"Ignoramus7104" wrote in message
...
On 2011-03-28, PrecisionmachinisT wrote:

"azotic" wrote in message
...
New York, New Jersey, Connecticut and Illinois-states that are the most
heavily reliant on the taxes of the wealthy-are now among those with the
biggest budget holes.

As they've grown, the incomes of the wealthy have become more unstable.
Between 2007 and 2008, the incomes of the top-earning 1% fell 16%,
compared


I feel so sorry for them really I do.

FWIW:

My 401K has more than doubled under Obama.

Mine, too.

You should be more thankful to Bush for this, who contributed greatly
to a market panic, which created an opportunity to buy stocks on the
cheap.


NO

Under Bush, my 401K had lost over 2/3 of it's value

--about $100K of it was lost because unbeknownst to me, Bank Of America had
been unlawfully taking very short term postions on one of my mutual
funds....I recovered a little over $700 as the result of a class action suit
~ last Aug IIRC

IOW, I still have a LONG ways to go before I'm even close to breaking even.

All Obama did was restoring confidence that things will not go to
hell,

Things had already gone to hell with no hand baskets anywhere in sight if
you were to ask me.

and created a concern that holding on to cash may lead to ruin
due to inflation. But the buying opportunity was, basically, presented
by Bush.

"The line separating investment and speculation, which is never bright and
clear, becomes blurred still further when most market participants have
recently enjoyed triumphs. Nothing sedates rationality like large doses of
effortless money. After a heady experience of that kind, normally sensible
people drift into behavior akin to that of Cinderella at the ball. They know
that overstaying the festivities -- that is, continuing to speculate in
companies that have gigantic valuations relative to the cash they are likely
to generate in the future -- will eventually bring on pumpkins and mice. But
they nevertheless hate to miss a single minute of what is one helluva party.
Therefore, the giddy participants all plan to leave just seconds before
midnight. There's a problem, though: They are dancing in a room in which the
clocks have no hands."

--Warren Buffett--Berkshire Hathaway 2000 Chairman's Letter

IMO you have it backwards---in his second term, Bush oversaw a selling
opportunity which lasted a very long time before finally burstng.

--if we just keep extending tax breaks for the rich everything will get
better.

I think that it is very dumb and shortsighted, for the "rich", to
insist on ruinous tax breaks. All that the rich could possibly get
from tax breaks, would amount to extra 10% of wealth. That will hardly
change their well being.


Admittedly, I was being facetious....

But financial instability and inflation that comes from an unbalanced
budget, may easily make "the rich" lose their shirts.

If I was rich, I would certainly root for having a stable budget and
stable financial system.


If *you* were rich, most likely it would be because you are a stingy
ruthless psychotic ******* who despises the poor and enjoys watching the gap
between the middle and upper classes grow increasingly wider.

But you aren't, and you don't.

--