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By Liliana Martinez-Scarpellini Nov 2, 2008, 1:34 GMT
Multi-millionaires also back Obama ahead of election
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Older Talkback
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'For starters, the country's two richest men, Warren Buffett and Bill Gates, have already said they will vote for Obama'
Fine, they don't have to worry avbout GETTING rich, they already are. If I can't because there are no jobs because Obama has taxed them all to China what's that to them?
'Gates - worth an estimated 55.5 billion dollars - contributed 2,300 dollars to the Democrat's campaign in the primaries.'
Gee, think he could spare $2,300?
After the big gamble on subprime mortgages that led to the current financial crisis, is there going to be an even bigger gamble, by putting the fate of a nation in the hands of a man whose only qualifications are ego and mouth?
Barack Obama has the kind of cocksure confidence that can only be achieved by not achieving anything else.
Anyone who has actually had to take responsibility for consequences by running any kind of enterprise-- whether economic or academic, or even just managing a sports team-- is likely at some point to be chastened by either the setbacks brought on by his own mistakes or by seeing his successes followed by negative consequences that he never anticipated.
The kind of self-righteous self-confidence that has become Obama's trademark is usually found in sophomores in Ivy League colleges-- very bright and articulate students, utterly untempered by experience in real world.
The signs of Barack Obama's self-centered immaturity are painfully obvious, though ignored by true believers who have poured their hopes into him, and by the media who just want the symbolism and the ideology that Obama represents.
The triumphal tour of world capitals and photo-op meetings with world leaders by someone who, after all, was still merely a candidate, is just one sign of this self-centered immaturity.
'This is our time!' he proclaimed. And 'I will change the world.' But ultimately this election is not about him, but about the fate of this nation, at a time of both domestic and international peril, with a major financial crisis still unresolved and a nuclear Iran looming on the horizon.
For someone who has actually accomplished nothing to blithely talk about taking away what has been earned by those who have accomplished something, and give it to whomever he chooses in the name of 'spreading the wealth,' is the kind of casual arrogance that has led to many economic catastrophes in many countries.
The equally casual ease with which Barack Obama has talked about appointing judges on the basis of their empathies with various segments of the population makes a mockery of the very concept of law.
After this man has wrecked the economy and destroyed constitutional law with his judicial appointments, what can he do for an encore? He can cripple the military and gamble America's future on his ability to sit down with enemy nations and talk them out of causing trouble.
Senator Obama's running mate, Senator Joe Biden, has for years shown the same easy-way-out mindset. Senator Biden has for decades opposed strengthening our military forces. In 1991, Biden urged relying on sanctions to get Saddam Hussein's troops out of Kuwait, instead of military force, despite the demonstrated futility of sanctions as a means of undoing an invasion.[...]
Joe Biden is much more of the kind of politician the mainstream media like. Not only is he a liberal's liberal, he answers questions far more glibly than Governor Palin-- grossly inaccurately in many cases, but glibly.
Moreover, this is a long-standing pattern with Biden. When he was running for the Democratic Party's presidential nomination back in 1987, someone in the audience asked him what law school he attended and how well he did.
Flashing his special phony smile, Biden said, 'I think I have a much higher IQ than you do.' He added, 'I went to law school on a full academic scholarship' and 'ended up in the top half' of the class.
But Biden did not have a full academic scholarship. Newsweek reported: 'He went on a half scholarship based on need. He didn't finish in the 'top half' of his class. He was 76th out of 85.'
Add to Obama and Biden House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, and you have all the ingredients for a historic meltdown.
Haven't we just had a 'Historic Meltdown' Republicans are living proof that you can fool some of the people all of the time.
Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama.
Now remember, he's only been in the Senate four years, but he still managed to grab the No. 2 spot ahead of John Kerry — decades in the Senate — and Chris Dodd, who is chairman of the Senate Banking Committee.
