IOUSA Live - Panel Discusses our Fiscal Crisis

[UnfundedLiabilitiesM]

"I would say, go to work on yourself." I like Warren Buffett.

[candygir7]

buffet sounds good. I need a rich husband.

[candygir7]

if the government did their job some 15 years ago and protected the people from corrupt mortgage brokers & their inspectors actually told people how damaged the house they are buying it instead of clearing it & getting bribed by the sellers & others, maybe we won't be in this situation. Instead they give violation after violation on properties instead of helping us with free inspection & referal to licensed competitive contractors who will bid to take the job. then the government should inspect.

[mhirtes12]

Not only is taking away benefits for which people had already paid outrageous, it's downright obscene at a time when these people have just seen much of the wealth in their homes and their retirement savings disappear in the crashes of housing & the stock market. Making matters even worse is that fact that Peterson's friends in the financial industry, along with many of the economists who would like to cut Social Security, were the primary culprits in this nightmare.

[kennevents]

The bailout money is simply going into the pockets of all the executives and politicians who are basically the same animal now. The corporations are literally running this country--or they ran it into the ground, I should say. And they are rewarded with $850 billion--no strings attached--as punishment. We took arms against the Brits for less than this!

[penncon]

we are going to face this together, because bush and the neocons have not only betrayed America but also conservatives. its not capitalism souly at fault, but greed, we need to go back to the old style capitalism, where people had a chance, and it was about the small business, but first we have to fix our debt, and greed, fast! and i don't mean to offend, but obama is not our saviour, it will take years and multipul repub and dem presidents.

[kennevents]

If US government has no money as Walker says, where do all these fat cats collect their 7-figure salaries from? The Rich telling people who live check-to-check are ignorant.You can't save until you pay your rent and buy your groceries.

[fatmoleman]

Step one: Get rid of the "Federal Reserve"

[kennevents]

You said it (but Ron Paul--a real conservative Republican and the Libertarians have been saying the same thing for years.)

[john29302]

obama isnt trying to run economy into the ground. bush has... said so in '99. he kept his word. now the neocons have spawned the other nut...the neolib. but the neolib is the only way to freeze gov spending. beenie weenies for the rich and poor. no more luxury. penalty for exporting manufacturing. the backbone is gone. without it these wind bags are beating teeth up. fatass america will not wake up. plastic cards and unproductive no it alls. spoiled lard assed hicks that love bush. they should..

[rosewood223]

Both Mccain and obama gave green lights for the bailout.

[john29302]

yeah. catastrophic implication due to george w. not obama trying to make the best decision to eradicate the problem. if your an american voter, you have acted so stupidly you should keep your trap shut, you voted for an idiot.

[jabroney11]

People buy homes they cannot afford, mortgages are foreclosed, the housing market collapses. Government steps in with their "ingenious" bailout, spending money they don't have to reward financial irresponsibility. It's easy to blame George W. and his cohorts for our collapsing economy, but they are nothing more than a reflection of us, the American citizens.

[jabroney11]

Consider how many U.S. citizens live well beyond their means, racking up credit card debt and spending money they don't have on things they don't need. These people elect government officials who do the exact same thing, on a much larger scale. Hence our current situation.

[Seatherfreak]

whoever the one guy is that said we're a democracy, he is quite wrong, we are a Republic.

[sonassis]

By the way, "the last guy" is the richest man in the world, Warren Buffet. He is saying that, "We" are an asset. As long as we continue educating ourselves and learning how to lead and control. There is classes on how to start your business, there are books on how to manage yourself. Search and you will find.

[OghamTheBold]

Confusing - last guy says - 'go to work on yourself' - I've always been advised 'go to work on an egg'

[optimusmaximus]

Most government departments need to be shut down. Government taxes and redistributes the resources. People need to march upon Washington and demand the end to the IRS and the entire Federal Reserve.

[brucebryce]

you are exactly right.

[chapmando2007]

The US government is in the process of privatizing profits & socialising losses.

[DRLAPAGLIA]

You got it! Exactly as Noam Chomsky pointed out decades ago.

[DRLAPAGLIA]

Tax the rich!!! The top 1% percent has MORE WEALTH than the bottom 90% percent. The United States is FLOWING in capital - WE JUST DO NOT TAX THE RICH!!! The United States is a CLASS WAR!!! WAKE UP!!! Please, I'm begging you. I'm depressed and upset at how the working classes are treated in the US.

[soleranne]

wealth redistribution?? i think not. learn something and be more competitive, be innovative, provide more value to more people and the community - and you will become rich. your comment is full of ignorance. do you think wealthy people would stay here if they were unfairly taxed??? no, they would simply relocate... because they can. money is a tool - it is a tool that provides more choices.

[DRLAPAGLIA]

A recession is caused when the rich have all the money - AND THERE IS NOBODY TO BUY ALL OF THE GOODS THAT THE WORKING CLASSES MADE!!!

[soleranne]

so what you're telling me is that the rich are hording all the money that is out there under some expensive mattress or behind a gold toilet?? and because of that there's not enough money for the "working" class??

[pizzafrenzyman]

I'm thinking we should stop taxing altogether (slight exaggeration), but it's that top 1% that are creating jobs, funding research, starting up new business ventures. We need to the Gov't to stop spending. HALT taxation! No more! I'm depressed and upset at how all citizens (and businesses) are being over-taxed. Please I'm begging you: STOP the spending, and STOP the taxation without representation. STOP! I want off this train. I'm soooo depressed....

[DRLAPAGLIA]

pizzafrenzyman, WRONG! The working classes are getting robbed. The US has REGRESSIVE TAXATION. We barely tax capital gains. But working class people are the ONLY ONES that are paying the Payroll Taxes (15.3%). Buffett has complained about this and I COMPLETELY AGREE WITH HIM!!! TAX THE RICH! Buffett pays a lower percentage of his money than his secretary, and BUFFETT WANTS TO CHANGE THIS! He knows that the working classes have it tough, we need to help them.

[pizzafrenzyman]

Taxing capital gains is a bad idea. It discourages investments and penalizes pensions, home selling, etc. Why would you want to choke off growth like that? All forms taxation are a bad ideas. Put the money in the pockets of those who earned it. Of course, you can stop the taxation madness until the spending insanity stops. WE don't need more laws, WE don't need more programs, WE need our our hard earned money back. The US Gov't is becoming a cancer growth that can't get out of its own way.

[snowscars]

yes we do need our hard earned money back but why should the rich get to keep more of that money than the working class?

[pizzafrenzyman]

I sense you're talking about income tax. Basically, the "working class" pays minimal income taxes already, its the other forms of tax that deal out the pain (sales taxes, gas tax, cap gains-you can't get those back at the end of the year). Taxes are bad, and govt spending is bad. We need to return to small govt. Taxing the rich solves nothing, but slowing growth. It's the rich that drive the economy, by investing in new businesses, which hire more working classers. Otherwise you will slow growth