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IRS "Turning Over Every Rock" to Raise Revenue: Obama Targeting Overseas Assets

Discussion in 'Political Discussion' started by Patters, Jul 13, 2009.

  1. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    What assets do you plan to liquefy ? I can sell my house, pay off the debt, rent an apartment and it's all good.
     
  2. Real World

    Real World Moderator Staff Member

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    You truly are a bizarre person. Forum members need to read your posts, and understand that it is people who think exactly like you, that are controlling every aspect of government. If citizens thought the last 8 years were filled with incompetence, they ain't seen nothing yet. The worst part about people like you, is that you actually think you are smart, and therefore correct. That's should really scare people.


    The opposition to taxation causes us to borrow.....[​IMG]


    BTW, Joe Morgan has to be the absolute worst commontator on TV. He is terrible. Chris Berman is another guy who's as hip as a Slinky. Talk about a stale act.
     
  3. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I actually like Morgan; years ago I didn't because I thought he was overly smug but he's really grown on me.
     
  4. tanked_as_usual

    tanked_as_usual Banned

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    patters basically thinks the US government is has a value of infinity plus one and that the amount it borrows is arbitrary and can keep going forever
     
  5. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    You do realize that your net worth is based on external factors, don't you? What you can borrow is based on what the market thinks your assets are worth, as well as to some degree your intellectual potential, your health, your criminal record, and your general demonstration of responsibility in paying your bills. The same goes for the U.S. government.

    The US government is credit worthy because it pays its bills on time and because it has the legal authority to tax its citizens. In any form of government, a government's assets are the wealth and potential wealth of its citizens. Of course, a government must keep in mind that if it oppresses its people to much, it may lose its ability to borrow because at some point the government becomes unstable.
     
    Last edited: Jul 14, 2009
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Net worth does not include how much you can borrow to go further in debt. Net Worth is Assets minus Liabilities. In the case of a house, it's the value of the house on the open market minus what's owed. The fact that I can borrow more is irrelevant to my personal net worth as it adds the asset (money) but adds an equal liability (money owed).
     
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    That wasn't my point. I was responding to your point about the assets of our government. The assets of our government are tangible and intangible, and that's true for you too. For instance, if you had a bad record at paying back loans, you would have difficulty borrowing money even if you had assets to cover the loan. (The formulas, as I'm sure you know, are actually fairly complex and proprietary to whoever making the loan.) Our government is credit worthy, even with its massive debt, and has the ability to pay its bills.
     
  8. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    We have the ability to pay the bills although interest will soon change that with the massive debt obama is making. I don't think we are credit worthy, though, I think countrys buy our bonds and load us money because the world economy needs us. China is stuck buying our bonds because if we went under they would lose their best customer. China doesn't think we're credit worthy, they're just financing their own growth.
     
    Last edited: Jul 14, 2009
  9. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    If a world war was to start and the US needed to raise a few trillion dollars domestically, I think it certainly could. That said, I agree the US needs to get its financial house in better order, but by preventing an economic freefall we have to some extent protected the value of our assets, though we have incurred considerably more debt.

    Moody's says U.S. credit rating is safe | Reuters

    Moody's Investors Service said on Tuesday the U.S. government's triple-A credit rating was safe but added that it could be at risk if Washington fails to reduce its public debt.
     
  10. tanked_as_usual

    tanked_as_usual Banned

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    and the opposite is what is happening to the public debt

    you still don't get it
     
  11. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Let's say China didn't need us to buy their products and they were completely independent of our economy - I bet interest rates would almost have to double to get them to buy our bonds. Maybe I'm wrong, I certainly can't prove it but I think they buy our debt because it's in their best interest not because it's a good, secure debt to be buying.
     
  12. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Huh? I just posted a link to an article reporting that Moody's is saying that we still have superb rating? Am I misunderstanding your point?

    From the article:

    "The U.S. government triple-A is safe," Pierre Cailleteau, team managing director of Moody's Sovereign Risk Group, said at a media briefing on sovereign credit ratings held in Tokyo.
     
    Last edited: Jul 14, 2009
  13. alvinnf

    alvinnf In the Starting Line-Up

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    It's funny but China owns this administration..........
     
  14. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    The beauty of the global economy is the interdependency. I think one of the reason that China is no longer talked much about as a military threat is because our economies to some degree on dependent on each other. The further progress the world makes in integrating economies, the less incentive there will be for war. That said, integrating economies has many risks and pitfalls from both a left and right perspective.
     
  15. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It is - and the beauty of you on this thread is you've moved from how much the government owes to how much it can borrow :D
     
  16. Real World

    Real World Moderator Staff Member

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    He's brutal, and extremely tough to listen to. To each their own though, and obviously you're not alone in liking him, since he's had a job for a long, long time.
     
  17. Real World

    Real World Moderator Staff Member

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    Understand that Patters thinks your money is the governments, and not yours. Therefore the government has every right to decide how much YOU get to keep, and not vice versa.
     
  18. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    No, your money is yours, but it's guaranteed by the government, and the government invests in our infrastructure in order to ensure that we have a sustainable economy that makes your money worth more than the paper it's printed on. Without government, your money would be worthless.
     
  19. tanked_as_usual

    tanked_as_usual Banned

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    the infrastructure? the same one that nobody cares about and is crumbling?
    LMFAO

    50M for the kennedy library...........while a good portion of the states bridges are unsafe..........sounds wonderful
     
    Last edited: Jul 14, 2009
  20. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    There's the turtle bridge they're building; that's CRITICAL infrastructure :rolleyes:
     

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