Fannie and Freddie have been creations of the congressional Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, some people who couldn't afford them.
Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick — Clinton Justice Department official — worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae CEO job.
Now remember: Obama's ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain — Sen. Obama — was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks.
Sen. Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians after just four short years in the Senate.
The details of Obama's economic plans are anything but reassuring.
The resulting credit crunch is hitting Main Street harder than ever before. The country is headed for recession; the only question is: Just how low can the markets and economy go?
It could be a lot lower - it all depends on the policies of the next president. And, as it looks increasingly likely that Obama will be that man, the markets are casting a vote of 'no confidence.'
Recently, Obama said he wants to expedite loans to small businesses, so he seems to have a clue that they produce much of the country's job growth. Yet his income-tax hike on upper brackets will hit vast numbers of small businesses - they'd face the highest rates they've seen in decades.
Overall, his plan includes some of the most lethal tax increases imaginable, including a jump in the capital-gains rate. He'd expand government spending massively, with everything from new public-works projects to increases in foreign aid to a surge in Afghanistan - plus hand out a token $500 welfare check that he calls a tax cut to everyone else.
This is clearly the wrong way to go in the wake of an economic meltdown - yet Obama, for all his talk of how willing he is to compromise, of how he'd bring people together, is sticking to his tax guns. If Obama is rethinking, he's not saying. As his running mate, Joe Biden tells us that it's patriotic to pay higher taxes, Obama remains committed to squeezing businesses even if the recession grows.
Obama's record, From his days as a community activist, to his years in the Illinois Senate and now his brief time in the US Senate has shown little inclination to deviate from his party's tax-and-spend orthodoxy. And if he governs like a liberal ideologue - with a belief that the government that works best is the one that's biggest and raises taxes the most - he won't even have to work hard to get his way. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid won't stop him - the Democratic majorities in Congress are only likely to grow. And the markets know this - even if pundit refuse to face it.
Obama's tax plan will boost debt by $2.3 trillion. Seeing as we have a 10 trillion dollar debt and a $12.5 trillion gdp that will effectively render our dollar worthless. Backed by NOTHING but the good will of the congress. With the dollar effectively worthless inflation will grow, by double digits, lead by oil prices. (Oil is traded in dollars. With the dollar worthless oil prices will shoot up because it will take more dollars to buy it internationally. If they give up trading oil in dollars then we are absolutely through. Game over.)
According to the TPC, Obama's tax plan would, in fact, boost the national debt by $2.3 trillion. Even more remarkable is the fact that while Obama is making these declarations, he proposes giving tax credits to the 33 percent of Americans who have no tax liability to begin with, adding yet another $70 billion in spending per year. Without substantial cuts in spending, there is no feasible way to offset the cost of this tax plan. According to TPC's analysis, Obama's plan would raise taxes on 10 million seniors, while only raising middle class after-tax income by about 5 percent, or $2,200, per year. This is not even enough to keep pace with inflation.
Questions remain about the vague specifics on how Obama will use the revenue from the large increase the upper tax brackets ($125,000 or higher) will carry. Also, Obama's tax increases are general and don't just specifically target large corporations, such as Exxon Mobil, but smaller businesses like Mama Jo's Doughnut Shop.
Potentially the most dishonest claim that Obama has made on the campaign trail is that his health-care plan, costing more than $1.5 trillion, would enable everyone in this country to have the health care they desperately need. Unfortunately, this is false as well. Obama's distortion of the facts actually begins with his own health-care plan. The Obama plan would create a government board to essentially nationalize the health insurance industry, providing government subsidies for low- and moderate-income households. The plan would penalize and fine small businesses that don't provide this coverage. The plan does call for a threshold that would make some businesses exempt from a mandatory payroll percentage contribution, but nowhere can any information be found specifying what this threshold would be.
