

Barack Obama (D-IL) displayed an interesting tactic (or was it a strategy ?) during the presidential debate at Ole Miss. Basically, Obama started distorting at the beginning of the debate, and kept on distorting right up to the end. Since many people think Obama won the debate, I assume they either value bs as a desirable presidential trait, or they just don't know Obama was lying. I'll assume the latter, because I believe most Americans are honest. The mainstream media can't be bothered with telling you the presidential frontrunner lied his way through the debate (though if John McCain (R-AZ) had been the liar, I imagine it would be front page news), so I guess I'll have to provide the examples. There are many.

1 – Obama's first lie was in his opening statement, when he said this about the financial crisis:

OBAMA: …we also have to recognize that this [financial crisis] is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections

As I have pointed out more than once on this blog, Bush didn't deregulate the mortgage industry. The regulation changes that abetted the mortgage crisis were in place before Bush became president. Most were passed during the Clinton era. They were passed to facilitate easy credit in order to get more low-income people into their own homes. In fact, Bush warned about Fannie Mae and Freddie Mac back in 2003, and McCain co-sponsored regulation of Fannie Freddie, which would have averted the mortgage crisis. The regulations were shot down primarily by the Democrats. Incredibly, Senator McCain let this whopper by Obama slide right by. He didn't even comment on it. Are you TRYING to lose the election, Mac ?

2 – Obama criticized McCain for saying the fundamentals of the economy were strong.

OBAMA: Well, the — John, 10 days ago, you said that the fundamentals of the economy are sound.

This is an out-of-context sound byte that completely distorts what McCain really said. What McCain actually said was that the economy was in crisis. Here's the in-context of McCain's words:

MCCAIN: You know that there's been tremendous turmoil in our financial markets and Wall Street. And it is, it's – people are frightened by these events. Our economy, I think, still, the fundamentals of our economy are strong but these are very, very difficult times. And I promise you, we will never put America in this position again. We will clean up Wall Street. We will reform government.

3 – Obama on cleaning up earmarks.

OBAMA: Well, Senator McCain is absolutely right that the earmarks process has been abused, which is why I suspended any requests for my home state, whether it was for senior centers or what have you, until we cleaned it up.

McCain answered this one himself:

MCCAIN: Senator Obama suspended those requests for pork-barrel projects after he was running for president of the United States. He didn't happen to see that light during the first three years as a member of the United States Senate, [when he made] $932 million in [earmark] requests.

4 – Obama lied about all the tax increases he supported while in the Senate, some for the middle class.

MCCAIN: He has voted in the United States Senate to increase taxes on people who make as low as $42,000 a year.

OBAMA: That's not true, John. That's not true.

Yes, it is true. In fact, McCain understated it. Obama has voted for tax increases on people earning as little as $31,850 per year while in the U.S. Senate. And some 94 times, Obama either voted for tax increases or against tax cuts during his three year Senate career.

Obama Voted Twice In Favor Of The Democrats' FY 2009 Budget Resolution. (S. Con. Res. 70, CQ Vote #85, Adopted 51-44: R 2-43; D 47-1; I 2-0, 3/14/08, Obama Voted Yea; S. Con. Res. 70, CQ Vote #142: Adopted 48- 45: R 2- 44; D 44- 1; I 2-0, 6/4/08, Obama Voted Yea)

The Democrats' Budget Would Raise Taxes On Individuals Earning As Little As $31,850. "Under both Democratic plans, tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent." (Andrew Taylor, "Presidential Hopefuls To Vote On Budget," The Associated Press, 3/13/08)

5 – Obama suggested that Henry Kissinger supported Obama's plan to meet Iranian leaders without preconditions, and Obama tries to deny he ever said he'd meet Iran without preconditions.

OBAMA: Look, I mean, Senator McCain keeps on using this example that suddenly the president would just meet with somebody without doing any preparation, without having low-level talks. Nobody's been talking about that, and Senator McCain knows it. This is a mischaracterization of my position. When we talk about preconditions — and Henry Kissinger did say we should have contacts without preconditions.

