Early Take On Obama's Speech
From Peter Tchir of TF Market Advisors
The only surprise in the speech so far is that he hasn't told Transatlantic Holding Inc., that they should accept Buffett's offer.
Now we can get back to trying to figure out what new plan Greece and the Troika come up with to justify repeating the process again a few weeks from now. And just how much QE is going to be announced Wednesday.
His "fairness" speech leaves something to be desired. His math is even more interesting. I wonder what the effective tax rate of a single person making 50k is? Without any deductions or rebates, the effective tax rate is 17.25%. I bet that very few single people making 50k pay an effective rate of more than 15%. I suspect that many people making over a million pay an effective tax rate greater than 15%. So much for math.
And a follow up from Mike Krieger who doesn't much care of PCness...
Anyone watching this clown’s speech? So he wants to just raise taxes on “millionaires” now to pander to his base. Apparently it is the idea of Warren Buffett, crony capitalist #1 in America. Ok, let’s think about this for a second. His WHOLE argument is that we need the revenues to pay the elevated debt. Ok, well why is the debt elevated? The big banks blew up the economy and then need a bailout. Ok. Have we separated investment banking from commercial banking and brought back Glass Steagall which did that in the first place? No. Are any bankers in jail? No. Did they pay themselves record bonuses on tax payer bailouts? Yes. I though Obama couldn’t possibly get any worse. He just did. He is a liar and is 1000% in the pockets of Wall Street and crony capitalists like Buffett and Immelt (GE). The guy is a fraud and his plan is a smokescreen to protect his real backers and create class warfare.
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