By the way, and you can trust me and verify, the next crisis, soon to be coming to a financial newstand near you, is homeowners who have NO DEBT (i.e. no mortgage, paid off) on their homes/condos, but are losing their homes because of failure to pay property taxes. The numbers are going to historically shocking. Put that in your pipes and smoke it.
Well now.... Status is .... $1000000 deposit pays 1% before any taxes.... $10000 per $1000000 per year.....pretax... And .... How many Americans have $1000000 on deposit ? How many Americans have $50,000 on deposit ? ........................................................................................ Let's see... The previous economy story.... All credit and assets .....at $70 Trillion Subtract over $30 Trillion ....and falling.... Subtract over $12 Trillion and climbing....nonsustainable govt. programs.... Now....mark to market ....all bank holdings.... Now is 70-30-12-?....leaves ? ?/70 is a rather devastatingly depressive number even while lots of printing is taking place ....which only further diminishes the credit/asset pool ...... ................................................................................... Proper reward for $1000000 is $60-70000.....this is a hiiden govt. tax of $60000 per $1000000 per year..... And soon the govt. wants even more while devaluing the underlying more....another hidden tax.... Guess who stole it...and diminished the value left ? And wants to hike rates on the diminished amounts.....????? ................................................................................... Do tell...... What is intelligent about this picture ? .................................................................................... What would be intelligent is to stoke the economic fire ....not put it out.... This means a broad based Ctax 10/5.... Valuations on all meaningful assets rocket upward.... The banks books get polished.... This means true nontaxable direct access universal accounts that are nongameable....whereby prices are discovered in view.... covering all instruments....all countries.....vastly improving trading by the creation of many daily tradeable events ....dwarfing today's opportunities.... This is how assets are most quickly put back on the books.... Yes....we are talking about a 210/70 vs 70/70 economy.... plus much enhanced freedoms.... and much higher cumulative tax takes ....and full employment....better wealth distribution.... With the new economy ....people would fund their own retirement/health plans.... All govt. projects by state mandates....ending the current antiquated lobbyist system.... Verus a ?10/70 economy of long duration....bank books stay fake.....Japan style.....the bad list gets longer ...and longer.... ................................................................................. You know for once....the US needs a straight up....non lawyer...."non Harvard King" type for president.....and do skip the "Harvard King" blue bloods.....they are responsible for the current situation.... If I were an employer ....I would make sure "not" to hire these types.....silver spoon ...."do not even know that they are priviledged" bs class of people....ie Bush's grandfather had 5 houses....the guy was never "real"....look at what happened .... One wants more ? Apparently so....this is what is currently in "lobbyist" based offices across the board.... And please no more ex-militaries with wives that spend $500k month on AMEX teaching the US about frugality.... It is past time to press the RESET button....