Obama DID say he would meet Iranian leaders without preconditions during the Democratic primaries (video here), and has been trying to parse his way out of it ever since. I don't consider this issue a big deal, but Obama has never admitted the truth.

And Kissinger himself sided with McCain:

KISSINGER: Senator McCain is right. I would not recommend the next President of the United States engage in talks with Iran at the Presidential level. My views on this issue are entirely compatible with the views of my friend Senator John McCain. We do not agree on everything, but we do agree that any negotiations with Iran must be geared to reality.

6 – Obama distorted his initial reaction to the Russia-Georgia crisis.

MCCAIN: Well, I was interested in Senator Obama's reaction to the Russian aggression against Georgia. His first statement was, "Both sides ought to show restraint. Again, a little bit of naivete there. He doesn't understand that Russia committed serious aggression against Georgia.

OBAMA: Obviously, I disagree with this notion that somehow we did not forcefully object to Russians going into Georgia. I immediately said that this was illegal and objectionable

No, Obama did not immediately condemn Russia. His first reaction was exactly as McCain described it. Here's Obama's initial statement:

OBAMA: I strongly condemn the outbreak of violence in Georgia, and urge an immediate end to armed conflict. Now is the time for Georgia and Russia to show restraint, and to avoid an escalation to full scale war. Georgia’s territorial integrity must be respected. All sides should enter into direct talks on behalf of stability in Georgia, and the United States, the United Nations Security Council, and the international community should fully support a peaceful resolution to this crisis.

Also, note that Obama called for the UN Security Council to resolve the situation. Russia is a member of the Security Council, and would have had veto power over any UN resolution. Duh.

7 – Obama now claims to be for offshore drilling.

OBAMA: And that means, yes, increasing domestic [oil] production and off-shore drilling.

I'm glad Senator Obama has come around on this issue (right after the Democratic Congress did, sorta), but Obama has been against offshore drilling almost the entire time on the campaign trail. Here's the position Obama has held for the last several years, prior to the GOP gaining a foothold with the issue right before a national election:

OBAMA: Much like his gas tax gimmick that would leave consumers with pennies in savings, opening our coastlines to offshore drilling would take at least a decade to produce any oil at all, and the effect on gasoline prices would be negligible at best since America only has three percent of the world's oil. It's another example of short-term political posturing from Washington, not the long-term leadership we need to solve our dependence on oil.

Pure political opportunism by the Dems and Obama. Plus, the Dems "agreement" to offshore drilling won't really lead to any offshore drilling, but that's a discussion for another day.

8 – Obama now claims to be for missile defense.

OBAMA: I actually believe that we need missile defense, because of Iran and North Korea and the potential for them to obtain or to launch nuclear weapons.

Earlier this year, Obama said he'd "cut investments in unproven missile defense systems" in his own ad ! (Video here). Flip and flop.

9 – Obama said "no soldier dies in vain."

But that's not what he's been saying all along on the campaign trail. Here's what he normally says, from his famous anti-war speech in 2002, the speech that evidently means he should be the next president:

OBAMA: Nor should we allow those who would march off and pay the ultimate sacrifice, who would prove the full measure of devotion with their blood, to make such an awful sacrifice in vain.

10 – Obama disputes McCain saying that Obama would raise spending by $800 billion.

MCCAIN: Now, Senator Obama didn't mention that, along with his tax cuts,
he is also proposing some $800 billion in new spending on new programs.

OBAMA: I — I don't know where John is getting his figures.

McCain is getting his figures by adding up all of Obama's spending plans, that's where. And the figure is now up to $850 billion. (Link here)
—–
I guess that's enough for now. I could also tell you that Obama is NOT going to cut taxes for 95% of Americans, but, you know, I don't want to nitpick.

