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Classic Santelli Rant on the Buffett Rule
One person that is actually worth watching on CNBC is Rick Santelli. Yesterday he went into a fantastic rant about just how ridiculous this "fair share" talk is, and how useless the proposed Buffett rule will be.
At least someone is trying to point out that it's a spending problem, not a revenue problem. But then again I would argue that the President already knows all of this, he's just trying to spread the wealth around, you know, like his Marxist professors taught him.
"People don't want to hear solutions, they want to change the dialogue. Bait & switch so we get more worried about what people pay, what's fair. You know how my kids opportunities are affected by how many millionaires there are? You know what I see is going to affect their opportunity? $15.6 TRILLION!"
Wait until we breach the debt ceiling again this fall Rick...
So in case you missed it, here it is:
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The bet is on people not folks like Santelli.
They print money so that you don't go out in the street. It pisses Santelli off, but they don't care. They do care about masses of millions of people.
Rick Santelli is a big fat douche.
Douche, Douche, Douche, Dooooooooooooouche...
Is he? No, he's the only one on CnBSbc that tells it like it is.
The fact that you can't see it makes you the douchebag...cord and all.
Takes one to know one!
Usually..
But, in Ricky's case, it just takes a TV and two brains cells rubbed together.
The creation of a vibrant middle class is something that protects the top 5% - the old timers during the last gilded age knew that.
It is cheaper to have a middle class than to live in fear and pay bodyguards and try to buy loyalty.
Unfortunately many of the new business models (big box stores) are squarely aimed at eliminating middle class opportunities.
I don't care if the Buffet rule is useless. I want those rich .1% fuckers to pay up. I don't get to park my stash in the Caymans, have my gambling winnings (excuse me, "capital gains") taxed at a lower rate if at all, write off anything and everything and all the other crap these guys get away with due to the 50k pages of tax code that were bought and paid for by them by lobbyists bribing congress. Maybe I can offshore my HQ all the whie living and doing business in the US like Haliburton and other companies? My tax form is about 2 pages, and I doubt many of those pages of tax code were written for me. Or you. If I am to be rolled, then everyone gets rolled. Pay up, you rich bitchez!
The buffet rule is a ruse. It is an overly simplistic fix to a problem which has a much more ellegant solution. The buffet rule seeks to leave intact the rediculous patchwork quilt of incoprehensible tax laws and add on top of it a new rule. So what, now we would have the normal tax rate, alternative minimum tax and the buffet rule. How about we just get rid of unnecessary deductions.
The rule at least has an appropriate name. Buffet gets his low tax rate by taking advantage of tax "loopholes" like not taxing loans (municipal bonds) to California or Los Angelis. Take away that loophole and California and Los Angelis can kiss that money goodby. It would be appropriate to have a rule named after you that cause California to go bankrupt more quickly.
What I don't think most people get is a corporation is a zero sum game. Most do not accumulate money, they sell products, pay vendors and employees and give dividends. If you tax them more it comes out of what people pay for products, what they pay employees, or what they pay in dividends. Dividends are tiny compared to expenses and payroll or income from products, so you can guess where the tax money will come from. In the end it will be you, because it simply cannot come from anywhere else.
"I, me, mine" 12 times. Generation Whine. Pop that tit outta your mouth and get some then.
rick is great patriot. cant believe hes still allowed to speak
a gooooood patriot, indeed. be sure his cup runeth o'er.
lets sing:
oooooh, the good pa'triot Santelli
loathe the bankrupt worker did he
sparked a re'olution tea bagging
and the sheeee'eep beheheheheheeehhehehehheeeeeeeee'd
haha lending uncle sam on 2%!
Rick keeps it real.
FTW, this market needs the flush from hell. Dumb ass Europeans.
We are well on our way to Heaven on Earth. It will all be done by fiat.
Please give Obama 4 more years so we can all watch the train wreck he is taking us on, yet one that we all see coming, finally happen under his watch!
Then, under our watch, the wreck gets corrected.
Have some heart, he sucks, WE don't .
The fight over what said correction would mean and what would come after a wreck will be every bit as bloody as the wreck itself.
No fight, just wreckage wrought without leaden wrangling but for the willing wantonness of the wily unknowing their wanton, wrong ways.
There's lead in the water, not blood.
bro..
This guy Santelli GETS IT!
Yep, right up the bum from corporate and liking it!!!!
Rick Santelli is 100% correct. The U.S. government is spending money it doesn't have, faster than it can collect it. It took the U.S. 200 years to reach it's first trillion dollars of debt. Obama and Congress are adding a trillion dollars to the national debt every 9-10 months! Even you must see that is unsustainable.