Obama has proclaimed that his administration would leave all Americans insured. According to the TPC, the Obama plan would insure 34 million people by 2018, but it would spend $1.6 trillion, still leaving 34 million Americans uninsured. This is an exclamation point on many dishonest inconsistencies Obama has spewed forth on the campaign trail.
These are the facts as cited by the very source that Obama likes to use when discrediting McCain in in his campaign advertising. Do they resemble anything close to what we hear in his stump speeches? The facts are buried beneath the rhetoric, but they are there. Consider them carefully before exercising your most precious gift under the U.S. Constitution on Tuesday.
I love it when Republican's attack Obama's economic plan by saying the rich are going to take their money and leave to 'insert 3rd world country here'... You're kidding right?
If anyone is going to outsource jobs it will be the rich sending money to someone that will worth for 1/5 or less than that of a real american. Big business means making money any way you can, including shipping jobs to the cheapest bidder (or country). Giving them tax breaks on top of it is just a complete waste.
The rich aren't going anywhere... it's about time they gave back to the very country that continues to provide the with the freedom to gouge and rip off anyone and everyone they can.
It would appear that the majority of the commenters are far more concerned about the 'little people' gaining some benefit from a US Gommerment $1.5 trillion invested in health care than in the current bailout of the wealthy. I suggest real socialism is needed with the US Gommerment nationalizing the obscene wealth of the obscenely wealthy to pay off the obscene debt that they are foisting off onto we 'little people'.
Big business, oil companies, manufacturers, auto industries, etc., would not be wealthy if it weren't for the CONSUMERS! WE, THE PEOPLE ARE THE CONSUMERS. Whenever we buy a new car, we are spending thousands only to find that car has depreciated by many %%%%. Buying washers and dryers, refrigerators and so on is very costly. IF the middle class becomes any poorer, we will not be able to purchase those necessities and will be heading to the laundromats to do our laundry. If we do not buy those appliances, autos, furniture, carpets, etc., those businesses would soon find themselves close to out-of-business. Senator Obama is not handing us a check every month, he is simply not raising our taxes and is cutting some of our taxes so that we the consumers have a little extra money to set aside or to help us pay our bills/house payments. The wealthy were paying 39% in taxes when Bill Clinton was presdent; Bush cut their taxes by 3% so that they are now paying 36%. One thing to remember is, these big businesses, oil companies, etc., have many loopholes with which to work and many only pay a small fraction of that 36%. There is nothing wrong with our middle-class taxes being cut by a few percentage points. We definitely need to build up our middleclass and begin training the poor for jobs. The poor must get out there and make an effort at earning a paycheck. A lot of the problem is that the very poor lack an education and without that it is pretty hard to get a decent paying job.
The middleclass is not expecting a 'free ride' and Senator Obama is not promising them a free ride!! I believe many misconstrue what Senator Obama wants to do for the middle class. But, then, again, if you have enjoyed where the repubs have brought us to, guess that's what you want to remain in. I want better for my children and my great grandchildren!
Some of the commenters have trouble identifying.
It does not matter who created Fanny Mae and Freddy Mac.
But it matters a lot who ran them into the ground.
And that were G.W. Bush & Alan Greenspan.
...and millions of not-so-wealthy Americans back Obama.
...and millions of the not-so-wealthy will be supporting Obama.
for special interests to insert talking points from GOP.COM directly into the comments on this story?
The legion of millionaires backing Obama are about as useful as a boil in the crutch. Them and their ill-gotten dollars are completely irrelevant as are the Democratic Party faithful.
Watch out - watch out the FLOATERS are about ! 13+ million of them.
They will SWOOSH Obama away with the force of a Tsunami in favour of McCain. Beyond all doubt.
When Obama is elected I will get free college education for my kids, free health care for my family and I will get free money. If the rich have to be taxed to provide it...then so be it.
I am an American and I want what is mine...and I want Obama to give it to me...even if he has to take it from someone else. I deserve all this stuff and Obama is going to get it for me because it is the socially fair thing to do.
