Neal Barton's POV

This can't happen to us?


POSTED: Monday, March 18, 2013 - 6:48pm

UPDATED: Sunday, March 24, 2013 - 3:26pm

Just last week, I hear a lot of liberals on the chat shows and interviewes by the press saying there is no reason to worry about out $17 trillion debt.

Michigan liberal John Conyers said last week, "the debt is not endangering us a bit."

So, what do we get a pass when the rest of the world is starting to crumble?

The latest country to just about go belly-up is Cypress. What did they do? Start charging people taxes who actually saved money and had some cash in their bank account.

This from Reuters:

The surprise decision by eurozone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shock waves through financial markets on Monday, with shares and the bonds of struggling eurozone governments tumbling.

The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion Euros ($13 billion), but defied warnings - including from the European Central Bank - and imposed a levy that would see those with cash in the island's banks lose between 7 and 10 % of their money.

Parliament in Cyprus put off a vote on the measure - which has shaken depositors' confidence in banks across the continent - until Tuesday, however, and with public anger at the deal widespread the government said it was already looking to ease the pain for small savers.

Without the rescue, Cyprus would have be unable to avoid a default.

We just keep spending and printing money. We don't think this can happen to us?

That's my point of view, what's yours?

You can email me at or Facebook me at KETK Neal Barton.

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Don, you left-out a most important date in your timeline to socialism; it was in 1913 under the democrat Woodrow Wilson that the federal reserve act turned over this nations wealth to the European Jewish Rosthchilde's banking cartell. Any wonder why Americans die in foreign wars to protect their worthless paper dollar or why Israel dictates our foreign policy? For a guy who hates the power of money, u don't follow the money trail.
TIMELINES OF THE GREAT DEPRESSION: Over the decade, about 1,200 mergers will swallow up more than 6,000 previously independent companies; by 1929, only 200 corporations will control over half of all American industry. By the end of the decade, the bottom 80 percent of all income-earners will be removed from the tax rolls completely. Taxes on the rich will fall throughout the decade.

By 1929, the richest 1 percent will own 40 percent of the nation's wealth. The bottom 93 percent will have experienced a 4 percent drop in real disposable per-capita income between 1923 and 1929.

Individual worker productivity rises an astonishing 43 percent from 1919 to 1929. But the rewards are being funneled to the top: the number of people reporting half-million dollar incomes grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise compared to other decades. But that is still less than 1 percent of all income-earners.

President Warren Harding dies in office. Calvin Coolidge, becomes president. Coolidge is no less committed to laissez-faire and a non-interventionist government.
Supreme Court nullifies minimum wage for women in District of Columbia.

The stock market begins its spectacular rise. Bears little relation to the rest of the economy.
The top tax rate is lowered to 25 percent - the lowest top rate in the eight decades since World War I.

Between May 1928 and September 1929, the average prices of stocks will rise 40 percent. The boom is largely artificial.

Herbert Hoover becomes President.
Annual per-capita income is $750. More than half of all Americans are living below a minimum subsistence level. Production will decline at an annual rate of 20 percent, wholesale prices at 7.5 percent, and personal income at 5 percent.
Stock market crash begins October 24. Investors call October 29 Black Tuesday

" Repubs caused the Great Depression."

Huh? I could have sworn the 'Great Depression' was caused by selling stock on the margin. That is purchasers didn't pay 100 percent of the price but instead 10 percent and were expected to come up with the other 90 percent from profits made on selling the stock later (and in short, it was a pyramid scheme that fell on it's own weight, not because of Republicans.)

Sheash man, read history will ya?

The Great Depression was the direct result of the hands off policies of the Republican Controled Congress and Presidents of the 20's and 30's in reguards to the financial industry. The same policies that current Republicans are advocating now. As a result of the Great Depression we got the Glass Stegall ACT of 1933 which was repealed by the The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act and the the Commodity Futures Modernization Act of 2000.

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act and the the Commodity Futures Modernization Act of 2000 is what caused the Great Resession of 2008 and G. W. Bush signed the Commodity Futures Modernization Act of 2000 into law in 2001.

Learn some history....just how stupid can republicans be?

In a nation that prints wealth, as we do, there is no need to tax saved monies held within the bank, you just devalue the savings by printing more dollars. At lest the Cypriots have the otion to remove their wealth, we can't. Oh, and if 7% seems like a large tax then how does that compare to a 50% reduction in value? Those who understand this then understand why the stockmarket is at record high. Business isn't doing better, it just takes more dollars to equal the old value. A ruse of wealth.

The Seventieth United States Congress, (March 4, 1927 to March 4, 1929) met during the last two years of Calvin Coolidge's (Republican) presidency. The apportionment of seats in the House of Representatives was based on the Thirteenth Decennial Census of the United States in 1910. Both chambers had a Republican majority. The Great Depression began in 1928. Herbert Clark Hoover (Republican) was President 1929-1933. Repubs caused the Great Depression.

“The right to life, liberty and property are bound together to be essentially one right. To give a man his life but to deny him his liberty is to take from him all that makes life worth living. To give him liberty but to take from him the property which is the fruit and badge of his liberty is to still leave him a slave.”
Supreme Court justice George Sutherland

At the start of the Great Depression the U.S. government shut down the banks, thus you could not get your money. They also confiscated the gold. See you have a 2nd amendment right to guns but there is no 'right' to your property (at lets the government thinks so) and thus by using the tax code they can take ANYTHING.

Pleasant dreams from the Obama administration as they look for more hope and change (their hope for your change.)

The debt is not going to be a problem until Obama can't afford to go golfing.

And the elected Repyblicans begining with Ronnie Regan are responsible for adding 10 trillion dollars to the national debt not including the two un funded wars and un funded medicare part D.

Yup, ted cruz admitted at the cpac convention what every republican has denied for years and I agree with him on this comment. "We have got to cut corporate welfare"

This IS going to happen to the U. S. All that I see around me is complacency. To the point that most don't care that under the Patriot Act they can invade your privacy. Oh yes. This is definitely going to happen to us. Ben Franklin said it, "A Republic, if they can keep it."

What idiots. My, most anyone's, first response would be to close my account(s). I can just see these morons try to build a house. They'd try to put on the roof before the walls are framed, and when the roof won't hold up they'd break out the foundation trying to get the roof to stand.

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