I don’t think that changing the bankruptcy laws can explain why MORE people are trying to file. It was a saftey net and it was removed to prevent people from easily racking up debt then filing bankruptcy. What happened during the Clinton administration was that standards for obtaining mortgages were lowered- the government, by pushing “equality,” and “diversity,” or whatever you want to call it, through the mortgage lending space, encouraged (read: forced) lenders to grant loans to risky people, most of which were minorities and low income. In other words, lenders did not want to lend to these people but faced consequences if they did not. Think, if Bush had kept the old bankruptcy laws in place, people would just file. No one thinks that the lenders are victims as well.

I am that person paying $4 at the pump!! But I am also a person who understand that the price of gas is determined by basic economics- supply and demand. As is the cost of food. I work in finance, and believe me, I have watched as my circle of colleages has diminished by 80% (talking DOZENS of people, just in my little circle). My job is also on the line- but I was smart and saved my bonuses instead of buying flat screens. (I am also willing to bet that none of my colleagues entered into subprime mortgages-another story). Anyway, it’s tough for everyone, but I personally think a slight recession, or atleast the fear of one, will do America good- we’ve spent so much time thinking that we could have it all. Now we are remembering how to save and live without the ipods, TVs, cars, etc…Enough with the entitlement!

We are not in a recession. There has not been a negative GDP yet…The 1Q08 GDP growth was actually better than expected… as were lost job numbers, employment and consumer spending. Be wary of gloom-and-doom media headlines…

Eleanor- You’re right- just because polls say it or the world “thinks” it, doesn’t mean that the U.S. is an going in the wrong direction or has the worst leader in the whole wide world, etc. “Majority Rules” does not mean that the majority is right. The economy and terrorism is what the US should be worring about- not about the sentiment of France, or any country, for that matter. In the time it took Obama to realize that his preacher is a nut-job, I think Bin Laden would be knocking at the white house door by the time Obama noticed… Anyway, great discussion by all..I wish I am able to keep up as much as the others…but I have a day job to get back to!

How can you explain the fact that once Liberal talk shows were created, they didn’t do well?

There is nothing more unfair than the Fairness Doctrine. We all know that it is aimed a talk radio, a conservative mecca for, well, conservative listeners. Liberal talk radio, as well as know, has not fared as well. The Doctrine will only hurt talk radio because listeners will probably not stick around to hear the other side. By the way, what is the “other side?” It’s totally arbitrary and decided by the FCC. There could be many other sides. Sides that, although may be opposing to whatever was just discussed, could maybe represent 1% of the people’s opinion. If the people wanted to hear that opinion, they would ask for it. That 1% would be on the Today Show the next morning. The success of outlets like talk radio have been because of consumer choice. Liberals do not need this because a lot of their news from the MSM fits well into their mindsets. Besides, now they also have their own outlets in many forms. The Doctrine is just another way to impose beliefs on people and take away freedom from the people. It will only prevent any views from being heard. No one will say anything for fear they will lose consumers. If you really want equality, how about for every Liberal newscaster (that’s, um, most of them), there is equal time alloted to a conservative one immediatly before or after! After that, let’s demand that college professors be equally Liberal and Conservative. I am, by the way, not really advocating for these causes. What I am saying, and I believe most of the people here agree with me, is that people are intelligent and rational. And they feel the media is not fooling them. The fairness doctrine will not change this, it will stifle any cohesive debates. Free speech, as far as I am aware, is still alive and well. If the market wanted “fairness” across the spectrum, it would be here.

If the Wall St Journal is RNC propaganda, then it certainly isn’t working. Wall St has given SUBSTANTIALLY MORE money to Democrats than Republicans this election season. (Although I think a lot of this money is lip-service and comes in hopes of easing the new tax burden brought on by a Dem President who will tax the heck out of Wall St, sending NYC nosediving after it loses its tax-base.) I have been reading the Journal since before Murdoch took over, and I have to say that its contributors are diverse intellictuals who actually cover all 3 major candidates extensively. The Journal uses real facts, numbers, no fluffy “feel-good” fillers, and doesn’t publish vague/all-encompassing “Bush ruined everything” 3-paragraph pieces. Can’t say that about the NYTimes, or any other major new outlet, for that matter…

Looks like Marlo bought it judging from his “100 year war” comment, something that was taking entirely out of context but used by the Media and Obama as buzz words to get Democrats all worked up. The Wall St Journal ran a great article yesterday (“Democrats and the Killying Fields”) about how the truth about Vietnam and its aftermath were lost in the media and public sentiment. While you’re there, maybe also check out “Getting to Know John McCain”, stories about the candidate you have probably never heard, and never will, from MSM. It really touched me.