And did y'all notice that Obama couldn't remember the name of the soldier whose bracelet he was wearing ? Watch him look down to read the name (video here). As George Bernard Shaw said, "The secret of success is sincerity. Once you can fake that you've got it made." Barry needs a little more practice.

  • larry d.

    The man is a charlatan.

  • Ghost of Vince Foster

    King,

    More and more is coming to light as to the root cause of the mortgage mess.

    It turns out that — like you & I said back in the summer — it has to do with the government forcing banks & financial institutions to ease lending restrictions least trhey be charged with racism. This was all done at the bequest of the Democratic party, with the so-called black caucus in the lead an d radical leftwing groups like B. Hussein Obama's ACORN.

    And once the loan requirements were eased –again, initially for the benefit of the Negroes — many others jumped in.

    Seems like affirmative action financing is damaging the economy just like affirmative action admissions for colleges/universities have lower their standards.

  • da truth

    So King you are saying now that you blindly believe everything McCain says? Far better bloggers than I have done the same thing you just did to Obama to McCain. Does it make you wonder why nearly every poll showed Obama won the debate?

  • da truth

    King, and I mean this seriously, why is that after the debate I have to listen to that blowhard Joe Biden and you guys don't even have the decency to send out Palin? At least then would have something to look at. Geez, no fair on that one. Also, have you been invited to Bristol Palin's pre-election wedding?

    Seriously, though, where was Sarah Friday night????

  • CSD@MTV

    Why does Obama keep addressing McCain as "John". I thought it was customary to call each other "Senator McCain" or "Senator Obama". Did they both agree to drop this formality ? Did McCain call his debating foe Barack ? I mean behind closed doors or a more informal setting it's fine but at a nationally televised debate for the Presidency ???

  • Ghost of Vince Foster
  • The Reverend

    I agree. Obama should have addressed Senator McCain by his formal and proper name….Mr. Maverick.

    Dontcha' just love the Ghost's use of racial issues? One of a kind.

    King: #1) The GOP poison pilled the 2003 F&F bill. Who has been president the last 8 years? Who has controlled Congress for the last 6 years? Obama is absolutely correct in saying it's the Bush policies that have failed. It's actually Reagan's policies but Bush continued them. Those policies contain deregulation of all things. Those policies are now bankrupt….yet McCain would continue them.

    #2) Obama…"you said that the fundamentals of the economy are sound."
    McCain…." I think, still, the fundamentals of our economy are strong"
    Obama went easy on John by using the word "sound". McCain's choice of "strong" makes it even worse. King has no credibility on #2.

    #3) Obama suspended his earmark requests. McCain insists on making a thermonuclear mountain out of a pissant hill. Earmarks eat up a whopping 1 1/2 % of the budget. McCain is a crusader for peanuts.

    #4) From Factcheck.org…."What Obama voted for was a budget resolution that would have allowed most of the provisions of the 2001 and 2003 tax cuts to expire."
    Obama's plan now is for tax increases on those making over $250K.

    #5) What McCain means by pre-conditions is that Iran must stop enriching uranium, period. Obama would have conditions, as he has clearly stated, but he wouldn't insist that Iran stand on it's head in humiliation before beginning direct diplomatic talks. This particular issue is petty and childish.

    #6) Obama insisted that both parties in the Russia-Georgia conflict should stand down. Why in the hell would Obama condemn Russia for intervening in the Georgian killing of Russian peacekeepers inside the two dissident provinces? McCain shot from the hip, ignorantly and embarassingly, by condemning Russia with shallow thuggish words and telling Georgians that Americans were "all Georgians now." Obama showed restraint and caution. McCain seemed reactionary and dumb.

    #7) Obama knows that drilling will do nothing….abso-freaking-lutely nothing….to impact oil pricing. However, Obama is willing to work across the aisle to accomplish a greater good, even if it means allowing meaningless drilling. To get a comprehensive energy package Barack is willing to meet halfway. That's what a leader does. McCain, once again, hip shoots with stupid slogans like…"drill, baby, drill". Moronic stuff, really.

