[Firekite]

I guess that wouldn't be so much a GI bill as an extension to the existing VA loan program, probably. That would be an interesting idea to explore.

PHA?

[Biron]

I explained PHA above the use of it. Public Housing Authority

[Kjorteo]

Firekite wrote:

Kjorteo wrote:

I make $11,000 a year.

Now here's the part of the story I don't like: As a taxpayer, I have to chip in to bail them out.

No you don't. You don't pay taxes.

I don't? Then where does the $1800 or so I send off in quarterly $450 1040-ES vouchers go?

[Chumley]

bootlegga wrote:

Chumley wrote:

It has been a common theme in many movies.(what was that movie with Samuel L. Jackson holding a sign outside a bank that said "I am not viable"?

The sign was "Not economically viable'. It wasn't Samuel Jackson, it was Vondie Curtis-Hall, and the movie was Falling Down, one of my favourite movies.

Thank you, It was a while back.

[Delwin]

The U.S. is writing a new chapter in it's history...Chapter 11.

[Toro]

Republicans admit free market doesn't work.

http://tbm.thebigmoney.com/articles/jud ... -socialist

There are no atheists in a foxhole and there are no libertarians in an economic crisis.

[Biron]

Kjorteo wrote:

I don't? Then where does the $1800 or so I send off in quarterly $450 1040-ES vouchers go?

The standard deduction is $5450. $1800 on the remaining $5550 would put your tax bracket at over 30%. Your income tax, with no further deductions, is 10%, making your maximum annual income tax $555. Either you are lying or you do not know how to compute your income tax.

[Chumley]

Biron wrote:

Kjorteo wrote:

I don't? Then where does the $1800 or so I send off in quarterly $450 1040-ES vouchers go?

The standard deduction is $5450. $1800 on the remaining $5550 would put your tax bracket at over 30%. Your income tax, with no further deductions, is 10%, making your maximum annual income tax $555. Either you are lying or you do not know how to compute your income tax.

Hey, you might actually benefit from an audit by the IRS

[BartSimpson]

Delwin wrote:

The U.S. is writing a new chapter in it's history...Chapter 11.

Dude, that was funny!

[Delwin]

I can't take full credit my friend at work said it today, We sell to the U.S., and he was expressing his frustration, but it was too funny not to share.

[Kjorteo]

Yes, I frequently lie about having to pay almost $2,000 in tax when I only make $11,000 a year, because that's just so much better than the depressing truth of only having to pay $500 or so. If only I could pay almost $2,000....

Seriously, though, it's because I'm technically self-employed. According to the Schedule SE part of my 1040 in my last return, my net earnings (which you evidently get by straight-up taking 92.35% of what I actually made, the $11,000 or so) turned out to be $10,490, and the self-employment tax was 15.3% of that, or $1,605. The reason my quarterlies for this year add up to $1,800 is because they're estimated taxes on what the total will be next year, which I foolishly guessed would be slightly higher than this year due to the possibility of raises and such and not having anticipated major market collapses.

[faile]

Toro wrote:

Republicans admit free market doesn't work.

http://tbm.thebigmoney.com/articles/jud ... -socialist

There are no atheists in a foxhole and there are no libertarians in an economic crisis.

I beg to differ. Letting the banks fail would have been the best way to prevent something similar from happening in the future. Let's look at a quick timeline though.

1. Government interferes forcing banks to take high risk loans.
2. Banks fail due to bad economic policy/greed.
3. Government intervenes.

Plenty of libertarians in an economic crisis thanks.

[CommanderSock]

Failure would be a just punishment for greed.

However

Too big to fail.

[fire_i]

And all that crap is caused by laxism in regulation!

I think that, for the good of the *world*, it's fortunate the US government ended up essentially stepping on its own principles - while the free market can be okay enough in rather quiet, peaceful times, it's not exactly apt to put an end to any crisis it ends up causing, and we've had at least one enormous example of this through history (think 1929). That the 700 billion load will undoubtedly end up being beared by taxpayers is an absolute shame, and I know for one that I would be pissed off had I been american, but given the extraordinary circumstances, this was the path that needed to be taken.

Now, however, had the market been further restrained by simple rules forbidding short selling, all this crisis might never have occured, only at the cost of a mere market *opportunity* of quick profits - now, that sounds like a fair deal to me, considering the level of risk.

It's understandable people may have prefered to see the free market follow its course and the irresponsible companies fall, if only out of bitterness of ending up paying for others' errors - however, now is the time to avert a worsening of the crisis, not to seek sweet personal satisfaction or revenge.

Even though I am unaffected by the direct results of the US plan, I sympathize with each and every low-income US taxpayer.

I personally do not doubt it: this situation shows the free market, if it is to be trusted at all, needs to be backed by solid regulation. Left on its own, it tends to too easily collapse on its own foundations when the quest for quick profit gets out of hand and unscrupulous or irresponsible people take too many risks, all at once... and when we let that happen, we end up having to bail out immense empires like AIG. This isn't acceptable, and though holding people accountable *right now* would likely cause more problems than it'd solve, the health of the worldwide economy needs optimal market legislation.

Europe provides a good example in this domain, and America should now draw inspiration from european legislation so as to further stabilize the economy in the future.

[Kjorteo]

Oh hey, totally irrelevant, but it seems like it's been a while since you and I were in the same Filibuster thread, fire_i. I like your new icon.

Back to the subject, I thank you for your sympathy, at least. It's a very unpleasant situation all-around.