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December 11, 2008

Interest-rate cuts unfair to retirees

The American people are being represented by a large group of “smart” politicians, bankers, economists and strategists who believe that throwing “our” money at a failing economy will fix the problem.

These “experts” have given billions to the financial industry, but as yet it hasn’t helped the housing foreclosures any. Now the Treasury Department wants to make home loans to new buyers at 4.5 percent interest rates. Who is going to pay for this new effort to stimulate the economy? Everyone who has savings accounts, money markets, CDs and other retirement income — mostly retired people. They will have less income to spend with lower interest income, thus subsidizing new homebuyers.

Remember what Joe the Plumber said? He was right all the time.

Paul Clum
Lone Jack

Comments

whispering_to_kc

Mr. Clum used to be (ironically) a plumber until he quit that to run a liquor store.

Stocks? Mr. Clum must be north of 90 years old today. Stocks would be a foolish place for a 90 year old to put his money unless he was only trying to build up his estate for the kids.

Casady

Mr Clum:

Might I suggest you stay on top of your portfolio and maybe move some money into income oriented stocks that are showing some pretty impressive (10% - 12%) yields right now. And these yields are based on dividend payouts alone. One upside of the recent stock slide is there are plenty of bargains out there if you have the cash. Given your references to savings and money market accounts, it sounds like that may be the case.

Pub 17

Nice Guy, do you have the first clue what you're saying or what point you're trying to make? Because you've gone over the line into speaking in Libertarian, and you've lost me completely.

NoMoreMrNiceGuy

Like I said, let's just shutdown the refineries, food processing plants, and power houses then go ask Obama waht to do.
With none of these things, there would be nothing to tax to start with and that would fix the issue once and for all.
Back to loin clothes for everyone.
No more iPods, video gaming, 22" rims, flat screen tvs, no more getting your nails did, no more imported $150 Nikes that make you both gansta and a super star athlete all in one, no more Starbucks or bluetooth, no more automobiles, hence no worries about bailng anyone out. This is really what you want right? Or is it that you are just an entitlement thinker that can ot stand on their own two feet?

Pub 17

And stop the tax breaks for Big Oil, and stop the unconstitutional writeoff of business expenses on your taxes.

Also better buy a new paperback on personal investing next time you're in the Flyin' J. The old copy's getting a bit dogeared.

NoMoreMrNiceGuy

Paul, there were foreclosures before the "crisis", people that do not pay their mortgages get foreclosed on. A fraction of these people simply fell on difficult times via unforeseen jobloss more than anything else. The remainder were either trying to flip houses or should have never been approved for the mortgage to begin with. Many KNOWINGLY financed infalted values at 125% then spent that money on lavish wants, now they have to pay the piper. Bailing ANYONE out that practices poor fiscal discipline will not fix anyhting, they will simply do it again. No bailouts for AIG and no bail outs for illiterate or stupidity of consumers. The remaining 93% of us homeowners pay our bills, should we be punished because of the 7% that are not paying theirs? You think CD and Money Market ROI is poor, Soc.Security is a negative ROI and not T.O.D. yet no one has a problem with that govt coffer.

Pub 17

Joe the Plumber said McCain is an idiot. Is that the quote you were thinking of, Paul?

 
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