Obama wants to give me all this free stuff and what is McCain offering? An opportunity to EARN the American dream? What a joke...I would rather have the government give it to me. I don't care about having a work ethic...I would rather have free housing. I can't wait until Obama suspends foreclosures...because then instead of paying my mortgage I can buy that new boat I want. And that will help the economy...right?
Obama, are you sure you are going to tax the rich enough? I think they should have to contribute to my 401k...oh that's right...you are going to take over all the 401k's. That's great...make the rich contribute and divide it equally among all of us.
You know Obama, I would have voted for you without you buying my vote for $1500.00..but that just makes it so much sweeter. Thank you
If Bill Gates believes so much in Obama's policies, and if he would like to really help out the middle class in this nation, then why doesn't he just cut his software prices in half. No, he would rather continue raping us so he can give the money away to non Americans. Sometimes it is so hard to keep up with the liberals ever changing definition of patriotism.
Same with Buffet, he offered the state of Florida a guaranteed opportunity to borrow 5 billion dollars should the insurance companies go broke...if Florida has another bad year of hurricane damage. He was so concerned about being a good American he only want a few hundred million up front, in the way of a non refundable payment...even if Florida never borrowed the money.
Last time I looked there were millions of middle class citizens living in Florida...and I wonder what state programs will have to be cut to pay him.
If Gates and Buffet are supporting Obama, you can bet it is not out of concern for the middle class.
When Obama is elected I will get free and decent college education for my kids, free health care for my family and I will get free money. If the rich have to be taxed to provide it...then so be it.After all the bottom 50 percent of the population only has 2.5 percent of the wealth,whilst 1 percent owns 38 percent of it.
I am an poor American and I want what was stolen from me...and I want Obama to give it to me...even if he has to take it from the oil lobby and corporate tycoons. I deserve my share and Obama is going to get it for me because it is the socially fair thing to do.
Obama wants to give me all this free stuff and what is McCain offering? More tax breaks for the richest? What a joke...I would rather have the government give it to me. I care about having a work ethic...I would rather have the richest pay their share of the burden too. I can't wait until Obama suspends foreclosures...because then i can start paying my mortgage Some rich guy won't be buying that 100.000.000 dollar boat,though luck. And that will help the economy...right?
Obama, are you sure you are going to tax the rich enough? I think they should have to contribute to my 401k...oh that's right...you are going to take over all the 401k's. That's great...make the rich contribute and divide it equally among all of us.
Thank you
I want McCain to win. I want the U.S. to be involved in more wars, and I want most of my money to go to continuing funding the Iraqi war. I don't care about our economy or that my President doesn't know how to deal with problems relating to it. I want a VP who doesn't know much about anything that isn't 'up there' in Alaska, but can shoot and field dress a moose to help with their food budget. I want a President and VP who will do their best to get rid of abortion under ANY circumstances and a VP who doesn't believe in sex education in schools - otherwise our teens will learn too much and want to engage in sex, unlike her own daughter. Yep, we need McCain and Palin.
This is because the VERY rich know trickle down doesn't work now - the only reason it might have before is hiring/supporting workers allowed one to make more money. Buffet knows the middle class supports the economy only when they have jobs and enough disposable income to spend without borrowing. Concentrating money to certain individuals/sectors bleeds the middle class, eg everyone giving money to Exxon and not dispersing it to local businesses, which in turn spreads it to manufacturers, etc. This is called a 'trickle up' economy and it ALWAYS works esp when a country's GDP is 70% consumer spending.
''But it matters a lot who ran them into the ground.
And that were G.W. Bush & Alan Greenspan.''
No, that would be Franklin Raines and Jim Johnson who are both Obama advisers. It would also be the democrats in congress who they bought off to stop regulation, including Obama.
Don't take my word for itm, this is video of them DOING it:
www.youtube.com/watch?v=_MGT_cSi7Rs
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