    #8) Obama said we NEED a missile defense system that works. We don't have one, we need one….and the one Bush is pushing on eastern Europe doesn't work either. Obama says the missile shield thing is "unproven"….and that's correct. Obama is against funding more stuff that doesn't work. If the technology isn't here yet…then why simply throw money at it? That's his position.

    #9) Obama said this…"Nor should we allow those who would march off and pay the ultimate sacrifice, who would prove the full measure of devotion with their blood, to make such an awful sacrifice in vain."

    Are you saying we SHOULD allow our soldiers to make an awful sacrifice in vain? Obama said we should not allow our soldiers to die in vain. What? Are you against that now too?

    #10) While it's true that Obama has new and urgent spending plans….he also is offsetting that with tax increases on the wealthiest, ending the Iraq money drain, ending Big oil subsidies, punishing offshore havens, etc.

    The government will need to spend money….on all those soup lines coming our way.

  • Ghost of Vince Foster

    Here's to correct the distortions of the Dim's.

    The following excerpts are from http://www.humanevents.com/article.php?id=28714

    What do you think of this, King?

    +++

    Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

    Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke — it's a fact.

    When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

    In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded."

    Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses.

    In Bush's first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government's "implicit subsidy" of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

    Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats.

    Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.

    Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.

  • The Reverend

    According to Ghost, obviously a rocket scientist, socialist Democrats bent the arm of bankers and mortgage sellers to write mortgages with trick clauses in them, benefiting mortgage holders. Ghost, temporarily setting aside his work on serious quantum physics experiments, insists that if it wasn't for Democratic welfare efforts directed toward minorities….none of this bailout to Wall Street rich guys would be necessary.

    Advice to Ghost….return to work on that missile shield stuff….you're lacking…ummm…credibility on this economic meltdown stuff.

    Political correctness is why Wall Street is in flames.

    Freaking brilliant.

  • roysoldboy

    Rev Red says: " The GOP poison pilled the 2003 F&F bill. Who has been president the last 8 years? Who has controlled Congress for the last 6 years? Obama is absolutely correct in saying it's the Bush policies that have failed."

    Now Rev, you need to look at some truths that you fail to see. Listen to Harry Reid some time and hear why he says his Dem majority can't get anything done. It is the silly Senate rule that allows the minority to hold the majority back because of the need of 60 votes on so many things. He is pushing for that kind of majority so he can ram things through. Now you look at the Senate majority the Republicans had during those 6 years you like to talk about so much. Somehow I remember when all 44 Democrats voted for the "Amnesty bill of 2006" that McCain and Kennedy sponsored. There were 44 Dems and when all of them voted for that thing they knew that enough Republicans were politcally correct thinkers along with the RINOs in the group. Well they passed that thing but the House didn't allow it to go.

    I keep wondering how McCain warned about the F and F twins in 2003 and yet
    Congress did nothing. Well of course it was that 60/40 rule. You don't recognize any of that, though do you. Come on Red, you see it but don't want to admit it.

    I wonder how many "failed policies of Bush" have been caused by that silly rule alone. Only someone who was purely partisan wouldn't recognize how much truth there is in this. Are you maybe one of those partisan fools? Maybe?

    Rev Red says: "#3) Obama suspended his earmark requests. McCain insists on making a thermonuclear mountain out of a pissant hill. Earmarks eat up a whopping 1 1/2 % of the budget. McCain is a crusader for peanuts."

    Have you ever taken the time to figure out how much would have been spent in earmarks if each and every Senator had asked for as much in earmarks as Obama did in his earmark years? Take a few seconds to do that. Now remember that there are 100 of them not just Obama.