Why don't you tell us exactly what kind of solution YOU would impose on taxpayers to fix the deficit and national debt. Give us a tax bracket number for the top 10% wealthy taxpayers. 70, 80, 90, 100%? They are already leaving the U.S. genius and taking their wealth with them. So please give us a tax bracket number that will solve our problems instead of hurling insults. Don't argue with me, argue with the data.
Don't you all get it? We've been robbed, The horse is out of the barn. When the tax structure was changed (70's to now) to make the money flow up hill, and not to the middle group, we lost everything (car, house, barn, land, jobs, and the control of the government). No death tax, and we are all the way back to feudalism. It all happened one small step at a time. The crown is passed from father to son. There is little or no way to get up to join the top group. It's just that bad. A fix would have to include rolling the clocks back to the 50's. It's not going to happen, or not with out a lot of blood. Oh; Just what has happened to that occupy movement?
"Why don't you tell us exactly what kind of solution YOU would impose on taxpayers to fix the deficit and national debt. Give us a tax bracket number for the top 10% wealthy taxpayers. 70, 80, 90, 100%?"
How''s 15% sound - for everyone? We don't tax income (income tax is an oppresive tool used to funnel wealth from everyone to the few at the top), we remove ALL forms of taxation, except one. A 15% wealth tax would lower taxes (or eliminate them altogether) for most people (no wealth - only debt), and 10's of trillions held by the uberwealthy would suddenly become taxable which would fix the deficit and start eliminating the debt, without austerity.
FairTax.
People are MORONS that do not get it. A consumptive tax would rid us the IRS, accountants, and, most importantly, RID us of this tax gimmickry, evasion, avoidance, and truly make it fair for rich and poor alike.
Too much power give up is the reason why this method will never go through - politicians lie, and this would eliminate a lot of lying and deceit.
A pity.
Anything short of a fair tax is asinine.
I don't "get it" either, and I'm certainly not a moron. Instead of coming up with a different tax/theft scheme to maintain and grow government (spending), why not instead shrink government (spending) instead? Why not fix the spending problem by shutting down all corporate and individual welfare? Why not fix the spending problem by shutting down the empire? No, I don't "get it" when it comes to any solution that allows things to continue as they are. I want my fucking liberty (property) back damn it. I'm sick of the theft, redistribution of my property, etc.
The U.S. government is spending money it doesn't have, faster than it can collect it.
It comes from a computer, money. The gov never had it, never will.
neither do you.
the solution ON YOU has been imposed already.
the question is not what solution do we derive, but what reversion.
Money comes from a computer? In future, put down the crack pipe before typing on your computer. You'll save yourself some embarrassment.
...I love Rick.
Inflation is a tax everyone pays. The difference is when inflation rises, a person in the middle will end up paying a huge percentage of their income to simply eat. The wealthy don't even notice as the percentage does not even register. I'll stop talking about fair taxation when the venture capital guys i know are ready to talk about "fair inflation". Go ahead morons, let real inflation keep rising. I dare you. Once the whole system shuts down we can find out who's labor is of real value, fucking bring it. Long guillotines.
well... this is the whole austrian argument against monetary inflation.
By the time PRICE inflation shows up in the CPI its too late.
the rich are never hurt by inflation because they are closest to the spigot of new money. Whoever gets to spend the new inflated money first, gets to buy assets at the old prices, and can keep doing it until the money filters through to the lower rungs of the economy and results in price inflation (in assets, commodities and cost of living).
It's not just a tax, its wealth transfer from the poor to the rich.
and there's never been a want for 'fairness' in the USA. That's a MARXIST ideology. Its funny how many people support Obama talking about 'pay their fair share'. That's exactly what the Soviets and Marxists use to say. Take from those who can produce and give it to those who do not. How far we have come.
Mises Lectures on Money and Inflation.
http://mises.org/books/mises_money.pdf
I beginning to really miss the old USSR. They were good for the US as a foil, at least we had to keep a higher degree of freedom for the populace so we couldnt be rationally compared to them.
As soon as the USSR disintegrated our "leadership" and political parties put us on the fast track to ever more centralized control, there was no longer the negative example of a totalitarian state around as an enemy so we were then free to turn into them as quickly as possible.
"They" never went away, Lednbrass. It was a ruse that continues to this day. The USSR has defeated us, not the other way around. We did to ourselves what we supposedly did to them.
Bingo!! We have a winner.
The War on Drugs and the War on Terror have both been fabricated to perpetuate ever-increasing control over the American populace. Cash will soon disappear, government-controlled electronic fiat will be the only legal means of exchange, and then you will only have either submission or crime to choose from. What's it going to be?
the chains of 15.6 trillion will weigh heavy indeed.
By all means, continue the tax vs spend, D vs. R, might vs. right arguments.
