I hate tell you – I told you so
Here we are getting the news that retail sales are down and going down further. Unemployment rising and will continue. Sector after sector will continue to feel the massive credit crunch as consumers can’t or don’t consume. The credit addiction, withdrawal and fear will just keep them at home. Worse if Obama wins, and it looks likely, the projected tax increases in capital gains to almost 40%, reinstating the inheritance tax, taxing high income families, capital gains on homes and much more will cause a panic post election and through the next 18 months. It’s worse than a perfect storm and I have been saying for months its coming.
Greenspan called it a Tsunami – I used that term months ago to describe the devastation after the Wall Street quake. Mark Cuban says the real problem will be if the foreign governments unload or debt and currency or just don’t buy new Treasuries. And I.O.U.S.A. painted a grim picture regarding the deficit. I can go on and on but my shtick must be getting heard because I am hearing it on the news every night when the fact is I have written, spoken and ranted about all this for over a year. I don’t need credit for anything just want to propose alternative solutions to get us out of the mess. I don’t have the reach and voice that you do but I am thankful to the dozens of radio stations I serve weekly.
A Monday thought for you. What will all the proposed taxes under Obama’s plan do to the economy even just based on him winning. I think a sell off and bailout of the market by the real influencers will take place at the same time the retail, airline, auto, bad credit card debt, student loan problems and everything I have said hit at once. Wachovia released a tax analysis of Obama’s plan and McCain’s. It was shocking! On top of all of mess it will cause and the massive transfer and redistribution of wealth American influencers and businesses will get so much more tax that their necessary support of the markets is sure to be pulled back. Imagine earning money and investing it. Then you make some money on the investment and get taxed heavily again. That is insane. How much more of this can the economy handle? None. Also, check the Bush tax plan and the tax roll back – that hikes taxes considerably more. I can’t believe the under educated, ignorant voting class actually understands how bad this is and will be.
I don’t have to tell you I have been calling all these shots – I am certain you have read my tea leaves. But someone needs to stay on point and serve listeners both the plate of dog food and the solutions to clear the plate. Help me help you get the word out.
No comments:
Post a Comment