    Red you say that Obama knows what all Dem politicians seem to know, that drilling in our off shore area won't affect the price at the pump immediately. I am sure that any fool knows that but I am also sure that if we started drilling seriously within 50 miles of the shoreline those who supply us now would start to get the point that we are serious and I think the price of oil would drop like a rock in the pond as they try to convince us that they really do want to work with us. Produce your own and they will slow down what they do quickly.

    More Red: "#8) Obama said we NEED a missile defense system that works. We don't have one, we need one….and the one Bush is pushing on eastern Europe doesn't work either. Obama says the missile shield thing is "unproven"….and that's correct. Obama is against funding more stuff that doesn't work. If the technology isn't here yet…then why simply throw money at it? That's his position."

    We need a missile defense system that works, but how do we get it if we spend no money on development. It seems that both you and Obama think that if we don't have a thing we should spend research money from that area on health insurance or something like that. I think that on this one point only Obama failed to win that debate but I do agree with King that Obama was very wrong too many times.

  • da truth

    And now our insightful ghost Vince cites that bastion of impartiality, Ann Coulter, for his latest missive…..genius. In so doing, Vince, are you implying that you would have voted for Mrs. Clinton over Senator Obama? You have just proven that every name that the Rev or I ever called you, you are. The sources of your opinions leave something to be desired.

    And yet still no answer to my question………where's Sarah??? Will the last person leaving the sinking corpse of the Republican party please turn the light out.

  • Ghost of Vince Foster

    You're right, Roy, America needs a missile defense system that works. But since such a shield would go a long way in protecting the country, the Dims are naturally against it.

    Witht he missile defense shield, the problem is not Dim's politically correctness — i.e., like how their financial affirmative actionprecipitated the mortgage mess. This time it's the Dim's usual self-hatred of country. To Dim 'thinking,' you're patriotic if you want the country weakened — or if you want taxes raised.

    No wonder the Dims nominated a 'citizen of the world' named Barack Hussein Obama as their presidential candidate. How could they do otherwise?

  • The Reverend

    roy blames the Bush policies of failure on obstructionistic Democrats.

    That makes for a good laugh….but that's it.

    roy says…

    "how much would have been spent in earmarks if each and every Senator had asked for as much in earmarks as Obama did in his earmark years?"

    roy…please…let me illustrate. What if an asteroid hit the planet and killed us all….do you realize how many earmark dollars that would save us?

    And then from roy…

    "those who supply us now would start to get the point that we are serious and I think the price of oil would drop like a rock "

    Simply a psychological ploy…..the drilling…..huh, roy? Yeah, serious oil people who know how little oil is under North American territory, would really "start to get the point" alright…..the point that we are morons.

    Finally, on missile defense. The stuff we have…doesn't work. Why in the hell would we install non-working stuff all around the world…..what purpose does that serve?

    Funding for research is a completely separate matter. Continuing to fund non-working technology….that's the problem.

    And Ghost says Dems are against protecting the country. He's such a friendly and funny Ghost. Democrats are against continuation of obscene funding for a "missile shield to nowhere."

    I suppose Ghost could try to protect the country with non-working comic book ray-guns too. But ray guns….like missile shields….don't work yet.

  • Aaron

    Off-shore drilling will most certainly affect the oil prices, because oil prices are on the open market now, a market fueled as much by emotion and speculation as fact.

    I agree with the Democrats assertion that what we stand to gain from off-shore drilling (both in quantity and timeframe) is a drop in the bucket of the world's oil supply. No argument there. However, even the idea and threat of beginning off-shore drilling has already dropped the price per barrel significantly.

    If the market were already at the true cost per barrel of oil, then offshore drilling would be unnecessary (and not even debated). However, I believe that this can go a long way towards market correction and making things easier on all of us.

  • Da King

    Vince,
    I saw firsthand how the banks were pushed into handing out mortgages to low-income people who weren't qualified. I worked in the banking industry for 12 years. And Fannie and Freddie were used to buy up the bad loans and resell them. That is how the mortgage crisis arrived the minute the housing bubble burst. If not for the government, this would never have happened on anywhere near this large a scale. Blaming the mess all on Republican deregulation is a joke.