Just be sure to NEVER try to fix a problem. Everybody knows the first step on the road to failure is to try.
You can't fix a spending problem with more taxes. Do you really think CONgress and the Admin will ever run out of cronies they want to "help" or votes they need to buy ? Every time taxes increase, so does spending.
Let it all burn and crash; it's not fixable.
Agreed, let it burn.
We live in a time when a large part of the population will willingly believe any lie presented. The Buffet Rule was a lie from the very beginning. For all the ignorant OWS supporters out there (past & present)...Buffets secretary (by most accounts, married filing jointly) is a 0.001%'er by their murky definition.
Another example of the multi-faceted gibberish this portion of the population laps up is ObamaCare.
Congress passes a 2500 page law they refuse to read, let alone comprehend. Then delegtes the mundane responsibility to read, comprehend and interpret the very law it passes to unelected regulators. After which, the dumbest president we've ever had, makes speeches about unelected justices deciding the constitutionality of the ruse within the law to single out the youngest among us for special taxation...that would be the individual mandate if you currently live in a tent and bathe in a lake.
The young among us are just starting out in life.
They are not rich by any stretch of the imagination, we all know this because we were young. Yet they (the young) were speifically targeted by the same elected officials who now run toward any available microphone yapping about...fairness.
"The young among us are just starting out in life.
They are not rich by any stretch of the imagination"
------------------------------------------------------------------------
Speak for yourself, I have built a nice trust for my children. Many of the people I know have also built trusts for their children, some are tens of millions.
I agree, let it burn, but do you really think all the young are not rich? totally fucking stupid.
"Speak for yourself..."
lol...I WAS speaking of myself when I was younger and the majority of the young NOW. Odd as it may seem to you, we don't all grow up to be assholes ;-)
Closing the deficit is only one factor to consider when evaluating changes to the tax code. The fact that the Buffet rule won't do much to fix either the over-spending problem, or the existing deficit, does not make it bad policy. If it adds some fairness, or simplification, to the code, then it's a good thing. Alienating the majority of the population with a let-them-eat-cake attitude is what we get if we don't address the huge, and growing, disparity of wealth in the U.S.
It's a straw premise.
Implicit in the argument is that it is unfair
for there to be a man worth a million dollars and a man
worth fifty thousand.
In fact, I would argue that the poor man would be happy to
ADD to the rich man's wealth, if the rich man could fix his
bad knee, heart valve, ED etcetera.
It is not the rich, but the seduction of debt that has enslaved
the middle class. Never Have I heard a rich man say "I spent my
way into wealth."
Before anything else, I agree with themes of your last couple of posts.
I would just like to ask you this, "What if many of the "rich men" made their money not through increasing productivities, new inventions or some other positive addition to society, but through the access of leverage provided by TPTB over the last 40 years?"
My opinion goes much like this. Back in the robber baron days, many (not all of course) got rich by actually providing goods and services that the general population wanted or needed. They improved the daily living standards of the people and made a fortune doing it. Capitalism at its finest IMHO. Besides the obvious names, Edison, Ford, Vanderbilt, Carnegie, we could go on to talk about Michael Owen, the inventor of the of glass bottle assembly line. Not only did Mr. Owen's hard work allow you and I to swig beer out of a bottle at cheap prices, it also ended the hand blown glass bottle business, which at the time was the single largest employer of child labor in the USA. Cool, huh.
Today, I just don't see this "wealth" dynamic at work. For every Michael Dell, there is a Hank Paulson. For every Sergey Brin, we can find ten Angelo Mozilos. Men and women that became "rich" not through brains or hard work, but through massive amounts of leverage and OPM. Gambling, if you will.
I'm all for capitalism, but do we have capitalism today?
No.. Could be argued that we never had it..
And Edison was a thieving scumbag.. He was nothing compared to Tesla.
Not claiming that Edison was a good guy. I never really knew the guy and only used him as an anecdote.
Best answer - NO TAX at all.
It was explained that we have to have property taxes or else one guy will wind up owning the whole world. Other than that I think we should get rid of taxes.
This simply isn't true. In fact, the only people who have ever come close to owning everything have been those who have professed the right to collect taxes, regulate transactions and maintain a monopoly on the use of violence.
Without property man will end up a slave and in taxing property you are a slave to the property. Property is shelter, and food. The two things essential for life and happiness. The romans knew it and the founders of the US new it. Hence you were a citizen if you had land. As far as one person controlling all land you put a cap on it and tax the piss out of say any land owned over 100 acres. Basically removes the incentive to own land so someone else can't. O ya no corporations... Property taxes are THE PROBLEM. It forces you to stay in the system. There is no opt out except for leaving the country or becoming a gypsy which would also cost dollars. You can't get out until this is changed.