Thank you, Mahulda! We can go on forever talking about feelings and “making the world a better place” on this site, but are feelings really going to change things? I don’t think so- if billionaries like Warren Buffet and Bill Gates feel like they aren’t paying enough taxes, why don’t they contribute more voluntarily!?

Also, I live in NYC, where i have State, Federal, City, Sales, and when I go to the movies with free tickets, I still have to pay a NYC sur-charge! Where do my taxes go? I don’t know, but I have a good idea when I step on the subway each morning and see countless Latina single moms toting around their kids…

Susan- WOW! you should have been an economist! Or atleast a Politican! (A socialist one at that). Who on earth would make $80,000 when at 10% the value is $70k. And at 75K, you don’t get taxed. Do you see where this is going? I understand that this “would be worked out in the details. But 50% tax to pay for the 75% of this country who makes under $75K? Income Distribution (Read: Obama’s idealology) DOES NOT WORK. It is immoral and wrong and hurts the economy. Sure, we can all be “fair” and “equal”, if by that you mean “equally miserable.” Why don’t you think that the healthcare industry should make no profits? I ask you one question: Who would aspire to be a brain surgeon if will be not paid much more than the janitor who cleans the halls? I could go on forever with these: How would the best teachers emerge without incentive? Who on earth would go to school if the government guaranteed a nice life for everyone? Don’t you understand there will be no millionaries left?? Can’t you see that everything THAT IS NOT RUN BY THE GOVERNMENT is more efficient that things that are??

One more thing! I forgot to mention that the “Rich” is an ever- changing class. One year, a hedge fund manager may make $100 million, but the next, he could lose a lot of money. Only a small percentage of the “rich” are rich every year. So unless you are part of the 10-15% of rich people with the last name Vanderbilt, Hearts, Hilton, or Gates, chances are that you were smart for ONE TAX YEAR or decided to cash all your stocks in at once. What this means that is lots of different people are able to get ahead in this country and make money- it’s not the same people over and over who fight the tax codes. It’s the same KIND of people who realize that with high taxes, there will be no incentives to create the next Ipod/Crocs/Fuel-efficient cars.

Mary Lou S- The question is really, however, Do you stick it to the rich just because they have money? Just because it makes politicans feel good? Or do you, paraphrasing Kennedy, “raise the tide”?? This is something that Obama is totally misguided on. He’d rather have rich people AND poor people with less money, as long as it means taking away from the rich (as Gibson righly noted in the debate that higher taxes mean LESS revenue). Let’s get rid of the waste first. Stop giving people crutches. Stop building bridges to no where. In other words, Let the market operate freely and most optimally. p.s. Bella Mia- LOVE WILLIAMS AND SOWELL. The best modern political philosophers out there today.

Some very interesting facts about capital gains taxes are found here: http://www.heritage.org/Research/Taxes/wm47.cfm Some of my favorites: The current top statutory rate of 20 percent significantly exceeds the optimal tax rate - the rate best for the economy — because the tax code’s bias towards consumption over investment and multiple taxation of investment returns limit investment and retard economic growth. In fact, many economists, including Federal Reserve Chairman Alan Greenspan, believe that the optimal tax rate on capital gains is 0 percent. For example, the 1997 cut in the top capital gains tax rate from 28 percent to 20 percent increased stock prices by approximately 8 percent. Capital gains tax reductions stimulate economic growth, which benefits the entire country. As President Kennedy noted, “A rising tide lifts all boats.” High-income people pay a greater percentage of capital gains taxes when capital gains tax rates are low than when capital gains tax rates are high. The government taxes investment returns - dividends and capital gains - twice, first as corporate income taxes and then as personal income taxes.

Actually, the 10-15% tax rate is misleading. This is because hedge fund managers, as well as other money managers, pay the CAPITAL GAINS RATE on money that is made in the market. They make most of their money by INVESTING MONEY THAT HAS ALREADY BEEN TAXED. For example, if you have $125 from income, then suppose after taxes you have $100 left. You invest this $100 and if you are lucky, this grows to $200. You then pay the 15% on the $100 that was earned. At then end you have $100 principal + (1-15%)*100 = $185. However, there is no RISK FREE INVESTMENT!!! The $100 could be worth $0 tomorrow!! These hedge fund managers may have made the right bets in the past years, (but this year we can expect this to turn around). Can you imagine taking your hard-earned after-tax money, only to get it taxed AGAIN 30-40%??? What would be the point of investing? Who would buy stocks? Who would run companies? My outrage of taxes is because most of the people who pay taxes never see any benefit. A small fraction of the people pay THE MAJORITY OF TAXES. It is terrifying to think that 50% of this country can tell (by voting) what the top 10% can do with their money (give it to them!! they neeeeed it!). Peopel aren’t poor because they have no money. They are poor because they do not know how to manage it.