Debt crisis... Lets get some perspective here!

[Ravenwald]

In today's news, as for the market:

NEW YORK (Reuters) - Stocks rallied on Tuesday in a volatile session as investors struggled to decipher the Fed's signals on the economy after a dizzying two-week slide.

Buying accelerated into the close and the S&P 500 posted its best day in more than two years, following a drop of nearly 17 percent over the past weeks.

The market reversed direction six times after a Fed statement that pledged two more years of near-zero interest rates.
Bank shares roared back from recent losses with the KBW capital markets index up 6.7 percent.

"The last three or four weeks, the stock market has really discounted a mild recession," said Mohannad Aama, managing director at Beam Capital Management LLC in New York.

"Now after the Fed announcement, the market has to start factoring in what the response from the Fed and the government will be. There is still a small chance for a fiscal stimulus aimed at job creation. The FOMC statement today was positive for equities."

The Dow Jones industrial average gained 429.92 points, or 3.98 percent, to end at 11,239.77. The Standard & Poor's 500 Index rose 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index added 124.83 points, or 5.29 percent, to 2,482.52.

About 16.4 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq -- more than twice the daily average so far this year of 7.75 billion.

Advancing stocks outnumbered declining ones on the NYSE by a ratio of almost 12 to 1, while on the Nasdaq, almost five stocks rose for every one that fell.

The three major U.S. stock indexes, though, are still in negative territory for the year, in spite of Tuesday's strong rally.
At its session low after the Fed statement, the S&P 500 came within a few points of entering a bear market -- or a 20 percent decline from its recent closing high set on April 29.

According to a Reuters poll, the United States faces one-in-four odds of slipping back into recession, though the economic outlook was seen as raising the likelihood of new Fed action.
Even some investors hoping for action from the Fed acknowledged the central bank's options appear to be limited because the current crisis is not liquidity-driven, as it was in 2008.

Equities suffered a massive drop on Monday, the first session since the United States lost its top-tier triple-A credit rating from Standard & Poor's. As a result of Monday's huge sell-off, the S&P 500 posted its worst one-day percentage loss since December 2008.

Procured from Yahoo News, available at: Wall Street roars back in wild trade after Fed meet - Yahoo! Finance

[16MustangVet]

Whoop'de one decent day doesnt change the sh1t storm we are all still in!
(no offense ^^^^^)

[Silver GTP]

As much as we think that our SS fund is our "personal investment" account... It just isnt...

This is straight from the Social Security website:

"The significance of the new social insurance program was that it sought to address the long-range problem of economic security for the aged through a contributory system in which the workers themselves contributed to their own future retirement benefit by making regular payments into a joint fund."

Social Security is a mandatory participation, government operated retirement plan for workers. Government later altered it to cover all who could not provide for themselves including the elderly. 401k's and pensions are benefits that employers can voluntarily offer and many don't.

[darkhorizon]

f - yea 'merica!

[Pure2sin]

Increase the ceiling, go back to the tax rate the rich had before Bush, cut spending. It's really not that hard. The issue is the Republican Tea Party and Demarcates that can't be assertive, make hard choices and stick to their guns.

The only reason we got out credit rating downgraded and we are losing in the stock market is because of the GOP.

Obama DID inherit quite a bit of the financial BS that we are going through now. I honestly believe that Bush was one of the worst presidents we have ever had. At this point I think Hilary Clinton should have been President.

If Michelle Bachman becomes president our country is going straight into the ground.

[16MustangVet]

Screw the debt crisis idea for a min we have a Mod crisis!!!

Everyone get to da choppa err I mean chat box!!!

[tyv193]

‪America **** yeah-team america‬‏ - YouTube

[RegalGS98s]

Increase the ceiling, go back to the tax rate the rich had before Bush, cut spending. It's really not that hard. The issue is the Republican Tea Party and Demarcates that can't be assertive, make hard choices and stick to their guns.

The only reason we got out credit rating downgraded and we are losing in the stock market is because of the GOP.

Obama DID inherit quite a bit of the financial BS that we are going through now. I honestly believe that Bush was one of the worst presidents we have ever had. At this point I think Hilary Clinton should have been President.

If Michelle Bachman becomes president our country is going straight into the ground.

You're not serious are you? I didn't think Bush was a good President, but then we got Obama. Bush at least stuck to a plan, Obama doesn't know what to do. Uncertainty in the market is what causes a lot of these problems. Carter was better than Obama. And Hilary won the Democratic vote, but the Democratic Party chose Obama anyways.

[Pure2sin]

You're not serious are you? I didn't think Bush was a good President, but then we got Obama. Bush at least stuck to a plan, Obama doesn't know what to do. Uncertainty in the market is what causes a lot of these problems. Carter was better than Obama. And Hilary won the Democratic vote, but the Democratic Party chose Obama anyways.

I agree with you about Obama but I see it like this....Bush created the problem and handed it over to a guy (Obama) who waffles so much he should be served up at IHOP.

[GreyGhost]

545 vs. 300,000,000 People
-By Charlie Reese

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

You and I don't propose a federal budget. The President does.

You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.

You and I don't write the tax code, Congress does.

You and I don't set fiscal policy, Congress does.

You and I don't control monetary policy, the Federal Reserve Bank does.

One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.

Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.

The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House now? He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.

It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

If the tax code is unfair, it's because they want it unfair.

If the budget is in the red, it's because they want it in the red.

If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan ...

If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.

There are no insoluble government problems.

Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do.

Those 545 people, and they alone, are responsible.

They, and they alone, have the power.

They, and they alone, should be held accountable by the people who are their bosses. Provided the voters have the gumption to manage their own employees...

We should vote all of them out of office and clean up their mess!



What you do with this article now that you have read it... is up to you.
This might be funny if it weren't so true.
Be sure to read all the way to the end:

Tax his land,
Tax his bed,
Tax the table,
At which he's fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his work,
Tax his pay,
He works for
peanuts anyway!

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.

Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.

Tax his cigars,
Tax his beers,
If he cries
Tax his tears.

Tax his car,
Tax his gas,
Find other ways
To tax his ass.

Tax all he has
Then let him know
That you won't be done
Till he has no dough.

When he screams and hollers;
Then tax him some more,
Tax him till
He's good and sore.

Then tax his coffin,
Tax his grave,
Tax the sod in
Which he's laid...

Put these words
Upon his tomb,
'Taxes drove me
to my doom...'

When he's gone,
Do not relax,
Its time to apply
The inheritance tax.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax


STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class in the world, and Mom, if agreed, stayed home to raise the kids.

[JoRoW99]

tl;dr