  • Da King

    da truth,
    I believe we just saw Palin with Katie Couric, and she has a debate coming up on thursday.

  • Da King

    Rev,
    #1 – This one's simple to settle. If it's Bush policies that created the mortgage crisis – point out some of those policies to me.

    #2 – I posted the full McCain quote in context. You did what you always do, point out only the part that serves your aims.

    #3 – You say "McCain is a crusader for peanuts". Since when is $18 billion "peanuts" ? You have illustrated the entire problem with Washington D.C. with that stance.

    #4 – Your response had nothing to do with the issue.

    #5 – I agree the issue is small, but it still illustrated Obama's dishonesty.

    #6 – You say "Why in the hell would Obama condemn Russia for intervening in the Georgian killing of Russian peacekeepers inside the two dissident provinces?" But Obama DID condemn Russia in his statement on day three. At that time, Obama adopted McCain's position. You better have a talk with your boy.

    #7 – Only fools think adding new domestic oil supply by drilling won't affect prices. If that was true, then the recent disruption of oil due to hurricane Ike wouldn't have affected prices. It did. For god's sake, when Bush even announced that he would lift the offshore drilling ban, oil prices fell. Find a new talking point. That one's absurd. And anyone who thinks we won't need oil in 10 years is an idiot.

    #8 – Your statement represents Obama's earlier statements about missile defense. The problem is, as I pointed out, Obama changed his stance in the debate. You better go back and read what I posted.

    #9 – What in the heck are you talking about ? I just pointed out Obama's conflicting statements.

    #10 – I guess we agree. Obama is going to propose tons of new spending (and taxes) when the country is already in an economic problem. Exactly the wrong thing to do.

  • Da King

    Vince,
    I wholeheartedly agree that is was primarily Democratic policies that created the mortgage crisis (they had some GOP help, though).

    I've been wondering why the GOP is so quiet about this, when seemingly every Democrat in front of a microphone blames it all on Bush and McCain. Obama does it constantly. McCain didn't even respond when Obama did it during the debate. Obama served up a fat pitch for McCain to knock out of the park, and McCain passed on the chance. I couldn't believe he let that pass.

  • Ghost of Vince Foster

    King asks:

    "I've been wondering why the GOP is so quiet about this, when seemingly every Democrat in front of a microphone blames it all on Bush and McCain."

    Simple. This near trillion dollar financial mortgage scandal has a significant racial aspect to it — call it affirmative action financing.

    And, according to the dictates of political correctness, the Negro [and those 'helping' him] can NEVER be held accountable for any mess they cause. NEVER.

    And unfortunately, the GOP is not courageous enough to openly defy political correctness on as big a mess as this is and one that is so clearly racial motivated.

    +++++

    King,

    As you mentioned, Sarah debates Biden tonight. But get a load of the moderator — PSB uber-lefitst Gewn Ifill, who also happens to be coming out with a book prasing B. Hussein Obama.

    Not only does this show how bias the drive-by media is but alsoi how little faith the Left has in Biden. Nobody expects clueless Joey to hold his own agains the 'inexperienced' lady from alaska so they rig the debate by having the moderator in the tank for BO.

    For something as nearly outrageous as this from the GOP, you'd have to have Sean Hannity modering a debate between BO and McCain … expect that Hannity is far more honest than Ifill ever could be.

    http://www.nypost.com/seven/10012008/postopinion/opedcolumnists/impartial__vp_debate_host_pens_book_laud_131515.htm?page=0

  • averagejoe5

    "While it's true that Obama has new and urgent spending plans….he also is offsetting that with tax increases on the wealthiest."

    I heard the story below is sample from the Democratic School of economics. Teaching them to understand how things work in a capitalist society. Put in terms they'll understand. One day they will get it, when what happens in the last 2 lines of this story happens to them. (it already is in some industries)

    "Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

    The first four men (the poorest) would pay nothing.
    The fifth would pay $1.
    The sixth would pay $3.
    The seventh would pay $7.
    The eighth would pay $12.
    The ninth would pay $18.
    The tenth man (the richest) would pay $59.

