ThomasK wrote:
I don't know that I buy this rich vs poor argument. What I do buy is the harm of deficit spending. And the fact is both the Democrats and Republicans seems just as willing to do that. The Democrats seem to be more willing to find new taxes and raise the ones we already have.

Getting back to rich vs poor. I've never been a proponent of income redistribution. That is a Democratic philosophy I don't buy. I do buy giving back or taking as little of one's money in the way of taxes as possible. If someone has more money what do they do with it? They either buy more stuff. Creating more economic activity. Or they invest it. Creating more economic acitvity. It is never static. So why is it so bad to be rich? And why do we need to take more and more from the rich? 10% of $100 is $10. 10% of $1000 is $100. The more you have the more you give. Why should we take 20% of $1000? Anyone?

I don't understand it either.

ThomasK wrote:
I don't know that I buy this rich vs poor argument. What I do buy is the harm of deficit spending. And the fact is both the Democrats and Republicans seems just as willing to do that. The Democrats seem to be more willing to find new taxes and raise the ones we already have.

Getting back to rich vs poor. I've never been a proponent of income redistribution. That is a Democratic philosophy I don't buy. I do buy giving back or taking as little of one's money in the way of taxes as possible. If someone has more money what do they do with it? They either buy more stuff. Creating more economic activity. Or they invest it. Creating more economic acitvity. It is never static. So why is it so bad to be rich? And why do we need to take more and more from the rich? 10% of $100 is $10. 10% of $1000 is $100. The more you have the more you give. Why should we take 20% of $1000? Anyone?
Because it is just un-American to have more money than someone else?

First of all I believe that if Leonardo's old man is getting back $4200, that means he has a whole flock of kids and should probably spend a portion of that rebate on a vasectomy! That said this whole rebate thing is just a band aid to the real problem which is America is in major trouble with debt. From the Government to the people. Just look at the housing issues that people have gotten themselves into by living a champagne lifestyle on a beer income.

prisonpig wrote:
First of all I believe that if Leonardo's old man is getting back $4200, that means he has a whole flock of kids and should probably spend a portion of that rebate on a vasectomy! That said this whole rebate thing is just a band aid to the real problem which is America is in major trouble with debt. From the Government to the people. Just look at the housing issues that people have gotten themselves into by living a champagne lifestyle on a beer income.
Yeah, I just did the math. That would be 10 qualifying kids!

You are right about the lifestyle beyond one's means. This generation has to have it and they have to have it now. I live in a house that has twice the square footage that I grew up in. Of course, I grew up in California where no one had basements. I'm not sure how we lived in such a small space but we did and I thought we were doing alright. When we bought our house, those ARMs were tempting but I've never been much of a gambler and just from the experience I've had in my life, I saw how the economy goes up and down. I went with the standard 30 year mortgage and later refinanced to a 15 year mortgage when my personal economic situation was better and more stable. Of course, today, a house isn't enough. You've got to have that brand new $45-55,000 four wheel drive pick-up as well as something to tow behind it. Then there is the latest and greatest electronic devices which are a must for that new home. Can't live without a 50 inch plasma screen t.v. Well, this list goes on and on but the bottom line is that eventually too many people find themselves over-extended and in trouble especially when their personal economic situations aren't so hot. When will we ever learn to live within our means?

Pittakos wrote:
prisonpig wrote:
First of all I believe that if Leonardo's old man is getting back $4200, that means he has a whole flock of kids and should probably spend a portion of that rebate on a vasectomy! That said this whole rebate thing is just a band aid to the real problem which is America is in major trouble with debt. From the Government to the people. Just look at the housing issues that people have gotten themselves into by living a champagne lifestyle on a beer income.
Yeah, I just did the math. That would be 10 qualifying kids!

You are right about the lifestyle beyond one's means. This generation has to have it and they have to have it now. I live in a house that has twice the square footage that I grew up in. Of course, I grew up in California where no one had basements. I'm not sure how we lived in such a small space but we did and I thought we were doing alright. When we bought our house, those ARMs were tempting but I've never been much of a gambler and just from the experience I've had in my life, I saw how the economy goes up and down. I went with the standard 30 year mortgage and later refinanced to a 15 year mortgage when my personal economic situation was better and more stable. Of course, today, a house isn't enough. You've got to have that brand new $45-55,000 four wheel drive pick-up as well as something to tow behind it. Then there is the latest and greatest electronic devices which are a must for that new home. Can't live without a 50 inch plasma screen t.v. Well, this list goes on and on but the bottom line is that eventually too many people find themselves over-extended and in trouble especially when their personal economic situations aren't so hot. When will we ever learn to live within our means?

I, too, was tempted by the interest-only loans back in the day with their teaser rates, but had the foresight to realze that interest rates go up,and the economy does not stay hot forever. I chose a fixed 30 year and am hoping to refinance to a 15 yr soon. I also grew up with 4 siblings in a house smaller than what I have now. We made do. I was just reading an article on the front page of cnn with a person who was laid off and going to the food bank...while still having a 2500/mo interest only house loan.

$2500/month! Holy Crap! You know, it's hard to feel sorry for people who get themselves that much into debt.