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Thread: Roubini:Stocks to Tumble Another 20%, Cash the Safest Bet.

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  1. #1
    Havakasha is offline

    Roubini:Stocks to Tumble Another 20%, Cash the Safest Bet.

    Definitely depressing.

    http://www.cnbc.com/id/37259541


    "What needs to be done is clear. We need to raise taxes and cut spending . Otherwise we're going to get a fiscal train wreck," he said. "Its going to take years of sacrifices."

  2. #2
    candleman is offline
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    candleman's Avatar
    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    This is exactly the point that I've been making for years.

    We have created a serious long term problem for ourselves by wanting tax cut after tax cut. And then NEVER cutting the budget to meet the tax cuts.

    Any of us that are succesful in business know how this works. When the income of a business goes down, it's very important to cut costs. If you don't, you're going to be bankrupt very quickly.

    The Republican Party has been on a tax cut hayride for the last 30 years. Regan cut taxes and increased spending in order to win the cold war. Bush Jr. cut taxes and then entered in to two major wars. The Democrats aren't good at cutting taxes and they have no skill at cutting spending either. The result is uncontrolled borrowing by the Federal government and that is just a bad idea for all of us.

    It's time to raise taxes AND cut spending. Otherwise, the deficit problem can never be fixed.

    It's been said that half of American families don't pay Federal Income Tax. That's nonsense! Every one of us should pay for our America's expenses. Every old person, every young person, every family, every single one of us, no matter what our income should be paying a share of that income to support America. Until we fix that problem, we will continue to see financial crisis after finacial crisis.

    This is not a new problem. It can't be blamed solely on the current government. There is plenty of blame throughout our recent history. It's a problem caused by Liberals and Conservatives, by Democrats and Republicans.

    Or at least, that's how I see it!!

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