    So, that’s what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. ‘Since you are all such good customers, he said, ‘I’m going to reduce the cost of your daily beer by $20. Drinks for the ten now cost just $80.

    The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. What happens to the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his ‘fair share?’ They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

    And so:

    The fifth man, like the first four, now paid nothing (100% savings).
    The sixth now paid $2 instead of $3 (33% savings).
    The seventh now pay $5 instead of $7 (28% savings).
    The eighth now paid $9 instead of $12 (25% savings).
    The ninth now paid $14 instead of $18 (22% savings).
    The tenth now paid $49 instead of $59 (16% savings).

    Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.

    ‘I only got a dollar out of the $20,’ declared the sixth man. He pointed to the tenth man, ‘But he got $10!’

    ‘Yeah, that’s right,’ exclaimed the fifth man. ‘I only saved a dollar, too. It’s unfair that he got ten times more than I!’

    ‘That’s true!!’ shouted the seventh man. ‘Why should he get $10 back when I got only two? The wealthy get all the breaks!’

    ‘Wait a minute,’ yelled the first four men in unison. ‘We didn’t get anything at all. The system exploits the poor!’

    The nine men surrounded the tenth and beat him up.

    The next night the tenth man didn’t show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important.

    They didn’t have enough money between all of them for even half of the bill!

    And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier."

    We cannot continue this tax and spend and steal from the rich scheme. This is a global economy now. Our largest compaines are moving to other countries especially a little place called Dubai. Why Dubai? They love business in Dubai and charge no taxes. They have all the energy they need and profits from the energy they are transporting and they are building Nirvana right in the middle of the desert. Even Al Gores company, "Generation Investments" is located in London. Does that tell you something. We have the resouces to do that here also, but the people that run our government are worried about their own agendas and making a difference in their little circle of influence, so they have decided to throw it away. We our killing the goose that lays the golden eggs. Our golden eggs.

  • Da King

    Vince,
    To hell with political correctness. The GOP has to start assigning the blame for the mortgage crisis where it belongs, or they are going to go down in flames in november. I heard yesterday that the McCain campaign is going to start putting ads out about the mortgage crisis, but McCain needs to jump all over Obama on this subject in the coming debates.

    Did you know that Gwen Ifill just HAPPENED not to mention her book "The Age Of Obama" to the Debate Commission ? I'm sure the fact that she was in the middle of writing a book about Obama, a book that depends on an Obama presidency for Ifill's own financial gain, just slipped her mind. NOT. She should be replaced. I thought Jim Lehrer played it fair in the last debate, so they should just let him do all of them.

  • Da King

    Joe,
    I love that story. I was looking for it to post it a few months ago, and I couldn't find it. The fallacy of socialism.

  • The Reverend

    Wow…the wingnut frenzy of nonsense.

    Anyway…to Aaron's comment.

    Yes…it is true that psychology plays a big part in trading stocks or options. I would also point out that it is exactly when psychology takes over the process when America gets royally, you know, screwed.

    The current lower price of crude has not been caused by discussion of new off-shore drilling….in my opinion. Instead, the lower price, I think, is reflective of actual lowering of worldwide demand. After a psychological frenzy of greed drove crude up to $144 a bbl…..more sober reflection on the, you know, actual fundamentals, drove prices lower.

    The problem right now with America's economy….is reliance on pyramid money schemes to produce a quick profit. We've seen it during the Dot.com bubble, the Enron scam, the run-up of crude prices and now….in mortgages.

  • larry d.

    In other words, psychology plays a part when the Reverend says it does. When he says it doesn't, it doesn't.

  • http://www.1stmoneyopportunities.com ray

    can anyone tell me a good section to go for, for options?

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